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 Foundation Set To Allocate Unknown Amount Of Treasury To Celsius Network

Litecoin Foundation is set to invest its capital in another crypto lender to earn interest. According to CoinDesk, Litecoin Foundation is partnering with Celsius Network, a crypto lending firm, to become its ideal crypto wallet.

According to the partnership agreement, the Foundation is set to set aside an unknown amount of its treasury to Celsius Network whereby LTC holders are poised to earn about 10.53% per year back to their crypto holdings as well as dollar loans at about 4.95 percent annually.

According to Celsius Network CEO, Alex Mashinsky, the partnership will go a long way to validate the platform that says that it gives back almost 80 percent of the revenue generated to depositors.

The CEO hailed the deal as a great milestone for Celsius saying that this was the first time that the crypto community is identifying Celsius as major utility provider in the crypto sphere. Mashinsky said that this was a ‘huge event’.

Celsius generated $50 million during its initial coin offering that took place last year and so far the company has already completed about $2 billion in terms of loans. Additionally, the company has held about $350 million per year in terms of customer deposits and provided more than $3.5 million worth of interest.

Speaking to CoinDesk, crypto custodian company, BitGo, said that they held about $1 billion with Celsius crypto deposits in the last one year which represents more than double the amount that has been locked away in decentralized finance platforms.

Litecoin Foundation has been seeking partners in the last one year and has managed to add Miami Dolphins as a major partner and now has bagged Celsius into the partners mix.

In the last one year, Litecoin Foundation has been under intense scrutiny following the news that it was struggling to pay its employees. However, the foundation managing director and Litecoin founder, Charlie Lee has reteriated that he will continue funding the Foundation until its fully financially stable.

Lee has clarified that the partnership with Celsius was for the benefit of the investors as they will earn interest per year. The director also revealed that the Foundation has no intention of seeking out collateral based loans offered by Celsius.

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Author: Joseph Kibe

The Mining Power of Litecoin Has Went Down Over 25% Since The LTC Block Halving

Litecoin (LTC) miners are facing problems recently. Many of them have decided to unplug their mining devices after the most recent halving happened. Data from the LTC network shows that the difficulty is going down because of that. It went from 15.9 million to 11.4 million one day after the halving.

The event named as halving, in case you are wondering, is a periodic halve in the rewards offered per block. This mechanism is present in most blockchains and it happens to regulate inflation and minimize it.

Litecoin’s mining difficulty is adjusted every 2,016 blocks (around four days). This is done to make the intervals between blocks always be around 2.5 minutes. Now, after a drop of 28% in the difficulty, the token is seeing its lowest difficulty since April.

Most analysts believe that the rewards per block going from 25 LTC to 12.5 LTC without a significant increase in price are the main reason why miners are abandoning the game.

If they want to maintain their profits in a situation such as this one, they do not have a lot of choices other than upgrading their equipment. In some cases, it can become unprofitable to mine after the halving.

Bitcoin generally sees spikes in its price after halvings, but Litecoin is yet to have the same luck. In fact, the prices of LTC actually went down after the event. Before the halving they were around $93 USD and are $74 USD now.

According to data taken from popular mining pools such as InnoSilicon and FusionSilicon, miners only have profitability of 10 to 20% now, a considerable decrease. Will more miners leave the scene? Probably.

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Author: Gabriel Machado

Glassnode Reveals Litecoin Dusting Attack on Binance Affected Nearly 300,000 Wallets

A recent dusting attack that was made against the Litecoin network affected almost 300,000 wallets on Binance. The attack affected exactly 294,582 addresses, despite reports that only a few were affected.

This was revealed by Glassnode, a metrics company that used its technology to map out the attack. According to the company, the attack was similar to another one that happened in April.

Initially, Coinbase affirmed that only 50 wallets were affected. The company did it as soon a the attack happened on August 9. This, the company affirmed, affected only 0.00000546 LTC, almost nothing. The truth, however, seems to be quite different.

Curiously, some people affirm that the dusting attack was actually not a real attack after all. Jan Happel, the founder of Glassnode, told the crypto media that the “attacker” was not actually trying to harm anybody.

His address was identified and he claimed that he was only trying to advertise his exchange, which is based in Russia. The goal was to “reach out” to several wallets to advertise their mining pool services, which were focused on the Litecoin community.

Despite being a very weird reason, nobody was actually harmed by the so-called dusting attack, so there may be some truth to his statements.

At the moment, there is also not a real explanation as to why Binance believed that only a few addresses were affected at first. James Jager, from the Binance Academy, however, posted that they managed to identify the person and that it was a wide attack sometime after the event happened.

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Author: Daniel W

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

Has Litecoin (LTC) Been Recognized by the IMF as a Legitimate Payment Token?

  • The IMF report which refers to Litecoin as being a payment token dates back to October 2018.
  • As many of our regular readers are probably already aware of, the Litecoin ecosystem recently underwent a ‘halving’, as a result of which, block rewards associated with the currency have now dropped to 12.5 LTC.

As per a tweet released by the co-founder of the Litecoin Foundation — Xinxi Wang — a few days back, a spokesperson for the International Monetary Fund (IMF) recently referred to Litecoin as a payment token.

However, this news has not been received with the fervour that one might have expected, since many from within the global crypto community still have their doubts regarding this announcement.

The problem stems from the fact that the report which Xinxi is using to back his claims is from late last year. However, looking at the document, one has to admit that it clearly refers to LTC as being a digital method of payment.

Many skeptics have pointed out that there was no reason for Xinxi to wait for nearly 10 months before making this announcement.

Similarly, a lot of people believe that LTCs name was used in the report simply as an example and not as a standalone case. While Litecoin has been mentioned in above stated IMF report, none of the officials working for the organization have ever come forth and recognized the digital currency as such.

With that being said, the IMF seems to have an open mind towards crypto and is willing to make such a recognition in the future.

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Author: Shiraz J

Litecoin Hash Rate Drops over 21% Since Reward Halving

  • Litecoin hash rate drops 31.3% from its ATH
  • LTC price lost 24.5% of value since halving
  • Litecoin’s lack of Github Activity and developers

On August 5, Litecoin experienced its second reward halving that cut down its miners’ reward in half from 25 coins per block to 12.5 LTC per block.

Before the halving that occurs every 840,000 blocks and roughly every four years, the hash rate of Litecoin network climbed to it’s all-time high at 523.8 Th/s on July 14.

Just before the event, Charlie Lee, the founder of the fifth largest cryptocurrency by market cap reflected on the implications of the event during an interview, where he said, “It’s always kind of a shock to the system.”

“When the mining rewards get cut in half, some miners will not be profitable and they will shut off their machine,” explained Lee. “If a big percentage does that, then blocks will slow down for some time. For litecoin it’s three and a half days before the next change, so possibly like seven days of slower blocks, and then after that, the difficulty will readjust and everything will be fine,” he added.

Litecoin Hash Rate Drops 31.3% From Its ATH

That day after the successful halving, Litecoin network didn’t see much change as Lee tweeted,

However, now we have started to see the effects.

Litecoin had its first difficulty change since the halving at block 1681344, resulting in a drop of 4.4% in difficulty/hashrate, Lee said.

The average mining difficulty, from its peak of 16.5M on July 15 has fallen to 15.2M, as per Bitinfocharts.

The hash rate of the rate, meanwhile, has dropped 31.3% since its all-time high and 21.6% since the halving event.

On August 5th, Litecoin hash rate has been at 458.3 Th/s which has slid down to 359.8 Th/s, recorded on August 9.

LTC Price Lost 24.5% of Value Since Halving

Litecoin price meanwhile is currently down 2.98% at $83.70, up 174.5% YTD.

On the day of halving, LTC/USD crossed the $100 mark to reach $107 level. Since then, LTC price dropped to $80.70 — today’s lowest level— registering a loss of 24.5%.

However, it has been no surprise as Lee said,

“In terms of the price, the halvening should be priced in because everyone knows about it since the beginning.”

Moreover, the last halving LTC price moved through similar motions.

Litecoin’s Lack Of Github Activity

In another set of events, a crypto enthusiast pointed towards the digital asset’s Github activity, or its lack of, on Twitter.

As per Github, there are currently 13 commits shown in this year.

A report from March by Electric Capital revealed that a number of projects including Litecoin have been abandoned by developers.

Litecoin’s developer’ count actually fell from 40 monthly to 3 developers in the last year, the report read.

All of Today’s Litecoin (LTC) Price Analysis, Chart Forecasts and Industry News

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Author: AnTy

Large Scale Dusting Attack on Litecoin (LTC) Users: Binance

A large scale dusting attack has been suffered by Litecoin users, reported Binance on August 10.

A dusting attack is a new kind of malicious activity where scammers and hackers try and break the privacy of the cryptocurrency users by sending tiny amounts of coins to their personal wallets.

Attackers track down the transaction activity of these wallets by performing a combined analysis of several addresses to identify the individual or the company behind each wallet.

One of many transactions affected shared by Binance is,

https://chainz.cryptoid.info/ltc/tx.dws?36359475.htm

Dust is a tiny amount of coins or tokens — so small that most users don’t even notice, such as 1 satoshi (0.00000001 BTC) in the case of Bitcoin.

Binance explains that within crypto exchanges dust is also the tiny amounts of coins that “get stuck” on users’ account after trading orders are executed. These really small amounts of coins are not tradeable but Binance users can convert them to BNB.

As crypto users do not pay much attention to these tiny amounts, scammers began “dusting” a large number of addresses by sending a few satoshis to them. After dusting multiple addresses, scammers analyze various addresses to identify which belong to the same wallet.

First it started with Bitcoin, these attacks are now also happening with other cryptocurrencies.

As a closing thought, Binance said while Bitcoin blockchain is nearly impossible to hack, the wallets “present a significant point of concern.”

“When a user holds their cryptocurrencies in a personal wallet, they are acting as their own bank, which means there is nothing they can do in case they get hacked or lose their private keys.”

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Author: AnTy

Bitcoin is the Most Popular Crypto on Coinbase But Not with the Longest HODLing Period

Bitcoin-Is-One-Of-The-Most-Profitable-Assets-In-History
  • Bitcoin, the most popular crypto-asset on Coinbase followed by Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH)
  • Litecoin tops with the highest holding period while XRP, XLM, and EOS as the lowest
  • The leading cryptocurrency is the most popular digital currency on the cryptocurrency exchange, according to the new Coinbase Popularity stats.

Bitcoin is followed by the second largest cryptocurrency Ethereum (ETH) and then Litecoin (LTC) and Bitcoin Cash (BCH).

Coinbase has a limited number of cryptocurrencies listed on its platform, though lately, it has started adding more crypto assets. The top four most popular cryptos are the oldest ones that have been listed on the exchange for over a year now unlike other cryptos.

The third largest cryptocurrency XRP is one such latest addition that is the fifth most popular digital currency on the US-based exchange. Stellar (XLM) and 0x (ZRX), BAT, ETC, EOS, ZEC, LINK, DAI, and USDC can be further spotted on the list in this order.

Litecoin Tops While XLM And XRP Has The Lowest Holding Period

When it comes to the crypto asset that has the longest HODL period, it’s not Bitcoin.

The flagship cryptocurrency’s median holding time is 85 days, at the fifth spot, which could be due to its volatility. It is also the crypto asset that has the highest value, currently trading at $10,700.

According to the Typical Hold Time stats, Litecoin is at the top of this list with 119 days. Interestingly, Litecoin has already pumped 229 percent YTD and LTC reward halving is just around the corner, 15 days away to be exact, that will cut down its supply.

Historically, reward halving has been a bullish event for the Bitcoin price.

Litecoin is followed by 0x (ZRX), Ethereum, and Ethereum Classic whose holding periods are 108, 101, and 99 days respectively.

EOS with 6 days, XLM 19 days and XRP with 33 days have the least number of holding days that could be attributed to their poor performance this year.

XLM and XRP have registered negative YTD returns, being the only ones among the top 40 coins in the loss in 2019.

However, stablecoins have much lower holding period, while DAI has 1 day, USDC has been held only for 4 days. This could be because stablecoins are used for mostly arbitrage on a fiat exchange. Also to transfer funds to other exchanges and to use DeFi.

As economist and trader Alex Kruger puts it, “Why hold stable coins in Coinbase when one can hold fiat, which is FDIC insured.”

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Author: AnTy

Recent Bullish Trends Helps Litecoin (LTC) Get All-time High Hashrates, Something Bitcoin (BTC) Has Not Shown Yet

Recent Bullish Trends Helps Litecoin (LTC) Get All-time High Hashrates, Something Bitcoin (BTC) Has Not Shown Yet
  • Litecoin (LTC) price has surged as a result of an increase in Bitcoin (BTC) price.
  • The overall crypto market has added billions of dollars in what appears to be a recovery from the extended bear market which lasted throughout 2018.

Litecoin Price Surges, As Crypto Market Recovers

In a recent update by the team at Litecoin, it has been revealed that the recent bull market has not only helped the likes of Bitcoin (BTC), but also Litecoin (LTC) – adding that the positive trends have led the peer-to-peer based digital asset witness increases in hashrates. This was not found with the former, as BTC was left fighting a battle of breaking its resistance levels with fluctuations.

The team believe that the surge is associated with the rumored, L5 Bitmain ASIC Scrypt, which was discussed on in The LitecoinTalk forums hosted by ‘nehgekim’. The user seems to have disclosed that Bitdeer paired with Bitmain and Ant-miner in an attempt to get the L5 listed so that it can be rented out.

While the idea of being able to rent out L5 has now been “removed,” the arguments made by ‘nehgekim’ then was backed by the following evidence:

“The mining contracts I have purchased from Bitdeer that use the L5 have performed better than expected thanks to the lift in LTC prices. Sub 5c electric is available but even there, the price of LTC totally needs to trend up for all this to keep being worth anything.”

Mining Rewards to Be Halved from 25 LTC to 12.5 LTC

This trend in hashrates has been reported to potentially decrease, as an LTC halving event is just around the corner. In particular, it was shared that:

“Mining rewards are set to halve for the second time in Litecoin’s history from L25 to L12.5, which will have a profound impact on the mining space. Logically, it should result in a halving of the hashrate along with it,” adding that recovery is possible depending on the L5’s performance.

Notably, the latest hashrate experienced a 20 TH/s jump from its initial 359.44 TH/s in April 2019.

Another Litecoin.com quote was referenced, which indicated that while the hashrate seems to be correlated with LTC’s ‘price movement’, “It can react quicker to a down turn in price as it’s just a matter of switching them off once they become unprofitable,” emphasizing on the coin’s “mining difficulty”.

At the time of writing, LTC takes the position as the fourth largest crypto on CoinMarketCap, with its token currently priced at USD$117.74, with a market cap of roughly USD$7.3 billion and volume of $4.3 billion.

Latest Litecoin (LTC) News and Market Updates

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Nirmala Velupillai