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Litecoin News

Litecoin Celebrates Eighth Birthday With Total Transactions Reaching $500 Billion Mark

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litecoins birthday

According to a post from the Litecoin Foundation, it was in October 2011 when the first block was mined on the Litecoin network with the message:

“@NY Times 05/Oct/2011 Steve Jobs, Apple’s Visionary, Dies at 56”

Subsequently, another couple of blocks were mined for genesis block validation and ensuring the proper functioning of the network. After the confirmation, Charlie Lee, the creator of Litecoin, asked users through the Bitcointalk forum as to when it should be launched for ensuring input from the community.

The time decided was at 03:00 GMT on Thursday, October 13th. Even though there wasn’t much interest from users initially, with time more and more people went on to adopt the cryptocurrency and it saw growth alongside Bitcoin itself making headlines – partly due to the use of the coin in the darknet markets such as Silk Road.

According to CryptoCompare data, Litecoin now maintains a $3.59 billion market cap and has become a top traded cryptocurrency in terms of the trading volume. According to Charlie Lee, $500 billion worth of transactions has been made using the Litecoin network until now.

But Litecoin is not without its detractors. Those who consider it a Bitcoin copy have heavily criticized it citing that it would only distract users from Bitcoin.

There are others who consider Litecoin a testnet for BTC. It acted in that capacity during the implementation of Segregated Witness, as it was adopted by the Litecoin network before Bitcoin, and it still has higher usage on the network. As per the figures from last month, the use of SegWit on LTC has grown over 75%. The ATH for SegWit usage on the BTC network has just reached close to 60%.

Litecoin has seen some of the wildest price fluctuations in the past as well. During the last few years, there have been severe fluctuations with LTC hitting a new ATH of almost $400 in December 2017. It started at only $4 that year.

After that, in December the following year, the price crashed to $22, and it has seen recovery ever since. At the moment, the Litecoin trading price is $57.

According to recent reports, the Litecoin Foundation is currently facing depleted reserves, but Lee has said himself that there’s enough to last for a couple of years.

Altcoin News

‘I Think XRP Is a Scam’ Says Ben Askren Former UFC Star And Bitcoin Advocate

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‘I Think XRP Is a Scam’ Says Ben Askren Former UFC Star And Bitcoin Advocate
‘I Think XRP Is a Scam’ Says Ben Askren Former UFC Star And Bitcoin Advocate

As regulatory concerns over XRP — the world’s third-biggest crypto asset — have intensified, some celebrities are stepping in to voice more FUD about the coin. Ben Askren, former UFC fighter and known Bitcoin (BTC) bull, has driven more scepticism toward XRP with a short tweet on Jan. 28: “I think XRP is a scam.”

Askren’s latest cryptocurrency verdict builds on a background of previous endorsements of other cryptocurrencies. The famous former Olympic wrestler is not only bullish on Bitcoin, but also supports Charlie Lee-founded Litecoin (LTC), the seventh biggest cryptocurrency by market cap as of press time. In January 2019, Askren was purportedly sponsored by the Litecoin Foundation as the mixed martial arts fighter for UFC 235 event. Subsequently, the UFC fighter appeared on his Instagram wearing a Litecoin-branded t-shirt. The celebrity has also promoted Bitcoin on his Twitter in October 2019:

“Just bought more BTC using @eToro was really easy, now all of you twitter geniuses can tell me Crypto is a scam while my assets go up!”

As Askren has been known as a shill for BTC and LTC for a while, a user on Twitter asked him a question: “The fact @Benaskren is staying quiet on XRP tells me its going to take it a long time if ever to moon.” Askren’s verdict didn’t take long, and a part of the crypto community on Twitter expressed some negative stance toward XRP, while the tweet has amassed over 2,000 likes as of press time.

Askren’s statement about XRP comes amid an already worsened situation around the coin as XRP dropped over 40% from $0.364 in 2019 to $0.183 in December, marking a two-year low. The situation has been exacerbated by rising concerns over the unclear regulatory status of XRP’s issuing company, Ripple, which faces a class-action lawsuit alleging that it held an unregistered sale of securities. Despite all this, CEO Brad Garlinghouse has recently hinted at an initial public offering for Ripple, which undoubtedly has some implications for the fate of altcoin. At press time, XRP is trading at $0.238, up over 1% over the past 24 hours, following a major green trend on crypto markets.

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Litecoin News

Litecoin Foundation Warns Fake 100,000 LTC Giveaway Scam Spreading on YouTube

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Litecoin Foundation Warns Fake 100,000 LTC Giveaway Scam Spreading on YouTube

The project director of the Litecoin Foundation is warning the crypto-curious about an apparent scam on YouTube.

David Schwartz says a YouTube channel posing as the Foundation recently broadcast a video of the 2019 Litecoin Summit, pretending it was happening live.

The description of the video falsely states that the Litecoin Foundation is now giving away 100,000 LTC.

The video deploys a classic crypto scam, claiming that anyone who sends LTC to a certain address will receive a larger amount of LTC in return.

It’s the latest reminder that the vast majority of crypto giveaways are likely scams – especially those that ask people to send crypto to an address.

Similar schemes are trying to trick Ripple and XRP supporters, with many people in the community posting alerts via Twitter.

 

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Litecoin News

Coinbase Could Be Holding a Quarter of All Litecoin

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Coinbase Could Be Holding a Quarter of All Litecoin

The quest for decentralization in the cryptocurrency space is a noble but convoluted pursuit. So, when a suggestion arises that one of the world’s most prominent exchanges, Coinbase, is holding as much as 25% of all Litecoin, questions start to be asked.

Coinbase is regarded as one of the biggest, and most influential, cryptocurrency businesses in the world. It has made it to the Forbes Blockchain 50 list, and it has its infamous ‘Coinbase effect’ that sees coins pump when added to the exchange. But does this exchange pack enough power to influence a coin like Litecoin?

Can Coinbase Be That in Control?

It was suggested on Twitter by @TruthRaiderHQ that Coinbase holds 25% of all Litecoin and even a substantial 5% of Bitcoin.

This was followed up by a stab at John Kim, who brands himself as an ‘LTC evangelist.’ The suggestion being that if one company does hold as much as 25% of one coin that promotes itself as decentralized, then the level of its decentralization deserves to be questioned.

The scope of Coinbase’s prominence in the cryptocurrency space is tough to determine, as is its full record of coins held under custody. However, the similarities to the cryptocurrency exchange and a major bank are quite apparent.

Coinbase is a centralized exchange, a breed of exchanges that dominate the market, and are a necessary go-between for fiat and crypto. But also a type of exchange that operates, in many ways, like a traditional bank.

In that sense, it faces deposits and withdrawals of crypto and fiat, all the time, and often with huge sums. There needs to be high liquidity at Coinbase, and this means holding a lot of funds.

Does This Make Litecoin Centralized?

Coinbase has over $7 billion of BTC under custody, which equates to 966,230 Bitcoin. If this is the case, and the circulating supply is 18 million – or perhaps closer to 17 million because of lost coins – then it would appear that Coinbase does hold even more than 5% of Bitcoin.

If it is the case that 25% of all Litecoin is sitting under custody with Coinbase, that is a substantial chunk that is not as distributed as fans of the coin would like or even expect. Coinbase isn’t likely to do anything with that much sway in the Litecoin sector, but it does warrant questions of its distribution.

Coinbase Litecoin

However, what does become concerning is that following its mining reward halving earlier this year, the hash rate for Litecoin has been falling, which does make it more susceptible to a 51-percent-attack. Its hash rate is now the same as it was a year ago.

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