Post
Topic
Board Announcements (Altcoins)
Re: (Unofficial) [ANN] Litecoin [LTC] to X11 algorithm hardfork
by
Beeker
on 01/04/2014, 18:08:02 UTC
Please guys, keep this ontopic. It's not a HIC / DRK topic.

Yes, you are right: The question is really how can LTC-x coinholders be protected from the dumping that is possible from cloning LTCs of the main fork.

Let's say the fork is on 5th April 16:00 GMT.

1. On April 5, 15:00 GMT, I go on cryptsy, sell 10 BTC for 400 LTCs, send the 400 LTCs to my wallet.

2. 16:00 GMT- => Fork happens using the blockchain info up to that point.

3. On 17:00 GMT I send my 400 LTCs back to cryptsy and sell them for 10 BTCs. So I have my 10 BTCs back.

4. I now have 400 LTCs on the LTC-x fork which I'm ready to dump whenever it hits an exchange.

This is too exploitable.

No, it's not.

Your wallet and Cryptsy will be on the same hardfork at the same block, so you will end up with either 400 LTC or 10 BTC.
If Cryptsy isn't on the hardfork, then we didn't get all the big exchanges on the hardfork and there will be no hardfork.

As I said before, the hardfork is the easiest part of the project. It has been done before with other coins, changing specifications and/or algorithm.
Getting everyone over to the new algorithm is our challenge.