Litecoin (LTC) Founder Charlie Lee Apologizes for Phony Walmart Story

Litecoin (LTC) Founder Charlie Lee Apologizes for Phony Walmart Story

The Litecoin Foundation is currently dealing with a significant crypto adoption goof sending the asset’s price tumbling. While it took a while, Charlie Lee, the company’s founder, has come out to clear the air over what happened.

‘We Screwed Up.’

Yesterday, Lee appeared on a Bloomberg TV segment. He admitted that the company “screwed up” after an employee had retweeted a false report regarding a partnership with e-commerce giant Walmart. In the news segment, Lee vehemently denied any collaboration with the e-commerce giant, adding that the Litecoin Foundation will continue to investigate the source of the fake news.

The announcement, which has since been taken down from Globe Newswire, had referenced a partnership between Walmart and the Litecoin Foundation. The partnership reportedly included accepting Litecoin as a payment method for products on Walmart – a move that would have been an incredible boon to the crypto industry.

The news had caused a 35 percent surge in the price of LTC, showing that the market was reacting positively to the prospect of a partnership with a company on the scale of Walmart.

Sadly, the news turned out to be fake news. In a statement, the Litecoin Foundation explained that the press release had come out without their knowledge, and they didn’t know about its spread – which had been so rampant that several major media outlets had covered it. In response to the hype, one of the company’s social media handlers had tweeted the press release out without getting appropriate clearance.

Apologizing, Globe Newswire also explained that a fraudulent user account had been used to share the press release. A spokesperson for the press release published called this an “isolated incident,” adding that they would continue to work with investigators to find who started the firestorm.

In his Bloomberg interview, Lee explained that anyone could start accepting Litecoin without getting approval from the Litecoin Foundation. So, he was pleasantly surprised when he woke up and saw the press release about Walmart accepting the coin. Sadly, it turned out to be fake. The market appears to have forgiven Litecoin, with the asset rising by 3.6% in the past 24 hours. The Foundation – along with Globe Newswire – will investigate the incident to prevent a recurrence.

Walmart Looks to Integrate Crypto Nonetheless

While Walmart isn’t partnering with Litecoin just yet, the company does appear to have crypto in mind. A job listing published last month shows that the company is looking for a crypto expert to develop and drive a digital currency product roadmap ad strategy.

In the job listing, Walmart indicated that it requires someone with a 10-year of experience in product and program management and technology product commercialization. The ideal candidate will be experienced in blockchain and crypto-related technologies while also having a strong knowledge of today’s crypto ecosystem.

The company is joining its biggest competitor, Amazon, looking to hire a digital currency lead.

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Author: Jimmy Aki

Warren Buffett and Charlie Munger Reiterate Harsh Words Against Bitcoin, But it Doesn’t Matter

Warren Buffett and Charlie Munger Reiterate Harsh Words Against Bitcoin, But it Doesn’t Matter

Because as Avichal Garg of Electric Capital puts it, “they were the best investors of the industrial age. But we are now in the software age,” and they are already having a hard time catching up.

Warren Buffett avoided talking about Bitcoin during the recent Q&A session at Berkshire Hathaway’s annual shareholder meeting, saying he doesn’t want to make the herd of longs mad.

However, the “Oracle of Omaha” did agree with Berkshire Vice Chairman and his longtime business partner Charlie Munger’s assessment of the trillion-dollar cryptocurrency.

As for what Munger had to say, which was a lot and not at all positive.

“Of course, I hate the bitcoin success,” said the 97-year-old Munger.

From here, he goes on to point out how Bitcoin is a currency that is useful to kidnappers and extortionists, and he doesn’t welcome such currency, and neither he likes to “just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air.”

“I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilization.”

This is no surprise coming from Munger because both he and Buffett have long been criticizing cryptocurrencies. And, of course, the crypto twitter (CT) didn’t like it one bit, to say the least.

While some pointed out how Munger had such harsh words for Bitcoin when the legendary investors themselves were involved with the sugar industry, responsible for obesity and diabetes, others noted that they missed out on the tech stocks as well.

It has only been recently that the duo became bullish on tech stocks and saw valuations of mega-cap as not “crazy” because of incredibly low rates on short-term government debt or Treasuries.

Trader and economist Alex Kruger, saying, “money managers that don’t adapt to technological changes have a hard time outperforming,” which they are currently having.

“They haven’t beaten the market since the market came to be dominated by software. They missed the biggest revolution in business and society since the industrial revolution,” said Avichal Garg of Electric Capital.

“They were the best investors of the industrial age. But we are now in the software age.”

Berkshire, meanwhile, is sitting at a cash pile of more than $145 billion at the end of 2021’s first quarter.

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Author: AnTy

Analyst Reveals Four Charts That Show Anything is Possible in 2020

“The market does what it wants, when it wants to do it,” wrote Charlie Bilello, founder, and CEO of Compound Capital Advisors.

Bilello recently shared how in 2020, we have seen a “lifetime supply of material,” the things that the market hasn’t been expecting.

It has been the “real-time personification of collective human psychology, with fear and greed on full display,” that provided us with bizarre results. The crypto market is not new to such kind of happenings, but sometimes, even the crypto space manages to surprise.

We saw retail investors paying more than 735% premium to gain exposure to the second-largest cryptocurrency by market cap. Although the premium on Grayscale Ethereum Trust has collapsed since then, it remains particularly high with ETHE at over $70 (each share represents 0.09377463 ETH) while Ether is trading at $244.

However, things were even more bizarre in the mainstream market. If you thought “stocks can’t go up during recession,” you have been proved wrong when stocks rallied hard in Q2 of 2020.

After crashing in March, stocks jumped, Nasdaq climbed to make a new all-time high. The tech stocks were mainly responsible for this as while Apple and Amazon saw their valuation rising more than $10.5 trillion, Tesla has been up 230% YTD.

Even stocks of those companies that went bankrupt saw substantial gains. And Nicola Corp. garnered a market cap of $26 billion with zero sales or earnings.

Not only stocks rallied hard, the terms “oversold,” or ”at support” and “overbought” or “at resistance” lost their meaning.

These stocks were driven by all the free money pumped by the central banks. If you thought the Fed was “out of bullets” and won’t do anymore, the central bank proved wrong through unprecedented measures, which now has many experts warning about the inflation.

The Fed’s balance sheet entered 2020 at around $4 trillion, only to surpass $7 trillion in late May.

But 2020 didn’t only see the stocks skyrocketing but also plunging into nothingness and then continuing to go lower.

Can asset prices go below $0, this year showed us that yes they could. In April, the price of crude oil went negative for the first time. At that time, May futures for US crude oil WTI fell to minus $37.63 a barrel. (can Bitcoin fall to zero?)

The oil market saw its worst crisis in a generation where traders were willing to pay to get somebody to take crude off their hands after the lockdown to stop the spread of coronavirus pandemic wiped all the demand while the market was over-supplied.

Moreover, this year the national debt continued to rise to new highs while the interest rates on some US Treasuries also plunged into negative territory.

There are still five and a half months left in 2020, and the government is planning to put more money into the system while inflation has started to be seen in goods prices, and the recession has been declared.

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Author: AnTy

Litecoin Users Can Choose to Use the Privacy Tech or Not After Mimblewimble Integration

  • Charlie Lee speaks on LTC’s Mimblewimble integration.
  • The hidden inflation on privacy chains.

In a recent interview, Charlie Lee, the Founder of Litecoin (LTC), talked about the current plans to integrate the Mimblewimble privacy mechanism on the blockchain. Lee answered several questions from LTC users including the several developmental concerns that may arise on the blockchain once implementation is complete.

Furthermore, Lee explained the concept of ‘hidden inflation’ that is common on privacy-based blockchain stating users wanting privacy will not care much about it.

Charlie Lee Speaks on LTC’s Mimblewimble Integration

Some of the questions focused on the future of LTC transactions and how to integrate the privacy features of Mimblewimble on the blockchain.

Users were curious about whether the normal blockchain will take precedence or the Mimblewimble-enabled chain. According to the planned privacy enhancements, users will be able to select on exchanges whether to carry out a privacy enhanced transaction or a public one.

Responding to the confusion building up, Lee said he has talked to several exchanges on the regulatory issues that surround the privacy enhanced transactions with most agreeing to go along with it. He further said,

“Initially the use of Litecoin post-MimbleWimble implementation will be difficult; it’s going to be a learning curve. Not all wallets will support it from the start[…] Since it is a soft fork, the whole ecosystem won’t need to care about it until they want to.”

Lee, however, believes the current upgrades will benefit Litecoin’s privacy as a coin stating the privacy features may draw more users to LTC.

The Hidden Inflation on Privacy Chains

In what has become a raging topic across the privacy coins communities, Charlie said “hidden inflation” on privacy coins may not affect users willing to own privacy enhanced crypto.

In March, crypto analyst and developer, Tim Ruffing, exposed that there may be a bug on all privacy blockchains cryptography that makes “inflation undetectable” on the blockchain.

While this makes the blockchain more susceptible to attacks from hackers who may inflate the cash in the system, Lee believes this is a risk privacy-focused users are willing to take. On how Litecoin aims to prevent such an attack Lee said:

“The good thing about our ecosystem is the extension block for Litecoin; it would be kind of isolated by itself. So even if something happens to that, it won’t infiltrate the main chain because one won’t be able to withdraw more coins.”

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Author: Lujan Odera

Litecoin One Step Closer to MimbleWimble, MW LIP Published on LTC Git Repository

Earlier this year, Litecoin creator Charlie Lee announced that soon confidential transactions and MimbleWimble implementation would be introduced to the 6th largest cryptocurrency.

Last month, it has been announced that the Litecoin Project is working with David Burkett, a Grin ++ developer to add MimbleWimble support to the Litecoin network.

Now, a draft of two Litecoin Improvement Proposals to implement MimbleWimble through Extension Blocks has been proposed on GitHub.

The LIP introduces opt-in MimbleWimble (MW) as a new transaction format through extension blocks. These blocks run alongside the main chain blocks at the same interval of 2.5 minutes. Inside the EB is where MW transactions occur.

Initially, it would be opt-in, meaning it’s up to users to use MW by using coins in and out of the EB through an integrating transaction.

MW with EB, the proposal states can be soft forked in via version bits. Old clients won’t be aware of the EB side but will only see the coins ending up in the anyone-can-spend address.

What are the Options?

Due to the fact that transaction history can be publicly traced, it hinders Litecoin’s fungibility. The private transaction is one solution to the problem that provides financial privacy and allows for plausible deniability. But such transactions can be selectively disclosed and validating them requires processing the entire history of transactions.

The team looked at other options like Confidential Transactions and Zk-Stark as well but decided to not go with them because while the former one would have been very expensive with large transaction sizes, the latter came with an estimated 20kb transaction size.

So, they decided to go with MW, which not only hides the amount being sent but also deletes the transaction history from the ledger.

However, it has its own disadvantages in the way that transactions must be built interactively, impossible to implement as a typical soft fork and makes private Litecoin attractions BOLT incompatible. Also, it’s currently unsuitable for the Lightning Network.

But it can be implemented without a hard fork through extension blocks.

As such, Litecoin will be using MimbleWimble protocol whose two components, Transaction Kernels and Transaction Cut-Through the team will be leveraging.

This new privacy protocol will be activated with BIP8. One year from the day the implementation is released, the soft fork will be activated, reads the proposal. The miners will be able to activate it “early with a 75% signaling threshold.”

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Author: AnTy

Litecoin Creator Charlie Lee Explains Why LTC Is Always Profitable for Exchanges

The creator of the Litecoin network, Charlie Lee, recently talked about his creation. He was interviewed by podcaster Dan Gambardelo, known as the founder of Crypto Capital Venture, and talked about the benefits of the cryptocurrency.

Gamberdelo asked his Twitter followers to come up with unique and original questions for him, so they did. One person asked a pretty interesting question: why Litecoin does not need to pay to be listed on any platform while most altcoins do?

Lee’s answer was, that it makes business sense, basically. Exchanges see Litecoin as a highly traded asset that can bring in a lot of revenue because people actually use it. The same cannot be said for many cryptocurrencies in the market.

The community also came up with several other questions. For instance, someone asked Lee if Binance charged him for listing the asset. He affirmed that they did not. When asked if he still mined LTC,  Lee confirmed that he had stopped to mine tokens himself around 2016 or 2017.

Someone also asked him if he ever talked to Satoshi. Charlie Lee affirmed that he did not have the chance to do it because Satoshi was already gone when he entered the crypto space.

Unfortunately, though, the situation is not looking good for Litecoin, despite what Charlie Lee states. The token is entering a bearish trend after losing some of its value recently and several LTC investors are already bracing for a long Winter ahead at this point. After the BTC sell-off, LTC went down together and it is now the 6th largest token by market cap.

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Author: Hank Klinger

Litecoin’s Charlie Lee Sets the Record Straight on Alleged Leaked Chat about “No Evidence of Development”

  • Charlie Lee addresses Litecoin having no code commits in 2019
  • Time to shift focus back to development that is MimbleWimble (MW) and Confidential Transactions (CT) but no promises on dates this time
  • There has been a lot of conversation around the lack of Litecoin development and developers in the market.

Recently, a Redditor also posted about what is allegedly a leaked chat from a Telegram chat between Franklin Richards, Director of the Litecoin Foundation, Charlie Lee, Ilir Gashi, among others discussing “no evidence of development” and “lack of transparency.”

The conversation revolves around no progress on the MimbleWimble implementation announced by Lee earlier this year and that

“no one is interested in working on Litecoin protocol development work.”

This stirred a heated conversation in the market, that has Lee stepping up and addressing the situation head-on.

Lee says, the same “FUD” happened last year and would be again repeated in 2020 despite him providing an explanation.

The “FUD” about No Commits

In its 8 years of history, Lee clarifies on Twitter that the project had only

“a handful of core developers working on Litecoin Core.”

He further points out how they purposely kept Litecoin’s Core code very close to Bitcoin’s, as such needing only a lead Litecoin Core developer — currently, Adrain Gallagher (AKA thrasher) who is working behind the scenes — for mergers and code review, testing, and gitian builds.

Lee also addressed the “FUD” about Litecoin having no code commits in 2019 as can be seen on the Litecoin GitHub.

The fact that Litecoin releases lag Bitcoin releases by a few months, is one reason for the same. The other Lee says is that they

“don’t work on the master branch of the main project,”

as it is

“not good dev practice to check in non-release code into the master branch.”

Developer Gallagher is actually working on Litecoin Core release 0.18.1 on his personal branch and when that is merged into master, will add all the 2019 commits.

MimbleWimble (MW) and Confidential Transactions (CT) Back into the focus

As for the progress on MimbleWimble (MW) and Confidential Transactions (CT), Lee “got sidetracked with a ton of other things” including adoption and awareness events such as Mammoth Film Festival, Glory Kickboxing, Feel the Kpop concert, Flexa SPEDN support, and the Miami Dolphins.

Adoption and awareness, he says was more “important focus” but MW/CT is equally important in the long run.

However, he didn’t “strung people along and tricked them” because Lee points out how he never gave 2019 as an ETA rather that things are moving slowly.

Now, Lee says it’s time to shift focus back to development but he won’t be making any “promises on dates” this time but will work on

“better communication with the community.”

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Author: AnTy

Crypto Investors Are Paying Over 2,000% Premiums on ETH via Grayscale’s Ethereum Trust

Crypto-Investors-Are-Paying-Over-2000-Premiums-on-Ethereum-ETH-Heres-Why

Something pretty weird is happening on the Ethereum (ETH) market. According to Charlie Bilello, known as a financial researcher and investor, Ethereum is currently being traded in some markets with substantial premiums that can reach 2,000%.

On Twitter, he affirmed that ETH was traded with a premium of exactly 2,022% ($580 USD per share) on Grayscale’s Ethereum Investment Trust during June 21. Today, the premium stands at around 312%, as it is decreasing, but it started around 1,000% on June 20. The premiums are way above the Grayscale’s Ethereum Investment Trust, obviously.

According to Bilello, people who bought the shares at 2,000% obviously got burned. The price of the asset went up after they bought, but the price was actually so high that they simply had no way to make up for their losses by investing with such a high premium. So far, they had a 78% loss, he affirmed.

At the time of this report, the price of ETH is around $305 USD. The shares are the equivalent of 9.6% of that price, so they cost around $28.87. By paying such an absurd premium, investors bought shares as it Ethereum was actually worth $5,800 USD, which is obviously not a price that the token will reach anytime soon.

Why Are The Investors Paying So Much To Buy Ethereum?

We can start to have an idea of how the premium got so high when we look at how Bitcoin is trading on this kind of over the counter (OTC) desk. The Grayscale’s Bitcoin Investment Trust, for instance, sold BTC for $11,000 USD a piece during May 29. This meant that the premium was 37%.

The reason for that is that some accredited investors cannot buy Bitcoin and Ether using the existing crypto exchanges. Some of them are very wealthy people who are watched carefully by the regulators and most exchanges are not very well regulated.

In order to be able to participate in the market, they need to use a company such as Grayscale. The company is fully insured, regulated and transparent, so they have the perfect channel for investing. Unfortunately for them, so many investors looking for these products can make the prices go up.

This is basically why so many companies are starting to invest in institutional services. This way, they are able to cater to these new investors and get their huge amounts of money. As you may know, one wealthy institutional investor is worth a lot more than dozens of retail ones for a company since they hold a lot of money.

The premium can be explained because of the high demand for the shares. The investors had to pay so much money exactly because they wanted to participate and they were not alone but in a huge crowd of similar investors.

At the time of this report, the premiums are still very high. It looks like the investors will still need to pay a high premium if they want to be a part of these services.

Is There A Solution For This Problem?

How to solve this problem? The answer is actually fairly easy: the eagerly awaited Bitcoin exchange-traded fund (ETF) could be an answer. With a regulated mechanism such as this one, the investors would not need to pay such a large premium anymore, which would benefit them and the market.

Unfortunately, the ETF still looks to be far from approved at the time. Bitcoin is already a popular product, but concerns regarding market manipulation are preventing the U. S. Securities and Exchange Commission (SEC) to act on this issue. How much time do we have to wait until the SEC finally votes in favor of the ETF? Nobody knows.

All of Today’s Ethereum (ETH) Price Analysis, Chart Forecasts and Industry News

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Author: Gabriel Machado