Zář 20

There’s a ‘Concerted Effort to Suppress Litecoin Price,’ Says Charlie Lee

Litecoin creator, Charlie Lee, took to Twitter, complaining about recent efforts to “suppress Litecoin price” with FUD spreading by those “shorting LTC and… that see Litecoin as a threat.”


Big Up Da Litecoin

Lee had a lot to say regarding accusations that Litecoin 00 had lost its edge in an increasingly oversaturated market.

Illustrating the high level of security in the network, he highlighted the miners’ lack of incentive to attack it, as this would devalue $150 million of hardware investment. He also mentioned Litecoin’s domination of Scrypt mining.

Regarding liquidity, Lee pointed out that Litecoin trades on virtually every exchange. Nine major payment processors support it, and the network processes $200 million of transactions every day.

Charlie Lee: LN Doesn’t Make Litecoin Obsolete

Rather than making LTC redundant technology, Lightning Network actually plays nice together with both Bitcoin and Litecoin, according to Lee. Many LN clients/apps support Litecoin, allowing atomic swaps, and even submarine swaps, using LTC to pay lightning BTC invoices. He adds:

Litecoin will always be the cheapest and fastest on ramp to Lightning Network.

Even if Litecoin’s only value were as a bitcoin test-net, Lee argues that its value is greater than the 3 percent of bitcoin’s market cap it currently represents.

Litecoin’s practical proof of SegWit utility enabled its adoption and activation on the Bitcoin network. This kind of testing is not possible on the real Bitcoin testnet, as valueless coins create no incentive for malicious actors to hack it.

Litecoin (LTC)

Charlie DOES Care and Litecoin IS Still Being Developed

Lee caused a scandal last year when, faced with accusations that he was acting for ‘personal benefit,’ he sold and donated all his LTC holdings. He has since stated that he will never buy back in, backing up his claims of “conflict of interest.” However, he also recently appeared to favor Bitcoin over Litecoin as an initial crypto investment.

Despite this, his tweets confirm that he is still working on Litecoin full-time and promoting Litecoin adoption. Countering suggestions that Litecoin has had no development in the past 6 months, he highlights two updates in the past 2 weeks. He also points out that it is good practice not to do development work “on the master branch, where people are looking.”

As would be expected, responses to the tweets vary from the “Litecoin rulez! Charlie is my hero!” school of thought to “Well why did you sell yours then?”

You can please some of the people, some of the time, eh?

Are there concerted actions being taken to suppress Litecoin price? Share your thoughts below!


Images courtesy of Twitter, Shutterstock

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Srp 26

Charlie Lee’s Litecoin ‘Ponzi Scheme’ Called Out by Silverbug YouTuber

Popular silverbug and Golden State Mint head TruthNeverTold recently took to his YouTube channel to once again call out the cryptocurrency market as little more than a Ponzi scheme. Specifically, he claims that Litecoin and its founder, Charlie Lee, are prime examples of duping unsuspecting investors. 


As Bitcoinist reported on December 20, 2017, Litecoin founder Charlie Lee “sold or donated” his entire Litecoin wealth to avoid “conflicts of interest” arising from its growth. Interestingly, Lee sold the very top of Litecoin’s unprecedented pump — something which TruthNeverTold views as an obvious profit-taking exit from a nothing-for-something Ponzi scheme.

States TruthNeverTold:

He sold out everything at the top. Good on Charlie Lee! Great job! But you just proved the fact that, as I’ve been saying since 2011, early adopters take something that has no intrinsic value, they set about building the perceived value to an unsuspecting public, only to sell that illusion for something that has real value.

The YouTuber also takes issue with Lee’s reasoning. The Litecoin founder explained, at the time:

Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success. […] For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin.

For TruthNeverTold, Lee all but admitted that he cashed out at the top of the bubble, selling cryptocurrency for fiat and ensuring his long-term financial success.

Charlie Lee has since defended his actions as benign and well-intentioned. Despite the fact that the Litecoin 00 market crashed substantially and never recovered since the point of Lee’s sale/donation, Lee claims his actions has no effect on the market, stating:

I didn’t actually have that many litecoins. My selling litecoins didn’t actually affect the market itself but the fact that I had litecoins and people were thinking that I might dump it on the market actually was an issue.

Lee also believes Litecoin will eventually bounce back, explaining:

I still think it was the right move but I question whether — I think in the long run it was the right move but in the short term while the price is down, below the all-time high, it just feels like it’s not the right decision. But I think like, moving forward, five years down the road, when the price is back to the all-time high, I feel like it will be the right move.

What do you think about Charlie Lee selling his entire stake in Litecoin at the top? Do you think Litecoin and other cryptocurrencies are Ponzi schemes, or is TruthNeverTold simply overreacting to a market bubble? Let us know your thoughts in the comments below!


Images courtesy of Shutterstock, YouTube.

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Kvě 10

Litecoin Activates SegWit Today As Price Nears $40

· May 10, 2017 · 9:48 am

SegWit activation day is here for Litecoin as the fourth-largest cryptocurrency gains another 38% in price.

Litecoin Passes $35, Lee Remains Cool

With just several hours to go before its “locked-in” status changes to “activated”, investors are celebrating as Litecoin’s price per token exceeds $35.

The surge marks a turnaround in the altcoin’s fortunes, prices having suffered earlier this week as assets across the board hemorrhaged value.

Poloniex, a major altcoin exchange, experienced slowness and loading problems, which some pointed to as a major cause of panic selling resulting in a broad comedown.

On Twitter Wednesday, Litecoin creator Charlie Lee appeared naturally upbeat, noting nonetheless that this was just the start for his cryptocurrency.

SegWit Still King For Investor Confidence

The rags-to-riches story has been marked by overwhelming investor appetite for SegWit. The confidence that accompanied Litecoin locking in the technology appeared to engulf any misgivings or even alleged attempts to derail the process.

This in turn led to a rapid U-turn for two other altcoins, namely SysCoin and Vertcoin, which both successfully activated SegWit and benefitted from giant price rises.

As in the case of Litecoin, criticism that SegWit activation was simply a tool for developers to make money did not stop trading interest.

Now, Litecoin will no doubt be eyeing the next step in the chain – introduction of Lightning Network transactions.

Lightning Network Brewing

“The activation of segwit on Litecoin allows us to deploy Lightning on an active production blockchain,” Lightning’s Olaoluwa Osuntokun wrote in a blog post last week.

“With our ultimate launch, we’ll be able to examine monetary incentives within the network, observe the emergent properties of the networks’ channel graph, and see the rise of production services and applications built on top of the network.”

A survey conducted by Lee meanwhile suggested Litecoin users were keener on harboring their funds long term than testing Lightning.

Lee himself stated that he intended to both “hodl” and test the technology.

Across the altcoin board meanwhile, only a modest recovery is noticeable, while Bitcoin is also down from its near $1800 highs. The figures will likely be music to the ears of experts such as Vinny Lingham, who repeated warnings about “bubbles” in recent public comments.

What do you think about Litecoin after SegWit activation? Let us know in the comments below!


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Úno 08

Litecoin: SegWit ‘Testbed’ at Risk as Bitcoin Politics Spread

· February 8, 2017 · 8:00 am

The Segregated Witness (SegWit) update has received lukewarm support thus far since it was announced on Litecoin on January 28th.


Beyond Bitcoin: ‘Testbed’ for SegWit

After Bitcoin, the SegWit scaling update has now been introduced to Litecoin along with some other cryptocurrencies including Vertcoin, Groestlcoin, and Viacoin.

Right now, Litecoin miners are in the process of voting on the update. Currently at 3%, support is lower than it is in Bitcoin, which rapidly climbed up to 22% in its first two weeks.

Bitcoinist_Litecoin Logo

The vote has attracted the attention of the Bitcoin community. Litecoin (and other coins) could become a testbed for the potential SegWit soft-fork on Bitcoin, and could offer a sneak peek as to how this update fares in the real world. Moreover, SegWit may have better chances on Litecoin since its activation threshold is just 75% compared to Bitcoin’s 95%. 

But this “testbed” mentality may be part of the reason why Litecoin users are not so eager to activate the update, which would make them, in a sense, Bitcoin’s ‘lab rat.’ Dubbed the “silver to Bitcoin gold,” it currently has a market cap of about $198 million USD, which could be negatively affected if the update goes sour.

Creator: ‘Litecoin Became Political Too’

Nevertheless, the SegWit update is supported by Litecoin creator Charlie Lee.

charlie-lee-talks-about-litecoin-bitcoin-and-coinbase-22-640x360

In a recently held Reddit AMA (in Chinese), he stated:

Yes, it’s unfortunate that SegWit on Litecoin became political too. One of the reasons I’m doing this AMA is to try to pull the politics out of the Segwit on Litecoin. Let’s not let Bitcoin politics pollute Litecoin for no reason.

Meanwhile, LTC1BTC founder Jiang Zhuoer stated that his pool, which controls 10% of the network, will not support the SegWit update. His motives, however, seem to stem directly from the Bitcoin debate. 

“Why do the Bitcoin Core developers say that the Segwit soft fork basically fixes every line of Bitcoin’s code? Zhuoer said. “As the complexity of a system increases, it follows that the stability of that system must decrease.”

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Still, other pools have demonstrated their support for SegWit. F2Pool, the biggest Litecoin pool with 45.6% of the network’s hash rate, announced it will signal their support for SegWit in the coming weeks.

Litecoin Could Help Bitcoin Break Deadlock

Since Litecoin has a small number of users compared to Bitcoin, scaling is not exactly a pressing issue at the moment. Though SegWit was introduced to Bitcoin as a scaling solution, it also introduces additional features and paves the way for other upgrades such as the Lightning Network. 

Lee explained the motive for supporting SegWit saying,

The main fix is transaction malleability, which would allow Lightning Networks (LN) to be built on top of Litecoin. And there are a bunch more nice features of SegWit. With SegWit and Bitcoin’s current block scaling deadlock, I see a potential for Litecoin to help Bitcoin break through this deadlock[…]. We have been drafting behind the Bitcoin race car for many years. It’s about time to take a turn out front.

During the AMA, Lee also expressed his opinion regarding the alternatives that have been proposed, reassuring that Litecoin will stick to SegWit.

Litecoin roadmap

When asked what will Litecoin do if Bitcoin goes with Bitcoin Unlimited and FlexTrans, he said:

With such a controversial topic, I can’t see how Bitcoin can possibly go BU and FlexTrans. It will likely just not change, and that’s fine. It’s still the best store of value we have ever seen. Whatever happens, Litecoin is going the SegWit direction. And we welcome any Bitcoin Core devs to join us if Bitcoin, for some reason, goes in another direction.

Charlie Lee is currently holding another AMA thread on this topic (in english) here.

Will Litecoin pave the way for Bitcoin’s SegWit? Or will it fail to reach consensus?


Images courtesy of Shutterstock, Twitter, litecoinpool.org

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Led 12

Charlie Lee Opens Up About Coinbase Shift Debit Card

Source: bitcoin

Shift debit card

Coinbase launched its Bitcoin debit card to much adoration by crypto-currency enthusiasts. Shift Payments, a fintech company, will issue the card, which enables Coinbase users in 24 US states to spend bitcoins online and offline at more than 38 million merchants across the globe.

Also read: Peter Todd Double Spends on Coinbase

Shift: The Debit Card from Coinbase

To receive a Shift Card, you can order it from Coinbase. You will be asked to provide an address and a $10 issuance fee, payable in bitcoins. There are no fees on domestic transactions beyond the initial $10 issuance fee for a limited time. Coinbase’s fee schedule can be found by clicking here.

Bitcoin debit cards could be an awesome advent for the Bitcoin industry, as the card represents something familiar for consumers to use. It works just like a regular debit card, except for the backend where you must load it or fund it with bitcoins.

We spoke with Charlie Lee, Director of Engineering at Coinbase and creator of Litecoin, regarding his thoughts on the Coinbase debit card, which he thinks are twofold. 

On one hand I think it’s a game-changer; on the other hand, it’s not really,” Lee told Bitcoinist.net. “People argue that spending money with the Coinbase debit card is not really using Bitcoin because bitcoins are not sent on the Bitcoin network. So it goes against the intention of Bitcoin.” He also points out that the Shift Payments Coinbase card is costlier than raw Bitcoin.

“Since the fees to the merchant is the same and there is an additional fee for the user, using the Coinbase debit card actually costs the user more than a regular credit card, where they can get some percent back,” Lee said, highlighting an important problem Bitcoiners are discussing: incentives. “I have to agree that in that sense, it’s not really much better than what we have currently.” Lee stresses two distinct features that make Bitcoin what it is.

“Those are the store of value and the payment network,” Lee said. “The Coinbse debit card does not take advantage of the Bitcoin payment network, but it’s the killer app for Bitcoin as a store of value. Now, people can hold all their wealth in Bitcoin and still easily spend it wherever Visa is accepted. That’s definitely a game-changer.” For Lee, this solves Bitcoin’s chicken-and-the egg problem of merchants not willing to accept bitcoin because customers don’t use it and vice versa.

“Now that people can spend their bitcoins even at places that don’t accept them, they will more likely hold bitcoin,” Lee concluded. “And merchants will more likely start to accept bitcoin when a lot of people have bitcoin to spend.”

Will you get a Shift debit card? Let us know in the comments below!


Images courtesy of Coinbase

The post Charlie Lee Opens Up About Coinbase Shift Debit Card appeared first on Bitcoinist.net.

Charlie Lee Opens Up About Coinbase Shift Debit Card

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