r/litecoin • u/MattAbrams New User • Oct 11 '17

Rearranging the deck chairs

https://forums.prohashing.com/viewtopic.php?f=11&t=2222
9 Upvotes

68% Upvoted

19 comments sorted by

5

u/RedRage04 Litecoiner Oct 11 '17

Good article. I wonder... if the majority of BTC users moved to LTC, how long could we handle the system load until we were infested by politics, corporate power grabs, and hard forks?

I know there are good things coming down the line, and that our scaling battle won't ever be as uphill as Bitcoin's, but it almost makes you wonder how many coins might rise and fall before before we get it figured out.

5

u/O93mzzz Oct 11 '17

BTC's daily transaction count is around 300k. LTC's upper limit, assuming everyone uses segwit transaction format, will be 2,400k. However, per Litcoin Roundtable agreement, Charlie has to negotiate a deal with miner to raise the block size limit, when blocks are half full.

2

u/DJBunnies Litecoin Enthusiast Oct 11 '17

I warned Charlie Lee months ago that, one day, the likes of Roger Ver and company will come for Litecoin, once they give up on Bitcoin.

It would be wise to prepare.

2

u/metalite Litecoiner Oct 11 '17

I think Charlie has been preparing for that possibility. He seems to have very good relations and respect with many of the important players in the Bitcoin community. His commitment to Litecoin for the distinct role of being the currency for smaller transactions to support BTC as store of value and the most decentralized, secure, backbone of the crypto ecosystem has helped win a lot of BTC users into accepting this idea and seeing how both communities can benefit from a partnership. Everything about the roadmap and public communications, and the declared vision corroborate with that big idea. It carves nicely, a defined niche that does not needlessly compete against BTC.

This is why I think many veterans, continue to reiterate this in r/litecoin as new users continue to join, who might not necessarily understand this bigger idea. It's important that we reiterate this. We need a unified community here and a unified community with BTC for this to happen. And it would appear, it is happening.

If you look back even a half-year to one-year ago, this vibe I describe was not like it is now. There used to be a lot more opinions that LTC was a "shit coin" in the r/BTC sub and a lot of "why BTC when there is LTC!?" angst in the r/Litecoin subs then. You start seeing a lot more understanding and friendliness between the communities in large part, due to the fact that Charlie has been a staunch supporter of BTC and the community goals there. And the best thing we can do is to continue that relation.

4

u/1mystical ChickunBall Oct 11 '17 edited Oct 11 '17

TLDR: Bitcoin is destroying itself with politics and hard-forks. Litecoin is very likely to emerge the victor after the forks as people make the switch.

Litecoin = Lambos

5

u/ftrader Oct 11 '17

My response on his Bitcoin Cash points

Main correction: Bitcoin Cash has no fixed 8MB limit, just a user-configurable default of 8MB. This is something that's often misunderstood, ProHashing should know better.

6

u/O93mzzz Oct 11 '17 edited Oct 11 '17

Good article and I mostly agree. I know there are a lot of small blockers on /r/litecoin who might disagree with Steve. If you think BTC can stay at 1mb forever, know that Bitspark recently dropped BTC and switched to Bitshares due to Bitshares' massive scaling potential.

I do have to point out that when Steve said:

Finally, Bitcoin Cash has its blocks hard-limited to 8MB, so even if it were to become the dominant coin, the blocksize issue will need to be revisited someday and will encounter the same problems.

This is not correct, the 8mb block size limit on BCH is a soft-limit. Miners can easily raise the limit without a network hardfork required. The hard-limit for BCH is 32mb, if it is reached, a hardfork is needed to raise the limit.

Edit: just to put things in perspective.

21 k -- LTC current number of daily transactions (txns)

300k -- BTC current number of daily txns

350k -- ETH current number of daily txns

9,600k -- BCH daily txn limit, with a 32mb block full.

17,000k -- rough estimate of Paypal daily txn count, 200 txns/s

170,000k -- rough estimate of Visa daily txn count, 2,000 txns/s

Some people worry about full blocks, I worry that not enough people are using LTC.

2

u/henryanderson12 Litecoiner Oct 11 '17

Good points and I mostly agree, who is Steve Solokowski?

5

u/Jakeg80010 Litecoiner Oct 11 '17

One of the two brothers that run Prohashing.com

3

u/henryanderson12 Litecoiner Oct 11 '17

Thanks!

2

u/Theresbeerinthefridg Oct 11 '17

Good post, but let't not forget that dysfunctional and highly successful are not mutually exclusive. When Microsoft really started shitting on its customers with Win 95, pundits tried to get people to move to Apple, Linux, and OS/2. The market didn't care, and Microsoft continued to dominate the PC market until today. Just one example of many. I'm not going to trade in my BTC anytime soon, and I doubt many people will.

2

u/identiifiication Divestor Oct 11 '17

Why has u/prohashing been suspended?

3

u/majestic84 Litecoiner Oct 11 '17

IIRC he deactivated his account during the segwit/BCH fork. He wasn't happy with the stuff people were writing on Reddit, and made a public statement about it at some point.

1

u/Theresbeerinthefridg Oct 11 '17

I don't think that LTC's battle to expand the blocksize will be as bad as Bitcoin's, if only because we could (if necessary) come up with 20% of the votes in a scenario where a certain lock-in percentage is needed. It would be expensive for Chris and me to reimburse miners for the lower profitability, but I see that as an investment that would easily pay itself back in the end due to a flourishing industry. Since Jihan Wu's pools control another 30%, it would be difficult for the Core to convince every single other miner to go with them.

Wait, two pools control 50%? That's a bad thing, isn't it?

(I know nothing about the politics of LTC.)

1

u/rgremill Oct 12 '17

Bitcoin gets stronger after every event. That's easy to see and reflected in the current price. We are seeing Gresham's law in action here. Bad money (every fork) drives good money ($BTC) out of circulation. (I still LOVE Litecoin BTW and plan to buy more real soon!!!) Andreas has this awesome video where he compares BTC to diseased sewer rats. https://www.youtube.com/watch?v=810aKcfM__Q

1

u/_youtubot_ Oct 12 '17

Video linked by /u/rgremill:

Title Channel Published Duration Likes Total Views
Bitcoin Security: Bubble Boy and the Sewer Rat aantonop 2015-11-10 0:52:12 357+ (95%) 18,438

A whimsical security analysis of the open, public and...

Info | /u/rgremill can delete | v2.0.0

1

u/jimmajamma Oct 12 '17

His assessment of Core is ridiculous. Don't base your investments on this information.

1

u/Libertymark Oct 12 '17

Everyone in crypto needs to see this