[2016-12-22] With Segwit, Litecoin Faces a (Soft) Fork in the Road

[Gembul]

News Bitcoin - With Segwit, Litecoin Faces a (Soft) Fork in the Road

As the Bitcoin community still debates what solution it would like to implement to solve the block size debate, the Litecoin community seems to be placing its vote with Segwit, a soft fork solution proposed by the Bitcoin Core development team.

Litecoin has been around for some time, but founder Charlie Lee, Coinbase’s director of engineering, does not tend to the digital currency’s garden as much as would be needed to evoke sustained confidence in the project.

Litecoin entails key differences when compared to Bitcoin. Lee showed foresight by predicting the block size crisis, wherein Bitcoin would need to change its code in order to scale and thus allow for growing numbers of transactions.

Lee kept this in mind while making the Litecoin platform, in which 84 million litecoins are to be mined in total. He continues to retweet people who suggest that, instead of risking a split chain in Bitcoin due to an unpopular soft or hard fork, crypto-users use Litecoin for small transactions.

READ MORE >>> https://news.bitcoin.com/segwit-litecoin-soft-fork-road/

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[TraderTimm]

Blah blah blah blocksize blah blah.

You know LTC originally was spawned as a PROTEST to ASICs, right?

Then they added code so they could mine LTC on ASICs.

So what the hell point is LTC anyway? Its a nice way to "wash" coins I guess if you're a thief, but otherwise, nobody trades the bastard which is why its languishing even when Bitcoin rallies.

Reduced confirmation times was a bad idea, since it doesn't allow scaling, I don't care what their blocksize is, you have a network that tries to confirm faster -- all you get is increased reorgs and duplicate chains that end up being the wrong "split" as the network struggles to confirm everything.

It was a crap idea back then, and its proven to be a crap idea now.

There's a reason its trading at 3.80 - 4.00 -- the MARKET KNOWS what its utility is, which is MARGINAL.

[shyliar]

Then they added code so they could mine LTC on ASICs.

Stopped reading when you demonstrated you didn't know the facts.

[TraderTimm]

Then they added code so they could mine LTC on ASICs.

Stopped reading when you demonstrated you didn't know the facts.

Did you also stop to do a search on "LTC Scrypt ASIC"? Because then you'd see that there is purpose-built gear using scrypt to mine LTC on ASICs... but hey, being an internet tough guy is so much easier, isn't it?

I've been around a long time, and I remember their GPU-centric bullshit that was coming out as a protest to ASICs in general, and then laughed my ass off when they accommodated ASICs anyway...

Its like having a politician run an alt-coin, promise one thing, then do another.

[Mjbmonetarymetals]

https://archive.litecointalk.org/index.php?topic=18166.0

[thejaytiesto]

Market has shown what segwit can do for us beside the technical improvements: pump the price to the moon. Litecoin is going up because f the planned roadmap to add segwit. If only we could add segwit in Bitcoin as soon as possible we would be marching towards 2k+ right now but we have a lot of idiots on board that need to be told.

[jjacob]

Lee kept this in mind while making the Litecoin platform, in which 84 million litecoins are to be mined in total. He continues to retweet people who suggest that, instead of risking a split chain in Bitcoin due to an unpopular soft or hard fork, crypto-users use Litecoin for small transactions.

Wouldn't every altcoin creator love that? The alt's blockchain is used as a supplement for Bitcoin's blockchain.
Litecoin may be rising now, but its selling point shouldn't be that Bitcoin has blocksize problems.

[VanDeinsberg12]

Market has shown what segwit can do for us beside the technical improvements: pump the price to the moon. Litecoin is going up because f the planned roadmap to add segwit. If only we could add segwit in Bitcoin as soon as possible we would be marching towards 2k+ right now but we have a lot of idiots on board that need to be told.

SegWit in bitcoin? forget it. Segwit.co
SegWit doesn't need consensus.

Who are idiots? 


But I confuse about what SegWit mean in litecoin. If this has made for resolving the blocksize problem in bitcoin.

[shyliar]

Then they added code so they could mine LTC on ASICs.

Stopped reading when you demonstrated you didn't know the facts.

Did you also stop to do a search on "LTC Scrypt ASIC"? Because then you'd see that there is purpose-built gear using scrypt to mine LTC on ASICs... but hey, being an internet tough guy is so much easier, isn't it?

I've been around a long time, and I remember their GPU-centric bullshit that was coming out as a protest to ASICs in general, and then laughed my ass off when they accommodated ASICs anyway...

Its like having a politician run an alt-coin, promise one thing, then do another.

Your first statement was "Then they added code so they could mine LTC on ASICs" which was incorrect. Your second statement is "purpose-built gear using scrypt to mine LTC on ASICs" which is correct. Even the acronym ASIC (Application Specific Integrated Circuit) makes it self evident why no code additions were required to LTC to make it mineable on ASICs. I suppose the internet tough guy statement is the result of a bruised ego when someone points out you are wrong.

As for preventing a coin becoming minable on ASICS that would require code changes to the algorithm. In general any mineable coin that reaches a certain market value will have ASICs built for it. The coin creators can choose to change the code at that time to make the ASICs worthless. Unfortunately making that choice results in a less secure network. A less secure network is not a good idea for something of value and the coin deserves to fail.

[kiklo]

All PoW algorithms can be converted to ASICS, only Proof of Stake is immune.   


 

[bbc.reporter]

Lee kept this in mind while making the Litecoin platform, in which 84 million litecoins are to be mined in total. He continues to retweet people who suggest that, instead of risking a split chain in Bitcoin due to an unpopular soft or hard fork, crypto-users use Litecoin for small transactions.

READ MORE >>> https://news.bitcoin.com/segwit-litecoin-soft-fork-road/

I like his vision for litecoin in that he says it can be used for smaller transactions. That could work but many people still want to hold bitcoin as their main coin for savings and investment. Why not start an initiative for atomic cross chain transactions project between litecoin and bitcoin?

[TraderTimm]

Then they added code so they could mine LTC on ASICs.

Stopped reading when you demonstrated you didn't know the facts.

Did you also stop to do a search on "LTC Scrypt ASIC"? Because then you'd see that there is purpose-built gear using scrypt to mine LTC on ASICs... but hey, being an internet tough guy is so much easier, isn't it?

I've been around a long time, and I remember their GPU-centric bullshit that was coming out as a protest to ASICs in general, and then laughed my ass off when they accommodated ASICs anyway...

Its like having a politician run an alt-coin, promise one thing, then do another.

Your first statement was "Then they added code so they could mine LTC on ASICs" which was incorrect. Your second statement is "purpose-built gear using scrypt to mine LTC on ASICs" which is correct. Even the acronym ASIC (Application Specific Integrated Circuit) makes it self evident why no code additions were required to LTC to make it mineable on ASICs. I suppose the internet tough guy statement is the result of a bruised ego when someone points out you are wrong.

As for preventing a coin becoming minable on ASICS that would require code changes to the algorithm. In general any mineable coin that reaches a certain market value will have ASICs built for it. The coin creators can choose to change the code at that time to make the ASICs worthless. Unfortunately making that choice results in a less secure network. A less secure network is not a good idea for something of value and the coin deserves to fail.

While you enjoy being a pedant, I will just point to the price that LTC commands as a true measure of its value -- https://www.tradingview.com/chart/LrqUp8gM/

Which is about 4 dollars too high, but they'll get to the true rock bottom eventually.

[shyliar]

While you enjoy being a pedant, I will just point to the price that LTC commands as a true measure of its value -- https://www.tradingview.com/chart/LrqUp8gM/

Which is about 4 dollars too high, but they'll get to the true rock bottom eventually.

Yes I suppose to prevaricate (and much more typical) on these forums is more important than to provide accurate information.

[losh11]

Why not start an initiative for atomic cross chain transactions project between litecoin and bitcoin?

The best way to do that would be to use LN. Which requires SegWit first.

[Cryptoipad]

Litecoin is the sleeping giant. Once awakened you'll be kicking yourself for not being on board.

[bbc.reporter]

@Cryptoipad. That would depend on their development team. If everything remains the same, like when Charlie Lee said that there is no need to add any more features in litecoin, then expect nothing to happen but remain stagnant. Many people have already said that litecoin is a sleeping giant, and I am assuming that your account right now is an alt account that you are planning to sell, so I know that you know what I am talking about regarding LTC.

[shyliar]

@Cryptoipad. That would depend on their development team. If everything remains the same, like when Charlie Lee said that there is no need to add any more features in litecoin, then expect nothing to happen but remain stagnant. Many people have already said that litecoin is a sleeping giant, and I am assuming that your account right now is an alt account that you are planning to sell, so I know that you know what I am talking about regarding LTC.

What Charlie actually said was "Litecoin does not need any development right now. Adding gimmicks, does not help a currency succeed. Liquidity, merchants and user does"

Unfortunately that statement taken out of context from a bigger conversation (in 2014) about success of cryptocurrency in general has been used to dismiss LTC for years. Well at this point with the upcoming new release I guess it will be more difficult to perpetuate that myth.

[Searing]

@Cryptoipad. That would depend on their development team. If everything remains the same, like when Charlie Lee said that there is no need to add any more features in litecoin, then expect nothing to happen but remain stagnant. Many people have already said that litecoin is a sleeping giant, and I am assuming that your account right now is an alt account that you are planning to sell, so I know that you know what I am talking about regarding LTC.

What Charlie actually said was "Litecoin does not need any development right now. Adding gimmicks, does not help a currency succeed. Liquidity, merchants and user does"

Unfortunately that statement taken out of context from a bigger conversation (in 2014) about success of cryptocurrency in general has been used to dismiss LTC for years. Well at this point with the upcoming new release I guess it will be more difficult to perpetuate that myth.

That's, not the point..unless you plug your product more then they have LTC will continue to tank...other coins other devs other options......even if what you say is true
not seen a lot of conversations on why LTC On the path it is ..is the correct path..just kinda like....'we know that is enough'

IF it only pumps when BTC pumps it NEVER will have a better ratio than just mining LTC to BTC ..thus without at least a lot of PR on WHY their method of madness
LTC uses in its development is out in the world in a well thought out and consistent manner...(not just a blurb every 3 months when the devs get poked)

Then this will continue till the ratio of LTC to BTC is so low the speculators/traders in china that use LTC also float away

big things are needed in a PR manner ..or LTC imho is just gonna be shoved down to the back of the crowd as a crypto concept/price and use

[Cryptotraider16]

Thanks for info its real interested!