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    Home Unlabelled Litecoin A year ago today, Segregated Witness was activated on Litecoin

    Litecoin A year ago today, Segregated Witness was activated on Litecoin

    May 10, 2018

    Litecoin A year ago today, Segregated Witness was activated on Litecoin

    A year ago today, Segregated Witness was activated on Litecoin

    Posted: 09 May 2018 02:01 PM PDT

    The Historical Importance of Litecoin Implementing SegWit on 5/10

    Posted: 09 May 2018 11:20 PM PDT

    I thought I'd write up a brief post on why 5/10 is a big day for Litecoin as a way to reflect and in case you're new. A lot of this is going to briefly cover Bitcoin's history (hopefully somewhat objectively), but there's a reason for that as it will show you the role Litecoin played and the continued role it could continue to play in the future.

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    Today marks the day when Litecoin successfully activated SegWit. This was an important moment for both the Bitcoin and Litecoin communities. In the beginning of 2017, there were 3 main topics of contention in the bitcoin community:

    1. There were rumblings of covert ASIC mining on the Bitcoin network.
    2. There was also talk about the need for a transaction malleability fix for transaction id's, particularly because this would be needed if 2nd layer solutions like the Lightning Network ever were to transpire. As a side note, transaction malleability is just fancy way of saying that there was more than 1 way to create a tx id. Even though, LTC would be sent to the correct address, accounting was difficult because there could be multiple tx id's for the same transaction which created conflicting pieces of information.
    3. Bitcoin's blocks were getting full and so there were talks of increasing the blocksize to process more transactions.

    Segwit: The Possible Solution

    Segwit was first proposed by Pieter Wiulle in 2015 in order to address the problem of malleability. Later on, a positive side-effect to SegWit that was discovered was that it could naturally increase the blocksize to just under 4 mb.

    However, there was much resistance in the Bitcoin community to hardfork in order to implement this protocol. That's when Luke-jr proposed a soft fork i.e. some nodes are SegWit and others are not. This is why you can currently broadcast to both legacy and segwit transactions from the same wallet. However in order to achieve this, no true segwit addresses were utilized (hence the current need for Bech32 SegWit addresses). Instead, SegWit transactions are nested into a script (a.k.a a smart contract) called a "Pay 2 Script Hash". If you want to learn more, I highly recommend Mastering Bitcoin Chapter 7 by Andreas.

    By soft forking, the hope was that SegWit could:

    1. Make covert ASIC mining negligible if not useless.
    2. Fix Transaction Malleability to set the path towards the Lightning Network.
    3. Increase the blocksize to a hypothetical 4 mb block (2mb average) "weight" as a temporary stop-gap.

    However, the method of implementing a SegWit soft-fork through P2SH had never been done before and FUD started circulating around this topic. Some claimed that there was a problem of "anyone could spend" the script that was used to lock up the SegWit transactions. Since there was so much in-fighting between implementing a SegWit softfork and simply just increasing blocksizes in lieu of SegWit, the Bitcoin community was stuck.

    They then attempted to settle this debate through miner signaling. This meant miner's would run the client software they supported which would then be recorded in the block that they successfully submit. Turns out the miners responsible for extending the majority of Bitcoin's blockchain wanted a simple blocksize increase instead of SegWit.

    This then created another wave of debate as the discussion shifted towards how to exactly determine "consensus." Then bitcoin clients were released that allowed non-mining nodes to "signal" in support of SegWit or a Blocksize increase. This revealed that many users actually believed in SegWit, contrary to what the miners wanted (although even here there is some debate as to the authenticity of these nodes as they can be spoofed). It is from this movement that the phrase "User Activated Soft Fork" (UASF) was born.

    How Does Litecoin Fit into All of This?

    In the beginning of 2017, Charlie wrote up an article outlining his vision for Litecoin, SegWit, and the Lightning Network. He (along with the Litecoin core team) then worked hard to convince and gain consensus among miners to implement segwit. In fact, they even hosted a "Litecoin Roundtable".

    It was out of this agreement that the Litecoin dev team could confidently move forward with soft-forking SegWit onto Litecoin which officially occurred on 5/10/17.

    With the success of the soft fork, it showed that it wasn't difficult to implement and that it wouldn't disrupt the network. Even though Bitcoin developers could have tested the implementation on testnet, nothing beats a live main net version to "test" on.

    Oh, and Litecoin implementing Segwit also proved that the "anyone can spend" FUD was...well just FUD.

    The $1 MM SegWit Bounty

    A random redditor (u/throwaway40338210716) created a throwaway account and posted a $1 MM Bounty for anyone who could "steal" the LTC from the P2SH address. This person even provided the raw hex tx for miners to try and steal the funds from:

    010000000100a2cc0c0851ea26111ca02c3df8c3aeb4b03a6acabb034630a86fea74ab5f4d0000000017160014a5ad2fd0b2a3d6d41b4bc00feee4fcfd2ff0ebb9ffffffff010000000000000000086a067030776e336400000000

    (P.S. u/coblee later revealed he was the person who put up this bounty)

    No one was successful in doing so. In fact, the funds were left there for about 4 months...or just a few weeks after Bitcoin activated SegWit.

    Litecoin's Value as the Silver to Bitcoin's Gold

    Though many Bitcoin maximalists may not admit this, Litecoin was an important part in helping implement SegWit onto Bitcoin:

    1. Litecoin proved it was safe to do so on main net.
    2. The $1 MM Bounty proved P2SH transactions were safe disproved the "anyone can spend" FUD.

    In the end, there were many reasons as to why Bitcoin ultimately implemented SegWit...one of it being the SegWit2X NYA agreement. However it is undeniable that Litecoin played its part in squashing the FUD surrounding SegWit thereby removing some of the huge roadblocks Bitcoin faced during these debates.

    In light of all this, we now can look forward to an exciting future of layer 2 scaling solutions through the Lightning Network. Suffice it to say, there are many mutual benefits to Litecoin being the silver to Bitcoin's gold (an analogy that highlights the close relationship Litecoin's codebase has to Bitcoin's), two of which we've seen this year alone:

    1. It allows us to be a testbed for Bitcoin. Nothing beats main net implementation with billions of dollars on the line.
    2. It allows BTC protocols and clients to be easily ported onto LTC. This is evidenced by SegWit as well as how the lnd client has both BTC and LTC support.
    3. It offers a secure enough network for those who are building on top of BTC to port their businesses onto LTC for cheaper transactions. This was ultimately why Abra decided to add Litecoin as an underlying asset to its exchange.

    Anyways, I hope this was helpful to you all and provided some context to the historical significance behind 5/10 and Litecoin activating SegWit. In many ways, this was the date that Litecoin undeniably proved its worth to both the bitcoin and the cryptocommunity as a whole. I will add UASF to my twitter handle as a way to commemorate it. Join me if you want!

    submitted by /u/ecurrencyhodler
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    Litecoin hashrate is over 300TH/s

    Posted: 10 May 2018 01:26 AM PDT

    Don't get scammed like me. (a friendly reminder to spread the word)

    Posted: 10 May 2018 09:57 AM PDT

    DISCLAIMER BINANCE HAD NOTING TO DO WITH THIS, IN FACT THEY ACTUALLY HAVE A WARNING POSTED AND PINNED ON THEIR TWITTER. THEY TAKE AN ACTIVE STANCE AGAINST SCAMMERS.

    Hey everyone, so my wife and I are hard working Ethereum holders. We have a goal of raising (not disclosing) Ethereum to start funding projects to help indigenous communities in Canada. We do this by purchasing portions of eth week with our pay cheques, or sell things locally that we no longer need and trade it for crypto, this allows us to continue funding our own project, which is 100% self funded by us. These indigenous communities don't have fresh drinking water, live in homes that are so broken they use car parts for house doors, and suffer from extreme starvation. Also survivors of residential schooling (an assimilation of a ethnicity that happened in Canada). People would be shocked to know some communities in Canada's northern parts are third world living conditions.

    Anyways on to the good part. So today is my birthday, and my loving wife wanted to do something very special for me. She knows how important crypto is to me, and what it can do for our world. She saw on Binance's twitter a "giveaway" promotion. I know.... Scam alert.... however she is a brand new mother, and her mom brain kicked in and thought "holy crap if I enter this I can get us further to our goal". The idea was simple, surrpise hubby and give him a birthday gift that would allow us to start our adventure!

    Bless her heart, she tried to do a great thing.

    Anyways she saw this on binance's twitter She doesn't use twitter so I understand where the confusion comes in. The link takes you here and then you can see that if you give (insert number) to (insert address) you get (insert amount) back.....

    I know, it's 101 scam central, but her intentions were pure and she was just trying to help. So she sent 1.0 eth :(.

    We got scammed. I'm not mad at her, and as soon as she told me what happened i quickly figured it out, and I know she feels horrible, and ashamed of it. Looking back she said "I can't believe I did that" but in much more colorful words. She's struggled with depression for the better part of 15 years, and is medicated for this so it was important that this was just a funny mistake that we can look past. I made sure we laughed about it, and told her immediately it was okay! It's just not worth a fight, or feeling upset about it, and it's more important to support the people you love.

    I hope that this story will help people remember to be careful with your crypto, and to talk openly with loved ones involved about the risks, and how to be cautious. In the end it's just 1eth, but dammit we worked hard, and bought that eth and it feels bad to have lost it.

    LIFE GOES ON, if you've made this mistake please don't hate crypto, or the world it's trying to create. Who knows maybe that person who scammed you needs the money more then you do, just maybe you're helping feed someone else's family. I know this is wrong, but I can't help but try to see the positive side of this.

    So far this scammer has raised 8eth, please don't let this happen to anyone else.

    I've been in this space for a long time, and I've seen alot of this.Please remember to be careful!

    first screenshot

    Life goes on, and we will continue our journey!

    Update 1: I removed my eth address, and anything that would have my information on it. I just thought it might help validate the story more. This is by no means a "beg for coin/help me pl0x" post. It's just a warning to others, and for this reason I've removed my information to prevent others from "donating" to me. I've also taken out any sensitive information in this post that may give away too much of my personal information. Thanks everyone for the kind words!

    submitted by /u/MeganIsaFox
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    Toronto Crypto ATM update.

    Posted: 10 May 2018 09:24 AM PDT

    I opened up a crypto atm in Toronto almost 2 weeks ago and wanted to update. I am currently offering Litecoin and Bitcoin, I started at a rate of 14.8% but thought that was too much so I changed it to be the most competitive in the area 1t 9.9% buy and 8.5% sell.

    So far I've been very happy with the use ... but NOBODY has done anything with litecoin :( It's only been bitcoin, buys and sells.

    submitted by /u/CryptoDealerToronto
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    It's been going on for too long now... Google really needs to get it's finger out and change this LTC search glitch

    Posted: 10 May 2018 11:57 AM PDT

    This has been the case for years now but surely... the current 6th largest crypto with a market cap of almost $9bn and having been around for almost 6 years now deserves to be a Google standalone term... without Google trying to correct searchers to Bitcoin...

    Litecoin.... did you mean Bitcoin?

    Titecoin... did you mean titcoin?

    Fitecoin.... did you mean fitcoin?

    witecoin... did you mean whitecoin?

    gitecoin.... did you mean gatecoin?

    zitecoin... did you mean sitecoin?

    citecoin... did you mean sitecoin?

    Sitecoin... returns results for sitecoin

    Shitecoin... returns results for shitecoin

    Rightcoin... returns results for rightcoin

    Anyone would think Google are actually doing it deliberately lol

    submitted by /u/jam-hay
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    Segregated Witness Explained [Segwit] (Litecoin/Bitcoin)

    Posted: 10 May 2018 04:13 AM PDT

    #TokenPay Acquire German Bank, Could #Verge And #Litecoin Be Next?

    Posted: 10 May 2018 06:11 AM PDT

    Trading In Your Old Stuff For Litecoin. The New Alternative To Buying

    Posted: 10 May 2018 11:23 AM PDT

    China Will Issue Blockchain ‘Standards’ In 2019, Says Gov’t Official

    Posted: 10 May 2018 09:05 AM PDT

    Smart contracts coming VERY soon with RSK.

    Posted: 09 May 2018 03:47 PM PDT

    Hey guys what are your favorite Top 5 exchanges out of these 12 below ?

    Posted: 10 May 2018 08:52 AM PDT

    I want to make a complete summary of the these exchanges below

    So which exchanges do you think will play the biggest role in current market?

    The exchanges are

    1.binance

    2.bitfinex

    3.bitstamp

    4.bittrex

    5.CEX

    6.coinbase

    7.crptopia

    8.gdax

    9.hitbtc

    10.kraken

    11.poloniex

    12.bitcoin_co_id

    or you can name others that not on the list.

    submitted by /u/feifeifeig
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    LITECOIN & BITCOIN: Ready to ‘Punch Their Ticket’ to the Big Game, Opera, Movie or Concert

    Posted: 09 May 2018 10:08 PM PDT

    Cryptocurrency Conundrum: Are We in a Bubble or Not?

    Posted: 10 May 2018 08:37 AM PDT

    Mining litecoin today and 6 months from now worth while?

    Posted: 10 May 2018 06:59 AM PDT

    Just wondering if it's still worth the money to have a mining program running.

    submitted by /u/Skinnypete89
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    Where Do Silicon Valley Millionaires Keep Their Bitcoin?

    Posted: 10 May 2018 04:49 AM PDT

    ABRA

    Posted: 09 May 2018 12:55 PM PDT

    So I've asked this before but we have yet to get an update. At first Abra said they would implement litecoin into their system by April, now its early May. But we have yet to see an update. Anybody have some information? Honestly if Litecoin doesn't get added to Abra I'm selling my bag.

    I don't mean to be an impatient asshole but this is important for Litecoin. After all, it is Charlie's big surprise.

    submitted by /u/rando1407
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    Doohtz: Community LTC Design

    Posted: 09 May 2018 07:41 PM PDT

    We have a few ideas in the pipeline for a LTC apparel release, but figured why not ask the Litecoin Reddit Community for the idea design? All ears, and yes we will and currently take Litecoin!

    submitted by /u/MagnumOpus3k
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    Looking for a good name for a gaming engine/app (similar to what Steam does). Reward of 2 LTC if we end up using your idea.

    Posted: 09 May 2018 06:50 PM PDT

    Need the community help ASAP!

    Posted: 09 May 2018 06:45 PM PDT

    A long while back I discussed about developing an app that used Litecoin as the payment method.

    I placed it on hold till August.... Well shit happened and I'm now free to dedicate 100% of my time from now till September on this personal project of mine.

    I've come to realisation to not trust anyone with this project. Although if you wish to help there are a number of ways just ask please.

    Here's what's happened so far: Friend attempted to steal idea and start on it himself with some other people... Failed massively mainly because I didn't tell him the workings.

    I contacted the LTC Dev team and have received no response with regards to taking over LitePay. Although I have u/ecurrencyhodler as a point of contact :).

    I now need the communities input, please direct people from other crypto communities here!

    The Problems:

    1) Dependency of Fiat - A merchant buys supplies in fiat, they then produce something to sell using supplies, for example McDonalds purchases supplies to make a Big Mac. The problem here is throughout the supply chain Fiat money is exchanged for goods and services. Highly unlikely a merchant wants to use cryptocurrency which they have to them convert to pay a supplier.

    2) Card systems (Visa etc) - People use chip and pin for ease, now we are using contactless payments but we are now also starting to use phones as a payment method via Apple Pay etc. Cryotocurrencies do not have this ease in a physical form.

    3) Simplicity - Private keys and public keys are long. These can be difficult for many people such as the elderly, its easier to tap a card or enter a chip and pin to make a payment compared with current methods with crypto currencies.

    I am now asking the community what can you do to address these problems. What would be your solutions to this?

    I have my own solutions to these problems. I will post them into another thread later which you guys can grill me on them.

    submitted by /u/Westarmy
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