Good morning traders! It seems the markets have finally woken up, some of the markets are actually doing quite well.
Litecoin is up 33.33% at the time of preparing this post, from it's low around $160 to 210 USD! And today morning, it's up another 28% to 232!
Much of the contributing factor can probably be attributed to the upcoming controversial Litecoin Cash fork, which the original Litecoin creator, Charlie Lee, has already pronounced as a massive scam. Currently as far as i know, Litecoin Cash fork is just a fork, it does not solve or aim to solve any outstanding issues or problems with Litecoin. Yes, it features some improvements, according to the creators of LCC, but the necessity for this remains unknown.
Via Twitter
Searching around on the web, i got multiple controversial reports about it, including multiple different websites calling themselves, litecoincash, lcash etc, so the information out there seems incomplete to come to own conclusions. Feel free to point me to their official website if you are 100% sure.
Newsbtc.com however points out, that Litecoin cash promises 90% cheaper transactions and increased block times as well as SHA256 enabled mining.
According to them there is a catch though. Litecoin Cash forkers are offering airdrops of LCC in 10 to 1 ratio for all Litecoin holders at the time of block 1371111 (still upcoming). But to claim the 10x tokens, one has to export his private key from LTC wallet to LCC wallet, which makes the whole operation less secure.
Nevertheless, this fork has created quite a furore in the cryptocurrency communities and i for one will be closely watching it. Just keep your heas cool and don't give your hard-earned coins to scammers.
Read the summary of LCC on newsbtc.com
Litecoin technical picture has gotten quite a bit more positive. While many new guys argue that technical anaysis doesn't work, most still agree, that price moves from level to level. And for us retail traders, what more can we do than to limit risk at potential levels? Limiting risk means you can enter a position as close as possible to a defined level with stops close enough, in case the level fails, but not too close to get taken out by a simple stoprun or liquidity spike.
We have taken out the pressure from the downward pointing channel and testing a 50% fib retracement of the downswing. The damage on the chart has been enormous, so don't expect an instant recovery to the highs though.
Microsoft is looking into decentralized identity systems, where individuals have full control over their identity and reputation. After searching far and wide, Microsoft has admitted, that blockchain is probably the best way to move forward with this project as it provides the necessary technology - privacy, self-ownership, history.
Via microsoft.com
As a foundation to these services, Microsoft mentions 3 public blockchains - Bitcoin, Ethereum and Litecoin, which is a big and respectable nod from a tech giant like Microsoft.
If you are one my blogs casual readers and not a blockchain enthusiast, this should be a wakeup call - blockchain is the future and it has already started. Don't be left out, keep your eyes open and do your research.
Read the original blog post by Ankur Patel, Principal Program Manager of Microsoft Identity Division, here at cloudblogs.microsoft.com
If you want a short summary, head over to Forbes and get caught up.
Check out Chainbb, an alternative frontend for STEEM network. If you like forum style, that's the platform for you.
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From someone who has watched Microsoft evolve from Windows 3.1, to Windows 95, to Windows 98, to Windows XP, to Windows 7, to Windows 8.1, to Windows 10....
Microsoft is not an innovator. They are a pirate. They get behind anything that gains traction after it's already gained traction.
After the millions and billions that company has made, they should be the leader in things and they aren't.... only because they have time to spare.
So if Microsoft recognizes something it only means they are 1 year behind the industry... as always... :(
Better late than never, right? And they have the power, which means they can bring the advantages of blockchain to more regular people.
Yes they can... and I take it as good news... but if you look at it... how can Microsoft possibly ignore blockchain technology. They are only recognizing it because they have to... not because they chose to.. Microsoft is always 1 step behind the real world, but because they have a monopoly they can afford to be lax to market.
It's good they're recognizing cryptocurrency, because if they didn't, that could sign their death warrant and let a competitor come in and replace them.
You make very good points here @intelliguy. Micro$oft have always been dragged screaming along the innovation road. They take so long to get on board that they actually hold back progress, as most observers want to see the big guys involved. Their web browser has always been a pain in the ass when it comes to adapting new standards that are good for the industry, developers and users in general. So it is certainly good to see them recognizing the blockchain now, as it will makes others sit up and take notice.
Perfect accompaniment to my Litecoin technicals blog from today. I’ve given you a resteem mate. Cheers. 😎
Yeah, mate. Saw and thought to myself "what a perfect pair of LTC posts" :)
Great post! I only have one criticism. You say that "the damage on the chart has been enormous, so don't expect an instant recovery to the highs" but then you use a LTC/USD chart. Doh! Nobody uses USD as a proper reference in crypto. If you look at a LTC/BTC chart you would see we are already at the highs and passed them!
I guess I'm nobody then :), cause I like to see what I can cash in and out for. I'm not past the fiat stage yet, but I'm here to learn.
I think, yeah, it's probably good to look at both on the top-10 coins. Because there are indeed some fiat onramps that use LTC as a pair. But don't forget to look at the BTC charts as well! That BTC all-time high is pulling on it like a deadweight.
Thx @shanghaipreneur for your input, I appreciate it. If you check my blog you'll see I currently reference all altcoins off of BTC/USD. Thanks again.
That's also a valid point as i know a few people that use BTC as a ref, but most traders in my circle use USD on daytrading and levels. BTC is volatile and erratic and can be used only as a reference point when looking at overall performance in comparison to other cryptos. In this case you are right though - it has passed a big lvl.
I've written a #Steemit guide on how to safely claim your Litecoin Cash from the upcoming fork, without putting your #litecoin balance at risk
Would appreciate if you share and comment on it guys.
How to safely and securely claim your Litecoin Cash from the upcoming fork
Thanks for the guide!
Glad to be a (new) part of the community :)
It's great to get up in the morning and come to your blog to get an update on what's new in the crypto world :). I gotta say, all these forks really make me nervous. Thank you.
Litecoin's expectations are pretty good. I think ATH will be seen in the short term.
That's a very good post. I really like to read it. Lots of knowledge contained therein. Thank you for giving me a very valuable lesson.
Successful greeting is always for you.
You commented 20 seconds after i posted this. You sure you read it all?
yes im sure? but if its a problem for you i will not read your posts :)
And what's the lesson you got from the post? :D
I am very happy to hear this news, hopefully will rise as soon as possible.
Good to see litecoin going back up in value again. I really hope that litecoin continues rising. Thanks for the post!
🌦 charming & terrific!
Hi,
Nice to read about you and you posts and views. I am into steemit from august 2017, I am interested in photography and I am also into crypto trading and investing,I have followed you so you can also follow me. Let us all join hand and work with one common objective to make steemit reach to great height.
Best Of luck
Teenovision
I really don't know what to think about this upcoming litecoin fork but as always, we should be careful to whom we are giving our private keys.
Hello Guys how are you all ! Am new on steemit so like , comment and vote please , Am very happy to join this network help me to get more followers and votes i also do follow back comment and vote you ! Thanks lovely Guys.
And one thing more also resteem my post in your friends.
Have a good day.