Post
Topic
Board Altcoin Discussion
Re: Litecoiners: Idea to make Litecoin importance skyrocket in Bitcoin ecosystem
by
casascius
on 15/04/2013, 19:13:50 UTC
I think I can boil my core argument down into a few basic premises (evolved a bit with this discussion):

1. The whole point of Litecoin as it currently stands, is to bet on Bitcoin weakness but presumed Litecoin strength: either on the perceived or probable outcome that one day SHA256 won't be good enough to keep securing Bitcoin, but that scrypt and its current parameters somehow will withstand whatever befalls SHA256.

2. If both SHA256 and scrypt will survive 51% attacks, then Litecoin is pointless, because it's just a Bitcoin clone with equal durability.

3. If both SHA256 and scrypt will succumb to similar 51% attacks (scrypt simply making the attack more expensive), then Litecoin is pointless, also equal or similar in durability to Bitcoin, because it offers no innovation nor protection not already offered in Bitcoin, beyond a marginally higher attack cost.  If Bitcoin users flock to Litecoin, it will simply be attacked second.  Its superiority will be nothing but illusory: identical to the premise that Macs are inherently "more secure" than Windows PC's for some pretend reason other than the fact that, for the sheer number of them out there, Windows PC's have historically been a juicier target for attacks.

4. If Litecoin is pointless for these reasons, then there's no offense intended:  I'm proposing a change to Litecoin that would make it valued and respected by those primarily interested in Bitcoin.  (This is not being Bitcoin's "bitch", this is exchanging value for value.  Pretending that Litecoin is so valuable today as to be too good for Bitcoin would be like Britney Spears as a child thumbing her nose at the Disney deal that brought her to fame with the notion that she's already too priceless to be associated with Mickey Mouse.)

5. Litecoin is at a stage where it is small enough to be able to afford to experiment with adding features that allow users to manually influence chain reorganizations, but big enough where those experiments could get some real world traction versus being a one-man basement experiment.  There is nothing wrong with being an experiment, Bitcoin itself is rightfully labeled an experiment when compared with the size of the world containing it.  That said, Bitcoin is too big and its objectives already entrenched to make a valuable feature such as manual reorg control a nonstarter with Bitcoin, but the idea of having the user-selectable option in Bitcoin to subscribe to external block validation intelligence remains plausible.  Litecoin can be that intelligence and add value by exploiting now not one, but two inflexibilities of Bitcoin as currently implemented.