Silk Road forums
Discussion => Silk Road discussion => Topic started by: UK Stealth on April 11, 2013, 04:21 pm
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"What is Litecoin?
Litecoin is a peer-to-peer Internet currency that enables instant payments to anyone in the world. It differs from its parent Bitcoin in that can be efficiently mined with consumer-grade hardware. Litecoin provides faster confirmations (targeted at every 2.5 minutes on average) and uses memory-hard, scrypt-based mining to target the CPUs and GPUs most people already have. The Litecoin network is scheduled to produce four times as many currency units as Bitcoin.
One of the aims of Litecoin was to provide a mining algorithm that could run at the same time, on the same hardware used to mine bitcoins. With the rise of specialized ASICs for Bitcoin, Litecoin continues to satisify these goals. It is unlikely for FPGA or ASIC mining to take over Lite coin until the currency is widely used. "
That's quoted from there front page.
Ok i understand its a new digital currency.
And i just got back from reading the black market forums where the Owner is opening the exact same BMR site but using ONLY this new currency. So a BMR BTC site and new BMR BTC LITE site...
Hes obviously thinking way ahead???.
On the http://litecoin.org/ main page is a download link for a mining program, curiosity got the better of me and i tried it obviously from flash device stick.
Program works like i imagine its supposed to do, but what do you do with it.
Press the mining button and leave it be?, as there is subject fields there stating server , port , password , username.
I don't get it at all how to use it why to use it and what if any benefits? there must be seems a organization of business people invented it and some of there claims say it will be 3x btc amounts not sure if that's in value or in actual btc lite.
Any thoughts greatly appreciated. : )
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I haven't looked at the program, but I assume the miner works in the same way that bitcoin miners work. The server name, port, username, and password is for pooled mining, in which multiple computers are used to solve an algorithim (all connected through a server) which once completed generates a certain amount of coins, and are then shared between the computers that were used to mine them. Usually the server host takes a percentage too. This works a lot faster than just one computer being used to mine coins.