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Litecoin Price Peaks at 30 USD, But Is It a Bubble? Will Bitcoin Activate Segwit?

litecoin priceLitecoin (often dubbed Bitcoin’s silver) has seen a significant price spike these past few weeks. Due to Segwit locking in and the Coinbase listing, it has experienced a price increase of over 300 percent, peaking at US$30 at the time of writing.

It seems that litecoin is well underway to surpass 30 USD, but it is hard to tell whether it will maintain this upward trend in the long run.

Six Chinese Litecoin investors had a discussion about what’s next for Litecoin on this year’s Labor Day. To protect their privacy, all names used in the story are fake.

 

litecoin price surgeStone: Guys, Litecoin is on fire!

Lee: Crazy Litecoin, only rise and no fall.

LOL: The last spike before slump .

Sweetieface_with_tears_of_joy

Stone: Seriously, I bet Litecoin price will ultimately break 18,000 CNY.

LOL: And by ultimately, do you mean the next century?

Stone: Come on, guys! Be optimistic!

Lee: Litecoin price reached over 100 yuan, quadrupled in a month! How much did u earn?

Yang: This is just small money. Let’s wait and see its price break 2000 yuan.

Wang: This indicates that if Segwit were activated on Bitcoin, btc price will skyrocket.

LOL: I am expecting a waterfall plunge tomorrow.

Yang: Don’t be such a spoiler.

Stone: You are just jealous; coz u didn’t buy Litecoins at a lower price.

LOL: Those whom god wishes to destroy, he first makes mad.

Sweetie: Big waves, possible flooding on the way.

LOL: b4 ltc fell from 380 to 6. I’m telling you history will repeat itself.

LOL: scared?

Lee: If so, it will rise to 380 again and fall to 38, and I will sell them at 360 and buy more at 38. Haha, it’s perfect.

Sweetie: Yeah, coz life is just that nice!

Yang: 380 is a must-be.

Stone: Yang, did you buy ltc?

Yang: Sure! Who doesn’t want to earn money?

Stone: Last week you told me you were going to buy BTC, so I followed you and bought btc. Now I just wanna cry.

Yang: Relax, dude. No need to worry. You will gain profit from both.

Lee: Don’t worry. Remember, we bought ltc at the price of 20, even if its price dropped to 20, we’ve got nothing to lose. It’s a tie.

Stone: If you stopped investing now, you will hate yourself later.

Lee: ETH rises from 40 to 560, this could also happen to ltc.

Wang: Chances are ltc will take this chance and surpass btc.

LOL: I don’t wanna be a bitch, but surpassing BTC? I am absolutely speechless.

Yang: Just bear this in your mind Litecoin does not have the same issues Bitcoin has and it is likely to rise at least ten times.

LOL: But btc is highly concentrated and litecoin is too scattered.

Sweetie: BTC=liquidity; ZEC=anonymity; ETC, ETH=smart contract. And Litecoin=???

Yang: Litecoin=SW

Wang: Doge is truly scattered, but Litecoin has become very concentrated since the implementation of Scrypt.

Yang: When SW be activated on ltc, smart contract could be achieved with RSK. And with LN, it will enable faster confirmation and lower transaction fees, almost zero fees. Sadly, some mining pool is deliberately blocking all these from happening.

Stone: I hope SW will not be activated on btc, otherwise, ltc will never stand a chance to surpass btc.

Wang: Well, that’s true. Many still look at Litecoin as a Bitcoin testbed.

Yang: But the fact is that Bitcoin keeps meeting opposition from miners. And I don’t think it will get Segwit activated soon. Anyway, let market take its course. I can only wish both Bitcoin and Litecoin have a slow bull market this year.

 

 

 

 

COMMENTS(72)

  • joshy23
    3 months ago joshy23

    Quote from: Doofus on May 08, 2017, 09:15:02 AM
    litecoin price increased over 300 percent in a month and Chinese investors had a discussion last week about the future of litecoin. http://news.8btc.com/litecoin-price-peaks-at-30-usd-but-is-it-a-bubbleSince Litecoin is often looked as a Bitcoin testbed, they wonder if btc will soon activate segwit, though Bitcoin keeps meeting opposition from miners.

    It is a testbed for bitcoin that’s why they are activating Segwit on Litecoin. If it is successful, then most likely bitcoin is next. However, we all know that there is still a lot of opposition on Segwit activation on bitcoin network. I hope the scaling drama will end up and just implement Segwit already on bitcoin. So that we can see bitcoin price raise to new level because of this positive news.

  • azguard
    3 months ago azguard

    Quote from: tobacco123 on May 08, 2017, 09:33:40 AM
    The potential increase in value will be similar or even bigger. If you use mBTC as the unit, 1mBTC is about $1.60. LTC was about $3 to $4 before segwit… Just imagine when same thing (Segwit activation) happened to 1 mBTC, the value will be $1.60 x 7 times = $11.20… USD$11,200 per BTC!But of course I think LTC is in bubble at the moment. It might increase further soon after Segwit but will drop to… perhaps USD$10 in long run…

    Think that LTC price will be around 20$ plus minus few bucks. But this is interesting considering that most rejected segwit and all anticipate BU to be implemented. However this may be good call to reconsider they option by everything in this, cuz we seen how segwit can be good thing. This is only option but good one to think about, what would it be it this comes to life. will BTC went to 5 figures?

  • pedrog
    3 months ago pedrog

    Quote from: Doofus on May 08, 2017, 09:15:02 AM
    litecoin price increased over 300 percent in a month and Chinese investors had a discussion last week about the future of litecoin. http://news.8btc.com/litecoin-price-peaks-at-30-usd-but-is-it-a-bubbleSince Litecoin is often looked as a Bitcoin testbed, they wonder if btc will soon activate segwit, though Bitcoin keeps meeting opposition from miners.

    Actually it’s the opposite, code is ported to litecoin after it is implemented in bitcoin, litecoin is the ultimate bitcoin clone.Segregated Witeness activation is the first time litecoin is more advance than bitcoin.

  • coincrazyy
    3 months ago coincrazyy

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

  • litecoin2017
    3 months ago litecoin2017

    No, it not a Bubble.

  • Student62
    3 months ago Student62

    imo will retract around 35-50 and fall to 15-20. A series of larger bubbles will come with use cases, successes and failures. High chance to 100+ this year. Will sell few% on each doubling.

  • rijoja
    3 months ago rijoja

    really why?

  • CryptoInvestor
    3 months ago CryptoInvestor

    You have to ask yourself, do the fundamentals stack up?

    Crypto is almost certainly in a giant speculative bubble which I have no doubt Litecoin has benefitted from, but what makes Litecoin different now are it’s fundamentals. Segwit is the precursor to so many exciting and useful developments. Lightning, CT, MAST, RSK… All of which have been developed and tested for use with Bitcoin and can very easily be ported over to Litecoin.

    Litecoin doesn’t have the same political problems as Bitcoin so can get access to all of this far more easily. The community wants it, Charlie Lee wants it, the developers want it. Regardless of what happens with other altcoins I have a feeling Litecoin will be just fine.

  • hhtoavon
    3 months ago hhtoavon

    Because they don’t have the HODL meme, and they will sell. It’s a different mentality over there of missing out on Bitcoin, and wanting to get rich quick.

  • ProHashing
    3 months ago ProHashing

    No, because it seems that all these articles miss the idea that the bitcoin network is useless and that people have stopped using it.

    For the first time Friday, we began taking 100% of our profits in litecoins. Yesterday, we sent a few blocks of litecoins to the GDAX and got our dollars within 30s. We paid about 1 cent and were lucky that a block was found quickly, but even if we had to wait, we would still have only expected to wait about 2.5 * 0.693 minutes for the next one.

    On Saturday, I spent the afternoon trying to figure out why Miningrigrentals wasn’t working with our system. To do that, I had to pay for a rental, but they only accepted bitcoins. I sent them $3 with a $1.10 fee, or about 35%. Then, the overloaded network lost me about $100 in opportunity costs because I had to play video games for two hours instead of being able to actually continue my work.

    Bitcoins are the definition of a bubble – a useless asset that people are buying just because others are buying it. They do not have any meaningful use, while litecoins are fast, easy, and cheap to send. We’re done with bitcoins, and I’m sure others are fed up as well.

  • rijoja
    3 months ago rijoja

    Is it possible to know that this is a fact? Wouldn’t the amount of actual trades lead to a higher liquidity. Of course ideology can have some affect but would having say a major market operating on the currency in the end have a larger impact.

  • hhtoavon
    3 months ago hhtoavon

    Maybe, but I think there will be more volatility in this market due to the nature of the collective ideology

  • cbeast
    3 months ago cbeast

    The timing of litecoin’s rise coincides with its addition to coinbase. This suggests speculation is a strong component.

  • Egon_1
    3 months ago Egon_1

    And without Bitcoin it is hot air and gamble for speculators.

  • 7bitsOk
    3 months ago 7bitsOk

    Yes, absolutely. Segwit is a useless hack when you have spare block capacity and little to no use cases specific to Litecoin.

    I guess Core and Blockstream are happy to have a testnet for free use, while speculators make $$$ from anyone that believes …

  • rijoja
    3 months ago rijoja

    Do you think litecoin users in general are less interested in the ideological aspect of the currency?

  • andonevris
    3 months ago andonevris

    Segwit is a useless hack when you have spare block capacity

    Wow, best you do some reading before commenting, segwit isn’t about scaling as the BTC camp seems to think

  • kryptomaniac3030
    3 months ago kryptomaniac3030

    Wow, if this is the sentiment of one crypto business owner seeing the advantages of Litecoin’s faster payment network, with orders of magnitude smaller transaction fees and only mere days after being implemented on Coinbase… I’m super bullish. Thanks for sharing your real world use case ProHashing.

    Now for other crypto businesses to see how Litecoin could be saving them real time and money on transaction fees.

  • 7bitsOk
    3 months ago 7bitsOk

    Thanks, I am already aware of the exaggerated claims and deceptive changes made when SW was being sold to BTC community, ever since it was introduced at “Scaling BTC” conference in HK.

    Please educate yourself and the community on what Segwit does and doesn’t do.

  • andonevris
    3 months ago andonevris

    Segwit fixes transaction malleability and allows Lightning, smart contacts and all sorts of cool new stuff.

    Blocksize increase is just a side effect. Never designed to be a scaling solution so that’s why it’s not a good scaling solution

  • btcpianoman
    3 months ago btcpianoman

    Segway enabling Lightning does open roads for scaling far beyond block size increase.

  • hhtoavon
    3 months ago hhtoavon

    I think they are less libertarian and don’t necessarily understand the history of money.

  • _EuroTrash_
    3 months ago _EuroTrash_

    Buy the rumour, sell the news.

    Pump LTC before LTC segwit activation, sell after activation.

    ^ My guess.

  • Doofus
    3 months ago Doofus

    litecoin price increased over 300 percent in a month and Chinese investors had a discussion last week about the future of litecoin. http://news.8btc.com/litecoin-price-peaks-at-30-usd-but-is-it-a-bubbleSince Litecoin is often looked as a Bitcoin testbed, they wonder if btc will soon activate segwit, though Bitcoin keeps meeting opposition from miners.

  • tobacco123
    3 months ago tobacco123

    The potential increase in value will be similar or even bigger. If you use mBTC as the unit, 1mBTC is about $1.60. LTC was about $3 to $4 before segwit… Just imagine when same thing (Segwit activation) happened to 1 mBTC, the value will be $1.60 x 7 times = $11.20… USD$11,200 per BTC!But of course I think LTC is in bubble at the moment. It might increase further soon after Segwit but will drop to… perhaps USD$10 in long run…

  • Herbert2020
    3 months ago Herbert2020

    you should first let SegWit activate on litecoin, and let it work for a little while then talk about it being bitcoin’s “testbed” whatever that means. but yeah i believe it can lead to bitcoin miners adopt SegWit eventually.and about the price, it is obviously in a bubble but it seems like despite everything else, price has more tendency to go even higher. we may see some more drops soon but i doubt that would be the end of Litecoin rise.

  • pedrog
    3 months ago pedrog

    Quote from: Doofus on Today at 09:15:02 AM
    litecoin price increased over 300 percent in a month and Chinese investors had a discussion last week about the future of litecoin. http://news.8btc.com/litecoin-price-peaks-at-30-usd-but-is-it-a-bubbleSince Litecoin is often looked as a Bitcoin testbed, they wonder if btc will soon activate segwit, though Bitcoin keeps meeting opposition from miners.

    Actually it’s the opposite, code is ported to litecoin after it is implemented in bitcoin, litecoin is the ultimate bitcoin clone.Segregated Witeness activation is the first time litecoin is more advance than bitcoin.

  • vatived22
    3 months ago vatived22

    Quote from: Herbert2020 on Today at 10:08:36 AM
    you should first let SegWit activate on litecoin, and let it work for a little while then talk about it being bitcoin’s “testbed” whatever that means. but yeah i believe it can lead to bitcoin miners adopt SegWit eventually.and about the price, it is obviously in a bubble but it seems like despite everything else, price has more tendency to go even higher. we may see some more drops soon but i doubt that would be the end of Litecoin rise.

    I totally agree with you.

  • lol3c
    3 months ago lol3c

    it is hard to know. I dont think that the  Chinese will easily allow segwit to be activated and some will against this strongly. As people know, litecoin and bitcoin are currently in the same pool in chinese and I  dont know why they still ignore segwit in bitcoin and agree segwit in litecoin

  • joshy23
    3 months ago joshy23

    Quote from: Doofus on Today at 09:15:02 AM
    litecoin price increased over 300 percent in a month and Chinese investors had a discussion last week about the future of litecoin. http://news.8btc.com/litecoin-price-peaks-at-30-usd-but-is-it-a-bubbleSince Litecoin is often looked as a Bitcoin testbed, they wonder if btc will soon activate segwit, though Bitcoin keeps meeting opposition from miners.

    It is a testbed for bitcoin that’s why they are activating Segwit on Litecoin. If it is successful, then most likely bitcoin is next. However, we all know that there is still a lot of opposition on Segwit activation on bitcoin network. I hope the scaling drama will end up and just implement Segwit already on bitcoin. So that we can see bitcoin price raise to new level because of this positive news.

  • azguard
    3 months ago azguard

    Quote from: tobacco123 on Today at 09:33:40 AM
    The potential increase in value will be similar or even bigger. If you use mBTC as the unit, 1mBTC is about $1.60. LTC was about $3 to $4 before segwit… Just imagine when same thing (Segwit activation) happened to 1 mBTC, the value will be $1.60 x 7 times = $11.20… USD$11,200 per BTC!But of course I think LTC is in bubble at the moment. It might increase further soon after Segwit but will drop to… perhaps USD$10 in long run…

    Think that LTC price will be around 20$ plus minus few bucks. But this is interesting considering that most rejected segwit and all anticipate BU to be implemented. However this may be good call to reconsider they option by everything in this, cuz we seen how segwit can be good thing. This is only option but good one to think about, what would it be it this comes to life. will BTC went to 5 figures?

  • Decoded
    3 months ago Decoded

    Value is not synonymous with quality. Personally, I think that the reason that litecoin is worth so much at the moment is that it is trying out a technology that the bitcoin community is not able to, overhyping itself. The price of litecoin, with it’s tiny market cap, means that most of it’s trades are based on emotion, not logic. Litecoin will defenitely drop in time. It is only a means for people to observe Segwit work in a real world situation.

  • avikz
    3 months ago avikz

    I believe segwit activation on litecoin is to test the network as a whole. If everything goes right, I am sure bitcoin will be the next coin to activate segwit. However, I feel that litecoin price increase is not just because of the segwit, rather for the increase in trading volumes and market cap. This price is hollow and soon will go down to an optimum level.But I have no doubt that if Segwit is activated in bitcoin, the price will increase to the next level. So an an investors of bitcoin, I hope to see the positive news coming in soon. 

  • franky1
    3 months ago franky1

    everyone is talking about “activating” segwit.sorry but please READ the documentation.activating it is meaningless.. its about USING segwit keypairs to achieve the (half baked gesture) promoted hopes segwit may achieve.so maybe its best to let segwit run on litecoin and then see if all the (half baked gestures) do reach the HOPES segwit once was promising, but now reworded as ‘expecting’ or ‘stepping stones’ towards X.which can only be done by seeing how many move funds to segwit kys and how the mempool bloat gets affected by people rushing to move funds across and the network benefit/issues it may cause.then before doing any mandatory implementation or any pow kiling threats for bitcoin. you blockstreamists can actually see if segwit actually fulfils the (cough cough) promises.if not.. the blockstream better decide to rewrite their code to be a proper 1 merkle 4mb single block with real features, and not just try pushing the cludgy 2merkle soft half baked version in mandatorily. wasting everyones time for an opportunity that could have been used better

  • 7bitsOk
    3 months ago 7bitsOk

    SW is supposed to be a fix for tx malleability – but for Segwit txns only.

    Read more at https://medium.com/the-publius-letters/segregated-witness-a-fork-too-far-87d6e57a4179

  • RoommateAgreement
    3 months ago RoommateAgreement

    Quote from: jonald_fyookball on May 09, 2017, 03:28:07 AM
    miners really aren’t that impressed by whats going on in litecoin….and they are still feeling burned from HK agreement.  they wont activate segwit as soft fork…only HF with base increase.  true story.

    how is it that they are not “impressed”. SegWit is just locked_in. there is still a day and 9 hours left to the real activation of SegWit on litecoin.apart from that, the SegWit support on litecoin from miners was a full on 100% support, so i would say they were pretty “impressed” that they adopted it like this!

  • Qartada
    3 months ago Qartada

    Quote from: Netnox on May 09, 2017, 01:39:23 AM
    Segwit needs 95% approval, right? That is practically impossible to achieve. In order to get 95% approval, all the major mining pools without exception must reach a consensus. Right now, the probability of something like that happening seems remote.
    That’s a misconception about how practical consensus is.  The reality is that Bitcoin is very concentrated to only a few pools and they will decide SegWit, not individual miners who don’t care for the most part.To achieve SegWit in Bitcoin would only take consensus from <20 pools and once SegWit has a very significant majority the rest would follow along just like they did with Litecoin in the end.

  • kawasaki5050
    3 months ago kawasaki5050

    I hear much Segwit as solution of cryptocurrency that can prevent BTC prices but I cannot imagine clearly that It can work well. Who anyone can explain me about it ?

  • Traderx
    3 months ago Traderx

    litecoin is in a bubble bitcoin not

  • spartacusrex
    3 months ago spartacusrex

    Err..Litecoin IS Bitcoin.. just without the annoying miners blocking everything.Quite frankly if BTC is incapable of upgrading because of in-fighting.. I see a chance, admittedly small, that CORE simply switch to LTC.Same code base. Less twats.I think BTC holders need to be VERY careful. Nothing is guaranteed. Test bed, BTC Jnr.. etc etc.. BTC could be the ‘altcoin’ if this shit carries on.Part of me REALLY wants that to happen so that the BTC miners that have fucked this for everybody – BURN!  But most of me.. doesn’t..

  • DoublerHunter
    3 months ago DoublerHunter

    Of course bitcoin will activate segwit because based on the article that i read few weeks ago, the litecoin segwit is just a trial for bitcoin to see what will be the effect if the segwit will be applied to litecoin and if it will be a good then bitcoin will also applied it and we can see that the price of litecoin already goes up very high from $3-4 then i’m sure bitcoin will also activate segwit.

  • Victorycoin
    3 months ago Victorycoin

    Quote from: avikz on May 08, 2017, 10:24:15 AM
    I believe segwit activation on litecoin is to test the network as a whole. If everything goes right, I am sure bitcoin will be the next coin to activate segwit. However, I feel that litecoin price increase is not just because of the segwit, rather for the increase in trading volumes and market cap. This price is hollow and soon will go down to an optimum level.But I have no doubt that if Segwit is activated in bitcoin, the price will increase to the next level. So an an investors of bitcoin, I hope to see the positive news coming in soon.  
    We have to see that this surge in the price of Litecoin for exactly what it is and it is the proponents of segwit pulling strings by pumping Litecoin, so to make a case that segwit is the proven way Bitcoin should also follow.. These increases in price are too sudden and we should expect a reversal sooner than later, because the whole idea is to pass a message across for segwit.

  • iram3130
    3 months ago iram3130

    Quote from: DoublerHunter on May 09, 2017, 10:06:00 AM
    Of course bitcoin will activate segwit because based on the article that i read few weeks ago, the litecoin segwit is just a trial for bitcoin to see what will be the effect if the segwit will be applied to litecoin and if it will be a good then bitcoin will also applied it and we can see that the price of litecoin already goes up very high from $3-4 then i’m sure bitcoin will also activate segwit.

    Imagine the same for Bitcoin. The fluctuations are very high right now and it’s getting clingy everyday. Yes, litecoin is getting segwit for the purpose of experimentation so that they can check the outcome and predict the output of segwit on Bitcoin. Let’s hope it’ll be good for both litecoin and Bitcoin.

  • Wind_FURY
    3 months ago Wind_FURY

    Quote from: franky1 on May 08, 2017, 11:06:02 AM
    everyone is talking about “activating” segwit.sorry but please READ the documentation.activating it is meaningless.. its about USING segwit keypairs to achieve the (half baked gesture) promoted hopes segwit may achieve.so maybe its best to let segwit run on litecoin and then see if all the (half baked gestures) do reach the HOPES segwit once was promising, but now reworded as ‘expecting’ or ‘stepping stones’ towards X.which can only be done by seeing how many move funds to segwit kys and how the mempool bloat gets affected by people rushing to move funds across and the network benefit/issues it may cause.then before doing any mandatory implementation or any pow kiling threats for bitcoin. you blockstreamists can actually see if segwit actually fulfils the (cough cough) promises.if not.. the blockstream better decide to rewrite their code to be a proper 1 merkle 4mb single block with real features, and not just try pushing the cludgy 2merkle soft half baked version in mandatorily. wasting everyones time for an opportunity that could have been used better

    franky1, with all due respect it would be better to write your post more in layman’s terms. I know you are a very technical person and most probably a software engineer. But many of us here do not understand most of what you posted or what point you are trying to make.Can you repost in simpler terms? Thank you very much.

  • jonald_fyookball
    3 months ago jonald_fyookball

    miners really aren’t that impressed by whats going on in litecoin….and they are still feeling burned from HK agreement.  they wont activate segwit as soft fork…only HF with base increase.  true story.

  • Doofus
    3 months ago Doofus

    as litecoin mining is on GPUs, does this mean banks and governments can easily control them?

  • Netnox
    3 months ago Netnox

    Segwit needs 95% approval, right? That is practically impossible to achieve. In order to get 95% approval, all the major mining pools without exception must reach a consensus. Right now, the probability of something like that happening seems remote.

  • pereira4
    3 months ago pereira4

    This is nothing. Litecoin will shoot up to $100 as the first news of the first successful lightning network transactions happen outside of a testnet. Litecoin will have the first mover advantage on this and will go down in the history books as the original Lightning Network coin.Meanwhile BTC will be battling miners and trolls that block segwit into endless drama.So I say, buy a good chunk of LTC and hold both BTC and LTC.

  • Slark
    3 months ago Slark

    Quote from: pereira4 on May 09, 2017, 12:51:23 PM
    Meanwhile BTC will be battling miners and trolls that block segwit into endless drama.
    It will be a problem for little while. Bitcoin miners aren’t stupid, even Bitmain will realize that huge price increase will help them much more than exploiting ASICBoost or AntBleed of whatever they have hidden within their ASICS.We have first sign of Chinese mining pools interested in switching sides – ViaBTC recently hold a poll on their twitter. They asked what community think of SegWit activation. SegWit received 83% votes.

  • OliynyK
    3 months ago OliynyK

    I think it is time for them to do something to retain this kind of level in the price of bitcoin and if they could activate segwit now we could see another rally above $2600 and above. I think we could see a small correction before another rally,hoping for the best and expecting a good return.

  • jonald_fyookball
    3 months ago jonald_fyookball

    Quote from: spartacusrex on May 09, 2017, 08:53:21 AM
    Err..Litecoin IS Bitcoin.. just without the annoying miners blocking everything.

    Miners are the reason Bitcoin works.  Please learn the basics. 

  • jonald_fyookball
    3 months ago jonald_fyookball

    Quote from: RoommateAgreement on May 09, 2017, 07:35:40 AM

    Quote from: jonald_fyookball on May 09, 2017, 03:28:07 AM
    miners really aren’t that impressed by whats going on in litecoin….and they are still feeling burned from HK agreement.  they wont activate segwit as soft fork…only HF with base increase.  true story.

    how is it that they are not “impressed”. SegWit is just locked_in. there is still a day and 9 hours left to the real activation of SegWit on litecoin.apart from that, the SegWit support on litecoin from miners was a full on 100% support, so i would say they were pretty “impressed” that they adopted it like this!

    I meant that Bitcoin miners don’t really care

  • thejaytiesto
    3 months ago thejaytiesto

    Quote from: Slark on May 09, 2017, 12:56:42 PM

    It will be a problem for little while. Bitcoin miners aren’t stupid, even Bitmain will realize that huge price increase will help them much more than exploiting ASICBoost or AntBleed of whatever they have hidden within their ASICS.We have first sign of Chinese mining pools interested in switching sides – ViaBTC recently hold a poll on their twitter. They asked what community think of SegWit activation. SegWit received 83% votes.

    Here is why I think otherwise:Jihad Wu and Roger Ver have an army of brainwashed people in /r/btc that will follow anything they say. If they finally give up and accept segwit, their entire community will collapse within itself and they will be no longer seen as “saviors of bitcoin” by those idiots.Having a bunch of people aligned within your agenda is a very useful power. They know that they will lose this, if they give up and adopt segwit. So they have something to lose.Sure they will gain acceptance by the rest but they will always be seen as people you can’t trust by everyone else outside of the /r/btc community.And while all of these game theories interact and create drama, LTC has all the technology needed to deal with mainstream adoption.It is then reasonable to buy and hold LTC for the time being.

  • ProzCoin
    3 months ago ProzCoin

    IT is hard to know. Those Chinese lunatics do not have a decent decision in this topic and I dont think that Pool’s owners will easily activate it. They always want to control Bitcoin. That is Chinese. Want to control everything on this planet

  • Slark
    3 months ago Slark

    Quote from: thejaytiesto on May 09, 2017, 03:21:12 PM

    Quote from: Slark on May 09, 2017, 12:56:42 PM

    It will be a problem for little while. Bitcoin miners aren’t stupid, even Bitmain will realize that huge price increase will help them much more than exploiting ASICBoost or AntBleed of whatever they have hidden within their ASICS.We have first sign of Chinese mining pools interested in switching sides – ViaBTC recently hold a poll on their twitter. They asked what community think of SegWit activation. SegWit received 83% votes.

    Here is why I think otherwise:Jihad Wu and Roger Ver have an army of brainwashed people in /r/btc that will follow anything they say. If they finally give up and accept segwit, their entire community will collapse within itself and they will be no longer seen as “saviors of bitcoin” by those idiots.Having a bunch of people aligned within your agenda is a very useful power. They know that they will lose this, if they give up and adopt segwit. So they have something to lose.Sure they will gain acceptance by the rest but they will always be seen as people you can’t trust by everyone else outside of the /r/btc community.And while all of these game theories interact and create drama, LTC has all the technology needed to deal with mainstream adoption.It is then reasonable to buy and hold LTC for the time being.
    I agree with everything you said here. That explanation is perfectly coherent and sensible. Just one question: Then why Jihan Wu allowed SegWit for LTC and at the same time AntPool for BTC is supporting BU?Quote from: ProzCoin on May 09, 2017, 03:43:09 PM
    IT is hard to know. Those Chinese lunatics do not have a decent decision in this topic and I dont think that Pool’s owners will easily activate it. They always want to control Bitcoin. That is Chinese. Want to control everything on this planet
    If they continue with this mindset all they will continue in the future will be a dead coin and piles of useless mining equipment.

  • lighpulsar07
    3 months ago lighpulsar07

    Quote from: Doofus on May 08, 2017, 09:15:02 AM
    litecoin price increased over 300 percent in a month and Chinese investors had a discussion last week about the future of litecoin. http://news.8btc.com/litecoin-price-peaks-at-30-usd-but-is-it-a-bubbleSince Litecoin is often looked as a Bitcoin testbed, they wonder if btc will soon activate segwit, though Bitcoin keeps meeting opposition from miners.
    Currently segwit in litecoin is locked in and not activated since then, litecoin’s price increased dramatically but we will see the results after segwit is activated in litecoin these can change miner’s mind.But in bitcoin? I think it’s impossible to activate because segwit activation in bitcoin requires 95% and also there are major mining pools like antpool are opposed to this proposal. I think the only chance to change the minds of miners is in the results of segwit in litecoin. imo.

  • Qartada
    3 months ago Qartada

    Quote from: Netnox on Today at 01:39:23 AM
    Segwit needs 95% approval, right? That is practically impossible to achieve. In order to get 95% approval, all the major mining pools without exception must reach a consensus. Right now, the probability of something like that happening seems remote.
    That’s a misconception about how practical consensus is.  The reality is that Bitcoin is very concentrated to only a few pools and they will decide SegWit, not individual miners who don’t care for the most part.To achieve SegWit in Bitcoin would only take consensus from <20 pools and once SegWit has a very significant majority the rest would follow along just like they did with Litecoin in the end.

  • Victorycoin
    3 months ago Victorycoin

    Quote from: pereira4 on May 09, 2017, 12:51:23 PM
    This is nothing. Litecoin will shoot up to $100 as the first news of the first successful lightning network transactions happen outside of a testnet. Litecoin will have the first mover advantage on this and will go down in the history books as the original Lightning Network coin.Meanwhile BTC will be battling miners and trolls that block segwit into endless drama.So I say, buy a good chunk of LTC and hold both BTC and LTC.
    Yeah the successful implimentation of segwit on Litecoin will shoot its price up, though I don’t know how you arrived at $100 per Litrcoin, but the suggestion to mop up the market for Bitcoin and Litecoin looks like a smart way to stay hedged in the market while we await segwit yes or no.

  • hammer_revelation
    3 months ago hammer_revelation

    popping as we speak

  • cotton ball
    3 months ago cotton ball

    Quote from: azguard on May 11, 2017, 12:22:06 PM

    Quote from: Stedsm on May 10, 2017, 02:30:40 PM
    The Segwit-BU duo seems ended as there had been no more news coming up by the miners decided to switching over BU and they are already going to switch to SegWit because if they won’t, they will regret. Prices for Litecoin has touched new ATH because I think these big competing alts have always reached ATH whenever Bitcoin got pumped.

    This may be true, cuz it could be same effect on bitcoin like on litecoin. This battle between SEG and BU it pointless and maybe they need to resolve this once it for all. Think that they monitored very closely what happen to price of litecoin, and that they calculating every possible scenario good and bad for this implementation.

    Litecoin has increased more than $700 in a month is an effort from segwit to win the community animos, I think BU did lose in this round, but I am sure they will always take advantage of negative issues that will happen in the future with more luxurious concept. But I’m not very concerned and very happy with the condition of cryptocurrency balanced at this time.

  • BitFinnese
    2 months ago BitFinnese

    Quote from: Doofus on May 08, 2017, 09:15:02 AM
    litecoin price increased over 300 percent in a month and Chinese investors had a discussion last week about the future of litecoin. http://news.8btc.com/litecoin-price-peaks-at-30-usd-but-is-it-a-bubbleSince Litecoin is often looked as a Bitcoin testbed, they wonder if btc will soon activate segwit, though Bitcoin keeps meeting opposition from miners.

    Activating Segwit is not that easy.  Remember they need to reach that 95% of hash rate for them to start activating Segwit.  Not because  LTC increasing in price to 30 USD, Bitcoin will automatically implement segwit?  It does not work that way, and remember Bitcoin is independent of whatever event happen to LTC.

  • RoommateAgreement
    3 weeks ago RoommateAgreement

    Quote from: jonald_fyookball on Today at 03:28:07 AM
    miners really aren’t that impressed by whats going on in litecoin….and they are still feeling burned from HK agreement.  they wont activate segwit as soft fork…only HF with base increase.  true story.

    how is it that they are not “impressed”. SegWit is just locked_in. there is still a day and 9 hours left to the real activation of SegWit on litecoin.apart from that, the SegWit support on litecoin from miners was a full on 100% support, so i would say they were pretty “impressed” that they adopted it like this!

  • lighpulsar07
    3 weeks ago lighpulsar07

    Quote from: Doofus on May 08, 2017, 09:15:02 AM
    litecoin price increased over 300 percent in a month and Chinese investors had a discussion last week about the future of litecoin. http://news.8btc.com/litecoin-price-peaks-at-30-usd-but-is-it-a-bubbleSince Litecoin is often looked as a Bitcoin testbed, they wonder if btc will soon activate segwit, though Bitcoin keeps meeting opposition from miners.
    Currently segwit in litecoin is locked in and not activated since then, litecoin’s price increased dramatically but we will see the results after segwit is activated in litecoin these can change miner’s mind.But in bitcoin? I think it’s impossible to activate because segwit activation in bitcoin requires 95% of mining power and also there are major mining pools like antpool are opposed to this proposal. I think the only chance to change the minds of miners is in the results of segwit in litecoin. imo.

  • cellard
    3 weeks ago cellard

    Quote from: thejaytiesto on May 09, 2017, 03:21:12 PM

    Quote from: Slark on May 09, 2017, 12:56:42 PM

    It will be a problem for little while. Bitcoin miners aren’t stupid, even Bitmain will realize that huge price increase will help them much more than exploiting ASICBoost or AntBleed of whatever they have hidden within their ASICS.We have first sign of Chinese mining pools interested in switching sides – ViaBTC recently hold a poll on their twitter. They asked what community think of SegWit activation. SegWit received 83% votes.

    Here is why I think otherwise:Jihad Wu and Roger Ver have an army of brainwashed people in /r/btc that will follow anything they say. If they finally give up and accept segwit, their entire community will collapse within itself and they will be no longer seen as “saviors of bitcoin” by those idiots.Having a bunch of people aligned within your agenda is a very useful power. They know that they will lose this, if they give up and adopt segwit. So they have something to lose.Sure they will gain acceptance by the rest but they will always be seen as people you can’t trust by everyone else outside of the /r/btc community.And while all of these game theories interact and create drama, LTC has all the technology needed to deal with mainstream adoption.It is then reasonable to buy and hold LTC for the time being.

    Good points.. didn’t realize that they would indeed lose his anti-segwit fans if they end up surrendering and accepting segwit.Honestly I got no idea how this situation is going to resolve. Maybe bitcoin stays as it is forever? But forever is too strong of a word. Eventually all things change, but the question is how this will change happen…LTC hit $36.3 today, all this money could be going into BTC..

  • johnwest
    1 week ago johnwest

    Quote from: Victorycoin on May 09, 2017, 10:13:52 PM

    Quote from: pereira4 on May 09, 2017, 12:51:23 PM
    This is nothing. Litecoin will shoot up to $100 as the first news of the first successful lightning network transactions happen outside of a testnet. Litecoin will have the first mover advantage on this and will go down in the history books as the original Lightning Network coin.Meanwhile BTC will be battling miners and trolls that block segwit into endless drama.So I say, buy a good chunk of LTC and hold both BTC and LTC.
    Yeah the successful implimentation of segwit on Litecoin will shoot its price up, though I don’t know how you arrived at $100 per Litrcoin, but the suggestion to mop up the market for Bitcoin and Litecoin looks like a smart way to stay hedged in the market while we await segwit yes or no.

    I also think that after successful lightning network transactions, LTC will definitely shoot up as users will think that segwit is successful and will be a good future for crypto’s. It may shoot up to 50$ max I guess.

  • spartacusrex
    1 week ago spartacusrex

    Quote from: cellard on Today at 01:24:30 PM
    LTC hit $36.3 today, all this money could be going into BTC..

    ^^ THIS! x10,000 motherf***ing times!BTC WIL DIE AT THIS RATE. Don’t kid yourself.Jhonny – let me ask you 1 simple question please.If the choice was SegWit OR Bitcoin dies – would you back it then ?( because that’s EXACTLY what is happening now.. this price pump is artificial. All the other coins have gone up 10x not a measly 70%.. And once any coin tops BTC for market cap.. game over. To be fair – it may be too late already.)

  • Stedsm
    5 days ago Stedsm

    The Segwit-BU duo seems ended as there had been no more news coming up by the miners decided to switching over BU and they are already going to switch to SegWit because if they won’t, they will regret. Prices for Litecoin has touched new ATH because I think these big competing alts have always reached ATH whenever Bitcoin got pumped.

  • cellard
    4 days ago cellard

    Quote from: spartacusrex on May 10, 2017, 01:30:33 PM

    Quote from: cellard on May 10, 2017, 01:24:30 PM
    LTC hit $36.3 today, all this money could be going into BTC..

    ^^ THIS! x10,000 motherf***ing times!BTC WIL DIE AT THIS RATE. Don’t kid yourself.Jhonny – let me ask you 1 simple question please.If the choice was SegWit OR Bitcoin dies – would you back it then ?( because that’s EXACTLY what is happening now.. this price pump is artificial. All the other coins have gone up 10x not a measly 70%.. And once any coin tops BTC for market cap.. game over. To be fair – it may be too late already.)

    Well no need to claim bitcoin is going to die… bitcoin is hitting ATH pretty much a daily basis, you can’t claim it’s going to die when the asset is doing so good. BTC is still the king so don’t get confused.But… this doesn’t mean LTC isn’t a great investment that will go up long term, it’s going to keep going up as lightning network and the endless innovations start materializing.So hold both LTC and BTC. BTC goes up against USD, LTC goes up against BTC, win win.

  • azguard
    4 days ago azguard

    Quote from: Stedsm on May 10, 2017, 02:30:40 PM
    The Segwit-BU duo seems ended as there had been no more news coming up by the miners decided to switching over BU and they are already going to switch to SegWit because if they won’t, they will regret. Prices for Litecoin has touched new ATH because I think these big competing alts have always reached ATH whenever Bitcoin got pumped.

    This may be true, cuz it could be same effect on bitcoin like on litecoin. This battle between SEG and BU it pointless and maybe they need to resolve this once it for all. Think that they monitored very closely what happen to price of litecoin, and that they calculating every possible scenario good and bad for this implementation.

  • Dux2K
    3 days ago Dux2K

    My opinion on this is to activate it,  this may result price going double at least from what was accomplished with activation on ltc. This may be really good oopportunity for this.

  • cotton ball
    2 days ago cotton ball

    Quote from: azguard on Today at 12:22:06 PM

    Quote from: Stedsm on May 10, 2017, 02:30:40 PM
    The Segwit-BU duo seems ended as there had been no more news coming up by the miners decided to switching over BU and they are already going to switch to SegWit because if they won’t, they will regret. Prices for Litecoin has touched new ATH because I think these big competing alts have always reached ATH whenever Bitcoin got pumped.

    This may be true, cuz it could be same effect on bitcoin like on litecoin. This battle between SEG and BU it pointless and maybe they need to resolve this once it for all. Think that they monitored very closely what happen to price of litecoin, and that they calculating every possible scenario good and bad for this implementation.

    Litecoin has increased more than $700 in a month is an effort from segwit to win the community animos, I think BU did lose in this round, but I am sure they will always take advantage of negative issues that will happen in the future with more luxurious concept. But I’m not very concerned and very happy with the condition of cryptocurrency balanced at this time.

  • danconia
    4 hours ago danconia

    How achievable is 95%? It honestly seems like a possibly unattainable number. Bitcoin is known for having plenty of contrarians… plus SegWit on Litecoin isn’t being tested *that much* since LTC currently doesn’t have scaling issues, right?Don’t get me wrong I want SegWit acitvated on BTC sometime soon but the road to getting to that point seems like it could be a long one.

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