I think this posting by Coblee: “Litecoin Does Not Need Development Right Now” will go down in history final turning point and starting date of LTCs last phase of life, leading to complete project failure and price < 1Ct.
Even now, well known hardcore Litecoiners for the first time don't believe Coblee anymore, they doubt the statement and think its wrong and questioned it in public.
(People that always until this point took als words from Coblee as "undoubtedly messages from god" and NEVER questioned a word he said before and always frenetic defended other controverse statements by Coblee before.)
Except that he's right. The protocol works as intended. It doesn't have any huge bugs that need squashing. What he's saying is that you shouldn't expect them to start adding any new bells and whistles to it, in an effort to create news for some kind of short-term pump. There's no reason to add anything that could potentially break it, for questionable gain.
He isn't suggesting that Litecoin doesn't need any third party development. He's just saying that the protocol itself is solid. Look at what Warren is working on, in terms of changes. There ARE things planned for it...changes to accommodate sidechains in the future and things of that nature, which will eventually require a hard fork. But with the protocol working well and not encountering major problems, there ISN'T an urgent need for major developments. It's short attention span theater in crypto, these days...I swear.
A lot of people, who bought mining equipment, bought it to become rich in Fiat Currency. One of my friends was planning to spend $10,000 on a KCNminer last year simply to sell the litecoins immediately to become richer in Fiat Currency (£). He got distracted by other events and never got around to it.
But, I think a lot of people did buy big ASIC miners to cash out into Fiat Currency last year (Litecoins were selling for $9 and KCNminers were going to chuck out Litecoins for $0.50). Therefore, these people will keep selling at abnormal rates and the Litecoin price will keep falling because they have zero interested in keeping crypto currencies! Only the size of their Fiat Currency bank balance matters to them.
Litecoin organisation could do an early block halving if it wanted a quick fix to the problem (many other coins have done changes to their block halvings). It would half the amount of coins the elevated number of non-miners with mining equipment can sell of each day for Fiat Currency and the price of coin would start going up.
The people mining and holding litecoin would not mine, because the price would start going up again. Those seeking to cash out into Fait Currency might be upset though! LOL
E.G. as example of maths (no actual Litecoin figures used)
Coin average is 10% of miners sell 10% of a coin each days production - Buyer interest is 10% of coin production = static price.
11% of miners sell coin 11% of each days production - Buyer interest is 10% of coin production = downward price pressure is 1% daily
Block halving early
11% of miners sell coin 11% of each days production (which is 5.5% after block halving) - Buyer interest is 10% of coin production = upwards price 4.5% daily.
Of course, in real exchanges people seldom use maths or macro economics, therefore there tends to be dramatic corrections when people realize something has changed when they weren't paying attention.
