Topic: Jihan blocks segwit on LTC: price crashes - page 6. (Read 6751 times)

Very interesting.

You are right that it is a free market, however I would anticipate that the market would result in LTC LN hubs that are willing to exchange ltc for btc will have both btc and ltc on an exchange and will trade ltc for btc whenever someone wants to exchange btc for ltc and vice versa (and of course will charge a premium above the trading fees on the exchange.

Oh, you're so right.

And blockchain technology has no chance of ever being adopted by huge corporations all over the world without including Bitcoin. I mean blockchain technology is part of Bitcoin and it was first, right?  LOL

Daytrading is quite difficult, if you don't have the proper knowledge you will lose money, you cannot simple put $200 dollars into Poloniex and become a successful daytrader.

Anyway, Litecoin still +133% in the last 30 days and that's a lot.

Even I lost a small amount of money after converting some of my mBTCs to LTC. I am not going to trust any of these altcoins ever again. All of them are just bubbles and we will only lose money if we invest in them.

Called it. 

Blocking SegWit in litecoin was a major dick move, not just to users and other miners but also to the people who bought the miners they are using to block SegWit with.

Those guys have no ethics whatsoever.

LOL,

Please do that , it will be the funniest thing I have seen all year.  
Don't forget the PoW change.  


 

FYI:
If the Guy can pull up a batch of ASICS , out of the Blue, what makes you think he can't activate a few hundred VPS to run as full nodes on the old software.
BTC network will Split, <40% for segwit and the other 60% goes to classic & BTU combined.

Segwit will be implemented with or without Jihan.
It will just take more time and require a user activated soft fork...

Just checked the market and it is true that the price of Litecoin just crashed and it is going down now, so it is a sign that segwit is not successful in litecoin for their implementation, so i think it is not good for bitcoin also. Litecoin price will go back below 500k satoshi again and for sure the last pump of the litecoin is just a hype.

More info here:
https://bitcoinmagazine.com/articles/atomic-swaps-how-the-lightning-network-extends-to-altcoins-1484157052/

Also Coblee's post about it:
https://segwit.org/my-vision-for-segwit-and-lightning-networks-on-litecoin-and-bitcoin-cf95a7ab656b

The way I understand it, it simply needs to be a hub that opens channels with Bitcoin and Litecoin users. Hubs will charge transaction fees, and they may decide to charge extra transaction fees for LTC users, but it is a free market, it's relatively easier to setup a LN hub than an altcoin exchange and there may be much less regulation, so there will be a lot of competition so it will likely be much cheaper than existing exchanges. LN will also take the best route. From an end users perspective, all they will have to do is type in a litecoin address and LN handles the rest. This is why BTC segwit addresses start with bc1, ltc will have a different prefix.

I think you have made a very good distinction between a 'soft vote' and a 'hard vote' there. 

I have not heard about this cross blockchain transactions via LN prior to your post, although, I guess it does make sense if transactions can move from LN hub to LN hub.

I would however point out that all BTC LN hubs may not be able/willing to exchange BTC for LTC, so you may need to have your transaction go through a higher than normal number of 'hops' in order to get to a LN hub that is willing to do this.

I would also point out that a BTC LN hub will likely want a commission to exchange BTC for LTC (similar to how shapeshift.io takes a spread/commission), so going between blockchains might not be as frictionless as you imply.

Segwit allows for lightning, and lightning allows for cross-blockchain payments via atomic swaps. That means a Bitcoin user can send to a Litecoin user via a lightning exchange hub and vice versa. Also because litecoin's blocks are empty, it may be cheaper to do it this way than on the Bitcoin chain. It's a good idea for all alts to adopt segwit and lightning, it will increase their utility dramatically. Currently Litecoin is not widely accepted at businesses, this would allow litecoin owners to spend their LTC at BTC accepting businesses, without having to go thru exchange websites, it will all happen automatically behind the scenes.

not to mention that litecoin currently do not need segwit, unless segwit add something other than capacity, because litecoin have a 2.5 minutes block time, apparently many don't even know that this alone mean 4 x more transaction


i really doubt that, segwit is not that useful for litecoin, it's just about hype and maybe helping bitcoin adopting it, litecoin will not go any where near dreaming to suprass bitcoin ever

The LTC price increase was somehow very attractive and many have joined the flow only to find out that it is just a bubble. I lost a few dollars from investing in LTC only to find out that its value will go down. And all of those things will be attributed to the blocking of segwit in LTC. But life must go on and the best thing to do really is to stick with bitcoin to avoid those bubbles.

Yet SegWit was the best thing that happened to Litecoin. Price of LTC was pretty much the same range of $3-$4 since 2014.
Litecoin was slowly dying and entered period of weakness and lethargy, and then SegWit came and boosted price to $10.
Price is still more than 2x what it used to be, so I see only pump here.

The reason is simple. If SegWit is successful on LiteCoin, people will signal for it on Bitcoin and he is trying to prevent that from happening. He wants SegWit to fail, no matter on what Alt coin it is implemented. People like him, like to throw around their weight and force people to do what they want to do, because they can.

The end result will be the implementation of code to circumvent his powers. 

this was the worst news i heard and the worst part was when the % supporting SegWit on litecoin dropped. i can see the dicking around on bitcoin and SegWit but i don't get why they are trying so hard to prevent it on litecoin.
i still say SegWit on litecoin is a good thing and they should move ahead anyway they can even if it means splitting, it is still an altcoin with little use so that wouldn't be that bad. and since the leftover will be those against SegWit i don't think their hashrate is going to stay up forever.


there are a lot of things at play regarding bitcoin price and F2Pool signalling SegWit (although a good news) is the smallest one.

people say that bitmain is secretly running asic boost which gives them a 33% eff advantage over other miner pools...thus seg witness kills this...either way they want to do
it ..current hash rate method (lost) or by UASF..they won't let seg witness happen nor lose their monopoly on all ASIC equip of any flavor btc or ltc.... they will burn
LTC network to the ground to stop seq witness from happening on bitcoin....ie if LTC the hostage must die to make this point so be it.....

As far as I can tell the bitcoin core devs were correct......miners have too much power..hell bitmain now could do a 51% attack against litecoin network and the customers
who believed in LTC and bought their miners ..paid for this .....nice they had a firmware problem and delayed my orders..don't ya know..yeah I bet ..they are that lucky

also they have 70% on litecoin equip now and with NO one else making equip (due to asic boost advantage) as they kill all the old stuff on both networks
with newer equip eventually it will be 100%

not to mention I'd bet money they are gonna make an X11 miner and control that network as well

so full evil works...take money from customers.....(my case 4 L3+'s I planned to vote fo seg witness) use my $$ to put up the equiv of say 8 L3+'s to block
seg witness...claim a 'firmware problem' delay my miners 2 months ...triple difficulty...get 45% say of LTC hash so seg witness can never happen and take
all the profits expected by the mass majority of users ..to yourself for pulling this stunt...and then send me my miners I paid full price for 2 months before
at triple the difficulty..well played..well played indeed

win/win/win ...evil wins

I see no downside on this especially if they just decide to go private after all this and just make chips for their own data hall use like knc ...by chips i mean
any flavor btc or ltc

going full evil its what I'd do

They're not adding segwit for scaling. They're doing it for the atomic swap properties of lightning, allowing a Bitcoin user to pay a Litecoin user using a lightning exchange hub. Because litecoin's blocks are empty, it may be cheaper to do it that way. This will significantly increase the utility of Litecoin, thus making it more valuable.