Litecoin-Miner Meeting ends with a scaling agreement

The Litecoin scaling debate seems to come to an end soon. In an 8-hour meeting of the Litecoin Global Roundtable, the largest Litecoin miners debated for a long time whether to update the network of the fourth largest digital currency. Among the participants was Charlie Lee, the programmer of Litecoin.

According to a protocol published on medium, the Miners want to take the path of a “Segregated Witness (SegWit) Soft Fork” for Litecoin. The meeting was held yesterday from 12-18pm (Beijing time) via WeChat.

SegWit was originally intended for the cryptosoft review

SegWit is known for being able to increase transaction flow without the need to change the hard coded block size in the cryptosoft review. Litecoin, like Bitcoin, currently has a mandatory block size of 1MB and faces the same problem as cryptosoft review Bitcoin in the long run: not enough transactions are verified per block, which ultimately slows down the network and transaction speed and increases transaction fees.

While the stakeholders advocated a collaborative approach with community integration, they do not see User Activated Softfork (UASF) as an alternative.

It is written in the crypto trader scam

“We agree that the protocol upgrade should be done under a collaborative consensus, not by developers and miners going it alone. We support that the Litecoin protocol upgrade decision should be based on user needs, roundtable voting, and crypto trader scam Miner activation. “

Supporters of the proposal included Bitmain (Antpool), BW.com, BATPool, F2Pool and LTC1BTC. Together they represent 68% of the current hash rate. Should LTC.top also agree to the proposal, that would already be 84%. According to the organizer, LTC.top should be owned by LTC1BTC.

Through a voting process, the participating members unanimously approved the following plan for the Litecoin Protocol upgrade:

A SegWit Soft-Fork to be enforced in the Litecoin network
Once the use of Litecoin block capacity exceeds 50%, we begin preparing a solution to increase the 1MB block size by a Hardfork or Softfork.
“Charlie [Lee] promised to provide a solution to increase the block size once this (block size) is half full,” said Jihan Wu, founder of the Bitmain mining pool.

At present, it is still unclear when the update can be implemented. First of all, all miners must install the latest software update to signal their support for SegWit.

To be able to perform an update, at least 75% of the miners must signal their support. The 75% must be held afterwards for at least 2 weeks. Currently the support is about 70%.

According to the organizers of the roundtable, the stock exchanges such as Bitstamp, BTC-e and Poloniex will now also be brought together.

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Altcoin Tier 2 price analysis – Factom back again

This week Factom (FTC) and Monero (XMR) exchanged roles: FTC increased and XMR decreased.

Summary: Factom (FCT) rose 23.4%, the currency that performed best this week

The Dash rate rose by 11.2%, taking second place among the currencies considered. The Monero rate has dropped by 15.5% and thus again the loser of the week. Well – everything has to pass by or at least take a break. Accordingly, XMR’s high price has come to an (hopefully provisional!) end this week. Factom proves that this end can be provisional, and its price rose by more than 20% this week. Dash is in second place with a rise of 11.2%. XMR is in last place this week and lost another 15.5% compared to last week.

Monero fell this week. After testing the EMA200 twice, it was breached downwards. Since then, although A, September 13, was undertaken by the bulls a courageous attempt to break through the EMA200 again with the rise, an attempt but it failed. Since then, the course is beyond the EMA100 which fell on September 12 under the EMA200.

The MACD (second panel from above) is negative again since today, furthermore the MACD line (blue) has fallen below the signal (orange), which is also a bearish sign. Overall, it looks more bearish for Monero in the short term.

This picture is confirmed by the RSI (third panel from above), which is completely bearish.

The Accumulation/Distribution-Chart (last panel) has been falling since September 11th. There has been a slight increase since September 13th, but just this afternoon the relationship between accumulation and distribution fell again.

What do we do with it?

Is that the end of Monero? I think it’s worth taking a look at the big picture here: On the 240min chart we can see that since September 12th the price has been testing the EMA100 that corresponds to the chart. Should this support break, the price would continue to fall, but would have another important support with the EMA200, which is currently at around 0.0135 BTC. Unfortunately it has to be said that MACD is negative, MACD line is slightly below signal and RSI is below 50 – all of which are not bullish signs. All this points to further price losses, we have to see how strong the EMA100 support is.

The Winner of the Week: Factom

The dead live longer: After Factom did so badly last week, the share price rose this week: On September 11th, after repeated tests, the EMA100 and EMA200 were breached. This was followed on September 12th by a bullish crossing of the two EMAs. But of course not everything is rosy: The EMA100 was tested twice and was currently breached. It will have to be seen whether the EMA200 support will hold.

The MACD (second panel from above), after swinging above zero during the day, has now fallen slightly more into the negative: The MACD line (blue, dropped strongly and takes the signal (orange) with it. This speaks for a short-term negative correction.

This picture is confirmed by the RSI (third panel from above) this bearish picture: With 36 it is clearly in the bearish territory.

Finally, the Accumulation/Distribution-Chart (last panel) is stable since a strong rise between September 11th and 13th and shows neither a trend towards accumulation nor distribution.

The signs are therefore not super-positive overall. Important will be the behavior at the EMA200 support; should the price remain above that, nothing stands in the way of further price increases. But if you look at other time scales (i.e. a 240min chart and a 1D chart) the signs are not 100% convincing.

Disclaimer: The price estimates shown on this page are not recommendations to buy or sell. They are only an analyst’s opinion.

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