Is Segwit for LTC really necessary? Why?

[bbc.reporter]

I cannot think of a practical reason why Segwit needs to be activated in LTC if the coin itself does not attract enough users to make it necessary. What if it becomes activated but nobody uses it? What good is it if it is not really that necessary?

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[ASHLIUSZ]

I cannot think of a practical reason why Segwit needs to be activated in LTC if the coin itself does not attract enough users to make it necessary. What if it becomes activated but nobody uses it? What good is it if it is not really that necessary?

Segwit for LTC is required to make it grow further and reach bigger and better users. Right now a strong debate is going on bitcoin after a long time growth. If the same is solved earlier success is all made easier

[BTCwriter]

It is best and rather be safe taking care of everything now than sorry later.

[gredisgold88]

segwit used for LTC is a way to organize and implement technology cryptocurency, LTC is an alternative coin to the transaction, many websites that have received LTC and it has not been included in some investments. LTC has its own enthusiasts and spreading the love, and the first coin algo scrypt apply, so that LTC has a history of its own in the market cryptocurency.

[szafa]

Segwit delayed from owner of f2pool.

[kiklo]

I cannot think of a practical reason why Segwit needs to be activated in LTC if the coin itself does not attract enough users to make it necessary. What if it becomes activated but nobody uses it? What good is it if it is not really that necessary?

Segwit is needed for Lightening network to work. Without it LN is crap.

The stupid thing is LTC is not hurting at all for transaction capacity and adding an offchain service to steal transaction fees from the onchain side is beyond stupid.  

It's true purpose is to trick the BTC miners into supporting segwit so LN will work on BTC.
If LN is active on BTC, no one will use LTC at all , since LN offchain transactions will seem faster.
Example Groestlcoin activated segwit months ago, and LN has ignored them completly, LN only cares about BTC,
LN will let the rest of you rot once they have BTC.
LN is how the Banking cartels are going to take over crypto , and bring their fractional reserve shenanigans to the crypto world.


 

[Ayers]

I cannot think of a practical reason why Segwit needs to be activated in LTC if the coin itself does not attract enough users to make it necessary. What if it becomes activated but nobody uses it? What good is it if it is not really that necessary?

no i'm with you i can't think they need segwit, when they have the block time of 2.5 minutes, which everyone know that mean you have 4x the block size of bitcoin, but litecoin have no where near the same amount of tyransaction per day let alone 4x lol, are they , maybe pushing it to help bitcoin do the same decision? could be, there are plenty of manipulators here from all sides

[alyssa85]

It isn't necessary for Litcoin. They're just doing it because Shiny New Object thing might make the speculators pump Litecoin (it's been feeling left out).

[pereira4]

Some claim that Bitcoin will never get Segregated Witness and since Litecoin has higher possibilities to get it, they say people will move there for everyday transactions.

I think the price of LTC will go up again when/if it gets to 75%, but I fail to see how Bitcoin will "never" get Segregated Witness when all that's needed is UASF, and UASF will gain more acceptance now after the ASICBOOST debacle.

[iamTom123]

I cannot think of a practical reason why Segwit needs to be activated in LTC if the coin itself does not attract enough users to make it necessary. What if it becomes activated but nobody uses it? What good is it if it is not really that necessary?

You got a point actually. I think the big reason is that LiteCoin wants to be a genia pig or an experimentation for SegWit so that if SegWit can be really successful then it can leverage the same success for its own advantage. People behind LTC must be thinking that they have nothing to lose and a lot to gain in implementing the SegWit without waiting for its implementation in the mother Bitcoin. Hope this can boost further the value of LTC.

[iamnotback]

I cannot think

Correct. You can't think.

Watch and learn.

Next time you'll read what I wrote.

I already debunked this nonsense thread of yours.

[Red-Apple]

you can start by reading the bitcoin core explanation about Segregated Witness. https://bitcoincore.org/en/2016/01/26/segwit-benefits/
one may argue that it is a biased source to read but it is at least going to give you the idea of what SegWit is and what the benefits are.

there was also something from Charlie Lee (litecoin developer) about why of it but i can not find it.

edit: i found it
i believe this can answer your questions: https://litecointalk.io/t/my-vision-for-segwit-and-lightning-networks-on-litecoin-and-bitcoin-by-charlie-lee/600

[bbc.reporter]

I cannot think

Correct. You can't think.

Watch and learn.

Next time you'll read what I wrote.

I already debunked this nonsense thread of yours.

But all you said were copy and pasting all your theories and arguments of what you think. Those cannot be proven until it is done in practice. How is that debunking the question if Segwit is really necessary?

The point of the question is if it is necessary now with the current usage of LTC. It will be an improvement I am sure. But is it necessary from the point of view of a user?

You first have to ask yourself, how is it being used now? Why do we need Segwit now to open the roads to a Lightning Network?

[iamnotback]

FYI, I sold some STEEM and bought more LTC on this dip.

I will continue to buy LTC with every thing I can find. I have 1 BTC in another account which I will probably transfer to Poloniex so I can buy more LTC.

The volume on LTC is building. LTC has far too high of volume lately to stay so undervalued. The pressure is building. Also, fiat is coming into LTC via Coinbase, so that in my mind is enough to push LTC's price up regardless of SegWit activation.

Litecoin is being added to Coinbase.
https://status.coinbase.com/

My thesis of both the rise of price outpacing hashrate rise due to constrained supply of ASICs, thus driving miners to increasingly signal SegWit, plus my thesis that "It Is Just Time" and that Bitcoin can't rise (willl remain range bound < $1200) until Litecoin catches up to $30+, seems to be holding as truth.The huge volume on LTC tells me LTC has become the #1 altcoin, the pressure is building for another upward explosion in price, and it extremely undervalued. LTC is starting to average more volume than ETC.

meanwhile in Bitcoin land..

BU Support weakens, SegWit stronger (34/30)

https://coin.dance/blocks

It is impossible for it to reach 95%.

Jihan Wu will never allow Blockstream to exist on Bitcoin. And I already explained he has checkmated Blockstream with his Bitmain covert asciiboost hardware spread out all over in the wild, which he can activate at will without even implicating himself nor Bitmain. Perhaps you missed my elucidation on that.

Bottom line is Bitcoin won't get scaling. Litecoin is poised to get scaling.

maybe, but I wouldnt bet my house on that.

I would, if I had a house. Seriously. I am selling everything I can find to buy more LTC.

SegWit approval on LTC is down to 62%. What a show. miners must laughing their asses of.

http://litecoinblockhalf.com/segwit.php

Within the "current activation period", it has been steady at 64-65% since my post which quoted.

Your theory is that they (Jihan and co) will not try to block segwit on LTC but their actions speak the opposite, at least until now. My take is that they are playing with fire and might get burned sooner than they expect.

I also considered your proposition that some of the chinese miners are purposely delaying signalling segwit in order to accumulate at lowest prices possible and thus maximize their profit in the forth coming pump. Actually, I don't see why they wouldn't do this.

Jihan Wu is playing along the game. I never said he wasn't blocking SegWit on Litecoin. But as I wrote, there is 20% of hashrate that was temporarily pulled so the signaling reduced from ~70% to ~62% but since has climbed back to ~64% because more and more other miners are switching to signal SegWit because they are starting to understand the price dip is due to signaling.

As the base of signaling builds back to 69 - 70% again, that 20% hashrate can return and push it over 75%. That might BTCC who is moving that 20% hashrate to and from Ethereum (their GPUs mining farm).

Since BW has stated it will soon signal for SegWit, perhaps some of that hashrate that Jihan had there has been moved to Antpool. Jihan may have been using proxies to hide or influence the decision of other pools. Any way, as I stated before that the hashrate game is too obfuscated for me to determine definitively, but the trend of LTC is now undeniable.

All roads to scaling lead to LTC.

Get on the train or be left behind.

[iamnotback]

I cannot think

Correct. You can't think.

Watch and learn.

Next time you'll read what I wrote.

I already debunked this nonsense thread of yours.

But all you said were copy and pasting all your theories and arguments of what you think. Those cannot be proven until it is done in practice. How is that debunking the question if Segwit is really necessary?

The point of the question is if it is necessary now with the current usage of LTC. It will be an improvement I am sure. But is it necessary from the point of view of a user?

You first have to ask yourself, how is it being used now? Why do we need Segwit now to open the roads to a Lightning Network?

Litecoin has one and only one chance to ever get SegWit activated now while LTC is extremely undervalued (because this means miners can form a 75% consensus on rising the price, which won't be otherwise be possible due to the crab bucket game theory that John Nash designed into Satoshi's PoW). That window of opportunity will close and due the crab bucket mentality that Satoshi designed into PoW and never be possible again in the future.

Without off chain LN, there is no other way to scale Satoshi's PoW. I've refuted all the other technological BS such as larger blocks and Xthin.

Bitcoin will NEVER get scaling.

Litecoin MUST get scaling NOW. And it will. And it will receive all the transaction rate scaling that Bitcoin will NEVER be able to do.

Please don't make me explain this again.

Re: Snapchat first investor thinks bitcoin could realistically be worth $500,000

According to Jeremy Liew, the first investor in Snapchat, and Blockchain CEO and cofounder Peter Smith. In a presentation sent to Business Insider, the duo laid out their case for why it's reasonable for bitcoin to explode to $500,000 by 2030.

A very interesting article at Business Insider that worth reading: http://www.businessinsider.com/bitcoin-price-could-be-500000-by-2030-first-snapchat-investor-says-2017-3

I originally thought BTC might top out below $50k.

But now that I understand that BTC will be exclusively only the settlement layer for the mass scaling which will take place in altcoins, I now think his analysis may be correct.

All the power broker settlement will likely to be on the Bitcoin blockchain which will be the bulk of the fungible capital generated by the masses on the altcoins as dictated by the power-law (Zipf's law) distribution of wealth. Thus Bitcoin is the reserve currency of all the altcoins.

This is why one must stay invested in this sector. Note I do think the altcoins that scale up the masses will see faster appreciation than BTC in spurts, so that is one of way of increasing one's BTC if you are expert at speculation. Otherwise buy and hodl BTC.

[disconnectme]

I cannot think of any reason too presently because there is no transaction logjam on the network but just imagine that SegWit has been activated on the Bitcoin network 2 years ago, when the token was less valauble and almost nobody is out there to project his/her own interest, the space will not be the way it is now. Nobody knows the future but this activation might be the wake up call Litecoin need to meet and rise to expectations. I believe it should be more valuable than Ethereum, Ripples and Dash

[iamnotback]

The volume on LTC is building. LTC has far too high of volume lately to stay so undervalued. The pressure is building. Also, fiat is coming into LTC via Coinbase, so that in my mind is enough to push LTC's price up regardless of SegWit activation.

The volume is indeed insanely high.
...
I can't see LTC not going up again  

when price is changing volume goes up too, it doesn't matter if it is changing for the better or for worse (down or up) and it only shows people who are making trades to take advantage of the changing price in short term aka day trading. and you can't say it is positive. and in this case the high volume shows a massive dump in the past 24 hours.

what is positive and shows good signs is when price is stable or with little change but the volume is high which shows accumulation with smart money coming in without anybody noticing.

i am not saying litecoin can not go up again, i am saying your conclusion is wrong.

The volume is extremely high but it is not a panic waterfall collapse. That to me is very bullish. It indicates to me the smart money is trying enter at the lowest price they can before the next blast off.

Nearly all the altcoins are down because the market is confused and thinks that Blockstream has defeated Jihan Wu's BU, but I expect BTC is topping out at $1200 (range bound as I predicted many days ago) once the market realizes that this BS about SegWit signaling on Bitcoin gaining momentum is nonsense. Bitcoin will never get scaling. The market will digest this, Bitcoin will stumble and Litecoin will rocket up.

The market is stupid because Bitcoin will actually benefit from scaling on Litecoin, but the market has to go through its gyrations. In any case, my thesis is Bitcoin remains range bound until Litecoin catches up, because the charge says "It Is Just Time" and because Bitcoin can't move up until there will be scaling in the Satoshi's PoW ecosystem. Litecoin will get it, Bitcoin won't, but that it is a good thing for Bitcoin. Market doesn't realize any of this yet, but the smart money does.

Channels are important and to me the market says this is not an issue. The thick blue line in the LTCBTC chart is the long-term downtrend from the 2013-2015 highs. This run should go to 0.015 at a minimum. I also consider this to be a stair-step advance where the decline is not enough to allow solid entry points, but sufficient to force weak holders into panic selling.

Additionally, markets like to fill the gaps seen on the downward move in the LTCBTC chart, so we should come back up to at least close those.

We have until April 10th for the long-term downtrend and the bottom of the current channel to force a direction. There is likely to be a decisive move over the weekend, which I expect to be positive.

I would sell some if 0.00855-0.00865 is broken, and most if 0.00775 is breached.

We are still within the channel!

[alyssa85]

I cannot think of a practical reason why Segwit needs to be activated in LTC if the coin itself does not attract enough users to make it necessary. What if it becomes activated but nobody uses it? What good is it if it is not really that necessary?

It will be cited as proof that Segwit is not necessary for bitcoin.

[European Central Bank]

everyone's thinking only in terms of segwit = scaling. that's cool but not the main reason for it. it allows tons of new possibilities. if segwit is activated on there it's also gonna attract an influx of bitcoin developers. why ignore the only game in town?

[alyssa85]

everyone's thinking only in terms of segwit = scaling. that's cool but not the main reason for it. it allows tons of new possibilities. if segwit is activated on there it's also gonna attract an influx of bitcoin developers. why ignore the only game in town?

Bitcoin developers will only move to Litecoin if they think their work on it will get rewarded. But if no-one uses the coin, they won't get rewarded...

You need to build the community first, and then everything follows.