For discussion about Litecoin, the leading cryptocurrency derived from Bitcoin. Litecoin is developed with a focus on speed, efficiency, and wider initial coin distribution through the use of scrypt-based mining.
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We should learn from the mistakes of Litecoin: LTC is marketing itself with two use cases: 1) The silver of something something, 2) Testnet for BTC. That's not enough to be a top 10 coin anymore. Luckily, Bitcoin Cash is more than that!
@SatoshiLite: Litecoin Core 0.18.1 final release is out! Who says Litecoin has no development? 😀 - Many thanks to all the developers that worked on this release! 👏 - We are already hard at work on the next release, Litecoin Core 0.20, which will bring us in line with the latest Bitcoin Core.
In my mind I support it as a form of value that separates from the current corrupt monetary system, similar to that of Gold to Silver e.g. Bitcoin to Litecoin. I see a true cryptocurrency comparable to usd/fiat yet to come, but I fully support bitcoin and cryptocurrencies. Just look at the cash app phenomenon and how easily adoptable it can become, everything is becoming digital and innovation/speed/globalization will push out fiat currencies. Another impending crash is coming and people will switch if an easy to use alternative of currency like cryptocurrencies becomes widely accessible. 🙂 What are your thoughts?
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2 WEEKS 💕 until the halvening! BTC price is back above cost to mine. Bitcoin price slowly but surely rising to $12,000+, the cost to mine 1 Bitcoin in 2 weeks. HODL all faithful Hodlers. NYC is a lightning-fast, no fee version of Litecoin. Official New York Coin nycoin.net
Bitcoin price NOW is likely the lowest it will ever be in our lifetime. Cost to BUY 1 BTC is now LESS THAN cost to mine 1 BTC. Approx $7,000 USD. In 2 short months, the cost to mine 1 Bitcoin will DOUBLE. ❤️ BUY BTC TODAY ❤️ New York Coin (NYC) is a faster, free version of Bitcoin and Litecoin.
Lastupdated2018-01-29 This post is a collaboration with the Bitcoin community to create a one-stop source for Lightning Network information. There are still questions in the FAQ that are unanswered, if you know the answer and can provide a source please do so!
Lightning Network White Paper - The protocol has changed since this original paper, but covers the mid-level mechanics of the Lightning Network with an emphasis on the smart contracts that make it trustless
If you can answer please PM me and include source if possible. Feel free to help keep these answers up to date and as brief but correct as possible
Is Lightning Bitcoin?
Yes. You pick a peer and after some setup, create a bitcoin transaction to fund the lightning channel; it’ll then take another transaction to close it and release your funds. You and your peer always hold a bitcoin transaction to get your funds whenever you want: just broadcast to the blockchain like normal. In other words, you and your peer create a shared account, and then use Lightning to securely negotiate who gets how much from that shared account, without waiting for the bitcoin blockchain.
Is the Lightning Network open source?
Yes, Lightning is open source. Anyone can review the code (in the same way as the bitcoin code)
Who owns and controls the Lightning Network?
Similar to the bitcoin network, no one will ever own or control the Lightning Network. The code is open source and free for anyone to download and review. Anyone can run a node and be part of the network.
I’ve heard that Lightning transactions are happening “off-chain”…Does that mean that my bitcoin will be removed from the blockchain?
No, your bitcoin will never leave the blockchain. Instead your bitcoin will be held in a multi-signature address as long as your channel stays open. When the channel is closed; the final transaction will be added to the blockchain. “Off-chain” is not a perfect term, but it is used due to the fact that the transfer of ownership is no longer reflected on the blockchain until the channel is closed.
Do I need a constant connection to run a lightning node?
Not necessarily, Example: A and B have a channel. 1 BTC each. A sends B 0.5 BTC. B sends back 0.25 BTC. Balance should be A = 0.75, B = 1.25. If A gets disconnected, B can publish the first Tx where the balance was A = 0.5 and B = 1.5. If the node B does in fact attempt to cheat by publishing an old state (such as the A=0.5 and B=1.5 state), this cheat can then be detected on-chain and used to steal the cheaters funds, i.e., A can see the closing transaction, notice it's an old one and grab all funds in the channel (A=2, B=0). The time that A has in order to react to the cheating counterparty is given by the CheckLockTimeVerify (CLTV) in the cheating transaction, which is adjustable. So if A foresees that it'll be able to check in about once every 24 hours it'll require that the CLTV is at least that large, if it's once a week then that's fine too. You definitely do not need to be online and watching the chain 24/7, just make sure to check in once in a while before the CLTV expires. Alternatively you can outsource the watch duties, in order to keep the CLTV timeouts low. This can be achieved both with trusted third parties or untrusted ones (watchtowers). In the case of a unilateral close, e.g., you just go offline and never come back, the other endpoint will have to wait for that timeout to expire to get its funds back. So peers might not accept channels with extremely high CLTV timeouts. -- Source
What Are Lightning’s Advantages?
Tiny payments are possible: since fees are proportional to the payment amount, you can pay a fraction of a cent; accounting is even done in thousandths of a satoshi. Payments are settled instantly: the money is sent in the time it takes to cross the network to your destination and back, typically a fraction of a second.
Does Lightning require Segregated Witness?
Yes, but not in theory. You could make a poorer lightning network without it, which has higher risks when establishing channels (you might have to wait a month if things go wrong!), has limited channel lifetime, longer minimum payment expiry times on each hop, is less efficient and has less robust outsourcing. The entire spec as written today assumes segregated witness, as it solves all these problems.
Can I Send Funds From Lightning to a Normal Bitcoin Address?
No, for now. For the first version of the protocol, if you wanted to send a normal bitcoin transaction using your channel, you have to close it, send the funds, then reopen the channel (3 transactions). In future versions, you and your peer would agree to spend out of your lightning channel funds just like a normal bitcoin payment, allowing you to use your lightning wallet like a normal bitcoin wallet.
Can I Make Money Running a Lightning Node?
Not really. Anyone can set up a node, and so it’s a race to the bottom on fees. In practice, we may see the network use a nominal fee and not change very much, which only provides an incremental incentive to route on a node you’re going to use yourself, and not enough to run one merely for fees. Having clients use criteria other than fees (e.g. randomness, diversity) in route selection will also help this.
What is the release date for Lightning on Mainnet?
Would there be any KYC/AML issues with certain nodes?
Nope, because there is no custody ever involved. It's just like forwarding packets. -- Source
What is the delay time for the recipient of a transaction receiving confirmation?
Furthermore, the Lightning Network scales not with the transaction throughput of the underlying blockchain, but with modern data processing and latency limits - payments can be made nearly as quickly as packets can be sent. -- Source
How does the lightning network prevent centralization?
How would the lightning network work between exchanges?
Each exchange will get to decide and need to implement the software into their system, but some ideas have been outlined here: Google Doc - Lightning Exchanges Note that by virtue of the usual benefits of cost-less, instantaneous transactions, lightning will make arbitrage between exchanges much more efficient and thus lead to consistent pricing across exchange that adopt it. -- Source
How do lightning nodes find other lightning nodes?
Does every user need to store the state of the complete Lightning Network?
According to Rusty's calculations we should be able to store 1 million nodes in about 100 MB, so that should work even for mobile phones. Beyond that we have some proposals ready to lighten the load on endpoints, but we'll cross that bridge when we get there. -- Source
Would I need to download the complete state every time I open the App and make a payment?
No you'd remember the information from the last time you started the app and only sync the differences. This is not yet implemented, but it shouldn't be too hard to get a preliminary protocol working if that turns out to be a problem. -- Source
What needs to happen for the Lightning Network to be deployed and what can I do as a user to help?
Lightning is based on participants in the network running lightning node software that enables them to interact with other nodes. This does not require being a full bitcoin node, but you will have to run "lnd", "eclair", or one of the other node softwares listed above. All lightning wallets have node software integrated into them, because that is necessary to create payment channels and conduct payments on the network, but you can also intentionally run lnd or similar for public benefit - e.g. you can hold open payment channels or channels with higher volume, than you need for your own transactions. You would be compensated in modest fees by those who transact across your node with multi-hop payments. -- Source
Is there anyway for someone who isn't a developer to meaningfully contribute?
Sure, you can help write up educational material. You can learn and read more about the tech at http://dev.lightning.community/resources. You can test the various desktop and mobile apps out there (Lightning Desktop, Zap, Eclair apps). -- Source
Do I need to be a miner to be a Lightning Network node?
Do I need to run a full Bitcoin node to run a lightning node?
lit doesn't depend on having your own full node -- it automatically connects to full nodes on the network. -- Source LND uses a light client mode, so it doesn't require a full node. The name of the light client it uses is called neutrino
How does the lightning network stop "Cheating" (Someone broadcasting an old transaction)?
Upon opening a channel, the two endpoints first agree on a reserve value, below which the channel balance may not drop. This is to make sure that both endpoints always have some skin in the game as rustyreddit puts it :-) For a cheat to become worth it, the opponent has to be absolutely sure that you cannot retaliate against him during the timeout. So he has to make sure you never ever get network connectivity during that time. Having someone else also watching for channel closures and notifying you, or releasing a canned retaliation, makes this even harder for the attacker. This is because if he misjudged you being truly offline you can retaliate by grabbing all of its funds. Spotty connections, DDoS, and similar will not provide the attacker the necessary guarantees to make cheating worthwhile. Any form of uncertainty about your online status acts as a deterrent to the other endpoint. -- Source
How many times would someone need to open and close their lightning channels?
You typically want to have more than one channel open at any given time for redundancy's sake. And we imagine open and close will probably be automated for the most part. In fact we already have a feature in LND called autopilot that can automatically open channels for a user. Frequency will depend whether the funds are needed on-chain or more useful on LN. -- Source
Will the lightning network reduce BTC Liquidity due to "locking-up" funds in channels?
When setting up a Lightning Network Node are fees set for the entire node, or each channel when opened?
You don't really set up a "node" in the sense that anyone with more than one channel can automatically be a node and route payments. Fees on LN can be set by the node, and can change dynamically on the network. -- Source
Can Lightning routing fees be changed dynamically, without closing channels?
Yes but it has to be implemented in the Lightning software being used. -- Source
How can you make sure that there will be routes with large enough balances to handle transactions?
You won't have to do anything. With autopilot enabled, it'll automatically open and close channels based on the availability of the network. -- Source
How does the Lightning Network stop flooding nodes (DDoS) with micro transactions? Is this even an issue?
The True Litecoin to Bitcoin Price Ratio is 4:1, Not 71:1
Yes, Litecoin is approximately .014 Bitcoin today, which makes it appear to be at about a 71:1 ratio with Bitcoin, but this is misleading. Two months before the date of the second BTC halving (the halving was July 9, 2016), Bitcoin was just about $450. Today, just two months before the second LTC halving, we see LTC at just about $120. This is 3.75:1, very close to the 4:1 we would expect due to supply, plus perhaps some added market value probably due to crypto’s increased market maturity. I think that we will see Litecoin get to a quarter of BTC prices where BTC was during the last bull run, which means we should expect at least between $4000-$5000 Per LTC at the height of this bull market. $5000 LTC at $80000 BTC (my prediction based on the four year halving cycle) is 16:1 or .0625 BTC, which makes sense as the gap between the two should close over time. I actually think this estimate is moderate to conservative, but most LTC estimates I see from pro analysts don’t go over $1500 (which keeps LTC under 2% of BTC). Do you think this is because they are under valuing LTC and can’t imagine 6%? Or do you think my reasoning is off?
Intelligent atomic swaps and decentralized matching in the XCARD wallet
The new era of finance — a Decentralized Finance was born when the bitcoin network mined its first block in 2009. It introduced several nonexisting features before — full transparency, decentralization, none single point of failure, trustless consensus mechanism, and transaction immutability. XCARD provides ultimate security and instant settlement for each transaction A kind of crypto fashion that followed has caused a surge of users, creating demand for exchanges. Bitcoin and other cryptocurrencies became popular speculative instruments. Demands for exchanging the value was more electric than technology development, making current crypto space far from its roots — trading was dominated by centralized exchanges due to the adoption of widely known mechanisms from traditional trading platforms. Business immaturity combined with centralized custodial hot wallets caused a lot of market anomalies — fake volume creation, price manipulation, hacks and financial losses for all market participants, bringing a lack of trust for newborn phenomena. The above-mentioned faults caused a desire to return to the roots of blockchain introduced by Satoshi in his white paper. Work has begun on decentralized exchange techniques, the most popular of which are atomic swaps. Introduced in 2013 by Tier Nolan, it started to be popular when Litecoin founder Charlie Lee announced the successful execution of an atomic swap between Litecoin and Bitcoin. What are Atomic Swaps? According to the bitcoin wiki, „Atomic Swaps are decentralized and trustless trades between two users of different cryptocurrencies.” If you are interested in technical details, there is plenty of documents explaining the nature of atomic swaps and possible technical implementations (like most popular — Hash-Time-Locks). Mobilum foundation and its XCARD wallet are built on the idea of entirely decentralized finance. We want to bring a solution that does not compromise customers’ funds’ security and follows our (almost) zero fees criterion. We decided to implement Mobilum as a decentralized multichain solution working in internalizing (also) mode. We use the technology of atomic swaps, which we call „intelligent atomic swaps” because of two reasons: First, we try to maximize the liquidity of the market by playing an active role in market making currencies on our platform. It is done by our arbitration mechanism (supported by the pricing engine) which gathers in (almost) realtime data from different liquidity providers and compares with the decentralized order book on our exchange. The arbitration mechanism tries to maximize the order matching by providing a counterparty for orders which can not be matched between XCARD users, leveraging external liquidity and XCARD liquidity pools. Second, we want to earn profits playing actively on external liquidity brokering, minimizing costs for our users to network costs only, not affecting our profitability. How does the Atomic Swap work in general? Let’s say you want to exchange your Bitcoins for Litecoins with a stranger. You agree with the exchange rate, but there is a problem who sends the funds first and if you receive funds in exchange. So you both agree to participate in Atomic Swap of Bitcoins to Litecoins. You create a special wallet (a Hash Time Lock smart contract) and move your Bitcoins for swap there, so they can be publicly inspected by the second party. Then you send a special hash (lock) to the second party, who also creates a smart contract (HTLC) using the same hash and moves his Litecoins there for your inspection. Both funds can be released using the same key you hold, but by releasing Litecoins you disclose the key so your counterparty may use it to release Bitcoins. If something is not correct (number of Bitcoins or Litecoins in those contracts) you do not disclose the key and both expire — there is no transaction. That is the big picture. How does the Intelligent Atomic Swap work in XCARD on the Mobilum Platform? In general atomic swaps have some limitations. Both contracts need to use the same hash algorithm, both need to implement specific smart contracts. That limits its usage to supported coins only. Another limitation is a price negotiation between parties. In XCARD we try to avoid those limitations by implementing an XCARD originator which is a kind of smart contract notary, that holds an order book of parties willing to exchange their coins and accepted price range. The notary contract works similarly to a matching engine, when buy order matches a sell order it creates two contracts for atomic swaps for each party of the transaction. There is a defined period for each party to move a specified amount of coins for a swap to that address. When both parties move coins a swap is being made by the smart contract. If not, the atomic swap expires. The smart contract notary checks also a membership requirement of each party (just to remind, each party is required to hold 0,5% of the transaction value in MBM Token). If any of the parties do not meet the membership requirement, a smart contract notary may refill it if agreed by the party. Why we call our atomic swaps “intelligent”? Our smart contract notary has an algorithm that tries to match maximum orders volume having in mind parties constraints in terms of agreed swap price. To do so, it connects with our pricing engine and virtual order book to examine the best price on the market. XCARD animates supported currencies using XCARD liquidity pools by providing a second party to the transaction that can not be matched by the platform users when it fits its pricing algorithm. Smart contract notary algorithm polls the XCARD animator service each time it uses a price engine to check whether a particular swap should be done internally (between XCARD users) or involve the XCARD liquidity pool. Both parties may request XCARD liquidity involvement in case of a private transaction requirement. In such a case, XCARD uses its mixer functionality, which hides exact volumes and destinations of transfers (more information will be provided in another article). Atomic swaps have a significant impact on cryptocurrencies and their holders. It gives light on bringing its “currency” nature as it allows trustless exchange and acceptance. We, XCARD are committed to providing the best available secure and decentralized environment for our customers. What next? We are currently working on a technical paper which describes given functionality in detail. The article will be published within a month. https://xcard.io/
Decode raw Litecoin hexadecimal transaction offline ?
Anybody know of a tool I can use to decode a Litecoin raw hex transaction offline ? I found this at blockcypher which is exactly what I'm looking for, but it doesn't work offline. https://live.blockcypher.com/btc/decodetx/ And I found this one where you can change the settings from Bitcoin to Litecoin, but the verify tab doesn't work at all for Litecoin (it does work for Bitcoin offline) https://txid.io/wallet/ Any ideas ?
10-22 14:44 - 'This new Litecoin logo sucks. Generic coloring, and a deleted "L". / Litecoin used to be Silver logo. It was recognised as the 21st century Silver, to Bitcoin beeing the new Gold. / They threw the unique, well known and fitting...' by /u/Geoku11 removed from /r/Bitcoin within 1-11min
''' This new Litecoin logo sucks. Generic coloring, and a deleted "L". Litecoin used to be Silver logo. It was recognised as the 21st century Silver, to Bitcoin beeing the new Gold. They threw the unique, well known and fitting trade mark color out the window to create a deleted L as there logo in some generic blue. Threw the visible connection to Bitcoin away to appear like one of the other thousand shitcoins. And all that just after years of work that Litecoin had soldified at the very top and became well known. Someone in the Litecoin community has no idea about logos, brand recognition and marketing. Time to get rid of this altcoin when people controlling it dont understand these simple things. ''' Context Link Go1dfish undelete link unreddit undelete link Author: Geoku11
Alchemy Opens Up Bitcoin Payment to 1.2 Million Merchants in Asia. The service features a hybrid integration with popular fiat wallets in Asia such as Alipay, WeChat Pay, and LinePay to mention a few, and support for more than 30 altcoins including ether and litecoin.
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How to Send Litecoin or Bitcoin with COINBASE - YouTube
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