Topic: Litecoin - Charlie Lee talks Litecoin and Segwit (Read 1151 times)

Your point seems to be that as a competing service that the LN will destroy the settlement layer. That would be a little dumb of the LN  to bankrupt the miners that support the layer that allows the LN to exist. I doubt the LN providers would actually want to end their business by allowing the layer it's based off of to become insolvent.

If the LN exists thousands of transactions per second becomes possible. Not just the 2.5 per second that BTC is capable of or 10 that LTC is capable of. That means large scale adoption could actually happen. If adoption happens there will be more than enough income for both miners and LN service providers because cryptocurrency would be worth trillions not billions.

If adoption does not happen the LN businesses will likely collapse. Cryptocurrency will be a niche business and mining will continue in it's current form.

It seems that miners have nothing to fear from advancing technologies. If they choose to not support them eventually a cryptocurrency capable of thousands of transactions might leave them behind.

I agree with most of this statement. although there are some good arguments against it too.

but in the end I believe that SegWit on litecoin is an awesome thing and can really be a game changer. it is very simple, litecoin is exactly like bitcoin with some minor differences. this makes it an excellent real example for all of us (users and miners) to see how SegWit can change things for a real cryptocurrency not just seeing it on testnet.

that is why I am hopeful for SegWit to become activated on litecoin sooner and eventually leads to bitcoin users making up their minds. I am really sick and tired of waiting for the block size debate to be over :/

Hi Spoetnik,

It would not matter which country dominated BTC or LTC, It is bad no matter who has over 51%,
over 51% in a PoW coin means they have the power to block all transactions, they don't like.
Facts are it is China , and will be for the life of BTC from the looks of it.

In no way am I saying the Chinese should be handicapped for their efforts,
but the pretense that they are not in control of BTC is utterly ridiculous (Which some try and perpetuate.)

If the Tariff Conflict between the US & China happens, it is beyond stupid to say they can't retaliate by blocking our BTC or LTC transactions.
And I personally have no issue with China doing that, however my issue is that people should know it is a possibility.

If I buy Canadian Dollars or US Dollars or Japanese Yen or Chinese Yuan, then I know which country is supporting it .

The Falsehood that BTC/LTC is Decentralized and no one can dominate it , will cause some people to make bad investment decisions,
Which is why I use the Phrase BTC= Better Trust China or LTC= Lets Trust China , so it sinks in , and people can make informed investments decisions.

Not paying attention to China will cause people to lose money like so:
https://cointelegraph.com/news/bitcoin-price-falls-9-overnight-as-2-chinese-exchanges-stop-withdrawals

China is not taking a hand off approach , they are directly manipulating the markets, which they would not be able to do , if they did not dominate the coin.
It is a fact, nothing more nothing less.

 

I see this falsehood, being preached in BTC and now LTC,

Activate segwit and the price will rise.
There are no guarantees , if so , many would want it in Writing.    

LN will act as a competing service with any PoW coin miner , dumb enough to activate it.

Even thru at the moment, the miners make more off of the Block rewards.
It will not be that way forever, as the Reward Halving is every 4 years, and those transaction fees become a greater % of their payment every halving.
One Day Block Rewards will be ZERO , and then the Miners need every fee they can get to maintain a PoW network.


 

The amount of money miners make from transactions is low.It certainly doesn't cost five or ten dollars like it does on Bitcoin. So smart miners know that if the price of LTC triples (or better) with segwit activation or even higher with the LN that profits will be much better.

This idea that LTC miners are concerned about losing transaction fees is false. The idea is imported from the situation in Bitcoin and carries no weight with LTC miners.

@kiklo
Agreed with all of your opinions on it.
i just don't see it as a Chinese thing.

I fear it is designed wrong.

If it does not provide a financial incentive to who may be mining then.. fail ?
Someone forgot the scene was greedy  

PS:
I am all for Chinese domination criticism.
But would it be any different if it was the Dutch or Pakistani or bloody eskimo's from Alaska ?

..way i see it is the crap gets launched and it's fair game. (it's a race like a marathon)

Would i bitch about skinny Africans winning each race because they are better ?
It's not their nationality it's their effort they put into it to win !
I can't fault Husein bolt for beeing a bolt  

Unless you are claiming the Chinese are a superior race and there for we should handicap them in the game.
Should the Chinese have been forced to wait until later to start mining BTC + LTC ?
..giving the rest of us an edge.

Verbal does not activate anything.

as of right now
http://litecoinblockhalf.com/segwit.php
Segwit miner support   154 (3.60%)
The above # is the one that matters.

 

You couldn't be more wrong... Right now there is verbal support from many pools, and a 11% of the hash just started supporting segwit today.

F2pool -Verbal
LYSjBteSBU    Already mining
Batpool -Verbal
Litecoinpool - Already Mining
Coinotron - Already Mining

The above equals around 70% of current hash supporting segwit (verbal and actual) The remaining required 5% hash will come.
This is good news. And you're wrong..

https://twitter.com/SatoshiLite/status/830051519038787584

https://twitter.com/SatoshiLite/status/830023596047114240

Scroll down on https://www.litecoinpool.org/pools

I am not a huge fan of the Chinese nation but i think the bashing them in Crypto is stupid.
Others could have taken control but they chose not to.
They dominate because they did the work and stepped up.
They are securing the BTC block-chain making the coin work and the thanks they get is anger from the Americans ?

Charlie "LEE" ? hmmm ? LOL

I am as racist as the next (white) guy but this always on China crap is stupid.
Americans etc would be are as damn greedy as them..

China is a unique eco-system and a major powerhouse.
Their economy eclipsed the USA in 2013 as the biggest on Earth.
They are the supplier of tech to all the rest of us.. so NO it is no surprise they dominate crypto.
Don't like it ?
Get off your lazy fat ass.

Financial motivation is the same across the board no matter what country / nationality.
This seems to be an issue with Segwit's design maybe ?
People did not think it through ?
Who's idea was it thinking Altcoin profiteers would do things for altruistic reasons ?  

Chinese miners are also smart enough to know that the Devs are trying to steal Control of their coin away from them using Segwit & LN.
Agreeing to segwit , means the miners will be losing transaction fees to LN, they would have to be stupid to agree to it.

 

Chinese miners are very greedy and negative, they were poor before they know bitcoin, but now they are very selfish and mean, it is very bad for bitcoin's further adoption. Hope they can be altruistic and accept SegWit's implementation.

http://litecoinblockhalf.com/segwit.php

Segwit needs 75% to activate on LTC.

LTC Segwit miner support   104 (3.12%)

(That means 96.88% are currently against segwit.)

Does not look like anyone is switching to me.  

 

FYI:
LTC Segwit timeout time   01/31/2018 00:00:01

Is this time for BU? we will meet BU soon.  But why the blocks polling is always decreased? it seems like some percent was disappearing(bitcoin unlimited).

Many pools are switching and only time will tell.

Segwit is not being implemented at All , Because the Chinese Miners are Refusing it. 


 

I am too busy spreading Nutella on double chocolate muffins to watch.. summary ?
And i don't know what you guys mean by BU..
But i do know i wanna put my seed in Charlie's belly  

I kinda feel if Bitcoin SegWit is totally been ignored. Even you can see on the block poll among BU and SegWit.

SegWit already being the game changer among altcoin. SegWit isn't about the scaling solution but simply to attract a little hype for altcoin. 

BTC is in trouble if they can never get SegWit and if LTC fails that is a bad sign for BTC since they need more power to update

PSA: Segwit is not being implemented as a scaling solution.  This is simply just a small bonus from it.

https://www.youtube.com/watch?v=xM-r7D2EpIg

Please see: https://bitcoincore.org/en/2016/01/26/segwit-benefits/

I see a lot of FUD from BU supporters trolling around so I figured I'd put this out there.  Segwit on Litecoin will be a game changer.