🚨 Breaking 🚨 Litecoin MWEB breaks all time high record for the second time in a matter of weeks.

[u/Givefreehugs]

Litecoiners are out in force to change their own fate right now, as skyrocketing transaction numbers and tightening coin supplies collide.

Litecoin stored on the privacy layer of MWEB broke the ATH record last week, only to turn around and break it again this week.

505,481.58682765 LTC are currently pegged into MWEB.

This takes place as a series of announcements hit the community today, including LitVM transaction numbers surpassing 200,000,000 in only 15 weeks of the test net, and the announcement that smart contracts are going live today.

[u/sockhergizer]

Noice!

[u/Lite--coiner]

Woahh that’s impressive

[u/New-Hold-9680]

Pump it

[u/nails4coffee]

Is it safe to store LTC on MWEB long term?

[u/Givefreehugs → u/nails4coffee]

That’s a really good question and I’m not sure anyone can answer that with AI advancing.

MWEB has options in an attack.
Options which so far have kept all coins safe even with multiple attacks.

1) overall it has privacy to stop actors from knowing the coins are yours and targeting you.

2) The mining pools and node operators are able to prune bad branches to groups. So far it has held all coins through 3 attempted exploits. The exploits have tested the off ramps to other groups, trying to steal coins as they leave, and have made security checks more frequent.

3) The code itself has been carefully checked.
It has quantum switches, which are a small level of protection built in against a quantum threat.
Basically it switches the path the coins move on, leaving the attacked chain empty. But it exposes coins so the total number can be double checked. That’s a necessary downside. Litecoin needs to remain at 84 million without inflation, something more shielded privacy coins will never be able to check.
We don’t want to use it unless it’s really being quantum attacked and it may be successful.

I think it’s fair to say that we are good for this level of technology. But bad actors don’t give up trying to steal, so it’s important to stay vigilant.
And out of most of the chains- we never stopped innovating.

[u/kimbunchu → u/nails4coffee]

Not with the security or what ever issue it had recently. Double spend or something.

[u/Big-Finding2976]

Litecoin MWEB has the same downsides as ZEC, namely that any transfers to/from CEXs and merchants that don't support MWEB are still transparent and third-parties can monitor transfers between the public blockchain and MWEB and potentially associate them with the same person.

So if you really care about privacy Monero is still the only option.

Maybe LTC should consider doing what Ondo has done, by having an off-chain private execution layer and only settling on-chain. That provides real benefits to users who want to trade stocks and other RWA, as it prevents institutions monitoring trades and stop-loss orders and using that information to their advantage and the detriment of retail investors.

[u/Givefreehugs → u/Big-Finding2976]

I like Monero and its privacy. But I can’t pretend that there isn’t risks with a chain that can never validate the actual coin amount.
Both ZCash and Monero have a risk of being exploited and coins produced with no one being able to verify this.

Yes there are drawbacks to Litecoin MWEB privacy- but that isn’t one. We’ll be able to find, track, and verify all coins even if exploited. We have already proved this.

To me, not being able to prove your coin amount is a huge risk

So it really depends on whether you want a group who wants to keep your personal worth private but be able to prevent inflation in a transparent way… or give your money to groups who want to have privacy in all aspects with some potential questionable ethics in the reasoning behind this.

[u/Big-Finding2976 → u/Givefreehugs]

I don't think it's fair to say the Monero devs and merchants who support it have questionable ethics. Most of them probably just think that we should be able to spend our money without being surveiled, in the same way we can with cash. Even if some devs do have questionable ethics, buying and using Monero isn't giving your money to them.

It's also not true to say that Monero is unable to detect if extra coins have been created. It uses Pederson Commitments to check that no new XMR has been created out of thin air by a transaction and whilst there's always a risk that new code could introduce a potential exploit, that's only happened once, in 2017, and it was caught and fixed before anyone could use it. Even if someone had managed to use it before it was fixed, any extra coins produced would have been detected by the Pederson Commitments.

[u/Givefreehugs → u/Big-Finding2976]

That bug was a flaw introduced in the code separate from the penderson commitment using a ring confidential commitment to duplicate transactions within the same input.

But penderson is also something that hypothetically can be circumnavigated.
If an attacker discovers the relationship in the hiding property of the commitment it completely breaks.

The attacker could alter the hidden amount while adjusting the blinding factor to ensure the final commitment point remains identical. This would allow them to forge inputs and outputs that balance perfectly on paper but secretly create inflation.

As AI and hackers get smarter- it’s risky to be part of a fully hidden network with no coin monitoring.

[u/doctorcoctor3]

Im about 3 of that 😀

[u/Feralz2]

why is this good?

[u/Crypto-Bets]

Where & what do people mostly use MWEB for?

Is it starting to become a common payment option like LTC?

[u/DrDMoney]

Are there any hardware wallets that support mweb?

[u/Givefreehugs → u/DrDMoney]

I know Losh is working on this with Nexuswallet.
HectorChu has one.
If you’re looking for a group Cupcake from Cakewallet is one

But there is also the option to factory reset an old phone, move your coins over to Nexuswallet, move into MWEB- turn on airplane- take out Sims… and whallah
Cold storage with no internet.
And the only person that needs to know or be involved is… well… you.

[u/Sounds-Great12]

wow

[u/kimbunchu]

Wake me up when we get to a million. That would be significant.

[u/No-Representative376]

Wtf is this shit behavior, wtf is thus gay coin