I don't think Litecoin has a real future, unless Bitcoin is dead dead, despite what people have been told. It has not technological merit beyond Bitcoin's, it pumped based on adopting Segwit, which I don't think matters at all for Litecoin because there are so few actual TXes on Litecoin that there is no demand for scaling solutions -- unless again Bitcoin fails and for some reason people adopt Litecoin out of familiarity and ignore all the better currency technologies like Zcash, Monero or all the stablecoins that will be on Ethereum like Maker. A lot of Litecoin holders have been misled but such is the ways of cryptocurrency and if people don't do their own due diligence, they are liable to get burned.
I don't think disaster scenarios for Bitcoin are good for any other digital asset in the short term though, not even Litecoin, not Steemit, not Ethereum.
I wonder if litecoin would be a better bet moving forward if it could be mined by the asics that are currently mining bitcoin.
Getting the bitcoin miners to switch seems way more important than segwit.
I have also found Jimmy to be one of the few not shrieking on either side. Segwit2x seems to be a total failure to accomplish the necessary scaling, while potentially injecting the possibility of intermediaries into Bitcoin transactions. It's fundamentally counter to my reading of the Bitcoin whitepaper, which specifically cites the efficacy of block size increases which would easily solve this issue.
The fact that one side argues against an easy solution with no clear technical drawbacks (that I am aware of) is a pretty good indicator they have ulterior motives.
While I likely agree with you politically on this, both sides have dirty hands. SegWit as a SF seems like an inelegant solutions that increases the tech debt and yields much less on-chain scaling than is being touted with higher actual costs to economic nodes. It was not originally an on-chainscaling solution but was re-appropriated as one politically. It's all sad to to even think about.
Very nice information. Crypto are so important to our world even though most people haven't realized yet and Bitcoin is clearly a big part of crypto for obvious reasons, the biggest one most other crypto are directly tie to its price Steem being one of them.
Thank you for putting that out. Is there a way to contact you in private? On the Steemit chat when it gets back online I guess.
I am in one Slack (non-Steem) that takes up most of my time, as I have a fulltime demanding non-crypto job. You can DM me on https://twitter.com/EeksTheUnwise if you want to reach me and I can give you my email so we can communicate in private.
I'd advise people to be prepared to not make many Bitcoin transactions in early August and to use an abundance of caution when doing anything with one's BTC in those weeks.
Best advice though. Does it mean transaction during this period can get lost or delayed?
Thanks for the recap, I think about the forks one can look at ETH ETC, it's not as ideal but in the long run it will play out anyway. In the split day prices will fall, just be sure to have your BTC in a wallet or in an exchange which is known for the good conduct (like kraken) so you will be sure to have both coins when the dust settles.
ETC/ETH split was a little different because Ethereum's difficulty adjustment happens much more quickly than Bitcoin's. But it is the best example we have had to date of what a split could look like.
Sorry if this has been covered else where, but is anyone expecting a big (although temporary) price drop after the fork? I've see some wild price swings in the last year. Considering the uncertainty ahead i cant imagine it not happening. And the blockchain world has been flooded by new users who arent accustomed to these kinds of violent price movements. Thats a substantial chunk of the btc community likely to panic and deepen the potential drop.
Im no expert and could be completely wrong, but does this make sense to anyone else?
This is my first reply!!
We will have huge pump before September - $10K
Thanks for a great explanation. I wish I know the Odds of what may happen? any idea?
Until Augur has proper prediction markets live, we have to make educated guesses and also prepare for the worst and hope for the best.
And would you expect this to have a knock-on effect to the likes of ether, Litecoin, and possibly steem too?
I don't think Litecoin has a real future, unless Bitcoin is dead dead, despite what people have been told. It has not technological merit beyond Bitcoin's, it pumped based on adopting Segwit, which I don't think matters at all for Litecoin because there are so few actual TXes on Litecoin that there is no demand for scaling solutions -- unless again Bitcoin fails and for some reason people adopt Litecoin out of familiarity and ignore all the better currency technologies like Zcash, Monero or all the stablecoins that will be on Ethereum like Maker. A lot of Litecoin holders have been misled but such is the ways of cryptocurrency and if people don't do their own due diligence, they are liable to get burned.
I don't think disaster scenarios for Bitcoin are good for any other digital asset in the short term though, not even Litecoin, not Steemit, not Ethereum.
Cool thanks for the detailed response here. You've got me thinking about my Litecoin holding... Maker/Dai I need to take a look into I guess!
I wonder if litecoin would be a better bet moving forward if it could be mined by the asics that are currently mining bitcoin.
Getting the bitcoin miners to switch seems way more important than segwit.
I have also found Jimmy to be one of the few not shrieking on either side. Segwit2x seems to be a total failure to accomplish the necessary scaling, while potentially injecting the possibility of intermediaries into Bitcoin transactions. It's fundamentally counter to my reading of the Bitcoin whitepaper, which specifically cites the efficacy of block size increases which would easily solve this issue.
The fact that one side argues against an easy solution with no clear technical drawbacks (that I am aware of) is a pretty good indicator they have ulterior motives.
While I likely agree with you politically on this, both sides have dirty hands. SegWit as a SF seems like an inelegant solutions that increases the tech debt and yields much less on-chain scaling than is being touted with higher actual costs to economic nodes. It was not originally an on-chainscaling solution but was re-appropriated as one politically. It's all sad to to even think about.
Very nice information. Crypto are so important to our world even though most people haven't realized yet and Bitcoin is clearly a big part of crypto for obvious reasons, the biggest one most other crypto are directly tie to its price Steem being one of them.
Thank you for putting that out. Is there a way to contact you in private? On the Steemit chat when it gets back online I guess.
I am in one Slack (non-Steem) that takes up most of my time, as I have a fulltime demanding non-crypto job. You can DM me on https://twitter.com/EeksTheUnwise if you want to reach me and I can give you my email so we can communicate in private.
Best advice though. Does it mean transaction during this period can get lost or delayed?
The doge has shown itself in the charts
waiting for this since 2014
Thanks for the recap, I think about the forks one can look at ETH ETC, it's not as ideal but in the long run it will play out anyway. In the split day prices will fall, just be sure to have your BTC in a wallet or in an exchange which is known for the good conduct (like kraken) so you will be sure to have both coins when the dust settles.
ETC/ETH split was a little different because Ethereum's difficulty adjustment happens much more quickly than Bitcoin's. But it is the best example we have had to date of what a split could look like.
@eeks great post keep up the good work well done
Great Article, enjoy the reading!
Sorry if this has been covered else where, but is anyone expecting a big (although temporary) price drop after the fork? I've see some wild price swings in the last year. Considering the uncertainty ahead i cant imagine it not happening. And the blockchain world has been flooded by new users who arent accustomed to these kinds of violent price movements. Thats a substantial chunk of the btc community likely to panic and deepen the potential drop.
Im no expert and could be completely wrong, but does this make sense to anyone else?
This is my first reply!!
Not bad for the 1st reply, we will see how the things goes