The era of cryptocurrency and forking.
Lets start with a speculative price prediction on Litecoin Cash:
- $100 by the end of 2018
Whats's the deal with forking?
When a fork happens, a new generation is born.
It's a split in the chain - where a new coin is created from the original...going on it's own chain/path.
Analogy is like a new offspring being born.
The beauty of forking is that it's a creative way to play with expanding the potential that is here.
Forking of Litecoin into Litecoin Cash is quite an interesting story.
So, basically it goes like this: A bunch of mining nerds who've been way way into mining...and looking to mine stuff on the old bitcoin hardware...
We couldn’t find a single coin that uses SHA256 while having fast block times and an effective retargeting algorithm, and that was very interesting to us. Wherever you weigh in on SHA256 vs Scrypt, you can’t deny there’s a whole lot of SHA256 mining hardware out there. Lead developer Litecoin Cash
This line of thinking showcases some ingenuity.
There seemed to be a niche to be filled. While there is no point creating a coin just for miners, it’s true that what’s good for miners is good for the network, and good for everyday use. Bringing together the best ideas from different places, including Evan Duffield’s DarkGravity difficulty adjustment, creates a really practical coin for trade and everyday use, with enough benefits to attract SHA256 miners.
Wow. That's an incredibly innovative approach. There's a lot of value in cherry picking the best of the best. Again, I am reminded of the greatness of open source and the creative collaboration potential in creating new things from the resources we have available today.
And the fact that litecoin has such a wide spread distribution of it's coins....forking litecoin seems pretty brilliant.
Community engagement is essential. We realised that a new, viable SHA256 option could encourage people with older generation SHA256 hardware that’s no longer capable of mining Bitcoin to dust off their rigs, which would help to create momentum for the project.
100%
Given the above, we thought it would be great to have a large and well-distributed money supply from launch. We really don’t like the concept of doing an ICO, whether airdropping free coins to anyone who wants them or encouraging people to buy them.
We realised that what we really wanted was a mature, widely-spread distribution. And what better way to get that than to use a few years of blockchain from a popular coin? Lead developer Litecoin Cash
I don't think anybody who has been accumulating a position in Litecoin is upset about the issuance of Litecoin Cash at a ratio of 10:1 with Litecoin. Which means for every Litecoin you hold, you get a 10 free Litecoin Cash.
Personally, I think this is great.
There's no competition here...it's just complimentary currency. It's a way of scaling the layers of support in the networks.
Litecoin Cash isn’t intended to attack Litecoin in any way. Before the first Bitcoin hard forks, it was unclear whether both blockchains would survive or one would be killed off. Some BTC forks were launched aggressively with the intent that they would displace or even replace Bitcoin; some were launched with explicitly complementary intents and no desire to dethrone the parent coin. We’re very much in the latter category. Remember the origin story of Litecoin itself, an experimental code fork of Bitcoin that turned out great. Lead developer Litecoin Cash
Cheers to 2018 and the incredible journey - Keep Steem'N
Looks like a really interesting project. I’ll have to dust off my first generation ASIC that’s gathering dust in the garage somewhere and fire it back up. Sounded a bit like a jet engine from what I remember though!
oh that's awesome!
I wish I had one that already had dust on it today!
FIRE IT UP!
Let me know how she goes!
I wonder about mining this one and also digibyte. I haven't investigated the digibyte mining enough,..though I haven't researched the digibyte mining enough...but I keep coming back to digibyte...thinking there is something about the ol pow method that I think will remain for awhile..
The issue I have is that it was a butterfly labs device and it ran its own bespoke software. I’m sure you could hack it and use a normal miner but that’s prob beyond my capabilities!
Yea I was pretty pumped about this. Had 9 Litecoin during the fork and really had no idea it was coming until a few days before.
Pretty sweet. Free crypto.
Hope it turns into something big. I was amazed watching it go from $2 to $9.50 in the first 12 hours or so.
Fork on!
haha - Awesomeness all rounds~
Ya Man, Free Crypto is an incredible thing!
Oh ya - I share your amazement in regards for the speculative values we can create!
Fork On!
so will i get this for free if i hold litecoins
if you were holding litecoin before the fork on feb 18th
Forking is a good thing leading up to the fork for the increase of value, the fork itself is valuable if you sell the forked coin at an early stage at a high price... The after effects are unknown, but in general Litecoin will increase in value due to the new LitePay feature that is a real plus point for Litecoin and the future of cryptocurrency and blockchaine technology.
100% agree
thanks for the comment
best regards to you and your litecoin, litecoin cash HODL
@worldclassplayer Yeah, HODL all the way!
Another fork really i was not aware of this one damm so many forks happening now a days
dogethereum
:)
pro tip
:)
hahah that will make Richie rich ;)
That's how dogetherum will be
By forking and changing litecoin's underlying mining algorithm to, I think litecoin cash will bring new life to old, abandoned mining equipment in a kind of strange recycling attempt.
haha @leoumesh
The recycling play here and connecting to the whole litecoin ecosystem is a brilliant play. And these dudes just so happen to be smart and innovative.
Timing is spot on. People have been accumulating litecoin a lot...this is shaping out to be a really big year for litecoin.
Litecoin will move closer in ratio to bitcoin this year...and I think it's possible for litecoin cash to establish it's ratio relative to litecoin. 1 litecoin to 10 litecoin cash. If we look at it in this regard - buying litecoin cash is a real deal right now!
Litecoin is looking like it is ready for a nice big pop up in price any moment, even more than it has already
indeed - cheers to the moon!
We got a big ride through 2018 - Cherish it!
The fork has had a positive impact on Litecoin despite the Litecoin Cash company claiming it has no affiliation with the cryptocurrency in any way.
Litecoin Cash guys are big fans of Charlie Lee. Check the link in the post for the full story.
I always follow your writing, although I am still dark about crypto and litecoin. hopefully I often follow your blog I understand. thank you for sharing knowledge and more.
Appreciate the support @yogaunimal
Grateful
It is like getting free money on to wallet ,when you kept there to be safe ;)
haha - Ya man - good times are being made real real simple :)
Grateful to be here!
who is cryptocurrncy
i'm pretty sure it's jeff.
now that I think about it,
it's definitely Jeff.
It's with a capital "J"
Sangat bagus,,,
i'm not sure what that means - but since I'm receiving that with the lens of perception that it some sort of of profound awesomeness - I bid you a most excellent "Sangat Bagus!"
Beautiful post sir .I will done upbote...
Gracious you are.
Appreciate the
"upbote"
cryptocurrency is doing great job.
she sure is!
It does indeed.
I like the education that's coming through too. Specifically it's providing awareness on the nature of private keys and transferring keys for a forked coin.
Nobody should ever use the private keys for a forked coin when that same private key is hosting a shit ton of litecoin for example.
best practice is to set up another wallet...example litecoin...and transfer existing funds to it....and then use the old wallet with the private key that connects to before the fork.
shit - I should add this to the post.
Best regards Dude!
Cheers