Atomic chain swap between btc and ltc

[kokojie]

The newly implemented atomic chain swap between btc and ltc means basically ltc = btc in terms of usage right? Anywhere that accept btc, I could just use ltc and it gets auto swapped to btc.

So I'm thinking since ltc=btc now, shouldn't ltc price actually become 25% of btc price given that ltc max cap is 4x of btc?

[davis196]

The newly implemented atomic chain swap between btc and ltc means basically ltc = btc in terms of usage right? Anywhere that accept btc, I could just use ltc and it gets auto swapped to btc.

So I'm thinking since ltc=btc now, shouldn't ltc price actually become 25% of btc price given that ltc max cap is 4x of btc?

I don`t think that the atomic chain swap means exactly ltc=btc.It gets easier to trade ltc for btc,but that doesn`t mean that ltc becomes a part of bitcoin.Anyway,i think that litecoin and bitcoin might unite,sooner or later.The old altcoins like litecoin and dogecoin lose the competition against ethereum  and thier supporters and miners might want to join the bitcoin community and start mining bitcoins.This might sound stupid,but it`s just my idea.  

[HeRetiK]

The newly implemented atomic chain swap between btc and ltc means basically ltc = btc in terms of usage right? Anywhere that accept btc, I could just use ltc and it gets auto swapped to btc.

So I'm thinking since ltc=btc now, shouldn't ltc price actually become 25% of btc price given that ltc max cap is 4x of btc?

Not exactly. It only means that once deployed you'll be able to securely exchange BTC for LTC (and the other way round) without any middle man (eg. exchanges).

The same will most likely apply to other SegWit enabled cryptocurrencies. The exchange rate will still be up to market forces, presumably either via a public history of recent atomic cross-chain swaps or based on the exchange rates of traditional centralized exchanges.

[talkbitcoin]

this is actually a good point.
with atomic swap all the altcoins that has implemented SegWit and lightning network become viable options but (if i am not mistaken) the place that you are spending them should have an open LN channel not the traditional way of accepting just bitcoin deposits.

but if LN becomes popular and used by most services that are currently accepting bitcoin, then coins like LTC become a very viable option and will rise up in price.
it won't necessarily be based on their supply though.

[pinkflower]

this is actually a good point.
with atomic swap all the altcoins that has implemented SegWit and lightning network become viable options but (if i am not mistaken) the place that you are spending them should have an open LN channel not the traditional way of accepting just bitcoin deposits.

but if LN becomes popular and used by most services that are currently accepting bitcoin, then coins like LTC become a very viable option and will rise up in price.
it won't necessarily be based on their supply though.

It makes you wonder why there were a lot of forces who were against Segwit. Maybe some of the big exchanges see it as a threat to them too? Once atomic swaps are possible, there would be less need for centralized exchanges.

For kokojie's question, my reply is no. The market is comprised of people, and its people who decide if they accept a trade or not and at what price.

[deisik]

The newly implemented atomic chain swap between btc and ltc means basically ltc = btc in terms of usage right? Anywhere that accept btc, I could just use ltc and it gets auto swapped to btc.

So I'm thinking since ltc=btc now, shouldn't ltc price actually become 25% of btc price given that ltc max cap is 4x of btc?

I don`t think that the atomic chain swap means exactly ltc=btc.It gets easier to trade ltc for btc,but that doesn`t mean that ltc becomes a part of bitcoin.Anyway,i think that litecoin and bitcoin might unite,sooner or later.The old altcoins like litecoin and dogecoin lose the competition against ethereum  and thier supporters and miners might want to join the bitcoin community and start mining bitcoins.This might sound stupid,but it`s just my idea.  

God forbid that!

Bitcoin is a lame horse which is the one going to kick the bucket "sooner or later". With more Bitcoins spawning over time here and there, we will see people dump their bitcoins as hot potatoes and buy litecoins instead. Wtf, we are already watching people doing exactly that right now. So don't get surprised if you wake up tomorrow and see Litecoin hitting the 100 dollar mark (and in a week or two the 500 dollar mark), even without any unification with Bitcoin. If anything, such uniting would only hurt Litecoin in the long run. Let Bitcoin's inner problems eat it away finally

[kokojie]

hmm interesting, after I made this post yesterday, LTC price went up over 20%, I think people are starting to realize with atomic chain swap, BTC=LTC, LTC gained probably 1000X more acceptance overnight, and price should be adjusted accordingly. There's really no difference between BTC vs LTC now, if you hold LTC, you can spend it at anywhere BTC is accepted, this is huge for LTC.

[deisik]

hmm interesting, after I made this post yesterday, LTC price went up over 20%, I think people are starting to realize with atomic chain swap, BTC=LTC, LTC gained probably 1000X more acceptance overnight, and price should be adjusted accordingly. There's really no difference between BTC vs LTC now, if you hold LTC, you can spend it at anywhere BTC is accepted, this is huge for LTC

I guess the reasons are far from what you think they are

As to me, this explosive rise in the price of Litecoin is due to people not wanting to have anything to do with the rogue miners so outrageously exploiting the discrepancy between mining difficulties of regular Bitcoin and Bitcoin Cash (let's not forget who created Bitcoin Cash). Folks basically vote with their money against the tactics employed by miners. In short, this has nothing to do with the atomic chain swaps between Litecoin and Bitcoin as you seem to suggest

[HeRetiK]

hmm interesting, after I made this post yesterday, LTC price went up over 20%, I think people are starting to realize with atomic chain swap, BTC=LTC, LTC gained probably 1000X more acceptance overnight, and price should be adjusted accordingly. There's really no difference between BTC vs LTC now, if you hold LTC, you can spend it at anywhere BTC is accepted, this is huge for LTC

I guess the reasons are far from what you think they are

As to me, this explosive rise in the price of Litecoin is due to people not wanting to have anything to do with the rogue miners so outrageously exploiting the discrepancy between mining difficulties of regular Bitcoin and Bitcoin Cash (let's not forget who created Bitcoin Cash). Folks basically vote with their money against the tactics employed by miners. In short, this has nothing to do with the atomic chain swaps between Litecoin and Bitcoin as you seem to suggest

Unless LTC can keep this growth up for another 2-3 days it just looks like the regular pump of the day to me to be honest. 20% increases happen all across the alt coin spectrum right now.

[maokoto]

LTC has a quite long tradition of being crypto-silver and this would make that nearer to reality. I hold quite a few LTC and would love it to have 25% Bitcoin value... or even will be comfortable with it surpassing BTC.

Atomic swap sounds great. Hope to see a lot of coins working on that in the future so it does not mind much which coin you hold.

[e-coinomist]

Not so convinced about "kicking the bucket" all to soon, seen a recent video inside huuuuge mining collocation and they had one barrack explicitely equipped with SCRYP Asics. Literally thousands stored on shelves. Those aren't for DOGE you know.

I'm employing LTC for fund transfers between exchanges when I cannot afford to wait for BTC to move (experienced two days, more than bank transfer takes, and high fees required from personal wallet)
LTC price discovery hasn't been all that bad most recently, too. Gone 10% up recently.

Now I am challenged upon how to enable that atomic chain swap. Honestly the QT interface does not tell anything so far. Specialized API calls required?

[deisik]

hmm interesting, after I made this post yesterday, LTC price went up over 20%, I think people are starting to realize with atomic chain swap, BTC=LTC, LTC gained probably 1000X more acceptance overnight, and price should be adjusted accordingly. There's really no difference between BTC vs LTC now, if you hold LTC, you can spend it at anywhere BTC is accepted, this is huge for LTC

I guess the reasons are far from what you think they are

As to me, this explosive rise in the price of Litecoin is due to people not wanting to have anything to do with the rogue miners so outrageously exploiting the discrepancy between mining difficulties of regular Bitcoin and Bitcoin Cash (let's not forget who created Bitcoin Cash). Folks basically vote with their money against the tactics employed by miners. In short, this has nothing to do with the atomic chain swaps between Litecoin and Bitcoin as you seem to suggest

Unless LTC can keep this growth up for another 2-3 days it just looks like the regular pump of the day to me to be honest. 20% increases happen all across the alt coin spectrum right now.

In fact, it has been like that

The price rose over 20% just yesterday, but it hadn't been sitting there for weeks or even days. Within a couple of days before yesterday it also rose like 15%. And Litecoin was in lower 40's before that. So it is more like a 50% growth all in all. Honestly, I learned about these swaps only from this thread, and I guess it is not yet a wide knowledge anyway. It may of course be a typical pump and... don't know about the dump part yet, though, but it certainly doesn't have anything to do with this feature

[kokojie]

Well guys, looks like LTC is going up more, I still believe chain swap potential is the main driver. This is not just a pump, but real increase in LTC value because LTC has gained 1000x acceptance overnight, basically LTC=BTC now.

[helloeverybody]

Well guys, looks like LTC is going up more, I still believe chain swap potential is the main driver. This is not just a pump, but real increase in LTC value because LTC has gained 1000x acceptance overnight, basically LTC=BTC now.

I think litecoin went up becasue they have succesfully tested the lightning network on it and all is good. Which also means its being tested for bitcoin. I think atomic swaps has still to come and if so will only benefit the two coins more than ever.

its also cheaper to use fiat to buy litecoin and then move to an exchange since fees are so much lower than bitcoins.

[audaciousbeing]

The newly implemented atomic chain swap between btc and ltc means basically ltc = btc in terms of usage right? Anywhere that accept btc, I could just use ltc and it gets auto swapped to btc.

So I'm thinking since ltc=btc now, shouldn't ltc price actually become 25% of btc price given that ltc max cap is 4x of btc?

Not exactly. It only means that once deployed you'll be able to securely exchange BTC for LTC (and the other way round) without any middle man (eg. exchanges).

The same will most likely apply to other SegWit enabled cryptocurrencies. The exchange rate will still be up to market forces, presumably either via a public history of recent atomic cross-chain swaps or based on the exchange rates of traditional centralized exchanges.

If I get this correctly, it then means that I can just send my ltc to my btc wallet and it will appear as btc but at the currently prevailing rate which then means that there won't be any thing like mistakenly sending ltc to btc address? But the issue what will be the conversion rate?

[kokojie]

If I get this correctly, it then means that I can just send my ltc to my btc wallet and it will appear as btc but at the currently prevailing rate which then means that there won't be any thing like mistakenly sending ltc to btc address? But the issue what will be the conversion rate?

Because at that point, LTC's acceptance/utility would be exactly the same as Bitcoin, actually it might be better since LTC has faster blocks. So my logic says, LTC will achieve conversion rate of 25% of BTC at some point in the future.

Also, once LTC utility become = BTC, LTC might become immensely popular with the general public as it won't be as expensive as Bitcoin to "buy 1 whole coin".

[alyssa85]

The newly implemented atomic chain swap between btc and ltc means basically ltc = btc in terms of usage right? Anywhere that accept btc, I could just use ltc and it gets auto swapped to btc.

So I'm thinking since ltc=btc now, shouldn't ltc price actually become 25% of btc price given that ltc max cap is 4x of btc?

Not exactly. It only means that once deployed you'll be able to securely exchange BTC for LTC (and the other way round) without any middle man (eg. exchanges).

The same will most likely apply to other SegWit enabled cryptocurrencies. The exchange rate will still be up to market forces, presumably either via a public history of recent atomic cross-chain swaps or based on the exchange rates of traditional centralized exchanges.

If I get this correctly, it then means that I can just send my ltc to my btc wallet and it will appear as btc but at the currently prevailing rate which then means that there won't be any thing like mistakenly sending ltc to btc address? But the issue what will be the conversion rate?

I'm guessing the lightning hubs will set the conversion and charge fees for it. Essentially they become banks and exchanges on top of the bitcoin network.

[deisik]

Well guys, looks like LTC is going up more, I still believe chain swap potential is the main driver. This is not just a pump, but real increase in LTC value because LTC has gained 1000x acceptance overnight, basically LTC=BTC now.

I think litecoin went up becasue they have succesfully tested the lightning network on it and all is good

If I'm not mistaken, they successfully tested Lightning Network as far back as in April

If I get this correctly, it then means that I can just send my ltc to my btc wallet and it will appear as btc but at the currently prevailing rate which then means that there won't be any thing like mistakenly sending ltc to btc address? But the issue what will be the conversion rate?

I'm guessing the lightning hubs will set the conversion and charge fees for it. Essentially they become banks and exchanges on top of the bitcoin network.

I guess they would rather take quotes from major exchanges

Anyway, the proper way to do this is to use decentralized exchanges to grab the exchange rates automatically. Since we are talking about the conversion between Litecoin and Bitcoin, as to me, the best way to do that would be to create a metablockchain that would implement a set of features required for a decentralized exchange. If done this way, we wouldn't need hubs operating as currency exchangers at all

[JL421]

But what affect will it have on the price you saying 25% of bitcoin price that is 1200 and litecoin is not even 100$ so how will this even swap help the price increase the trading volumes of litecoin is not too high and this will only help exchanging so no price increase will even occur. In long term it might help when all trusted exchanges will turn into a scam

[kokojie]

But what affect will it have on the price you saying 25% of bitcoin price that is 1200 and litecoin is not even 100$ so how will this even swap help the price increase the trading volumes of litecoin is not too high and this will only help exchanging so no price increase will even occur. In long term it might help when all trusted exchanges will turn into a scam

Exchanges have really no say in the matter, once users realize LTC = BTC in acceptance and utility, users will flock to LTC because LTC = BTC, but currently is cheaper than BTC, much cheaper.