Litecoin post! About the upcoming controversial fork, tech picture of LTC and Microsoft's decentralized identity systems

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

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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.

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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.

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Check out Chainbb, an alternative frontend for STEEM network. If you like forum style, that's the platform for you.

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_{Title image from pixabay}

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