Re: (Unofficial) [ANN] Litecoin [LTC] to X11 algorithm hardfork
So if someone is a BTC holder and buys 10.000 LTC, intentionally, one block prior to the fork, and sells these 10.000 LTC back one block after the fork, then he'll suddenly have both his BTCs and the LTCs on the alternate fork.
Now, if and whenever some exchange adopts xLTC, then he'll have 10.000 LTC to spend / dump in the alternate fork. Yeah, I mean, what can possibly go wrong there... hmmm...
Now, if and whenever some exchange adopts xLTC, then he'll have 10.000 LTC to spend / dump in the alternate fork. Yeah, I mean, what can possibly go wrong there... hmmm...
I don't know much about hardforking and coding but this is bull.
There have been mandatory updates before that can kick you of the hardfork unless you upgrade.
It shouldn't be too hard.
Actually that's a different issue because we are really talking about two different coins where the LTC-x will have as "premine" the exact situation of the LTC blockchain up to block number .
Normal hardforks are one fork pulling ahead and making the other obsolete by virtue of 51% hashpower on the exact same network. There will be no hashpower competition in two different algorithm networks. What will be, is two different coins where one is trying to obsolete the other, but that will, in itself, be in a very vulnerable position for an economic attack.
Non-LTC stakeholders have nothing to lose by buying a few LTCs prior to the fork, cloning them automatically to the alternate fork which will use the same blockchain, selling the LTCs they bought on the main fork, and then waiting for a few months to see if LTC-x is ever adopted in some exchange so that they can dump the heck out of it with the cloned LTCs.
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I predict GPU miners will do the same as they did 12 months ago: they left BTC when ASICs took over the network.
Now ASICs are taking over the LTC network and GPU LTC miners need a new coin to mine.
Hirocoin will be the next coin to watch. It doesn't sound as "black and illegal" as Darkcoin, so there will be no problems for shops to accept it.
I predicted the same for LTC 12 months ago and people told me I was crazy. Well... Who's crazy now?
proof: https://bitcointalk.org/index.php?topic=160300.0
X11 is the algo of 2014.
Now ASICs are taking over the LTC network and GPU LTC miners need a new coin to mine.
Hirocoin will be the next coin to watch. It doesn't sound as "black and illegal" as Darkcoin, so there will be no problems for shops to accept it.
I predicted the same for LTC 12 months ago and people told me I was crazy. Well... Who's crazy now?
proof: https://bitcointalk.org/index.php?topic=160300.0
X11 is the algo of 2014.
I'm a DRK / X11 fan as well, and I understand the miners love towards X11. Thing is, and LTC devs have a point there, if something is GPU mineable = it is ASICable. Whether it's X11, Scrypt, Scrypt-N etc etc. It's all the same really, except the price perhaps: X11 asics can be more affordable for regular people as they will require less ram - so the "ASICs are great for the network" and "X11 is actually easier to ASIC" combined with the higher mem prices = epic win through affordable X11 ASICs, instead of expensive-only-for-the-rich scrypt/scryptN asics
The time involved is probably not even 1 to 2 years, but more like a few months for designing and manufacturing. But right now, yes, X11 is practically ASIC-resistant as it doesn't have any ASICs chasing it down. And with electricity prices being what they are, and heat being an issue, X11 will probably be the summer choice for north hemisphere.
As for Hirocoin vs DRK, Hirocoin is competing in the transparent market vs other altcoins.
The transparent market is a monopoly right now of 10bn market cap value where Bitcoin is the undisputed leader. Darkcoin is creating a new market and providing a new choice: Do you want your transactions and your money to be tracked, or do you want privacy?
So, just as you have one shop and everyone goes there (100% market) and then another one opens and the marketshare is shifted towards the new choice, it's the same situation with Darkcoin.
By presenting a new choice, people will now be able to choose on whether they want public or private cryptocurrencies. If even 1% of the transparent market opts for privacy, we are talking about 100 mn market cap. If 10% goes for the private market, we are talking about a billion USD.
I don't know how Hirocoin, or any other plain altcoin can have a better "this is the coin to watch" prospect than DRK. The fundamentals are very strong.