The Litepresence Report on Cryptocurrency

[RonPaulIsGreat]

To many morons in bitcoin blocking progress. Bitcoin could easily increase transaction capacity in weeks, just requires miners signaling segwit. Done, nearly double capacity, then schnorr signatures can be incorporated and save like 20% per transaction on size, then lightning network could deploy easily because of the malleability fix. Then if need more well, then we need to schedule a hardfork a year in advance for additional capacity. But even without a hardfork, we could easily with just what is on the table likely handle 5 times or more transactions and users, just requires the hard headed miners to stop being stupid.

[fatjohn]

And yet btc rises and ltc stalls, all my ltc transactions have always gone way faster than btc.

[RonPaulIsGreat]

And yet btc rises and ltc stalls, all my ltc transactions have always gone way faster than btc.

Well, I think that is wholly due to the fact there is virtually no retailer support for LTC. If LTC was accepted at even a quarter of the web sites Bitcoin is, the situation would be different. I've no idea why bitpay and coinbase shun litecoin, it wouldn't require much "new" coding to integrate it.

[bullhammer]

Hey Guys, an options player I know who is a wiz at math brought this article to my attention, I haven't looked at it closely yet but...... Litepresence I was hoping to get your opinion on it !!! TIAhttps://techcrunch.com/2017/02/23/security-researchers-announce-first-practical-sha-1-collision-attack/

this refers to reversing hashes or something????

[kfarnan]

Hey Guys, an options player I know who is a wiz at math brought this article to my attention, I haven't looked at it closely yet but...... Litepresence I was hoping to get your opinion on it !!! TIAhttps://techcrunch.com/2017/02/23/security-researchers-announce-first-practical-sha-1-collision-attack/

this refers to reversing hashes or something????

thats' old hash tech, still used by credit cards and websites. good reason not to use the credit cards.

[bullhammer]

@Litepresence......
this is part of a conversation with a friend I know, Leov, a math wiz and Options master.....

"Yes NP means Non-Polynomial and it means that a problem can't be solved just by brute force alone because increasing the complexity of the problem just a tiny bit makes it orders of magnitude harder to solve. The state of the art in mathematics is that hashing functions are irreversible in principle and that trying to reverse them computationally is an NP problem.
However it will take just a theoretical advance that shows how to reverse any hash problem and that will be it. The computation aspect will become irrelevant as the solution will either be in closed form, or if numerical then it will be done in polynomial time achieving the same effect.

He thinks this theory will debase all cryptos drastically

I am NOT of the same opinion myself, just wondering what your take is???

BTW hope all is well with you and yours

cheers, BH

[fatjohn]

In response to ronpaulisgreat

Yes but i think alot of traffic is between exchanges and polo bitfinex btc-e kraken okcoin all use ltc as well.

Seriously in this environment i would always transfer to ltc to send my funds around instead of having to wait hours and risk a massive btc crash in the meantime.

[kfarnan]

thats' old hash tech, still used by credit cards and websites. good reason not to use the credit cards.

sha-1 is not the same as sha-256.

[muh_roads]

https://www.cryptocoinsnews.com/bitc...llion-dollars/

People seem to forget that we're still competing with the ultra slow and expensive legacy bank wire transfer systems. It costs $15-$45 in fees and 3-5 days to wire transfer amounts as small as three figures. Even Paypal takes a long time despite being free. It looks like you instantly received money through PayPal but you still can't touch the money for 3-4 days. Most people already have money in their checking accounts so they don't really think about it.

As for the forks...
Segwit requires 95% consensus.
Bitcoin Unlimited requires 75% consensus.

It's a stalemate and neither is going to happen. That is fine. For the time being bitcoin won't be used as a micro-transaction method but it can still be used as store of value, of course.

My advice is to use a wallet like Mycelium. It will help calculate the miner fees for you so you aren't waiting days.

[muh_roads]

Also, the latest version of Bitcoin-Core (v0.14) that just came out a couple days ago lets you go back and adjust the fee if things are taking too long for you. **thumbs-up**

P.S. If you support the Segwit soft-fork method, you can signal your support by running a node. Just run v0.13, 0.13.1, or 0.14

[presence]

@Litepresence......
[]
He thinks this theory will debase all cryptos drastically

I am NOT of the same opinion myself, just wondering what your take is???

BTW hope all is well with you and yours

cheers, BH

will look into; nursing injured rt elbow; can't type much atm sorry

[kpitcher]

Dash has been tearing things up the last few days.

[BUTSRSLY]

Dash has been tearing things up the last few days.

PERSONIFICATION OF CRYPTOCURRENCY

[fatjohn]

Tradewave is shutting down! Effectieve as of end of march! Is cryptotrader now the only alternative to do bottrading?

[kpitcher]

Tradewave is shutting down! Effectieve as of end of march! Is cryptotrader now the only alternative to do bottrading?

Most exchanges have APIs so you can control them with a bot if you want.

[kfarnan]

Most exchanges have APIs so you can control them with a bot if you want.

still need a platform to run. Unless you run your own 24/7.

[dannno]

Sounds like an OP question.

[fatjohn]

Damn this is dead. This is cryptocurrency thread not just bitcoin. And most of the alts are on RAGING FIRE! Ether is what? 40 bucks? Dash 90? Holy shamalazoo!!!

As a big LTC/BTC man (luckily I held 20% now 40% ether) I also want to note that the ratio now had three up waves in rapid concession. Anyone seeing ether and dash implode for a new wave for crypto 1.0? Still hoping for 2750 BTC and 50 LTC.

I would like to see segwit as the catalyst though and it is not yet on the horizon.

[presence]

http://www.coindesk.com/bitcoin-exch...tingency-plan/

Bitcoin Exchanges Unveil Hard Fork Contingency Plan

Stan Higgins (@mpmcsweeney) | Published on March 17, 2017 at 16:01 GMT News

A group of nearly 20 exchanges has released contingency plans in the event that the bitcoin network splits in two, creating two competing currencies.
The exchanges are now planning to list Bitcoin Unlimited (BU) as they would an alternative cryptocurrency, according to the statement. BU is an alternate implementation of the bitcoin software that seeks to expand the block size in an effort to scale the network's capacity.
According to the statement – backed by Bitfinex, Bitstamp, BTCC, Bitso, Bitsquare, Bitonic, Bitbank, Coinfloor, Coincheck, itBit, QuadrigaCX, Bitt, Bittrex, Kraken, Ripio, ShapeShift, The Rock Trading and Zaif – the exchanges would list the BU asset under the BTU or XBU tickers in the event of a network split, which they collectively say "may be inevitable".
Other exchanges, though not listed as signatories, are said to be planning similar steps but have not signed on to this particular statement.
The strategy’s emergence comes amid escalating tension among those advocating for different scaling directions, and signals that some are taking the prospect of a network split seriously. It also follows statements from some in the exchange sector that preparations for such an outcome are being made.
The exchanges have positioned the policy choices as practical rather than political in nature. To the group, the strategy provides a means to organize a steady-handed market transition, one in which two currencies emerge that share twin transaction histories – and in which bitcoin holders are suddenly in possession of twice the amount of coins they had before.
The exchanges said:

"As exchanges, we have a responsibility to maintain orderly markets that trade continuously 24/7/365. It is incumbent upon us to support a coherent, orderly and industry-wide approach to preparing for and responding to a contentious hard fork. In the case of a bitcoin hard fork, we cannot suspend operations and wait for a winner to emerge."

Call for replay protection

Yet the statement reveals that the signatories aren’t ready to immediately start listing BU as a tradable asset, should it be created.
A major concern among the signatories is the risk of transaction replays, or instances in which a transaction broadcast on one blockchain might be included on a second one unintentionally. This situation played out in the wake of the ethereum network split last year.
According to the statement, exchanges want to see BU account for this risk ahead of any hard fork.
"However, none of the undersigned can list BTU unless we can run both [blockchains] independently without incident. Consequently, we insist that the Bitcoin Unlimited community (or any other consensus breaking implementation) build in strong two-way replay protection," the group said. "Failure to do so will impede our ability to preserve BTU for customers and will either delay or outright preclude the listing of BTU."
The exchanges also solicited input from stakeholders as they put contingency plans in motion.
"We welcome any and all assistance that the development community may offer in reducing the risk inherent with such a pivotal moment in bitcoin's history," according to the statement.
The full statement can be found below:
Hardfork Statement 3.17 11.00am by Pete Rizzo on Scribd

As exchanges in the Bitcoin ecosystem, we face certain challenges that are unique to us. Specifically, we are collectively faced with addressing the very real possibility that a Bitcoin network split may occur in the future. We’d like to take the time to update the community on the procedure that we, as an industry, intend to follow in the event of a contentious hardfork activating on the Bitcoin network. First, we want to make it clear that we are not here to pass judgement on such an event. If miners want to direct their hashing power to an alternative and incompatible protocol implementation, that is their right. We believe, however, that such hardforks should be engendered through a consensus of miners and
users and, at this time, we have not achieved consensus. As exchanges, we have a responsibility to maintain orderly markets that trade continuously 24/7/365. It is incumbent upon us to support a coherent, orderly, and industry-wide approach to preparing for and responding to a contentious hardfork. In the case of a Bitcoin hardfork, we cannot suspend operations and wait for a winner to emerge. Many of our platforms allow leveraged trading that requires markets to operate continuously. Due to operational requirements alone we are compelled to label an incompatible fork as a new asset. Since it appears likely we may see a hardfork initiated by the Bitcoin Unlimited project, we have decided to designate the Bitcoin Unlimited fork as BTU (or XBU). The Bitcoin Core implementation will continue to trade as BTC (or XBT) and all exchanges will process deposits and withdrawals in BTC
even if
the BTU chain has more hashing power. Some exchanges intend to list BTU and all of us will try to take steps to preserve and enable access to customers’ BTU. However, none of the undersigned can list BTU unless we can run
both
chains independently without incident. Consequently, we insist that the Bitcoin Unlimited community (or any other consensus breaking implementation) build in strong
two-way
replay protection. Failure to do so will impede our ability to preserve BTU for customers and will either delay or outright preclude the listing of BTU. In summary, if a contentious hardfork occurs, the Bitcoin Core implementation will continue to be listed as BTC (or XBT) and the new fork as BTU (or XBU), but not without adequate replay protection. We do this not out of judgement or philosophical reasons but rather for practical and operational considerations. While a contentious forking event may be inevitable, and may ultimately provide a path forward for on-chain capacity increases, we have an obligation to our customers to provide a clear and consistent plan to minimize potential confusion surrounding such an event. We welcome any and all assistance that the development community may offer in reducing the risk inherent with such a pivotal moment in Bitcoin’s history. We are:

https://coin.dance/nodes/all/log

[kpitcher]

Dash keeps going UP UP UP. I see the Dash itself is saying they expect a 1 billion dollar market cap and at this rate I don't doubt it as they're now at 700MM.

All alts are going up..except chronobank TIME. Maybe once they start doing actual labor contracts that will change.

[BUTSRSLY]

LOLCOIN

[fatjohn]

LTC mooned and this thread is quiet as hell. Whats going on people?

[FSP-Rebel]

LTC mooned and this thread is quiet as hell. Whats going on people?

Yep, saw that spike and I immediately had to check in here to see what's up, and nothing. Are we going to see segwit being launched on ltc and this is only the beginning? Eth, Dash, Zec, BTC+ all went up several hundred percent over a few months.

[FSP-Rebel]

Is LTC Really About to Make a Huge Run on BTC?

[merkelstan]

great weekend for Ripple!

[kpitcher]

DOGE is up 30%, up to 40 satoshi. That's breaking a long period of downward movement

[kpitcher]

Here's a nice site watching various alt coins. Can sort the columns with a click

http://alt19.com/

[FSP-Rebel]

Don't miss out on the LTC segwit signaling run (just above 70% on its way to passing the 75% threshold), new ATH potential in the mix. Currently, $10.30 or .0093 LTC/BTC.

[bitman]

If u wanna get on the LTC wagon, now is a good time. we are super close to the support line and the chinese already broke the previous highs and r waiting there for the others I am setting tight stops under the support line to sleep peacefully

[FSP-Rebel]