Wouldn't this reduce the market share of the current Exchanges business model?
yes it would but probably will be years before it happens
Topic: Jihan blocks segwit on LTC: price crashes - page 2. (Read 6751 times)
legendary
Activity: 1302
Merit: 1004
Core dev leaves me neg feedback #abuse #political
Wouldn't this reduce the market share of the current Exchanges business model?
yes it would but probably will be years before it happens
How is that possible. One can not send 1 LTC and expect it to become 1 BTC. They have different values.
A person (anyone) offers to sell LTC for BTC (or BTC for LTC), and they are matched with a buyer via LN.
Article here:
https://bitcoinmagazine.com/articles/atomic-swaps-how-the-lightning-network-extends-to-altcoins-1484157052/
I see. The above semantics is different from - "5. LTC has been exchanged for BTC and has arrived at destination, no confirmation required, no trust involved, no escrow."
Wouldn't this reduce the market share of the current Exchanges business model? If people use LN to exchange BTC with altcoins then are the Exchanges supporting LN or not?
How is that possible. One can not send 1 LTC and expect it to become 1 BTC. They have different values.
A person (anyone) offers to sell LTC for BTC (or BTC for LTC), and they are matched with a buyer via LN.
Article here:
https://bitcoinmagazine.com/articles/atomic-swaps-how-the-lightning-network-extends-to-altcoins-1484157052/
legendary
Activity: 1302
Merit: 1004
Core dev leaves me neg feedback #abuse #political
5. LTC has been exchanged for BTC and has arrived at destination, no confirmation required, no trust involved, no escrow.
How is that possible. One can not send 1 LTC and expect it to become 1 BTC. They have different values.
This is also what I wondered ! Of course, the transaction can contain an exchange rate which is previously agreed-upon with the counterparty. But the danger with this trick is of course, that the counter party can take your exchange in hostage the duration of the settling period, and decide to accept it, or to "settle on the chain" depending on the evolution of the exchange rate later.
If you read anonymoustroll420 post, "4. Hope the exchange doesn't steal your money" - is the same as counterparty. anonymoustroll420 doesn't explain how the exchange of LTC value to BTC value works in LN, i can't see how it works either. anonymoustroll420 said LTC to BTC as in "one for one exchange." A code can not possibly calculate an exchange rate without 3rd party input via API, for example. It would require advance Artificial Intelligence that i don't know about.
The exchange rate would be agreed on by the two parties directly. Even on a centralized exchange, you get to choose what price you want.
5. LTC has been exchanged for BTC and has arrived at destination, no confirmation required, no trust involved, no escrow.
How is that possible. One can not send 1 LTC and expect it to become 1 BTC. They have different values.
This is also what I wondered ! Of course, the transaction can contain an exchange rate which is previously agreed-upon with the counterparty. But the danger with this trick is of course, that the counter party can take your exchange in hostage the duration of the settling period, and decide to accept it, or to "settle on the chain" depending on the evolution of the exchange rate later.
If you read anonymoustroll420 post, "4. Hope the exchange doesn't steal your money" - is the same as counterparty. anonymoustroll420 doesn't explain how the exchange of LTC value to BTC value works in LN, i can't see how it works either. anonymoustroll420 said LTC to BTC as in "one for one exchange." A code can not possibly calculate an exchange rate without 3rd party input via API, for example. It would require advance Artificial Intelligence that i don't know about.
5. LTC has been exchanged for BTC and has arrived at destination, no confirmation required, no trust involved, no escrow.
How is that possible. One can not send 1 LTC and expect it to become 1 BTC. They have different values.
This is also what I wondered ! Of course, the transaction can contain an exchange rate which is previously agreed-upon with the counterparty. But the danger with this trick is of course, that the counter party can take your exchange in hostage the duration of the settling period, and decide to accept it, or to "settle on the chain" depending on the evolution of the exchange rate later.
I understand the difference, but the result is the same. If anything, we need more shapeshifts. Trustless exchange is like BitSquare. Both BitSquare and LN seem unnecessary to me.
No this is nothing like BitSquare or anything else. BitSquare isn't trustless, it uses a multisig escrow.
LN connects the two blockchains together. There is no need for an escrow, it is truly trustless, and it allows for a lot more than just exchanging currency.
So if a LTC user wanted to pay a BTC user, currently this is how it would go with a centralized exchange:
1. Create account at exchange and comply with any AML requirements (ID etc)
2. Send LTC to exchange
3. Wait for one confirmation.
4. Hope the exchange doesn't steal your money
5. Exchange LTC into BTC
6. Withdraw BTC into your wallet
7. Wait for one confirmation
8. Send BTC to user
With BitSquare, the difference would be step 4:
"Hope escrow and seller don't co-operate to steal your money"
Here's how it works with LN:
1. Open LTC wallet
2. Type in users BTC address
3. Press send
4. Wait 1 second
5. LTC has been exchanged for BTC and has arrived at destination, no confirmation required, no trust involved, no escrow.
How is that possible. One can not send 1 LTC and expect it to become 1 BTC. They have different values.
Did you guys check the news? Jihan is now supporting segwit, the signaling is going on as we speak, or they signaling 1 block at least, I suspect they are setting things up and will start signaling it continuously until it locks in, price could surge a lot. Bought a bit myself, don't want to miss that.
Cobble has done a fantastic diplomatic job getting everyone on the table and reaching an agreement. Unfortunately, this seems unlikely with Bitcoin (or maybe fortunately, since I wouldn't like other than segwit activated without no other compromises)
What's clear to me is, LTC will benefit greatly price wise!
Cobble has done a fantastic diplomatic job getting everyone on the table and reaching an agreement. Unfortunately, this seems unlikely with Bitcoin (or maybe fortunately, since I wouldn't like other than segwit activated without no other compromises)
What's clear to me is, LTC will benefit greatly price wise!
Possible theory. Ji buys LTC low. Ji supports seggy. LTC price soars. Ji sell LTC. Ji withdraws support for seggy. LTC price collapse.
Repeat and rinse all year.
Yeah, I have a feeling Litecoin's story of King Arthur, Camelot and the knights of the round table is all a bit fairy tale and the real world is going to bite before this is over. Charlie Lee is either naive or he's in on it, but manipulating Segwit to tear 10-20% moves in the market even 3 or 4 times is going to make somebody a lot of money. Therefore I go with that scenario. Greedies gonna greed.
As far as I see, there has been some meeting of the Board of the Central Banking on LTC...
It has an effect, LTC volume is now near that of bitcoin (and no congestion in sight
)Interesting.....very interesting........
I understand the difference, but the result is the same. If anything, we need more shapeshifts. Trustless exchange is like BitSquare. Both BitSquare and LN seem unnecessary to me.
No this is nothing like BitSquare or anything else. BitSquare isn't trustless, it uses a multisig escrow.
LN connects the two blockchains together. There is no need for an escrow, it is truly trustless, and it allows for a lot more than just exchanging currency.
So if a LTC user wanted to pay a BTC user, currently this is how it would go with a centralized exchange:
1. Create account at exchange and comply with any AML requirements (ID etc)
2. Send LTC to exchange
3. Wait for one confirmation.
4. Hope the exchange doesn't steal your money
5. Exchange LTC into BTC
6. Withdraw BTC into your wallet
7. Wait for one confirmation
8. Send BTC to user
With BitSquare, the difference would be step 4:
"Hope escrow and seller don't co-operate to steal your money"
Here's how it works with LN:
1. Open LTC wallet
2. Type in users BTC address
3. Press send
4. Wait 1 second
5. LTC has been exchanged for BTC and has arrived at destination, no confirmation required, no trust involved, no escrow.
Did you guys check the news? Jihan is now supporting segwit, the signaling is going on as we speak, or they signaling 1 block at least, I suspect they are setting things up and will start signaling it continuously until it locks in, price could surge a lot. Bought a bit myself, don't want to miss that.
Cobble has done a fantastic diplomatic job getting everyone on the table and reaching an agreement. Unfortunately, this seems unlikely with Bitcoin (or maybe fortunately, since I wouldn't like other than segwit activated without no other compromises)
What's clear to me is, LTC will benefit greatly price wise!
Cobble has done a fantastic diplomatic job getting everyone on the table and reaching an agreement. Unfortunately, this seems unlikely with Bitcoin (or maybe fortunately, since I wouldn't like other than segwit activated without no other compromises)
What's clear to me is, LTC will benefit greatly price wise!
Possible theory. Ji buys LTC low. Ji supports seggy. LTC price soars. Ji sell LTC. Ji withdraws support for seggy. LTC price collapse.
Repeat and rinse all year.
Yeah, I have a feeling Litecoin's story of King Arthur, Camelot and the knights of the round table is all a bit fairy tale and the real world is going to bite before this is over. Charlie Lee is either naive or he's in on it, but manipulating Segwit to tear 10-20% moves in the market even 3 or 4 times is going to make somebody a lot of money. Therefore I go with that scenario. Greedies gonna greed.
As far as I see, there has been some meeting of the Board of the Central Banking on LTC...
It has an effect, LTC volume is now near that of bitcoin (and no congestion in sight
) OK so miner support is a 92%, Segwart is almost activated on LTC. Big whoop. Let all of these Lite-pumpers eat all of the pain of Segwart implementation. LTC can go back to being a useless shitcoin after the hype dies and the price collapses.
I'm happy that Core's Segwart code is getting used in a production environment, and I'm also very happy that it's NOT on the BTC chain.
Nice job forcing Charlie Lee to commit to an LTC blocksize increase before supporting Segwart. Of course, the Hong Kong agreement stipulated the same thing for BTC but was never honored...
I'm happy that Core's Segwart code is getting used in a production environment, and I'm also very happy that it's NOT on the BTC chain.
Nice job forcing Charlie Lee to commit to an LTC blocksize increase before supporting Segwart. Of course, the Hong Kong agreement stipulated the same thing for BTC but was never honored...
IF this LTC seg witness works on LTC...it can ONLY benifit BTC......a coordination where code is tested on LTC network first (devs incentive to get $$$ of LTC up) and
BTC's reluctance to do so ...due to the billions it is worth (btc gets its hand held on upgrades)
this could work damn well for both cryptos....as a way to by pass some drama with some facts
crypto....moon or doom ..it is always moon or doom
OK so miner support is a 92%, Segwart is almost activated on LTC. Big whoop. Let all of these Lite-pumpers eat all of the pain of Segwart implementation. LTC can go back to being a useless shitcoin after the hype dies and the price collapses.
I'm happy that Core's Segwart code is getting used in a production environment, and I'm also very happy that it's NOT on the BTC chain.
Nice job forcing Charlie Lee to commit to an LTC blocksize increase before supporting Segwart. Of course, the Hong Kong agreement stipulated the same thing for BTC but was never honored...
I'm happy that Core's Segwart code is getting used in a production environment, and I'm also very happy that it's NOT on the BTC chain.
Nice job forcing Charlie Lee to commit to an LTC blocksize increase before supporting Segwart. Of course, the Hong Kong agreement stipulated the same thing for BTC but was never honored...
Did you guys check the news? Jihan is now supporting segwit, the signaling is going on as we speak, or they signaling 1 block at least, I suspect they are setting things up and will start signaling it continuously until it locks in, price could surge a lot. Bought a bit myself, don't want to miss that.
Cobble has done a fantastic diplomatic job getting everyone on the table and reaching an agreement. Unfortunately, this seems unlikely with Bitcoin (or maybe fortunately, since I wouldn't like other than segwit activated without no other compromises)
What's clear to me is, LTC will benefit greatly price wise!
Cobble has done a fantastic diplomatic job getting everyone on the table and reaching an agreement. Unfortunately, this seems unlikely with Bitcoin (or maybe fortunately, since I wouldn't like other than segwit activated without no other compromises)
What's clear to me is, LTC will benefit greatly price wise!
Possible theory. Ji buys LTC low. Ji supports seggy. LTC price soars. Ji sell LTC. Ji withdraws support for seggy. LTC price collapse.
Repeat and rinse all year.
Yeah, I have a feeling Litecoin's story of King Arthur, Camelot and the knights of the round table is all a bit fairy tale and the real world is going to bite before this is over. Charlie Lee is either naive or he's in on it, but manipulating Segwit to tear 10-20% moves in the market even 3 or 4 times is going to make somebody a lot of money. Therefore I go with that scenario. Greedies gonna greed.
Also some of these supposed "pools" have significant in-house hashing capability. They have given their word that their pool will signal SW, yes, but don't rule out them repackaging some of that hashrate under another banner and guising itself as a latecomer to the party, disrupting the vote.
yep, its gonna get real quiet on here....LMAO
Yep. With LTC a done deal it seems.
http://www.coindesk.com/litecoin-miners-back-plan-support-segwit-blockchain-upgrade/
And like that, he's gone? Did you mean to link to that video?
Oh, btw, I just made your recipe for Yorkshire Puddings and they turned out great. Very light and fluffy.
lol...keep dreamin'!
pfft...I bought thousands of LTC when it was less than a penny, but I'll sell every last one of them if they adopt SegWit.
Did you guys check the news? Jihan is now supporting segwit, the signaling is going on as we speak, or they signaling 1 block at least, I suspect they are setting things up and will start signaling it continuously until it locks in, price could surge a lot. Bought a bit myself, don't want to miss that.
Cobble has done a fantastic diplomatic job getting everyone on the table and reaching an agreement. Unfortunately, this seems unlikely with Bitcoin (or maybe fortunately, since I wouldn't like other than segwit activated without no other compromises)
What's clear to me is, LTC will benefit greatly price wise!
Cobble has done a fantastic diplomatic job getting everyone on the table and reaching an agreement. Unfortunately, this seems unlikely with Bitcoin (or maybe fortunately, since I wouldn't like other than segwit activated without no other compromises)
What's clear to me is, LTC will benefit greatly price wise!
Possible theory. Ji buys LTC low. Ji supports seggy. LTC price soars. Ji sell LTC. Ji withdraws support for seggy. LTC price collapse.
Repeat and rinse all year.
there is certainly a lot more things that are going on behind the scenese that we may never find out unless someone from that behind the scenese goes rogue and shares the secret plans with us. maybe in a couple of years though.
but until that day we are only left with speculation. and this one seems plausiable enough to be true since they changed their minds so fast!
Did you guys check the news? Jihan is now supporting segwit, the signaling is going on as we speak, or they signaling 1 block at least, I suspect they are setting things up and will start signaling it continuously until it locks in, price could surge a lot. Bought a bit myself, don't want to miss that.
Cobble has done a fantastic diplomatic job getting everyone on the table and reaching an agreement. Unfortunately, this seems unlikely with Bitcoin (or maybe fortunately, since I wouldn't like other than segwit activated without no other compromises)
What's clear to me is, LTC will benefit greatly price wise!
Cobble has done a fantastic diplomatic job getting everyone on the table and reaching an agreement. Unfortunately, this seems unlikely with Bitcoin (or maybe fortunately, since I wouldn't like other than segwit activated without no other compromises)
What's clear to me is, LTC will benefit greatly price wise!
Possible theory. Ji buys LTC low. Ji supports seggy. LTC price soars. Ji sell LTC. Ji withdraws support for seggy. LTC price collapse.
Repeat and rinse all year.
In the UK, CEOs and directors are limited by law when they buy/sell shares. There are certain window (time) when they are banned from taking advantages of good/bad news.
Cryptocurrency is the true "wild west."
Did you guys check the news? Jihan is now supporting segwit, the signaling is going on as we speak, or they signaling 1 block at least, I suspect they are setting things up and will start signaling it continuously until it locks in, price could surge a lot. Bought a bit myself, don't want to miss that.
Cobble has done a fantastic diplomatic job getting everyone on the table and reaching an agreement. Unfortunately, this seems unlikely with Bitcoin (or maybe fortunately, since I wouldn't like other than segwit activated without no other compromises)
What's clear to me is, LTC will benefit greatly price wise!
Cobble has done a fantastic diplomatic job getting everyone on the table and reaching an agreement. Unfortunately, this seems unlikely with Bitcoin (or maybe fortunately, since I wouldn't like other than segwit activated without no other compromises)
What's clear to me is, LTC will benefit greatly price wise!
Possible theory. Ji buys LTC low. Ji supports seggy. LTC price soars. Ji sell LTC. Ji withdraws support for seggy. LTC price collapse.
Repeat and rinse all year.
LTC has enough hash rate support to perform a UASF, so Jihan fighting against it would be rather futile waste of resources when is main focus is on BTC. By letting LTC have its segwit and eat it, he probably hopes all the segwitters will flock to LTC. Also helps him fix his scrypt miner firmware issues. 
Since that fucker have 30% of mining power then LTC is giving him NICE profits.
That is why i don't give shit to LTC at all . Whole is centralized in central mining in CHina.
Now 12brave miners calls them selves users and will be LTC government so without miners any further change to protocol can not be implemented .
From one reason is good for them to have segwit for second that shows (Jihan ) have to much power in that "decentralized" system it makes me feel as JOKE from all decentralization.
Hmm,
are you unaware that BTC Mining is also Centralized to China.
China basically owns BTC & LTC with more than enough to 51% attack either or both.
LTC has enough hash rate support to perform a UASF, so Jihan fighting against it would be rather futile waste of resources when is main focus is on BTC. By letting LTC have its segwit and eat it, he probably hopes all the segwitters will flock to LTC. Also helps him fix his scrypt miner firmware issues.
Since that fucker have 30% of mining power then LTC is giving him NICE profits.
That is why i don't give shit to LTC at all . Whole is centralized in central mining in CHina.
Now 12brave miners calls them selves users and will be LTC government so without miners any further change to protocol can not be implemented .
From one reason is good for them to have segwit for second that shows (Jihan ) have to much power in that "decentralized" system it makes me feel as JOKE from all decentralization.
LTC has enough hash rate support to perform a UASF, so Jihan fighting against it would be rather futile waste of resources when is main focus is on BTC. By letting LTC have its segwit and eat it, he probably hopes all the segwitters will flock to LTC. Also helps him fix his scrypt miner firmware issues.
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