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    Home Unlabelled Litecoin Charlie Lee Explains how he Prevented Litecoin from 51% Attacks in the Early Days and how Checkpoints can lead to centralization

    Litecoin Charlie Lee Explains how he Prevented Litecoin from 51% Attacks in the Early Days and how Checkpoints can lead to centralization

    November 22, 2018

    Litecoin Charlie Lee Explains how he Prevented Litecoin from 51% Attacks in the Early Days and how Checkpoints can lead to centralization

    Charlie Lee Explains how he Prevented Litecoin from 51% Attacks in the Early Days and how Checkpoints can lead to centralization

    Posted: 22 Nov 2018 03:46 AM PST

    @Excellion: #PhoenixDen hats are now in the http://excellion.com hat store! To pay homage to $LTC, we used a gray-silver polyester material which appears completely silver on one side. When you look at the underside of the hat, you’ll see it’s silver!

    Posted: 22 Nov 2018 10:02 AM PST

    Moving cold storage to wallet

    Posted: 22 Nov 2018 11:56 AM PST

    Is there a guide on how to move funds from cold storage to wallet/exchange?

    ​

    Thanks in advance

    submitted by /u/bottyraider
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    Fractional Reserve Banking Problem - Bitcoin, Litecoin, or Other Crypto Currencies Are The Solution

    Posted: 22 Nov 2018 11:53 AM PST

    @SatoshiLite: 1/ In the early days of Litecoin (2011), there were threats of 51% attacks. To keep Litecoin secure, I utilized checkpoints. Checkpointing is a centralizing feature as it relies on the developers deciding which is the right chain. But for the beginning of a coin, it made sense.

    Posted: 21 Nov 2018 05:40 PM PST

    https://twitter.com/SatoshiLite/status/1065399357267050496

    1/ In the early days of Litecoin (2011), there were threats of 51% attacks. To keep Litecoin secure, I utilized checkpoints. Checkpointing is a centralizing feature as it relies on the developers deciding which is the right chain. But for the beginning of a coin, it made sense.

    https://twitter.com/SatoshiLite/status/1065399358797963265

    2/ It's trading off some centralization for network stability and reliability. Satoshi also used checkpoints in Bitcoin in the beginning. Though one can say that it is similar to the idea of UASF as users can decide whether or not to run or upgrade to the latest checkpoints.

    https://twitter.com/SatoshiLite/status/1065399386413256705

    3/ I have also considered preventing large re-orgs in the code but decided against it. There is a very good reason why I didn't do this in Litecoin and why Satoshi didn't do it for Bitcoin. Satoshi said it best in one of his emails. https://satoshi.nakamotoinstitute.org/emails/cryptography/6/

    Link to quote

    https://twitter.com/SatoshiLite/status/1065399393208041473

    4/ If you spin up a new node with the same consensus rules as the network, you need to come to the same conclusion as the rest of the network as to which is the right chain. The whole decentralized consensus is pretty much based on this simple fact to be true.

    https://twitter.com/SatoshiLite/status/1065399394982232064

    5/5 If this is not true, then it's not decentralized as you have to trust someone to tell you which is the right chain. The whole point of decentralization and sound money is that you don't have to trust anyone.

    submitted by /u/CBDoctor
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