Bitcointalk Mobile Browser presented by IRLBTC™

<< >> (p.57)

Author

Topic: [ANN] Litecoin - a lite version of Bitcoin. Launched! (Read 1468555 times)

bulanula

Hero Member

Offline

Activity: 518
Merit: 500

Re: [ANN] Litecoin - a lite version of Bitcoin. Launched!

November 17, 2011, 11:15:24 AM

#1121

Quote from: coblee on November 17, 2011, 11:10:59 AM

Quote from: kano on November 17, 2011, 10:55:21 AM

Quote from: kano on November 17, 2011, 10:46:13 AM

...
Edit: yes this isn't SolidCoin 2.0 Cheesy

no one should be dictating anything

Your not even going to take input from anyone about it?
Wouldn't hurt to get other input on the subject from the forum users (i.e. give it a day for people to respond)

I've been talking to a lot of people about this issue on IRC. At first, I wasn't going to do anything about it b/c the guy isn't totally malicious. He's actually donating coins to people. But it seems like he's not going to stop and the size of the chain is growing big. And since our fees are too low, he can keep doing this forever and it won't cost him much. So it makes sense to increase the fees to make it at least cost something to perform this DDoS spam attack.

Since I believe this change is pretty harmless, I didn't think we needed to have a long discussion about this. If you think 0.1 LTC is too little or too much or if you have another way to solve this problem, please post it. We can always put in a better fix later. But I think I need to act now to address this problem.

Too much fees. Why don't you like the spam ? Donating coins = win for me.

terrytibbs

Hero Member

Offline

Activity: 560
Merit: 501

Re: [ANN] Litecoin - a lite version of Bitcoin. Launched!

November 17, 2011, 11:21:29 AM

#1122

Quote from: bulanula on November 17, 2011, 10:39:56 AM

This needs to be fixed. Probably some SC trolls.

Quote from: bulanula on November 17, 2011, 11:15:24 AM

Too much fees. Why don't you like the spam ? Donating coins = win for me.

kano

Legendary

Offline

Activity: 4676
Merit: 1858

Linux since 1997 RedHat 4

Re: [ANN] Litecoin - a lite version of Bitcoin. Launched!

November 17, 2011, 11:26:30 AM

#1123

Quote from: terrytibbs on November 17, 2011, 11:07:51 AM

Quote from: kano on November 17, 2011, 10:55:21 AM

Quote from: kano on November 17, 2011, 10:46:13 AM

...
Edit: yes this isn't SolidCoin 2.0 Cheesy

no one should be dictating anything

Your not even going to take input from anyone about it?
Wouldn't hurt to get other input on the subject from the forum users (i.e. give it a day for people to respond)

People respond by using, or not using, the new client.

LOL gotta laugh at that naive comment Cheesy

If the 'official' solution is given as 'do this' people who consider the spam a problem are not in a position to do anything but use the new client.

As for making a suggestion, I already did

0.001 LTC fee for txn less than 1 LTC (with a review in a month)

I'm not really fussed either way, but certainly if a 'quick' fix is put in, a proper solution should be HIGH on the agenda for discussion and implementation in the near future.

Changing any of the economics of LTC is certainly something that needs some discussion and agreement (unlike that other coin ...)

Pool: https://kano.is - low 0.5% fee PPLNS 3 Days - Most reliable Solo with ONLY 0.5% fee Bitcointalk thread: Forum
Discord support invite at https://kano.is/ Majority developer of the ckpool code - k for kano
The ONLY active original developer of cgminer. Original master git: https://github.com/kanoi/cgminer

terrytibbs

Hero Member

Offline

Activity: 560
Merit: 501

Re: [ANN] Litecoin - a lite version of Bitcoin. Launched!

November 17, 2011, 11:28:40 AM

#1124

Quote from: kano on November 17, 2011, 11:26:30 AM

Quote from: terrytibbs on November 17, 2011, 11:07:51 AM

Quote from: kano on November 17, 2011, 10:55:21 AM

Quote from: kano on November 17, 2011, 10:46:13 AM

...
Edit: yes this isn't SolidCoin 2.0 Cheesy

no one should be dictating anything

Your not even going to take input from anyone about it?
Wouldn't hurt to get other input on the subject from the forum users (i.e. give it a day for people to respond)

People respond by using, or not using, the new client.

LOL gotta laugh at that naive comment Cheesy

If the 'official' solution is given as 'do this' people who consider the spam a problem are not in a position to do anything but use the new client.

As for making a suggestion, I already did

I doubt people would update to a client modified by coblee to give him a 10% tax on every block.

coblee (OP)

Donator
Legendary

Offline

Activity: 1654
Merit: 1365

Creator of Litecoin. Cryptocurrency enthusiast.

Re: [ANN] Litecoin - a lite version of Bitcoin. Launched!

November 17, 2011, 11:32:19 AM

#1125

Quote from: kano on November 17, 2011, 11:26:30 AM

Quote from: terrytibbs on November 17, 2011, 11:07:51 AM

Quote from: kano on November 17, 2011, 10:55:21 AM

Quote from: kano on November 17, 2011, 10:46:13 AM

...
Edit: yes this isn't SolidCoin 2.0 Cheesy

no one should be dictating anything

Your not even going to take input from anyone about it?
Wouldn't hurt to get other input on the subject from the forum users (i.e. give it a day for people to respond)

People respond by using, or not using, the new client.

LOL gotta laugh at that naive comment Cheesy

If the 'official' solution is given as 'do this' people who consider the spam a problem are not in a position to do anything but use the new client.

As for making a suggestion, I already did

Please note that I am not changing the economics of LTC. The fees in Litecoin and Bitcoin are currently there to deter spam and ddos attacks. Litecoin had fees that were too low given the price of litecoin to do a good job at deterring transaction spam. And remember that free transactions are still allowed as long as you use coins that are old enough and your transaction is small (i.e. not creating a ton of small outputs to spam the network).

Your suggestiong of 0.001 LTC fee is likely too low as a million of these transactions only costs 1000 LTC, which is just $6.

Litecoin: https://litecoin.org

localhost

Sr. Member

Offline

Activity: 392
Merit: 250

Re: [ANN] Litecoin - a lite version of Bitcoin. Launched!

November 17, 2011, 12:04:41 PM

#1126

Quote from: coblee on November 17, 2011, 11:32:19 AM

Your suggestiong of 0.001 LTC fee is likely too low as a million of these transactions only costs 1000 LTC, which is just $6.

I agree that's too small, but not sure why you'd want to focus or larger transactions:

Quote from: coblee on November 17, 2011, 10:49:16 AM

I'm going to make the minimum transaction fee for Litecoin be 0.1 LTC for transactions that are large and low-priority.

Isn't the problem rather about small transactions?

Also, probably a 0.01 LTC fee would be enough, I think that's what Bitcoin used to do (?).

coblee (OP)

Donator
Legendary

Offline

Activity: 1654
Merit: 1365

Creator of Litecoin. Cryptocurrency enthusiast.

Re: [ANN] Litecoin - a lite version of Bitcoin. Launched!

November 17, 2011, 12:06:54 PM

#1127

Quote from: localhost on November 17, 2011, 12:04:41 PM

Quote from: coblee on November 17, 2011, 11:32:19 AM

Your suggestiong of 0.001 LTC fee is likely too low as a million of these transactions only costs 1000 LTC, which is just $6.

I agree that's too small, but not sure why you'd want to focus or larger transactions:

Quote from: coblee on November 17, 2011, 10:49:16 AM

I'm going to make the minimum transaction fee for Litecoin be 0.1 LTC for transactions that are large and low-priority.

Isn't the problem rather about small transactions?

Also, probably a 0.01 LTC fee would be enough, I think that's what Bitcoin used to do (?).

By larger transaction, I mean transaction that are large in terms of bytes. So a transaction with a lot of small 0.00000001 outputs will be considered a large transaction. Yes, bitcoin was at 0.01 BTC fee earlier this year. But I don't know what the fee was when Bitcoin first came out.

Litecoin: https://litecoin.org

coblee (OP)

Donator
Legendary

Offline

Activity: 1654
Merit: 1365

Creator of Litecoin. Cryptocurrency enthusiast.

Re: [ANN] Litecoin - a lite version of Bitcoin. Launched!

November 17, 2011, 12:28:36 PM

#1128

Litecoin version 0.5.0.5 has been released.
- added minimum fee of 0.1 LTC for low priority transactions to deter transaction spam

Please get latest from source or download the Windows client binary:
https://github.com/downloads/coblee/litecoin/litecoin-windows-client-0.5.0.5.zip

Pool operators and solo miners should get this latest code so that you don't write these spammy transactions into blocks. Users should download the latest client so they don't propagate spammy transactions and let them slow down the client.

As terrytibbs said, this won't totally fix the problem, as the spammer can still write his transactions into blocks he finds himself. But it should reduce the network congestion of propagating these spammy transactions and reduce the number of blocks that contain these transactions.

Litecoin: https://litecoin.org

michaelmclees

Hero Member

Offline

Activity: 633
Merit: 500

Re: [ANN] Litecoin - a lite version of Bitcoin. Launched!

November 17, 2011, 01:20:42 PM

#1129

Quote from: coblee on November 17, 2011, 12:28:36 PM

Might want to announce in separate thread so people who don't keep up with the LiteCoin proper thread will get the message if they're unaware.

Spacy

Full Member

Offline

Activity: 168
Merit: 100

Re: [ANN] Litecoin - a lite version of Bitcoin. Launched!

November 17, 2011, 02:56:50 PM

#1130

Quote from: coblee on November 17, 2011, 12:28:36 PM

As terrytibbs said, this won't totally fix the problem, as the spammer can still write his transactions into blocks he finds himself. But it should reduce the network congestion of propagating these spammy transactions and reduce the number of blocks that contain these transactions.

But you can also check the transactions in the blocks and discard the block if 1+ transactions are not ok.

terrytibbs

Hero Member

Offline

Activity: 560
Merit: 501

Re: [ANN] Litecoin - a lite version of Bitcoin. Launched!

November 17, 2011, 02:59:35 PM

#1131

Quote from: Spacy on November 17, 2011, 02:56:50 PM

Quote from: coblee on November 17, 2011, 12:28:36 PM

But you can also check the transactions in the blocks and discard the block if 1+ transactions are not ok.

This was discussed, it will split the chain. It will require more discussion.

CAMOPEJB

Full Member

Offline

Activity: 132
Merit: 100

Re: [ANN] Litecoin - a lite version of Bitcoin. Launched!

November 17, 2011, 03:23:47 PM

#1132

Quote from: michaelmclees on November 17, 2011, 01:20:42 PM

Quote from: coblee on November 17, 2011, 12:28:36 PM

Might want to announce in separate thread so people who don't keep up with the LiteCoin proper thread will get the message if they're unaware.

We have forum for that kind of stuff: http://liteco.in/ Grin

Graet

VIP
Legendary

Offline

Activity: 980
Merit: 1001

Re: [ANN] Litecoin - a lite version of Bitcoin. Launched!

November 17, 2011, 04:10:46 PM

#1133

Quote from: ehmdjii on November 17, 2011, 09:29:54 AM

is there a litecoin mining pool that allows connections on port 80? thanks!

Ozcoin
lc.ozco.in:80

We have just updated to the latest litecoind as well

| Ozcoin Pooled Mining Pty Ltd https://ozcoin.net Double Geometric Reward System https://lc.ozcoin.net for Litecoin mining DGM| https://crowncloud.net VPS and Dedicated Servers for the BTC community

ehmdjii

Sr. Member

Offline

Activity: 351
Merit: 250

Re: [ANN] Litecoin - a lite version of Bitcoin. Launched!

November 17, 2011, 05:06:52 PM

#1134

thanks! but is it possible there is a syntax error in the json?

Code:

f:\progs\lc>minerd.exe --algo scrypt --s 6 --threads 2 --url http://lc.ozco.in:80 --userpass ehmdjii.work:abcd

[2011-11-17 18:05:55] JSON decode failed(1): '[' or '{' expected near '<'
[2011-11-17 18:05:55] json_rpc_call failed, retry after 30 seconds
[2011-11-17 18:05:56] 2 miner threads started, using SHA256 'scrypt' algorithm.

BTC: 1LsD5HpnX1Kfyti7CnHiVB1rjUEXGqmR2H
LTC: LQbpdMZmYyJa9bJG6NweBNxkSTfgZorkrG

Graet

VIP
Legendary

Offline

Activity: 980
Merit: 1001

Re: [ANN] Litecoin - a lite version of Bitcoin. Launched!

November 17, 2011, 05:15:15 PM

#1135

Quote from: ehmdjii on November 17, 2011, 05:06:52 PM

thanks! but is it possible there is a syntax error in the json?

Code:

hmm
you are correct, i'm getting that too.
I'll have to get coders to fix in morning (1am here) my apologies

| Ozcoin Pooled Mining Pty Ltd https://ozcoin.net Double Geometric Reward System https://lc.ozcoin.net for Litecoin mining DGM| https://crowncloud.net VPS and Dedicated Servers for the BTC community

Graet

VIP
Legendary

Offline

Activity: 980
Merit: 1001

Re: [ANN] Litecoin - a lite version of Bitcoin. Launched!

November 17, 2011, 06:24:40 PM

#1136

Quote from: Graet on November 17, 2011, 05:15:15 PM

Quote from: ehmdjii on November 17, 2011, 05:06:52 PM

thanks! but is it possible there is a syntax error in the json?

Code:

hmm
you are correct, i'm getting that too.
I'll have to get coders to fix in morning (1am here) my apologies

lc.ozco.in:80
Fixed now, sorry for any inconvenience

| Ozcoin Pooled Mining Pty Ltd https://ozcoin.net Double Geometric Reward System https://lc.ozcoin.net for Litecoin mining DGM| https://crowncloud.net VPS and Dedicated Servers for the BTC community

Rejinx

Hero Member

Offline

Activity: 728
Merit: 500

Re: [ANN] Litecoin - a lite version of Bitcoin. Launched!

November 17, 2011, 06:26:24 PM

#1137

Quote from: coblee on November 17, 2011, 12:28:36 PM

Litecoin version 0.5.0.5 has been released.
- added minimum fee of 0.1 LTC for low priority transactions to deter transaction spam

0.1 seems a bit high, Why not 0.01, that would be high enough to kill the spam.

coblee (OP)

Donator
Legendary

Offline

Activity: 1654
Merit: 1365

Creator of Litecoin. Cryptocurrency enthusiast.

Re: [ANN] Litecoin - a lite version of Bitcoin. Launched!

November 17, 2011, 07:06:25 PM

#1138

Quote from: Rejinx on November 17, 2011, 06:26:24 PM

Quote from: coblee on November 17, 2011, 12:28:36 PM

Litecoin version 0.5.0.5 has been released.
- added minimum fee of 0.1 LTC for low priority transactions to deter transaction spam

0.1 seems a bit high, Why not 0.01, that would be high enough to kill the spam.

Bitcoin fee is 0.0005 btc, which is $0.0011 at today's prices.
At 0.1 ltc fee, which is 0.00063 or $0.0014 at today's prices.

I think that's about right. As ltc prices rise, I will readjust the fees as necessary.