Tag Archives: litecoin

Coinbase CEO confirms Litecoin support coming

Brian Armstrong, the CEO of Coinbase, has confirmed via Twitter that Litecoin support is finally on the way. A recent press release hinted that Coinbase might be eyeing LTC, but this is the first time Armstrong has publicly acknowledged implementation plans. No time frame was mentioned, but this is good news for Litecoin regardless!

Charlie Lee jokingly predicts $14 LTC price, market reacts

Charlie Lee, the creator of Litecoin, tweeted on Monday that he expected Litecoin to hit $14/coin when SegWit* activates. The prediction was tongue-in-cheek, based on obviously funny math, but that didn’t stop cryptocurrency traders from reacting. Litecoin’s price rose 10% shortly after Lee’s tweet, and it’s been steadily climbing since then—to about $12/coin at the time of this post.

*SegWit is a soft fork of Litecoin’s code base that will potentially bring about many benefits if/when it passes. For the fork to happen, 75% of miners need to signal support for SegWit over a two-week period. As of right now, it appears that roughly 70% of miners are on-board.

Coinbase to finally offer support for Litecoin?

A press release from New York’s Department of Financial Services dated yesterday reveals that Coinbase has been granted approval to offer Litecoin services to its users.

Coinbase is widely regarded as the premier Bitcoin exchange. Last July, they added support for Ethereum, prompting many to wonder when (or if) support for Litecoin was coming. The press release seems to be confirmation that Coinbase is at least laying the groundwork for LTC support.

Forbes names Litecoin the best investment for time travelers going back to early 2013

Forbes published an article today that highlights the tremendous earning power of Litecoin for anyone that had the foresight to buy-in a year ago—it handily beat out top stocks, gold, and even Bitcoin to earn its spot as the top investment of 2013. From the article:

The best way to spend a c-note on January 1, 2013 was on competing cryptocurrency Litecoin. Worth seven cents then, its value increased along with Bitcoin’s, reaching $23 by December, or 328 times its initial value. That means a $100 investment in Litecoin last year would be worth $30,000 now.

No doubt many of you did tremendously well with Litecoin last year. Hopefully 2014 will continue the trend!

Expect a correction on these runaway cryptocurrency valuations

It’s been exciting watching litecoin go from ~$10 to ~$30 over the past 48 hours, and seeing bitcoin punch through $1000 today. But I’d urge everyone to not make any rash decisions about dumping large amounts of cash into crypto, with the hopes of riding this crazy train to riches. The current growth is mostly being driven by rampant speculation, and it isn’t sustainable.

Litecoin 24 hour performance

Litecoin performance over the past 24 hours on btc-e.com

There will very likely be a correction at some point in the near future. Given the massive growth of litecoin, and bitcoin passing through the $1000 barrier, you can also expect a lot of mainstream media attention in the coming days—so we might actually see an even crazier price run-up before prices return to saner levels. But anyone that doesn’t expect a short-term correction is probably in denial.

In my opinion, before these kinds of valuations are justified, we need to see far more acceptance of cryptocurrency from merchants, and we need consumers that are willing to actually spend their coins on everyday purchases—instead of hoarding them in the hopes of a huge payday. In the case of altcoins, we also need better support from the major trustworthy payment processors and exchanges. Progress is being made on all fronts, but we have quite a ways to go. I believe we’ll get there, but it won’t happen overnight.

I’m absolutely not suggesting that you should exit your position in crypto immediately, and then re-buy after the inevitable correction occurs. Trying to time the market requires a lot of luck, and will likely result in regret for most of those that attempt it. I still absolutely believe in the $50+ prediction for Litecoin that I made 2 weeks ago (LTC was $4/coin then!), I just didn’t expect that we’d be more than halfway there before reaching the end of the month! If you agree that Litecoin has a potentially bright future, then the best move for most of you is to simply not panic when the inevitable correction happens.

Keep calm and continue mining. Try to not get caught up in the price hype, although I’ll be the first to admit that it’s certainly fascinating to watch.

Max Keiser predicts $50+ for Litecoin

Looks like Max Keiser agrees with my long-term prediction for Litecoin. He tweeted this morning that he expects Litecoin to hit $50.

LTC hit a record high earlier today, reaching nearly $6.50 before pulling back a bit.

On mining profitability

With the price of litecoin and bitcoin on the rise, I’ve received a tremendous amount of email over the past couple weeks from people wanting to know whether or not it’s “too late” to get into mining. Or how soon one can expect to break even on a new mining rig purchase. Or what my predictions are for the future value of cryptocurrency in general. I’ve responded to many of you already, but it probably makes more sense to post something here publicly.

Full disclosure: I don’t have a crystal ball. I have no idea what the future holds with regard to bitcoin or litecoin valuation. There are far to many variables and unanswered questions—especially on the regulation front—to make predictions with a high degree of confidence. However, I’d be happy to share some observations that I’ve made over the past few years, and offer my 2 cents in a general sense. Read on if you’re interested.

Android Bitcoin & Litecoin wallets potentially vulnerable to theft due to coding flaw

Due to a serious flaw in the Java secure random number generator used by many Bitcoin applications on the Android operating system, any wallets generated by Android apps are potentially vulnerable to theft. While the advisory on bitcoin.org only mentions Bitcoin, the flawed code is also used in many Android Litecoin wallets, and probably also in whatever wallets exist for the various other cryptocurrencies.

If you have an Android wallet application on your mobile device, I highly recommend that you immediately generate a new address with the appropriate official desktop client (click here for Bitcoin and and here for Litecoin) and send all of your coins there. Do not use a cryptocurrency wallet on the Android OS until you can confirm that the version you’re using has been patched to fix the vulnerability, and discard any previously-generated wallet addresses permanently.

Update 8/12: The BBC has posted an article on the issue.

Update 8/14: And the first confirmed thefts due to the bug are starting to be reported.

WSJ blogger asks: “Are Litecoins the next big thing?”

LitecoinAt least one Wall Street blogger believes that Litecoins are the next big thing.

The author’s post hits on the standard litecoin vs. bitcoin differences, but mostly focuses the success of CipherMine, a Litecoin-mining company that went public a few weeks ago on the LTC Global Exchange. From the post:

Shares in CipherMine, a company that creates virtual currency Litecoin, soared 500% following their initial public offering on June 24 on a virtual stock exchange, LTC Global Exchange. Since launching less than a month ago, the UK-founded CipherMine has achieved a market value of around £500,000 ($744, 500).

Australian retailer now accepting Bitcoin and Litecoin

Gizmodo is reporting that Australian electronics retailer Millennius is now accepting both Bitcoin and Litecoin as forms of payment on its website. While quite a few global retailers have already adopted Bitcoin, Millennius believes that they’re the first to accept Litecoin.

Good news for cryptocurrency, and especially Litecoin—hopefully more retailers follow suit in the coming months.