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RE: Shocking Crisis Coming to Cryptocurrency (in Sept?)
Thanks Shelby. A couple questions...
If Segwit is a "a broken scaling coin for the masses riddled with economics security flaws", how is it any better on Litecoin?
Any idea where these "btcbase" chats occur (with mircea_popescu active)? Is it IRC?
Seems like we might have a tough time ahead. LTC may continue to drop as fake Segwit on fake BTC becomes more of a reality. Once this happens, fake BTC will continue to pump until TRB comes into play. Then everything including LTC will drop due to the loss of confidence in the entire space...
How to participate in the affairs of The Most Serene Republic contains a link to irc.freednode.
I presume technically the same vulnerability exists on Litecoin wherein SegWit transactions could be double-spent on a fork that would reject the SegWit upgrade. But the distinction is that Bitmain has been in control of Litecoin since early on and probably not any whales threatening to fork off if SegWit is employed. If Bitmain starts stealing SegWit transactions by forking Litecoin, they will destroy Litecoin.
So it appears to me that Litecoin is Bitmain’s leverage against those who think they control cryptocurrency with Bitcoin. He can wreck havoc in Bitcoin to divide-and-conquer by keeping Litecoin stable as the scaling coin. Or at least that may be one of his many optional strategies. I have not tried to analyze the chess of it all. I also do not know his affiliations that might be driving his motivations, e.g. is he an arm of the Chinese government and thus does he want to destroy the power of decentralization and prefer off chain centralized control of Lightning Networks.
Remember I had predicted since LTC was $6 - $7 (around 0.006 BTC) that LTC would rise in a highly volatile (yo-yo on the way up) manner to $50+ and probably 0.05 BTC before the peak in this current crypto bull market waterfall collapses into another 2014 - 2016 crypto winter (although maybe not 2 years again). When it shot up to 0.021, I predicted it would decline to 0.009 which it exactly did (only for a few minutes though). I had predicted at that time that it would go back up to 0.021 then decline again, then back up to 0.032 then decline again, then back up to 0.05. I still think that 0.032 is coming for LTC. I had advised to sell at 0.021 and wait for BTC to make another move up in order to create the bottom for LTC before the move to 0.032. (Note that many of my BCT posts got deleted by the mods so some of those predictions were deleted but those who are in private discussions with me on http://Crypto.cat can verify I made these statements). However, readers should note that also tried and failed to make correct predictions about smaller moves within those larger ones detailed above.
I think Bitcoin and Litecoin (and probably all other altcoins as well) are moving to a blowoff peak. I do not think we are there yet. Altcoins usually lag Bitcoin on the way up, because everyone is getting positioned first in BTC then they sell to roll into altcoins. I imagine right now everyone wants to hold BTC so they can get the BCC fork for free. I could be wrong about this and the forking to BCC could create fear, but rather I think the fact that BCC has replay protection and both SegWit and BCC are forms of scaling will be taken positively overall by the market.
Until later when the theft of SegWit ensues and the Core fork is being sold in favor of buying TRB or BCC. Bitmain must know about everything I am writing, so they may see BCC as a safe haven play for these who want to escape the coming fork war between TRB and Core, which they may even foster by surreptiously providing hashrate to steal SegWit on a TRB chain that Core forks off from (Edit: I just found out that ZeroHedge’s Tyler Durden and WhalePanda had a similar hypothesis). Thus the idea to not dump BCC too quickly might be a good one.
Disclaimer: no one is correct all the of time about speculation. Factors in the markets are fluid and subject to change. Please this is for your entertainment and is not to be construed as advice.
Edit: I see you were asking about me over there and received an answer.
Yes, I thought they would appreciate some of the work you are doing here, but I am beginning to think they don't care. : / Sorry for name dropping without permission
Tell me the technical BTC chart does not look like it is preparing to skyrocket? Ditto LTC and Steem.
Massive selling of BCC and buying of BTC and alts ahead? The later comes the recoil where BCC rebounds and then later SegWit is attacked?
Have you seen this FUD? Tyler Durden wrote something similar at ZeroHedge.