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    Author Topic: [ANN] Litecoin - a lite version of Bitcoin. Launched!  (Read 1468550 times)

    • DeathAndTaxes
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    November 23, 2011, 09:15:58 PM
     #1301
    Quote from: amazingrando on November 23, 2011, 09:01:35 PM
    I get that, but I'm not speaking from the perspective of the technical blockchain mechanics.  Instead, I am thinking more along the lines of making ltc (or btc for that matter) economically feasible in as many scenarios as possible, thereby maximizing the potential for innovation and usage.  If there are limitations resulting from the way transactions and the blockchain works, then that is just something we need to deal with.

    I think you might be confusing economically feasible w/ perfect.

    Paying a 1% fee on a 10 cent transaction is pretty damn good.  There is no payment method in the world that is that cheap w/ the exception of maybe cash.  In an meaningful transaction volume accepting 10 cent coins is going to require a bank drop or armored car pickup and thus your cost is still >1%.

  • localhost
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    November 23, 2011, 09:36:56 PM
     #1302
    Quote from: DeathAndTaxes on November 23, 2011, 07:27:47 PM
    Quote from: forsetifox on November 23, 2011, 07:22:59 PM
    Again a .1 fee to transfer 6 LTC kinda sucks.
    Is there really a need to transfer $0.06 equivalent?
    Also, maybe I missed something, but I thought there was still a small amount of free transactions in a block, only they have lower priority. (or maybe this was changed too?)
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    November 23, 2011, 10:06:44 PM
     #1303
    Quote from: localhost on November 23, 2011, 09:36:56 PM
    Quote from: DeathAndTaxes on November 23, 2011, 07:27:47 PM
    Quote from: forsetifox on November 23, 2011, 07:22:59 PM
    Again a .1 fee to transfer 6 LTC kinda sucks.
    Is there really a need to transfer $0.06 equivalent?
    Also, maybe I missed something, but I thought there was still a small amount of free transactions in a block, only they have lower priority. (or maybe this was changed too?)

    I guess I should have said transfer $0.06 multiple times and  quickly.  The number of free "slots" is limited and there may already be multiple free transactions waiting thus it could be a "while" before a free small transaction clears.

  • CAMOPEJB
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    November 23, 2011, 10:16:53 PM
    Last edit: November 23, 2011, 10:55:02 PM by CAMOPEJB
     #1304
    Quote from: localhost on November 23, 2011, 09:36:56 PM
    Also, maybe I missed something, but I thought there was still a small amount of free transactions in a block, only they have lower priority. (or maybe this was changed too?)
    Every transaction above 100 LTC is high priority and free  Cool
    Quote from: amazingrando on November 23, 2011, 07:18:34 PM
    It's great that Litecoin now has its own logo, but I have to say that the color scheme is quite awful.  The "L" is quite muted and set against a very drab background color. Couldn't we come up with something better?  Maybe offer some LTC from the faucet to have someone design something catchy?
    There was no premine so no faucet, sorry....
    And it WAS Design contest so please read thread up  Wink

    PS. Background is transparent and it represents lightness of Litecoin   Grin

  • localhost
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    November 23, 2011, 10:39:07 PM
     #1305
    Quote from: DeathAndTaxes on November 23, 2011, 10:06:44 PM
    I guess I should have said transfer $0.06 multiple times and  quickly.  The number of free "slots" is limited and there may already be multiple free transactions waiting thus it could be a "while" before a free small transaction clears.
    Ok, then that was what I understood. I think if someone wants to be cheap they can at least cope with the idea that maybe their free tiny transaction will be somewhat slower. When you're in a hurry usually you can afford some cent to speed up the transaction... It happened quite often that I reserved a train ticket an hour earlier for an extra 10€ after all... Time is money, etc.
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    November 23, 2011, 10:50:03 PM
     #1306
    Quote from: terrytibbs
    The blockexplorer and forums will be down for a couple of hours while i make some hardware changes

    And what about:
    http://litecoin.kicks-ass.org/graphs/graphs.html
    and
    http://allchains.info/

    I think they need our help to back online....  Smiley

  • coblee (OP)
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    November 23, 2011, 11:13:49 PM
     #1307
    Quote from: CAMOPEJB on November 23, 2011, 10:16:53 PM
    Quote from: localhost on November 23, 2011, 09:36:56 PM
    Also, maybe I missed something, but I thought there was still a small amount of free transactions in a block, only they have lower priority. (or maybe this was changed too?)
    Every transaction above 100 LTC is high priority and free  Cool
    Quote from: amazingrando on November 23, 2011, 07:18:34 PM
    It's great that Litecoin now has its own logo, but I have to say that the color scheme is quite awful.  The "L" is quite muted and set against a very drab background color. Couldn't we come up with something better?  Maybe offer some LTC from the faucet to have someone design something catchy?
    There was no premine so no faucet, sorry....
    And it WAS Design contest so please read thread up  Wink

    PS. Background is transparent and it represents lightness of Litecoin   Grin

    In order for a standard transaction to qualify for a free no-fee transaction, it must have 1 litecoin day worth of value. So the inputs times number of confirmations must be greater than 576. (576 = number of blocks found in a day) So if you send 577 coins with 1 confirmations, it will qualify. Or 1 coin with 577 confirmations. If you really need to send 6 coins for free, you just need to wait for 96 confirmations (about 4 hours). Like DeathAndTaxes said, a sub 2% transaction fee for sending 6 cents is really cheap! If you really can't afford the 0.1 ltc, then wait 4 hours after receiving those coins before you can send them for free.

    Think about this. If you are constantly receiving and sending these small amounts, your transactions basically looks like spam to the network. And that's what these fees are there to prevent in the first place.
    Litecoin: https://litecoin.org

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    November 23, 2011, 11:45:12 PM
     #1308
    Quote from: CAMOPEJB on November 23, 2011, 10:50:03 PM
    Quote from: terrytibbs
    The blockexplorer and forums will be down for a couple of hours while i make some hardware changes

    And what about:
    http://litecoin.kicks-ass.org/graphs/graphs.html
    and
    http://allchains.info/

    I think they need our help to back online....  Smiley

    molecular is working on upgrading his computer. So kick-ass graphs has been down for a while. This is not related to the transaction spam.

    I just talked to Sp0tter about allchains. He ran into memory issues and he's working on getting that back up.
    Litecoin: https://litecoin.org

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    November 23, 2011, 11:51:55 PM
     #1309
    Thanks for fast response  Smiley
    So, basically, I was right: you can send 100 and more LTC with 6 confirmations free of fee  Cool

  • coblee (OP)
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    November 23, 2011, 11:59:49 PM
     #1310
    Quote from: CAMOPEJB on November 23, 2011, 11:51:55 PM
    Thanks for fast response  Smiley
    So, basically, I was right: 100LTC with 6 confirmations are free of fee  Cool

    Yes, you are right. 100 LTC is only about $1.25 in Today's exchange rate.
    Litecoin: https://litecoin.org

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    November 24, 2011, 02:29:16 AM
     #1311
    Quote from: CAMOPEJB on November 23, 2011, 10:16:53 PM

    And it WAS Design contest so please read thread up  Wink

    PS. Background is transparent and it represents lightness of Litecoin   Grin

    Guess I haven't been following it as closely as I should!  I understand the new logo now.  But somehow I don't think it captures the awesomeness of litecoin.  Grin Should have added my two cents when I could!
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    November 24, 2011, 09:20:31 PM
     #1312
    If the network can't really handle all the TX spam how will it handle when real volume starts working and the spam is actually real transactions. Is this system scalable ? We don't really know. TX spam is quite useful in a way. Test the reliability of our systems. Many were down etc.

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    November 24, 2011, 09:26:19 PM
     #1313
    Quote from: bulanula on November 24, 2011, 09:20:31 PM
    If the network can't really handle all the TX spam how will it handle when real volume starts working and the spam is actually real transactions. Is this system scalable ? We don't really know. TX spam is quite useful in a way. Test the reliability of our systems. Many were down etc.
    Indeed. There's a double issue there:
    - first, the many tiny transactions grew the block chain with junk, plainly blocking them by a fee like it was done is good enough, it's fixed alright.
    - second, it seems that those many transactions made some clients become slow as hell or even crash, and here we can ask ourselves what will happen when we actually have that many legitimate transactions...
    -

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    November 24, 2011, 09:31:54 PM
     #1314
    Quote from: bulanula on November 24, 2011, 09:20:31 PM
    If the network can't really handle all the TX spam how will it handle when real volume starts working and the spam is actually real transactions. Is this system scalable ? We don't really know. TX spam is quite useful in a way. Test the reliability of our systems. Many were down etc.

    Totally agree. Whoever is sending this spam is giving this blockchain a good test. It's also really nice that he/she is giving out 4 litecoins in transactions fees to everyone that finds a new block. However the current level of transactions plus this transaction spam still can't be anywhere near the volume of transactions Visa or Mastercard process. I'd like to see a BitCoin like blockchain tested with that kind of transaction volume.

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    November 24, 2011, 10:12:48 PM
     #1315
    Quote from: sd on November 24, 2011, 09:31:54 PM
    Quote from: bulanula on November 24, 2011, 09:20:31 PM
    If the network can't really handle all the TX spam how will it handle when real volume starts working and the spam is actually real transactions. Is this system scalable ? We don't really know. TX spam is quite useful in a way. Test the reliability of our systems. Many were down etc.

    Totally agree. Whoever is sending this spam is giving this blockchain a good test. It's also really nice that he/she is giving out 4 litecoins in transactions fees to everyone that finds a new block. However the current level of transactions plus this transaction spam still can't be anywhere near the volume of transactions Visa or Mastercard process. I'd like to see a BitCoin like blockchain tested with that kind of transaction volume.


    Indeed. We don't really know how scalable this whole blockchain method is. How much can it handle ( in terms of TX per second ? ) and how much can it scale ?

    Right now the TX numbers are very low and we are all happy but nobody has done a through assessment on the testnet to see the upper limit of blockchain-based cryptocurrencies.

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    November 24, 2011, 11:01:04 PM
     #1316
    Quote from: amazingrando on November 24, 2011, 02:29:16 AM
    Quote from: CAMOPEJB on November 23, 2011, 10:16:53 PM

    And it WAS Design contest so please read thread up  Wink

    PS. Background is transparent and it represents lightness of Litecoin   Grin

    Guess I haven't been following it as closely as I should!  I understand the new logo now.  But somehow I don't think it captures the awesomeness of litecoin.  Grin Should have added my two cents when I could!
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    November 25, 2011, 04:57:27 AM
     #1317
    Quote from: sd on November 24, 2011, 09:31:54 PM
    Quote from: bulanula on November 24, 2011, 09:20:31 PM
    If the network can't really handle all the TX spam how will it handle when real volume starts working and the spam is actually real transactions. Is this system scalable ? We don't really know. TX spam is quite useful in a way. Test the reliability of our systems. Many were down etc.

    Totally agree. Whoever is sending this spam is giving this blockchain a good test. It's also really nice that he/she is giving out 4 litecoins in transactions fees to everyone that finds a new block. However the current level of transactions plus this transaction spam still can't be anywhere near the volume of transactions Visa or Mastercard process. I'd like to see a BitCoin like blockchain tested with that kind of transaction volume.

    Yep. Downloading a 50Gig blockchain would not be fun.
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  • CAMOPEJB
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    November 25, 2011, 11:13:35 AM
     #1318
    Quote from: bulanula on November 24, 2011, 10:12:48 PM
    Indeed. We don't really know how scalable this whole blockchain method is. How much can it handle ( in terms of TX per second ? ) and how much can it scale ?
    Right now the TX numbers are very low and we are all happy but nobody has done a through assessment on the testnet to see the upper limit of blockchain-based cryptocurrencies.
    C'mon people, are you even reading this thread or you just put coblee on ignore list? (or just trolling the thread)
    TX per second for network is not an issue - TX per second for WALLET it is (for now)
    Litecoin network like Bitcoin can handle thousands TXes per second without a problem but when all those TXes are going to same wallet... well, wallet will freeze/crash depends on hardware it is running.

    For example, Litecoin wallet needs 1 sec. to process each income TX. If in one moment spammer sends to the same address dust spam = 5k TXes Litecoin wallet needs  5K sec = 83 mins to process them all so it cannot handle it.

    If nobody send dust spam to your LTC address you will never experience those wallet freeze/crashes.
    And now it is too expensive to dust spam people. Cool

    Quote from: btc_artist on November 25, 2011, 04:57:27 AM
    Yep. Downloading a 50Gig blockchain would not be fun.
    Just look at BTC: its Chain Size is 736M, LTC Chain Size is 314M.
    Now, when dust spam is over, I don't see any reason for rapid growth of chain.
    So, it will never be 50Gigs - trust my words  Wink

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    November 25, 2011, 01:58:45 PM
    Last edit: November 25, 2011, 03:10:10 PM by DeathAndTaxes
     #1319
    Quote from: CAMOPEJB on November 25, 2011, 11:13:35 AM
    So, it will never be 50Gigs - trust my words  Wink

    Never?  Well stop mining now because it is worthless.

    Avg transaction is about 500 bytes. With contracts, and more complex transactions expect that to rise.  Say 1K per transaction.

    50 GB = 50 million transactions.

    If LTC ever got to 1 transactions per second and 1KB per transaction (Paypal is 100 tps, Visa is more like 5000 tps) it would be 31 GB per year.

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    November 25, 2011, 03:01:34 PM
     #1320
    No mister troll - yure wrong

    pls. check any LTC block for its size
    for example: http://blockexplorer.sytes.net/block/1fdd1fb08e64731f6341097b9c341ce0eff4695289b6b02ef3f0810ae74ce4d3 (last one)
    Pages: « 1 ... 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 [66] 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 ... 416 »
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