I don't have time to say anything else interesting today, since we are hard at work improving the system. I just wanted to point out that Litecoin is at the top of an enormous cup-and-handle formation that spans back for about three years.
When ETH's chart looked like this, it was worth $18; now it is worth $280. When bitcoins looked like this, they were worth $1137; now they are worth $2500.
If a breakout occurs, then this will further confirm my theory, which I've had since they were worth $4, that litecoins have been ridiculously undervalued for a long time. Segwit2x, assuming that it actually gets adopted and that bitcoin survives the DDoS attacks and other criminal activity to come, will result in a bitcoin network that is no more than half as capable than litecoin is. Litecoin is API-compatible and is a drop-in replacement for Bitcoin.
But that doesn't tell the entire story, because litecoin has more functional miners behind it, who are not mired in petty disputes. The bitcoin war will continue, because the "solution" will barely increase capacity. Even if litecoin doesn't have as many developers behind it, they can just copy code from bitcoin without all the political drama, and still produce a better product. The coin already has transaction fees on the order of cents compared to Bitcoin's dollars.
That's why people like us have switched their default coin to litecoin rather than bitcoin. The only possible reason why litecoin should be worth less than bitcoin right now is simply because people are still switching away from bitcoin. The size of our Bitcoin transactions has plummeted since last week when we removed it as the default coin. Those who are stumped by why the number of transactions on the bitcoin network has declined recently should recognize that once people like us switch networks, there is no reason to ever switch back. Bitcoin's current state is still worse than Litecoin is.
The future is a multi-coin world, where money flows between networks based on which one is the most capable. There are no "altcoins" anymore. The price of litecoins over the coming days will demonstrate that users are not satisfied with the supposed "consensus" on Segwit2x, and that they will take their money to the network that is the easiest to use and which has the lowest fees.
Comments (10)
Archived discussion. New comments and replies are closed.