INTRODUCTION TO LITECOIN! - Crypto Nights Episode #8

in cryptocurrency •  2 years ago  (edited)

@alexmavor & I are back again with episode 8!

This week we provide you with an introduction into Litecoin, providing you with the benefits of the Cryptocurrency and why you might look at it to be your next investment. Not only that, but we question what might be the next blockchain business out there.

For more info on the lightning network, this video put together by Nugget's News explains it under 5 minutes.

Special mention this to @bunnychum for his thoughts on the price of Ethereum and @doodlebear for his contribution to last weeks episode and his input into Metcalfe's law.

"Every once in a while, the market does something so stupid it takes your breath away." - Jim Cramer

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Thank you @antonburton I am really delighted to see me mentioned on your episode :)

@antonburton @alexmavor, thanks for the mention, i appreciate it.

Regarding scalability point of litecoin, i don't know why the majority of the people always forget that the transaction fees are a major factor of bitcoin successful, you wonder why? let me explain:

Remember Metcalfe's law?
Yes, but you don't know how it's related here?
remember something called miners?
how is it related?
it's a circle my friend, when the fees increases it means that the mining is very profitable, which means more miners (Who are new bitcoin network users are going to jump in)
the more miners (new users) jump in the higher the difficulty will get and as higher the difficulty goes the price will follow, and the high price brings more miners (new users) and so on.
when the network is stable the mining fees should not be more then what is equal to $0.05 for regular transaction per block, no matter how much bitcoin price is, for example if bitcoin price is $1000 the mining fees will be 0.00005 BTC, and if the bitcoin price is $4000 the mining fees will be 0.0002 BTC and so on, this equation, is what makes bitcoin scalable, because if a miner today is getting for example 0.001 btc per TH/s daily as bitcoin price is over $6,000,
if the price multiplied by 10, and bitcoin became $60,000, the miner will get 0.0001 Btc per TH/s daily, which eventually means he will be getting the same amount approx. in USD. because if you look at the difficulty chart for the past 4 years, comparing with bitcoin price all the way, you will find that it's connected,
so the higher the price, means higher difficulty,
higher difficulty means higher amount of miners - (NETWORK USER) now we go back to Metcalfe's Law, and the picture should be clear, Right?

Bottom Line: people are trying to solve a problem in bitcoin, while it's actually the solution of all altcoins
want a live example? look at the price of Bitcoin Cash.

Litecoin mining is not profitable, which is why it's not moving fast forward.

trust me, i know what i am talking about because i am a miner.

All of the information you guys are giving on the different types of cryptocurrency is so helpful. Litecoin is something I’ll be looking to invest in now. Thank you !!

Glad we can help @azria - Make sure you keep an eye out for our next 2 episodes as we will be featuring some prominent guests!

  ·  2 years ago (edited)

I'm a Technical Analyst using Elliott Waves and Chart Pattern Recognition. I see LTC at $174

Upvoted & Following!

@haejin interesting observation. Speaking from a speculative standpoint, how long would you say until you see it hitting $174? With such a surge in the price, I would also imagine this has direct positive impact on the price of Bitcoin at the same time.
I'm not en expert when analysing these graphs, however my one concern is that despite its' peak at $90, it appears to be hovering around $60 so I would personally take a more conservative approach and say that $100 is a more realistic estimation. Once it firmly breaks $100 I would then take another look at it again to see it reaching your target.
Followed back.

Timing is most difficult. However, cryptos have a syndrome called "Hurry Up & Wait". This means they waste no time going up but are slow as molasses in their corrections.

The &174 target could be quick as LTC will "Hurry" to complete it.

For Bitcoin, you'll enjoy my evening update:
https://steemit.com/bitcoin/@haejin/bitcoin-btc-evening-update-bitcoin-usd15-000-i-explain-the-analysis-behind-this-potential-target-check-out-this-blog

  ·  2 years ago Reveal Comment

I checked it out, your analysis is very good. Left comment and upvote!

Nice!

Litecoin is the future !

very informative for none technical people
good work!!