Litecoin Outperforms Top Crypto Assets Again, What Could Breakout of Crucial $50 Level Lead to?

Litecoin has become the darling of the cryptocurrencies again as it out performs the majority of the top coins including its big brother, Bitcoin. Breaking a psychological resistance level of $50 a few hours ago, Litecoin is one of the day’s best performing crypto assets once again. The question is, how far can it go this time?
Litecoin Lifted During Asian Trading
Over the past 24 hours, LTC volume has surpassed $1.5 billion which is over double that of XRP two places ahead of it in the market cap charts. The momentum has taken its price from below $48 to just over $51 where it currently trades. This represents a 6.5% gain on the day which has taken Litecoin market cap back over $3 billion.
Since its mid-December low of $23, Litecoin has made a staggering 120% recovery to its current level. In comparison Bitcoin has only managed 24% recovery, but Ethereum has done better with around 75%. This is quite remarkable for an altcoin that everyone gave up one when creator, Charlie Lee, sold his stash at the peak. Granted, LTC is still a long way down from those lofty heights but a recovery of 120% in just two months is staggering for any crypto asset in the depths of a bear market.
Litecoin, often dubbed the ‘sliver’ to Bitcoin’s ‘gold’, has been a stalwart of the crypto world having hung around since its inception in 2011 when it was forked from Bitcoin to provide a ‘lighter’, faster version of the digital currency.  In 2017 Litecoin broke and stayed above $50 for around three months before it lifted off and surged 250% in just two weeks in December. Lee, as usual, has been talking it up;

Litecoin trying its best to lead all of cryptocurrencies out of this bear market. #UFC #MammothFilm #ConfidentialTransaction #MimbleWimble #LightningNetwork #Flappening
— Charlie Lee [LTC] (@SatoshiLite) February 8, 2019

Where Next For Litecoin
This shows that Litecoin still has monumental potential when the fomo train gets going again. This time, however, is likely to be different though as investment will be slow and steady but $100 LTC this year does not seem that incredulous any longer considering its recent performance.
Traders, analysts and crypto tweeters have been observing the stellar performance of LTC recently;

Wow litecoin is breaking out! #ltc #litecoin #bitcoin #btc
FOMO time
We brok the 200ma, we broke 48 now it’s time to hit 50-75@tradingroomapp
— Bitcoin Litecoin Master (@xtdisnkfe) February 18, 2019

Just like Bitcoin, Litecoin will also be halving and it will be happening much sooner, August 19 according to this counter. This reduces the block reward from 25 to 12.5 LTC and decreases the inflation rate by over half and reinforces its scarcity. This is an extremely bullish event for a cryptocurrency and according to Chinese media a local crypto mining pool called has found a WeChat group named “Litecoin Halving Warm-up” to attract LTC investors and miners. Cheap Litecoin has been hard to resist for those that have known it for the past 8 years.
Image from Shutterstock
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Source: New

Litecoin [LTC] creator Charlie Lee elucidates on the fungibility of Bitcoin and Litecoin

Charlie Lee, the creator of Litecoin, elucidated on Fungibility, during the thirteenth episode of Magical Crypto Friends. Here, even Samson Mow, the CSO of Blockstream, opined on the same topic by adding the concept of tainted coins.
Prior to speaking about Fungibility, the creator of one of the world’s largest cryptocurrencies emphasized on the importance of privacy and fungibility and added that they are the next battleground for the currency. Moreover, Litecoin is currently looking into Confidential Transactions, in order to ensure that the coin is fungible, according to the announcement made by Charlie Lee earlier this month on Twitter.
During the discussion, Lee explained Fungibility as,
“So, fungibility basically means that each unit of the coin or money whatever it is is indistinguishable and cannot be discriminated against. Right, so if you, for example, I like give you go to a store and need to pay like $5 for a cup of coffee and you pick up a $20 bill from there from wallet you don’t really care which one you take out it they’re exactly the same to the recipient.”
However on the contrary, this is not the same case with Bitcoin and Litecoin, implied Charlie. He added that a person’s account is shut down if Bitcoin or Litecoin is being sent from a darknet marketplace or a gambling site or any place that is not approved by regulations. He said,
“So, the coins that you spend are not fungible so a lot of times even myself when I’m spending coins I have to like decide which output to you use right if I just buy the coins for an exchange I may not know may not want someone to know how many coins I have or link to my other coins and I choose an output that came from somewhere else”
He went on to say,
“And that’s just not a very good way not very good money when you have to do that so something like confidential transactional will help right it will make amounts blind it so you don’t know how much you’re spending how much people won’t be able to see how many coins you’re actually spending that helps a lot with privacy but it’s not it’s not a perfect solution like you need some route privacy also so you can’t track coins.”
This was followed with Samson Mow speaking about Fungibility and tainted coins. He said,
“The whole idea of taint also comes into play. So the idea that some coins are dirty some are clean because some might have been used for you know on Silk Road or whatever so they’re dirty coins and some coins are cleaner. So you might want like straight off the coin base from from a mining or maybe one hop away from mining mining pools wallet or something like that but having this kind of differentiation between different coins at least theoretically is bad for the ecosystem because then your money is not sound money it’s not really good.”
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Source: AMB Crypto

Litecoin [LTC]’s Charlie Lee: MimbleWimble is a good way to get privacy and scaling

Recently, a cryptocurrency known as Grin was launched in the cryptocurrency space. The coin grew to be one of the most controversial cryptocurrencies in the space within hours of its launch. The credit directly goes to the protocol the coin is based on, MimbleWimble.
The protocol was initially introduced to solve the scaling and privacy problems in Bitcoin, by an anonymous developer Tom Elvis Jedusor. Interestingly, both the pen name and the name of the technology are an inspiration from Harry Potter. The developer ensured that privacy would be the core of this technology.
More so, the protocol makes sure that apart from the information that is absolutely required to confirm a transaction, no other information is revealed, including the addresses involved in the transaction and the amount of cryptocurrency involved in the transaction.
During the sixteenth episode of Magical Crypto Friends, Charlie Lee, the creator of Litecoin, Riccardo Spagni, the lead developer of Monero, Samson Mow, the CSO of Blockstream, and Whale Panda, discussed the new privacy-oriented coin. Here, Lee opined about the technology that made the coin one of the most controversial ones in the space. He said:
“I think MimbleWimble technology is actually pretty cool. So when I first learned about it, seems like a good way to get both privacy and scaling and privacy that doesn’t make scaling hard or much worse which is very cool. So I’m yeah happy to see where where this technology goes”
This was followed by Riccardo Spagni aka FluffyPony speaking about Grin’s mining, which drew the attention of even the VCs. Spagni said:
“If you look at at Grin’s economic design it’s clearly designed to be currency. It’s designed to have this crushing inflation so that you’re forced to spend it so hodling is not really part of the economic design. So, they’re throwing money at it because they know that there’s be hype and that, you know, the moms and the pops would eventually go in to buy it.
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Source: AMB Crypto

Litecoin [LTC]’s Charlie Lee says Confidential Transactions seems like the right thing to add fungibility

In the latest episode of Magical Crypto Friends, WhalePanda, Charlie Lee – the creator of Litecoin, Riccardo Spagni – the lead developer of Monero and Samson Mow – the CSO of Blockstream, discussed confidential transactions with Litecoin. Here, Lee spoke about the feature that is missing in both Bitcoin [BTC] and Litecoin [LTC].
This topic was discussed in light of the latest announcement made by Lee on his official Twitter handle. He had stated that the developer team of Litecoin had “spent hours” discussing about how to add Confidential transactions in the silver digital currency. He also revealed that the team is looking into doing bulletproof MimbleWimble without extension blocks.
“Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy. I am now focused on making Litecoin more fungible by adding Confidential Transactions.”
Charlie Lee on MimbleWimble and extension blocks | Source: Twitter
During the discussion, Lee stated that the one property of money that is currently missing in both Bitcoin and Litecoin is fungibility. He went on to say that privacy and fungibility were very important factors and that this is going to be next “battleground” for the cryptocurrencies after Segregated Witness [SegWit]. He said:
“So one thing I want to add to litecoin is just more fungibility and confidential transaction seems like the right thing to do”
Confidential Transactions aka CT is one of the well-known privacy features in the space that enables the sending and receiving addresses involved in a transaction to stay hidden. This feature was created by a former Bitcoin developer, Adam Back.
Chester Copperpot, a Youtube user said:
“Efff the institutions its FUN-gibility time! Time to put the last piece of the money puzzle together. The “institutions” should be transparent and the people deserve privacy. Anyone with their head out of their A$$ understands why.”
The post Litecoin [LTC]’s Charlie Lee says Confidential Transactions seems like the right thing to add fungibility appeared first on AMBCrypto.
Source: AMB Crypto

Binance CEO Advocates Elon Musk’s Name to Take the Bitcoin Lightning Torch


Binance CEO Advocates Elon Musk’s Name to Take the Bitcoin Lightning Torch

Many prominent personalities and Bitcoin enthusiasts have recently proposed Elon Musk to take keep the fire going for the ongoing Lightning Torch experiment. Musk has yet to respond.

Binance CEO Advocates Elon Musk’s Name to Take the Bitcoin Lightning Torch

Continue reading at Coinspeaker
Source: CoinSpeaker

Litecoin [LTC] vs Bitcoin Cash [BCH]: BCH claims to be most viable transaction option

Cryptocurrency ecosystem has always been competitive as tokens look to solidify their legitimacy and reach worldwide adoption. At press time, the total market capitalization of cryptocurrencies stood at $121 billion and the market volume over the past 24 hours has been about $25 million, after witnessing a large price valuation pump this year.
However, this hasn’t stopped the constant difference surfacing between the digital assets and a twitter account name Bitcoin recently tweeted comparing the transaction fees of Litecoin and Bitcoin Cash.
Bitcoin tweeted:
Source: Twitter
Bitcoin Cash was a result of a hardfork which took effect in August 2017, when a group of developers wanted to increase the block size limit of Bitcoin and developed a code for it. This caused a case of conflict and as a result, the Bitcoin blockchain was split into two.
The group of developers also included Roger Ver, who is one of the current lead proponent of BCH. Roger Ver recently tweeted regarding the Bitcoin block size limit and stated:
Source: Twitter
The Bitcoin tweet mentioned the difference in transaction rates of Litecoin and Bitcoin Cash, driving home the fact that Bitcoin Cash is a more viable and cheaper option than Litecoin, which is supposedly the cheapest alternative in the cryptocurrency market.
According to bitinfocharts, it can be clearly seen that the average transaction fee for Litecoin is 0.0259 USD as compared to Bitcoin Cash average transaction fee, which is only 0.0004 as of on February 8, 2019. This chart also validates the tweet and further solidifies BCH’s claim of being the cheapest option.
Source: Twitter
However, if we observe the transactions per day chart, we can notice that Litecoin is still the preferred option for transactions than Bitcoin Cash as it recorded a total number of 31.023K transactions to BCH’s 10.038K.
Source: Twitter
A Redditor named lubokkanev commented on the tweet and stated that:
“That’s an absurd comparison. A chain either has full blocks or not. BCH won’t have full blocks until a lot of people use it, hopefully never. LTC currently doesn’t have full blocks but it doesn’t want to have big blocks, thus it’s not suited for a global cash system on chain.”
The primary Redditor named OlavOlsm who posted the tweet replied:
“Thats the point. The blocks are more full on LTC than on BCH so the fees are higher. This was way worse 1 year back. Bitcoin had way more fee than Litecoin at that time but Litecoin also had way more fee than Bitcoin Cash. Bitcoin Cash never had full blocks and experience the so called fee market and to avoid a fee market is the goal because the fees always have to be as small as possible. When the price go up enough the minimum fee per byte will be reduced I am sure. But for Litecoin, that is not the case.”
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Source: AMB Crypto

Litecoin Breaks Into Top Five Crypto Ranks Jumping 30% in Single Day


Litecoin Breaks Into Top Five Crypto Ranks Jumping 30% in Single Day

LTC price surges as the Litecoin Foundation and Beam enter cooperation to implement the Mimblewimble privacy protocol on the Litecoin network through Extension Blocks.

Litecoin Breaks Into Top Five Crypto Ranks Jumping 30% in Single Day

Continue reading at Coinspeaker
Source: CoinSpeaker

Flash Hike: Litecoin [LTC] is now the fourth largest cryptocurrency; price pumps by 17% in 7 hours

Litecoin often referred to as the silver to Bitcoin’s gold by its creator Charlie Lee has become the fourth largest cryptocurrency in the world in terms of market cap as per data obtained from CoinMarketCap.
As per the below chart, the prices of Litecoin started their rally on February 08, 2019, 02:00 UTC and is still pumping at the time of writing.
Source: TradingView
The prices at the start of the rally opened at $32.65, closed a few pennies later, but the rally didn’t stop at this candle. The subsequent candles increased in height and so did the volume.
The on the same day at 08:00 hit a home run as the candle opened at $33.45 and closed at $35.94, which is a percentage increase of 7.44% in a single candle.
However, the total increase in the price happened from $32.52 to $37.98, which is an increase of 16.79% within a span of 6 hours. The next candle formed is currently above the previous candle.
The market cap of Litecoin at the time of writing was $2.22 billion and the trading volume was $200 million shy of reaching $1 billion.
A massive amount of trade volume is coming from Coineal Exchange, which is contributed a whopping $64 million in trade volume via LTC/BTC pair.
In addition, OKEx contributes $55 million trade volume via the same pair but contributes $35 million LTC/USDT pair. DigiFinex contributes a total of $50 million via LTC/BTC pair.
The community is baffled by the sudden increase in prices and speculates that it could be due two reasons, the first being that Charlie Lee’s tweets about implementing privacy to Litecoin blockchain via implementation of Taproot.
The second reason being that Litecoin’s block halving is just a few months away, i.e., August 08, 2019, where the block rewards for miners will effectively be reduced from 25 LTC per block to 12.5 LTC per block.
The sudden increase in prices has caused LTC to run up the ladder and take a shot at top 5 coins like Bitcoin Cash [BCH], Tether [USDT] etc.
Litecoin currently sits as the fourth largest cryptocurrency, just below Ethereum [ETH], pushing Bitcoin Cash, EOS and Tether down to lower ranks. Litecoin was earlier the seventh largest cryptocurrency.
@cryptotic tweeted:
“yes. the imminent halving around the corner.. #litecoin #bitcoin #cryptocurrency”
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Source: AMB Crypto

Litecoin [LTC]: CT and impending halving could push value of LTC over $50, say noted crypto-traders

Litecoin has been one of the better performing coins over the past few weeks, with LTC recovering slowly from its early January slumps to post some encouraging gains, especially in February. The fact that its forecasts are in sharp contrast to that of other coins in the cryptocurrency market may, however, be due to a set of developments that may have a significant impact on LTC.
Litecoin [LTC] has cryptocurrency traders and analysts optimistic, with many expecting a surge in prices soon. In fact, until the morning of February 6, LTC had been posting good gains consistently. At the time of press, the value of LTC sits at $32.75, with a fall of 4.20% in the last 24 hours. However, the bear attack hasn’t dampened optimism about the future of Litecoin among many.
This optimism was echoed by noted crypto-traders in the Twittersphere, @Moonoverlord, and @CryptoDonAlt who suggest that a significant bullish run may be in the offing soon. The latter, while pointing to the fact that LTC has consistently breached resistance points, optimistically suggests that Litecoin may be its way to become #2 on CMC again.
Source: Twitter
On the other hand, @Moonoverlord has suggested that over a higher time frame, the value of LTC could touch $50.
Source: Twitter
However, there may be some reasons why such bullish movement is expected by many from Litecoin, the silver to Bitcoin’s gold. Charlie Lee of the Litecoin Foundation only recently announced that Litecoin will be pursuing confidential transaction features to upgrade the safety, security and anonymity feature LTC provides its users. In this pursuit, LTC is exploring the implementation of bulletproof MimbleWimble extension blocks, a characteristic of other privacy coins in the market.
This solution to Litecoin’s fungibility problems and its corresponding promise of added security and anonymity has thus, supported the bullish prospect of the LTC market. In fact, it was this bullish movement that briefly had Litecoin overtake Tether as the sixth-largest cryptocurrency in the world on 5 February in terms of market cap.
Another reason that may have contributed to the bullish expectation associated with LTC’s performance has to do with the Halving the Litecoin community is expecting in six months. With the mining reward set to be cut by half post the Halving, bullish prospects would push the price upwards while a higher reward can be received. And although there is no evidence to suggest halving itself will have any effect of price [a statement corroborated by Charlie Lee himself], the expectation for one can however, encourage the bulls to push the price of a coin like LTC upwards.
Despite the optimism, however, instances such as the fall on 6 February continue to hamper any possibility of Litecoin posting significant gains and breaching the $50 mark anytime soon.
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Source: AMB Crypto

Litecoin [LTC]’s Charlie Lee confirms talks with privacy coin Beam to implement MimbleWimble

Litecoin [LTC]’s pursuit of privacy and confidential transactions is surging ahead after Charlie Lee confirmed being in talks with Beam for the implementation of MimbleWimble. This marks a significant development in what could possibly be a game-changer for the coin.
Lee, the creator of Litecoin, a silver coin to Bitcoin’s gold has been assertively moving ahead to provide the coin with fungibility and privacy solutions. Charlie Lee’s announcement of putting scalability behind to pursue privacy and the implementation of Confidential Transactions in Litecoin was met with a lot of fanfare. He later announced that the LTC development team was exploring options such as bulletproof MimbleWimble, which was equally well received.
Source: Twitter
Beam is the first cryptocurrency project to be built on the MimbleWimble protocol and offers a range of privacy solutions that are alien to other coins in the market. It also claims to be more private than other privacy coins such as Monero and Zcash while offering to be the best ‘storage of value’ option in the cryptocurrency market. The CEO of Beam had, in fact, on its launch on the 10th anniversary of Bitcoin, highlighted the principle that drove the development of Beam.
“Sovereignty over one’s own information is a basic human right, and applies to all aspects of life, and especially to financial transactions.”
The MimbleWimble protocol allows the user to encrypt all data with respect to a transaction made on the cryptocurrency network. This is done by the use of blinding factors, that allow an extra layer of security to all transactions. Additionally, MimbleWimble also uses CoinJoin, a mechanism that combines multiple payment info to form a single chain of the transaction, thus hiding any individual transaction info in a cryptographic haze.
Despite confirmation of talks with Beam, Litecoin will not be reiterating a similar implementation of the protocol as the privacy coin. Lee has already dismissed any question of LTC implementing the Switch or ElGamal commitments fundamental to Beam as LTC will be implementing bulletproof MimbleWimble with extension blocks instead.
However, as the tweet suggests, he has also been appreciative of Beam’s own efforts as he feels the Switch Commitments with ElGamal are a safeguard against the risk quantum computing poses to the soundness of Confidential Transactions.
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Source: AMB Crypto

Litecoin [LTC]: Hollywood introduced to Litecoin; Sponsors Mammoth Film Festival in California

Litecoin has taken another major step in the cryptocurrency universe and further consolidated its position as a widely accepted virtual currency. On January 5, Litecoin announced on their official website that the foundation is delighted to be sponsoring the 2nd annual Mammoth Film Festival which will be held at Mammoth Lakes, California for the time period of 7th to 11th February 2019.
The film festival which premiered in the year 2017, was considered one of the largest first film festivals ever organized.
Source: Twitter
The announcement should herd in an enormous amount of attention for the virtual currency as several members of the litecoin foundation will be interacting with various high profile filmmakers, actors, celebrities and festival attendees and endowing them with pivotal knowledge regarding cryptocurrency while also helping them set up crypto wallets to experience the efficiency of litecoin unmediated.
The website also stated that the various winning filmmakers of the festival will be awarded with litecoins for their achievement.
Tanner Beard, President of the Film Festival made a favorable statement regarding the union. He said that:
“ We feel it’s important to look forward in an ever-changing landscape of not just film and television, but in the worlds of tech, virtual reality, social media and currency. The Litecoin Foundation is an organization that fits right in with all those ideas.”
The value of Litecoin, which is also the sixth largest cryptocurrency at the moment, might have had a positive trajectory impact due to the press time of the announcement. Since the news was announced, the valuation of LTC was shot up the highest in the last 24 hours among the top-six cryptocurrencies and is currently placed a price growth of 1.40% at the time of writing.
The future of cryptocurrency is always shrouded with instability and a sense of unpredictability is ever present.
However, Litecoin has been very shrewd and diversely exciting in their recent brand promotions and their partnerships at the turn of the year.
The high profiled tie-up with the UFC, a martial arts company based in the US and the payments partnership deal with Bob Moore Auto Group, the virtual currency foundation has shown the purpose of intent to establish themselves as a major cryptocurrency in the market by taking a major step in the right direction. Charlie Lee, CEO of Litecoin, said:
“As we push for mainstream adoption, it makes sense to partner with a festival that is comprised of people who bring new ideas and visions to the world through the content they create, and one we can grow with through the years. ”
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Source: AMB Crypto

Charlie Lee Exploring Bulletproof MimbleWimble while Trader Targets $50 for Litecoin

Litecoin creator Charlie Lee is having further discussions with the Litecoin team and community to increase its privacy through MimbleWimble. On the price front, Litecoin is in the green in both BTC and USD market.
Increased Privacy for Litecoin
Last week, we reported that Litecoin creator, Charlie Lee shared the plan of fungibility and Confidential Transactions for the 6th largest cryptocurrency. Apart from these features, MimbleWimble is also the protocol, Litecoin team is having the discussion on. Previously, on the prospect of MimbleWimble, Lee had said this, “Too hard to do MW. It changes the blockchain too much and has to be a hard fork.”
Now, Lee and the Litecoin team is working on Mimblewimble as he shared on Twitter,
“Litecoin dev team spent hours discussing how to add Confidential Transactions. The way to do a soft fork CT is very similar to doing extension blocks and extension blk may be simpler and can do a lot more. We are now also exploring doing bulletproof MimbleWimble w/ extension blks.”
There’s nothing concrete yet as Lee said it is no announcement rather just sharing with the community and to get their views on these prospects.

MimbleWimble is different from Bitcoin in the way that it allows Confidential Transactions. It also leverages CoinJoin which is a mechanism that combines payments from multiple spenders into a single transaction, making it difficult for an outside party to determine which payment was for which recipient. Currently, it can be integrated into the Bitcoin network as a sidechain.
MimbleWimble offers a strong scaling solution by using confidential transactions and CoinJoin while increased privacy for Bitcoin protocol.
Litecoin Price
At the time of writing, Litecoin has been trading at $33.90 with 24-hours gains of 0.31 percent. In the BTC market as well, it is in the green by 0.77 percent. While having a market cap of over $2 billion, it is managing the daily trading volume of $750 million.
According to the crypto trader, Moon Overlord, Litecoin is targeting around $50 in the coming month, if not weeks.
Moreover, with Litecoin halving about 184 days away that will reduce the coin reward from 25 to 12.5 coins, bullish expectations for this digital asset seems to be moving higher.
The post Charlie Lee Exploring Bulletproof MimbleWimble while Trader Targets $50 for Litecoin appeared first on Coingape.
Source: CoinGape

Litecoin [LTC]: Fungibility solution is still a work in progress, clarifies Litecoin Foundation Community Manager

Many in the Litecoin community, and by extension, the cryptocurrency community, cheered when Charlie Lee announced his intention to introduce privacy and confidential transactions features to Litecoin and make it more fungible. However, in what could prove to be a dampener on things, Litecoin’s Community Manager has come forward and implied that all is not final yet.
Charlie Lee had announced that he was putting the issues of scalability behind him and was focusing on making Litecoin more fungible by implementing privacy and confidential transaction features. He had also suggested that such implementation would require a mere soft fork and would be done sometime in 2019.
However, Ilir Gashi, LTC’s Community Manager, issued a clarification in this regard today.
Source: Twitter
The tweet implied that everyone’s expected fungibility and CT update may not come as soon as expected, or even in the same form as people believe it would be implemented. The fact that Gashi stated that ‘nothing is set in stone’ also suggests that LTC is still considering all options, including any that do not involve CT, but instead, just contribute to raising the coin’s fungibility.
What is also interesting about the tweet, according to Twitter enthusiasts, is the line ‘We’re investigating solutions that work best for people, exchanges and regulators’. This obviously has raised concern in the LTC community, with some even questioning how LTC’s fungibility and regulators can actually go hand-in-hand, especially since it’s supposed to be a decentralized digital currency.
Finally, it could also suggest that the team behind Litecoin is playing it safe by trying to pursue a strategy that introduces something new without disrupting the cryptocurrency ecosystem, according to some enthusiasts.
Whatever the case may be, implementing CT features that ensure a degree of security to transactions made by LTC users remains the next frontier for the Litecoin Foundation. Addressing the issue of fungibility by implementing CT features is key to realizing Charlie Lee’s goal of Litecoin being recognized as sound money.
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Source: AMB Crypto

MimbleWimble’s Grin and Beam have the potential to be more scalable than Bitcoin, says Litecoin creator

Grin and Beam are currently the hot topics in the privacy space, top coins built on MimbleWimble protocol, the tech designed to solve the privacy and scalability of Bitcoin. Earlier this week, Grin made it to the headlines as the coin, which is considered to be the closest version of Bitcoin, plunged by over 97% within a few days of its launch.
The MimbleWimble protocol was first introduced in the year of 2016, by Tom Elvis Jedusor, an anonymous developer, with both the names inspired by Harry Potter. With privacy as the core of this protocol, no one will be able to see the amount of cryptocurrency that is being sent and the addresses involved in the transaction, with only the information required to verify a transaction revealed.
This protocol will be added to Monero, the leading privacy coin in the space, as a sidechain. Riccardo Spagni, the lead developer of Monero said on Twitter earlier this week, “Monero already *is* implementing a MimbleWimble sidechain, Tari”.
During the latest episode of Magical Crypto Friends. Samson Mow, CSO of Blockstream, Charlie Lee, creator of Litecoin, Riccardo Spagni aka fluffypony, and Whale Panda, discussed Grin and Beam.
Riccardo Spagni, when asked about whether he was felt threatened by the new privacy coin, stated that he is a “big advocate of anything that provides improved privacy.” He said:
“I mean our criticisms of Zcash are not the privacy enhancing tech. I think that privacy enhancing technology if it’s done correctly is overall net positive and I will absolutely over time have criticisms of Grin and Beam as as things flesh out more and I think criticisms are good, you know, criticisms of Monero make Monero better so like those criticisms should be should be viewed in a positive light.”
He went on to say that the reason he doesn’t feel threatened by the currency is that, according to him, it does not stop Monero from existing.
“I think Monero is an interesting project whether it has one user or 100 users or a million users and whether the price is you know two cents of 20 cents of $2 doesn’t really matter so much to those in the technical community you work on it because they find it interesting because they find a different code base to get coins interested and so on”
This was followed by Charlie Lee speaking about the coins, stating that the currencies are able to “do privacy and scalability without sacrificing anything.” Furthermore, Lee finds it interesting how the MimbleWimble technology makes a system private when data is removed, adding that it makes the coins even more scalable than Bitcoin.  Succeeding this, Lee was asked whether this protocol will be implemented on Bitcoin as a side chain or on the main chain. To this, he stated that the hassle here is the security of the side chain.
“the issue I have with side changes has always been like how do you secure it […] so having a separate coin seeker by mining, I mean, that security still the best right before work security so yeah it could be done as a side chain for a Bitcoin and for like coin. I’m not sure how useful it is as a side chain or how secure it is as a side chain.”
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Source: AMB Crypto

Litecoin Foundation UFC sponsorship was about building the brand, says Charlie Lee

Litecoin [LTC], the eight largest cryptocurrency by market cap, was in the limelight because of the Litecoin Foundation’s massive sponsorship. The coin marked its first major step towards adoption as the Foundation sponsored a UFC fight, which took place in December 2018, and Litecoin turned out to be one of the highlights of the match.
In the latest episode of Magical Crypto Friends, Charlie Lee, the creator of Litecoin spoke about the UFC sponsorship and the reason for the decision. The managing director also spoke about the hate the foundation received by Bitcoin maximalist for taking this step.
Charlie started by stating that the Foundation, in the past, has sponsored several individual athletes but they don’t often sponsor an event. He stated that the Foundation took this step because “it just seems like the reach is better.” He went on to say that this sponsorship, for him, was just about building the Litecoin brand because “everyone’s heard of Bitcoin, not many people have heard of Litecoin.” Lee also stated that the idea of sponsoring the event was by the community manager, who works for the parent company.
“So it kind of wanted like build that brand and make it more more well-known and it’s really kind of helped a lot. I mean we’ve reached a lot of people, [they’ve] have reached out to us, talked about like coin just because if they heard about the UFC sponsorship yeah. I think it’s pretty cool, plus that the fight was pretty amazing”
This was followed by Lee stating that they got “a lot of hate“ from Bitcoin maximalist, adding that the reason could be that the coin is a scam because the Foundation sponsored for an advertisement, or maybe because the coin has become a threat to Bitcoin. Succeeding this, Riccardo Spagni, the lead developer of Monero, aka fluffy pony also elucidated on the reason. He said:
“There’s his this idea that gets bounced around and has been has been said to me that anyone that doesn’t support bitcoin and bitcoin only is inherently evil because you’re distracting people away from Bitcoin. My context of that is there are people who have heard of Bitcoin and you know they for whatever reason they have not been to certain dipping their toe in the water or playing around with it”
He went on to say:
“maybe they hear about litecoin through the UFC sponsorship and they play with Litecoin because it’s maybe just a timing thing and through that experience of using Litecoin, they encounter Bitcoin and all their counterfeit coin when they’re more ready to do so and I think it’s very unusual for people to start with an old coin and completely disregard Bitcoin.”
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Source: AMB Crypto