SegWit on Litecoin - Pass or Fail?

[BuggedOut]

Last nite SegWit went active on Litecoin. A much anticipated and hyped event it seems to have gone off without a hitch. But how are the markets and miners responding?



The market is behaving in a "Sell the News" fashion so far it seems.

What about the Bitcoin node counters. What do they say?



Seems that support for SegWit on Bitcoin is actually dropping off and Bitcoin Unlimited is hitting a new high.

It's very interesting. I am no fan of SegWit but I thought an issue free implementation might have given SegWit a boost on Bitcoin. Regardless, if the opposite is true then the scalability debate for Bitcoin might still be resolved....but at this stage it still looks like Bitcoin might still be stuck at an impasse.

The mania might need to be put on hold for a bit....

 

[camylopez]

people are fed up with non moving coins, quickest solution is EC, which both BU and classic are allowing, core needs to move with the times or become obsolete

 

[leo25]

Segwit is pointless for litecoin, so why anyone thought it would make litecoin go up boggles my mind. The only reason why litecoin went up was due to it going on Coinbase.

As for bitcoin, looks like people are starting to wakeup and see segwit is a very shot term solution, so support is moving rapidly to BU. Core team are pathetic children that think bitcoin is only good for a savings account and shouldn't really be used for everyday transactions.

As for lightning network, since people don't really buy things with cryptos atm it's more or less pointless until cryptos become mainstream. (which is a long way away)

 

[Nabullion Dynamite]

Segwit is pointless for litecoin, so why anyone thought it would make litecoin go up boggles my mind. The only reason why litecoin went up was due to it going on Coinbase.

Honestly from what I have gathered the vast majority of the crypto population don't even understand what segwit does. They just know recently it has been the magic word to make coins go up.

People are idiots if they thought that somehow Segwit activating mean the price would fly away and never look back however coinbase was not the reason it went up. Litecoin was 4$ and went up nearly 300% because of just the mention of adding Segwit. Then another 100% when Segwit was locked in. Coinbase gave it a good surge but only another 30%. Even segwit just activating 2 days ago caused the coin to go up another 25% and hit an all time high. I'd say Segwit and the possibilities it opens has directly given the coin a huge boost.

I think after all the "sell the news" people have taken their profit continue to grow just like when segwit first locked in. People sold the news and dumped the price then shortly after it surpassed a new all time high.

 

[Altima]

So what you're saying is that there is increasing support for BU blocks versus Segwit, yet prices of Bitcoin and Litecoin is skyrocketing.

Markets sure are weird.

 

[leo25]

So what you're saying is that there is increasing support for BU blocks versus Segwit, yet prices of Bitcoin and Litecoin is skyrocketing.
Markets sure are weird.

Well BU support is a good thing as it address the scalability issue with bitcoin by not having any hard limit on the block size. So they can just increase it whenever needed to allow more transactions through.
Unlike Segwit that only gets a one time doubling effect that might be good for only 1 year.

The big question now is will support continue to grow for BU or will it level off with a divided community and possibly cause bitcoin to hard fork into 2?

 

[leo25]

however coinbase was not the reason it went up.

you are correct, the main reason litecoin went up was due to people not understanding Segwit and people buying the news. What i should of said was, "the only fundamental reason litecoin went up was due to coinbase."

 

[Nabullion Dynamite]

you are correct, the main reason litecoin went up was due to people not understanding Segwit and people buying the news. What i should of said was, "the only fundamental reason litecoin went up was due to coinbase."

I still don't think this is true. Charlie Lee first twitted about reconsidering being added to Coinbase after the price spike caused first by the mention of segwit. Smallest spike I have scene so far was being officially added to coinbase. How come speculation of Segwit caused over 300% spike but speculation of being added to coinbase did not do anything. Being added to coinbase gave it a 30% boost. How come people did not buy that rumor, they bought the news with coinbase. Most of everything going on with most cryptos is speculative but I believe litecoin actually taken action and being the first major coin to implement segwit is what caused them to go from 4 to 40. Not only coinbase

 

[leo25]

Nabullion, you're not understanding the meaning of fundamental. So segwit in litecoin didn't really change anything in a way to make it better then how it was before. Whereas when it became available on one of the biggest exchange in the world it changed how litecoin was used in a big way as it allowed a lot more money to easily flow into litecoin.

So even though segwit might be the reason it went up the most, it's not the fundamental reason. Understand?

Anyway if you look at the chart, litecoin started really moving Day after day on May the 3rd. (the day it was added to coinbase) Also remember segwit didn't activate until a few days ago. Funny how litecoin started going down after it was activated, that's because segwit is not a fundamental thing and now it's live people are starting to see it's all BS.

 

[Nabullion Dynamite]

I disagree but I can see there is not much point in arguing further. By activating Segwit it has opened the door for a bunch of new features that could not be implemented before Segwit. Those features are still being developed now, it has only been days since activation and nothing is immediate. Litecoin is in a whole new stage of development now. Just like with segwit the addition to Coinbase and speculation around that jumped the price. Not the actual new volume of buyers. I was on poloniex when it happen. Volume was 1100btc buy order and in 5 minutes of people mentioning it was added to coinbase there was 4700 btc in buy orders. People buy hype that is true. And the price did correct from there but much higher then before just like with the mention and activation of Segwit.

Edit- I also don't attribute the recent price drop to people figuring out that segwit is a scam...the price went up over 900% in a month...I think a correction is due and welcome. Doesn't matter what caused the price rise a correction will happen eventually

 

[Nabullion Dynamite]

@leo25 I do think you will find this rather amusing though. I just read on the Litecoin reddit someone posting that they bought 6900 Litecoin just before Segwit activation...they are now down 35% on their purchase. People that get it and people that don't and I agree anyone that thought Segwit activation meant the coin is instantly amazing are fools but I can not deny what doors it opens up.

 

[leo25]

@leo25 I do think you will find this rather amusing though. I just read on the Litecoin reddit someone posting that they bought 6900 Litecoin just before Segwit activation...they are now down 35% on their purchase. People that get it and people that don't and I agree anyone that thought Segwit activation meant the coin is instantly amazing are fools but I can not deny what doors it opens up.

ouch that would hurt! Last thing any guy needs is an angry wife on his back because he lost money on cryptocurrency.

Regarding litecoin's segwit activation, what are all the doors it opens up? i haven't gone overly deep into it, but so far all I'm aware of is;
1. the segregation of the signature from the block, thus allowing about 2.3x more transactions into the block. (litecoin doesn't suffer from long wait times as bitcoin does, so this doesn't really change anything)
2. lightning network off chain transaction, this allows instant payments when you are doing a lot of transaction to a single trusted person/business. (since litecoin isn't used in everyday transaction atm, this also doesn't really change anything for a long long long time)
(please add additional stuff that I'm not aware of)

From the looks of it these features are designed for bitcoin and litecoin is just a testing ground before they will be OKed for bitcoin. Though if bitcoin goes with unlimited blocks, then all this is not really needed.

 

[camylopez]

By activating Segwit it has opened the door for a bunch of new features that could not be implemented before Segwit

I think, like the majority, that you dont quite understand what segwit is.
In a very short summery, it allows a third party to verify your transaction off the blockchain. This very effect is open to control and centralization.
If we had no blocksize limit, im fine, let segwit implement, but this controlled limit means people are forced to use it. For those that want segwit, may as well just stick to paypal. (with increased adoption, long term brand names will be more trusted by the general public, and if organizations such as paypal wanted to enter the field, this would be their que)

 

[BuggedOut]

Interesting that Litecoin has continued to sell off in the aftermath of SegWit. Mr Market doesn't seem that impressed :-


Maybe it was just a pump and dump all along to suck in some mugs....
Notice there is some volume starting to creep in at the lows, suggesting it is finding some support and maybe will stabilize or bounce soon.



This one is very interesting too. It had looked like BU was going to pull away but now they are converging again. Does this signal a continuation of the scalability debate for the medium term....does it add weight to the above comment that Litecoin might be finding a new bottom and suggesting SegWit could come back into the spotlight?

I'm still not buying Litecoin, but am watching closely some of these technical indicators.

 

[BuggedOut]

Over a month later and Litecoin still hasn't reached the highs of the pre-SegWit implementation hype.

Meanwhile many other coins have gone on massive runs over the same period, so I'm calling it.....

SegWit = FAIL!

 

[leo25]

Over a month later and Litecoin still hasn't reached the highs of the pre-SegWit

SegWit = FAIL!

I think litecoin started going up after you wrote this i really don't get what place litecoin has, once bitcoin allow for bigger block size then it will be pointless. This is an example where free market doesn't mean better, because most people are idiots.

 

[BuggedOut]

You are right, it did. Up over 10% overnite. Though it still hasn't reached pre-SegWit highs.

Litecoin may get a bit of interest again if Bitcoin splits into SegWit and BU forks. I don't see a big difference between Litcoin and Bitcoin SegWit, but atleast Litecoin has stability ATM and a faster block rate.

 

[BuggedOut]

Very amusing. Litecoin up 35% in the last 24 hours and just took out the high.

The internets must be trolling me

 

[leo25]

Very amusing. Litecoin up 35% in the last 24 hours and just took out the high.

The internets must be trolling me

haha yep i think someone here on SS did a big purchase after reading your comment.

Almost 50% of litecoins market cap got traded in 24hrs (about 1billion $), seems very high! In comparison Bitcoin and Ethereum did about 3% each.

 

[ninteno]

haha yep i think someone here on SS did a big purchase after reading your comment.

Almost 50% of litecoins market cap got traded in 24hrs (about 1billion $), seems very high! In comparison Bitcoin and Ethereum did about 3% each.

Its only because of the fear the btc chain could split up in two. Big exchanges in china all have ltc so they try to diverisify. Withdrawels have a limit so better to be in ltc than in cash.
Waterfall decline coming if fear dissapears.