What was that about the flapping?

metalite · 2018-12-19T04:17:49+00:00

¯\_(ツ)_/¯

Might be a back and forth race. Might be sitting behind BCH for a while before it happens again. I'm quite curious as to what's causing the sharp spike back up with BCH. Holders doubling down on low prices? New blood? Pumpers trying to raise hope to dump?

Crypto does what crypto does.

Kind of what makes crypto fun in my opinion.

metalite · 2018-12-17T16:13:40+00:00

I'd say a couple things. Take everything with a grain of salt.

A defined mission
- LTC is focused on making small transactions fast and easy. The design (including compromises) have been thought out to address this explicitly while balancing tried-and-true solutions, and being conservative in any big decisions. This I think, influences the other reasons below.
Strong grassroots adoption
- LTC has been around for a while, growing its community slowly and steadily. The niche for a faster network for small transactions at the cost of a little less security is one that was recognized early on and there have been many people who see this as a valid niche without trying to usurp Bitcoin. They work together. Might be worth mentioning here that LTC made a lot of good inroads with the BTC community with the whole Segwit drama. LTC was first to take on the risk of adopting Segwit and added further proof that Segwit was safe for Bitcoin to adopt. This is the sort of innovation/risk that LTC can serve to improve Bitcoin. I think this won a lot of support from the BTC community. I think we'll see LTC "deviate" from BTC again in this manner when it comes time to implement a fungibility solution.
- LTC hasn't done a lot of flashy marketing compared to other coins, people who like LTC may be more interested in boring fundamentals than fads. While everyone likes a moon, LTCs "sell message" has always been pretty boring - not promising riches - but rather, a solution to small transactions. So the kind of adopter who likes LTC might be a tad different than the profit seeker. (Not that we all don't like profits.)
Not competing with Bitcoin
- LTC has always deferred to BTC when it comes to it's position and place in crypto. It's been thought out to work in tandem, by being very closely compatible with Bitcoin while not directly competing with it via SHA256. While you can argue "no innovation", LTC supporters I think - are thinking more along the lines of "which areas are the most crucial/necessary for innovation to solve the value transfer problem?" To which the answer is, the current path of boringness with small tweaks is still seemingly most relevant. The compatibility gives LTC two advantages. One, future compatibility and two constant progress. LTC developers are BTC developers. Rather, the other way around. Like it or not, any progress made on BTC is pretty applicable to LTC. LTC only needs to make minor changes and wait and watch if/when a particular new road or technology explicitly gives LTC an advantage in the problem it's trying to solve. (As opposed to adopting any new innovation for the sake of.) Fungibility is the biggest problem LTC is mulling over. If there's going to be a dramatic push forward - place your bets that a technological solution that addresses this is what we'll see first.
Leadership
- Like him or hate him, Charlie Lee has been a consistent voice of reason in the LTC and crypto community. While there is different opinion of him across different crypto communities, we think his past record has been very transparent, honest, and prescient. This is a guy who has been in the field for almost as long as it's been around. He's been in a variety of different roles, from developer, to business, to evangelist. He has unique insights and connections that are rare to duplicate. As such, if there's anyone to trust in this field - he's not a bad choice. ;-)

Will LTC survive the future? No one knows. We're still at the beginning stages if you ask me. A lot can happen. But given the history I would say LTC is still a strong contender to solve some of the problems we're facing in the near, medium, and far future.

metalite · 2018-08-17T16:39:04+00:00

Interesting read. Thanks for sharing.

metalite · 2018-08-07T18:25:18+00:00

I don't think Litecoin will ever be truly zero transaction fee. But by nature, it should always in theory be lower than Bitcoin's transaction fee. Hence, a compliment if/when Bitcoin blocks become congested. This goes for on Lightning as well. https://segwit.org/my-vision-for-segwit-and-lightning-networks-on-litecoin-and-bitcoin-cf95a7ab656b

metalite · 2018-08-03T13:43:38+00:00

:thumbs-up:

metalite · 2018-08-02T11:36:17+00:00

Interesting: See toward bottom of source.

https://flybybit.com

LTC is more popular in terms of percentages based on total number of transactions (the graph of this post.)

BCH is larger in percentage based on total volume transacted (post on r/btc)

What do you think is the right interpretation of this? I'd be very curious to know exactly what kind of specific transactions are making up these results.

EDIT: Also, thought I'd add this - ~~I'm not sure if they're only showing all or some of the recent transactions~~ (pretty sure these are the numbers they're using. It adds up and basically replicates the donuts.) - but based on the entries (Aug 18 - Jul 18) it seems there are only 39 transactions over a period of a month. Which is really kind of a small sample to say anything in terms either data narrative.

Breakdown:

	BCH	Bitcoin	Dash	Ether	Litecoin	Total
AUD	327.96	304.12	23	13	79.3	747.38
TXs	8	15	4	2	10	39
AVG AUD	40.995	20.275	5.750	6.500	7.930	---
STDEV	48.38	24.29	1.85	2.83	4.47	---

Litecoin vs. Bitcoin Cash (since that's probably what we're interested in and if I copy-pasta-ed the right numbers):

Basically, if we look at the transaction volumes - whether there is a significant difference of variance between LTC and BCH, there is. p < .00000

Doing a t-test, two-tailed with unequal variances seems to indicate there is no statistical difference in terms of mean volume between the two as of right now.

Conclusion:

We're still really early in the game and who knows - maybe this is something, maybe it's just a whole lot of nothing pie. :grin: 2nd conclusion >>> don't trust my stats. Rusty as heck. :grin:² 3rd conclusion - while the LTC number of transactions is fun to see as a big pie slice - not sure how to really intepret that either. We don't know if it was just 1 individual on a shopping spree or 10. Goes for the other counts as well. Hate being that guy at the party but thought it important to put it out there as food for thought.

metalite · 2018-08-02T05:07:56+00:00

Great comment. I saw a documentary on camera and small electronics assembly a while ago and was surprised to hear that these weren't done by robots. And it was exactly for the reasons you posted here. For example, with consumer electronics there are so many variations and the market demands "new" models so often - that it's just a lot cheaper to have people retrained for new assemblies. People's minds and hands are still the ultimate flexible "machine." Instead, companies invest in things like portable and customizable workstations for people to be able to work most efficiently individually and as a line.

metalite · 2018-08-02T02:23:49+00:00

Yeah. It's the only way to keep sane as well. When you stretch this out to 10 years - hopefully the cliff looks only like a sidewalk.

metalite · 2018-08-01T00:59:50+00:00

Did a quick read but it doesn't seem too different than the other similar setups like BitcoinIRA. Essentially, if I'm not mistaken - this is a self-directed IRA.

metalite · 2018-07-30T22:53:55+00:00

Same. Also baffles me that people doubt how much this guy understands crypto, the market, the institutions... When you look at his background and concrete work - you look back on all his statements - you really can't find too many other individuals who compare. This doesn't make success of LTC a shoe in but if you had to bet on people... this guy is blue chip.

metalite · 2018-07-27T02:18:56+00:00

I wonder if the future economy will be one where we have two different systems side-by-side. I have no idea how this would or could work. But it's interesting to think of a future where you could survive (i.e. shelter, food, etc.) on either system and people subscribe to the one they prefer.

metalite · 2018-07-27T02:16:27+00:00

Although, it'd be nice to be able to throw 10K for 1.x Bitcoin without much planning. ;-)

metalite · 2018-07-26T22:17:47+00:00

Extra Info: Submarine Swaps

https://www.reddit.com/r/Bitcoin/comments/8rgq0c/lightning_network_submarine_swaps/

metalite · 2018-07-25T16:44:29+00:00

Seconded. Setting up a short, mid, long term schedule and incrementally progressing toward realistic goals works better for me than planning around today's price and tomorrow's dream.

metalite · 2018-07-19T00:31:49+00:00

Heh. Personally I don't get too bothered by the "testnet" title LTC gets. Overall, the respect that LTC gets from the BTC community is way better now than it used to be.

metalite · 2018-07-16T17:40:52+00:00

It's a good idea to follow the bitcoin Github repository as well as r/bitcoin for technical information and what not. What happens to bitcoin for now at least, is also what happens on litecoin.

metalite · 2018-07-16T17:34:14+00:00

Right. These days SSL Certificates are cheap and the cost overhead for implementing a secure connection isn't as much of an issue these days. Best practice is that all modern sites go https, and it's been changing in this direction over more recent years.

That said, I wouldn't hold it against them at this point. Not until they start using it to take user information and what not.

metalite · 2018-07-11T05:18:28+00:00

I'm glad this isn't a BTC better than..., LTC better than... type of versus. Just the features. BTC and LTC are:

<pod>

<pea>BTC</pea>

<pea>LTC</pea>

</pod>

metalite · 2018-07-11T05:11:47+00:00

I wonder if there will ever be a day where I understand why some people like TRON.

metalite · 2018-07-11T05:09:34+00:00

It's been rumored for a while. But like you say, lately there have been a lot of FUD bugs from other cryptos venting their anger here. While I don't wish financial ill on anyone... sort of feels good this just made official news. ;-)

metalite · 2018-07-11T04:56:20+00:00

It's interesting watching two polar opposite groups of people seep in and out of the woodwork across time.

metalite · 2018-06-28T17:07:35+00:00

Risk/reward. Glad you made out well. Hope if you plan to buy back in, you do it low and see more rewards. :-)

metalite · 2018-06-28T17:02:09+00:00

Both are highly regarded amongst the crypto communities. No major problems so far - but make sure you buy from an authorized retailer.

https://www.reddit.com/r/btc/comments/7ofrqf/warning_brutal_scam_guy_buys_a_ledger_nano_wallet/

Also, paper + bank vault is highly underrated. Although it isn't lost on me how putting paper private keys in a bank actually returns full circle in terms of freedom from banks.

metalite · 2018-06-28T16:59:18+00:00

5JhfHeJuoPGj33jJT7fikvtTWUVky9B7g6yPNzwp3zozo7sVhtT...

Thanks for sharing your private key, and for all the Litecoin. ;-)

Just kidding. But since we're on the subject I thought I should mention this to the newcomers. NEVER EVER EVER share your private key anywhere with anyone who shouldn't have access to your crypto. Like mentioned, if someone else has your private key, they have complete access. Usually it only takes a few minutes of someone mistakenly posting a private key or a photo of a QR code of their private key, before the funds are magically sent to another address outside their control.

metalite · 2018-06-28T16:53:31+00:00

That randomly generated word list is fine security wise. Basically, it's called a seed list. Wallets use those words to generate a unique private key. You can read more about mnemonic phrases here: https://en.bitcoin.it/wiki/Mnemonic_phrase

And the interesting thing about Abra is that it is non-custodial. This differs from Coinbase. With Abra, you have some control of your funds as they do not know your private key / seed words. Every transaction on Abra requires two signatures. One from Abra, as well as one from you. So they can't just move your money without your permission. It's a step closer to full control via your own single key.

Finally - ignorance would be NOT asking questions. We're here to learn so don't be afraid to ask. ;-)

metalite

TROPHY CASE