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No Interest For Working On The Litecoin Protocol: Charlie Lee

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Charlie Lee, the founder of Litecoin claims there is no interest for working on the Litecoin protocol as we are reading further today in the coming altcoin news.

According to the leaked conversations between Charlie Lee and other actors involved, show that there is evidence of no significant work being done on the crypto node since the beginning of the year. According to a Reddit post which was submitted just a few days ago, the Litecoin code development arena seems to become a ghost town. The post reveals a series of correspondence between the LTC creator Charlie Lee and some other members of the Litecoin Foundation. The crypto news sites who managed to obtain the HTML download of the leaked chat messages show that Franklyn Richards who is now the director of the Litecoin Foundation talked to Lee to task on the absence of any progress being made in order to improve the entire crypto protocol. A piece of the arguments reads:

 ‘’I was extremely disappointed to discover that no progress had been made on CT since the announcement, especially when I stand on stage telling everyone it’s happening and we are actively working on it.’’

The CT in the conversation stands for Confidential Transactions which is a protocol upgrade that Lee promised to happen about eight months ago but at the time he declared that CT will be available before this year ends. This is one of the reasons why there is no interest in working on the Litecoin improvement. Lee also noted on Twitter saying that though Litecoin GitHub shows no code commits in 2019, there is still some work being done that does not master the branch. The Litecoin creator admitted that he ‘’dropped the ball’’ on the promised Mimblewimble and CT protocols. Lee also noted that the updates have been side-tracked by activities in the adoption arena neglecting core developments such as the issue of fungibility as noted in some of the best cryptocurrency news sites.

While responding to criticism from Richards, Charlie Lee gave a startling admission about the pedigree of his cryptocurrency saying:

 ‘’The honest truth is that no one is interested in working on Litecoin protocol development work. At least no one technically competent. You can’t just throw money at this problem. This is true for Litecoin since the beginning. It has only been me, Warren, and Thrasher.’’

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Litecoin News

Litecoin Miners Are Abandoning The Ship After The Halving Event

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Litecoin miners decided to abandon the coin as soon as the block reward went through the highly anticipated halving event that happened on August 5th as we reported in the previous altcoin news. The entire network of the cryptocurrency was a bust story and now the litecoin miners decided to flee the ship as well. The block reward fell from 25 LTC to 12.5 LTC just a week ago and the event caused the price to boom for a short period of time to $140 but crashed later at $71.28. The hash rate dropped off from the 523 terahashes per second and reached a low of 295 per second. Only this month, the network lost more than 30 percent of its mining power. LTC still keeps its spot among the leading altcoins because of its high liquidity and a good performance this year overall. However, the drop in hash rate could be a bad sign for the future of the cryptocurrency but also for the bitcoin network as well. Bitcoin will go through its third halving next year and for the immense computational efforts for discovering a single block, the miners will receive up to 6.25 BTC. This decreased payout could influence some miners to give up on the network but currently, the Bitcoin mining is near a peak reaching 100 million terahashes per second. The block reward is likely not the only reason for the weak Litecoin mining. The entire negative attitude to altcoins could be the reason for sparking fears for a weak LTC market price that cannot pay for the mining operations. The calculations also revealed that mining LTC right now is happening with a small daily loss. The L3 miners are also not enough for a competitive edge to block the discovery so 12.5 LTC per block is not good enough for the miners. The Litecoin project has also received bad publicity due to the lack of innovation and the coin is now in a stagnant position after more than a year of active publicity and innovations. The achievements such as the atomic swaps between the networks and the Litecoin Lightning Network haven’t created a new appeal for LTC  as the reports outlined in the latest cryptocurrency news.
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Litecoin News

Litecoin’s Hash Rate and Price Crashes Down, What’s Next?

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Litecoin’s hash rate and price have rapidly declined by over 30% since the halving event happened earlier this month according to the data charts that we had previously in the coming altcoin news below. The troubled altcoin which is currently the fifth-largest cryptocurrency by market cap has lost more than 30 percent of its value since the halving which occurred at the beginning of the month. The data from the monitoring resource Bitinfocharts.com confirmed the drop as well. At press time, the LTC/USD trader at $72.35 which is the lowest point since the start of May. As it was reported previously, the investors were very hopeful that the halving event would push up the demand and the price-performance as well for the cryptocurrency. The event also reduced the amount of LTC available for each block mined for transactions from 25 LTC and 12.5 LTC. Bitcoin’s next halving is scheduled for 2020 in May which the researchers suggest will boost a serious boost for the markets as a result. For litecoin however, the boost never actually happened and in fact, for the miners appeared to lose interest in the cryptocurrency after the halving. Litecoin’s hash rate and price decline mean that the participation in mining is lower which in turn reduces the security of the proof-of-work blockchain such as Litecoin’s. Lee also stated that he remains committed to the development of the cryptocurrency as the critics widely panned the move as an admission that the token’s value was unlikely to surpass the levels at that time. The altcoin winter seems like it is still here for Litecoin since other altcoins have suffered a similar fate. This week as well, Ripple entered into a partnership with Moneygram which saw the volumes of the cryptocurrency surge but the XRP/USD failed to react. The markets felt the pressure in 2019 due to Ripple’s massive sell-offs which totaled more this year than any other as reported in the latest cryptocurrency news. Ethereum also felt the pressure since the largest altcoin currently is still recovering from the multi-year lows against Bitcoin as the critics ramp up their future rhetoric about the future analysis.
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Litecoin News

Litecoin Halving Event Failed To Boost The Cryptocurrency Rally

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Litecoin halving event failed to act as a catalyst for the cryptocurrency and increase the price of the cryptocurrency. The long-anticipated event failed to help the altcoin rally against bitcoin so let’s check the analysis in the altcoin news below. The recent block reward halving was supposed to help litecoin but it only spiked more arguments for the Litecoin critics. ‘’Trader Max’’ or better known as Bitcoin Jack who is also the lead analyst at Bravado Trading, stated that he believes that the Litecoin price is poised to surge up to 100 percent against the number one cryptocurrency. From a short-term perspective, it seems like the LTC/BTC pair is hanging on barely by the Trader Max noted that the two bullish patterns that could ignite a huge rally. In a conversation with news outlets, the analyst noted that the formation of a large bullish wedge on the three-day chart is present. What is also more important is that the market is also printing a triple bottom pattern which suggests that the long-term support is staying somewhere at 700,000 satoshis and it is still intact. Trader Max stated:
 “Triple bottom support with a sort of (not the most perfect) falling wedge on dropping volume. We have to assume this green level will act as support again to see price bounce upwards, as the invalidation is very close below and the upside if an uptrend form is quite large.”
The trader also shared the chart in order to illustrate the analysis. If you take a closer look at the chart, it seems as the preservation of the green box could drive the market to the dotted diagonal line and this is the exact area that the trader refers to as an upside of the uptrend motion. The Litecoin halving event failed to boost litecoin’s price but based on the newest analysis the price surge could be as high as 100 percent against bitcoin from the present price. It is easier to buy it close to 700,000 satoshis with the tight stop which could help you secure the maximum financial opportunity. According to the reports in the latest cryptocurrency news, the trader stated that Litecoin could climb as high as 1.4 million satoshis.
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Litecoin News

Litecoin Dumps More Than 50 Percent But A Bounce Is Expected

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Litecoin dumps more than 50 percent today after it reached the 2019 year high of $146 on June 21, mainly because of the high selling pressure. As of today, Litecoin dropped as low as $70 for a plunge over 50 percent in less than two months as we can read in the coming altcoin news below. The halving of the cryptocurrency which was supposed to be the major catalyst for the cryptocurrency failed to live up to its hype. There is not a single another catalyst insight and the token’s prospects appear grim but some traders are already calling for Litecoin to dump to even lower levels. However, if we take a closer look at the Litecoin chart, we could feel more optimistic about the short term prospects. We are already noticing the signs of what could be a strong bullish correction. One idea that worked in the past for us is to bottom pick a market while it is trading near a key support level and flashing oversold conditions. The expected selling relief from oversold signals plus the demand at the support level usually leads to a massive buying frenzy. A quick look at the daily charts shows that the price is now being buoyed by multiple supports between $70 and $75 as the coin approaches the apex of a falling wedge. In addition, the momentum is swinging to the side of the bulls as well and the daily RSI is showing bullish divergence while trading close to oversold territory. The signals tell us that the bears are exhausted as they lose interest in selling at current levels. This stance is supported by the dwindling volume and this volume over the last weeks suggests that the sellers are losing ammunition. The lead analyst at BravadoTrading known as Bitcoin Jack Max supports the view that Litecoin is due for a bounce.
"Decent falling wedge with correct volume pattern with support at green makes for a decent long opportunity. Setup I would favor most is wicking through liquidity and closing above. This would signal a long entry. $92 and $104 would then be the targets with $111 and $117 to fully close out any remaining long position if you can ride the local corrective bounce trend."
As explained in the latest cryptocurrency news, Litecoin dumps more than 50 percent but is now trying to break out of the wedge and seal the $75 as support.
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