Litecoin I'm hosting the first ever Litecoin meetup in Orange County, California. We're going to talk about the limits of on-chain scaling and how the Lightning Network can help. Sign up below!

I'm hosting the first ever Litecoin meetup in Orange County, California. We're going to talk about the limits of on-chain scaling and how the Lightning Network can help. Sign up below!
Litecoin featured on CarMarketCap.com
What should we do about the 50+% of Litecoin's UTXO which are 1 litoshi?
A quick survey about taxes and cryptocurrencies for my bachelor thesis
Litecoin now supported on OpenBazaar, the blockchain-based marketplace
Honest Thoughts On: Litecoin (LTC)
@BlockFuse: We're excited to be attending @fulmolightning's #LightningHackdayNYC! Come join @pwkad as he hosts a Barcamp session on #Litecoin, #CoinMesh, and the Lightning Network. Also, thanks @SatoshiLite and @LTCFoundation for sponsoring us. We'll make the #LitecoinFam proud! ��BlockFuse added,
On predictive UTXO management

I'm hosting the first ever Litecoin meetup in Orange County, California. We're going to talk about the limits of on-chain scaling and how the Lightning Network can help. Sign up below!

Posted: 11 Oct 2018 08:37 AM PDT

submitted by /u/ecurrencyhodler
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Litecoin featured on CarMarketCap.com

Posted: 11 Oct 2018 06:04 AM PDT

Hello friends!

I recently launched a Website dedicated to Cars and Crypto, called CarMarketCap.com. The showcase feature is our Crypto Calculator. It allows you to view historical pricing for the Top 50 coins in terms of your dream cars! Since Litecoin is a favorite of mine, I've added it to the default suggestions dropdown! I'm also accepting Litecoin donations!

If you have any comments, questions or suggestion, I'll be more than happy to answer them! I hope you enjoy what I've put together @ CarMarketCap.com

submitted by /u/carmarketcap
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What should we do about the 50+% of Litecoin's UTXO which are 1 litoshi?

Posted: 11 Oct 2018 11:51 AM PDT

Recently, Sergi Delgado Segura and Jameson Lopp has brought this an issue to the forefront: https://twitter.com/lopp/status/1048380552691310592 The issue is that more than 50% of Litecoin's UTXO set is unspendable because they are only 1 litoshi (0.00000001 LTC) each.

Background

In late 2011 through April 2012, Litecoin was attacked with various forms of spam/dust attacks that bloated the blockchain and unspent transaction output (UTXO) set. For some context, you can read up more about what happened and how we handled it: https://bitcointalk.org/index.php?topic=47417.msg626303#msg626303

Bottom line is that the attacker was able to create a lot of dust transactions for little to no cost. Here's an example transaction: https://blockchair.com/litecoin/transaction/c3ed2cea60de33cb59c8ea6f053930e9c06cd7b4805e70ef60173c07dc2e00b9

In total there are 12,272,034 1-litoshi outputs that were created before 4/1/2012. (https://blockchair.com/litecoin/outputs?q=is_spent(false),value(1),time(..2012-04-01)#)

This is out of about 23,538,000 UTXOs in total today. So about 52% of the whole UTXO set is 1-litoshi spam. Total value of all these outpus is 0.12272014 LTC, which is about $7 today.

What does this mean?

The UTXO set is a set of transaction outputs that are unspent. These are coins that represent every single LTC out there. Nodes hold onto this UTXO set (very likely in RAM for quick access) so that they can validate transactions coming in. This is because each valid transaction can only be spending an output from this UTXO set. And when the output is spent, it's then dropped from the UTXO set because it won't be spendable again in the future.

As you can see, if you have a large UTXO set, it becomes harder to run a full node. The full node needs to at all times keep track of this whole set. For Litecoin 52+% of this set is filled with outputs that will likely never be spent! It will cost 0.001 LTC to spend these 0.00000001 LTC output. It wouldn't make economic sense to spend them. So full nodes are carrying around this extra stuff in memory for no practical reasons.

The current serialized UTXO set takes about 1GB of disk space.

Do we need to fix it?

No, we don't and also why the Litecoin developers haven't bothered to do anything about it so far. The extra UTXO is about 500MB of disk space. Although it's 50% of today's full UTXO set, it's not a lot in the grand scheme of things when Litecoin achieves mass adoption.

What can we do about it?

We can mark these 1-litoshi outputs as unspendable. What this means is that once these outputs are unspendable, any transaction that tries to spend one of these 1-litoshi outputs will be an invalid transaction.

This would need to be done with a soft fork. We can use BIP8 to activate this soft fork. Miners can activate it within a specific time frame (1 year maybe) and if it's not miner activated by then, it will be user activate. Once activated, any transaction the spends these 1-litoshi outputs will not be valid and any blocks that includes these transaction will be orphaned. And after activation, all nodes can drop these outputs from the UTXO set.

This is a relatively easy soft fork to pull off.

What is bad about this proposal?

Litecoin and Bitcoin is all about censorship resistance and immutability. This softfork is effectively censoring this money from ever be sent. Although it's only 7$ worth of LTC today, it's about setting a precedent that we can make a decision today to burn someone else's money.

What do people think? Is this worth doing? Is this setting a bad precedent?

submitted by /u/coblee
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A quick survey about taxes and cryptocurrencies for my bachelor thesis

Posted: 11 Oct 2018 05:47 AM PDT

Hey fellow Redditors,

I'm currently working on my bachelor thesis in digital product design at a German university. The idea is to create product-based tax reporting solutions for private investors. I created this survey to get relevant data streams about the pain-points in the process of taxing cryptocurrencies. The survey only takes about 2 minutes and is anonymous. It would help a lot if some of you would submit answers.

Here is the survey:

**https://docs.google.com/forms/d/e/1FAIpQLSe29tmaFy9R8VbxKIHpY6m2nX9isOMsSi4onaG8RaorOyaANQ/viewform?usp=sf_link**

Reminder: It's a Google Forms survey. No E-Mail required.

submitted by /u/hivestarx
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Litecoin now supported on OpenBazaar, the blockchain-based marketplace

Posted: 11 Oct 2018 11:47 AM PDT