Topic: The halving event next month will be a "shock" for Litecoin digging (Read 142 times)
But the price of litecoin already risen a lot. it has doubled from the price before the halving hype. Charlie was predicting based on technical analyzation that can happen when the block already halved. But he doesn't consider the external factors like the news that comes from bitcoin or something else. I can't say that that is not 80% true but i just put 50% : 50% for the possibility of litecoin price to increase and nothing happens.
July 30, 2019, 08:45:53 AM
The halving event next month will be a "shock" for Litecoin digging
Litecoin founder (LTC) Charlie Lee has predicted that miners will likely have to close after the upcoming block-breaking event this summer, he further explained that:
"When the peach rewards are cut in half, some miners will be unprofitable and they will turn off the excavator. If a large percentage of miners do it, then the blocks will slow down for a while. For litecoin, it took three and a half days before the next change, so it could take up to seven days of slower blocks, and after that, the difficulty would correct and everything would be fine. "
But the thing is that people expect prices to rise. So a lot of people will buy in because they hope prices will rise and that is a self-fulfilling prophecy. So because they will buy in, the price actually increases
What do you think about that statement?
Litecoin founder (LTC) Charlie Lee has predicted that miners will likely have to close after the upcoming block-breaking event this summer, he further explained that:
"When the peach rewards are cut in half, some miners will be unprofitable and they will turn off the excavator. If a large percentage of miners do it, then the blocks will slow down for a while. For litecoin, it took three and a half days before the next change, so it could take up to seven days of slower blocks, and after that, the difficulty would correct and everything would be fine. "
But the thing is that people expect prices to rise. So a lot of people will buy in because they hope prices will rise and that is a self-fulfilling prophecy. So because they will buy in, the price actually increases
What do you think about that statement?
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