Litecoin and the Future of Crypto Adoption

Published on
June 27th, 2019
Duration
8 minutes

Litecoin and the Future of Crypto Adoption

The Creators of Crypto ·
Featuring Charlie Lee and Michael Green

Published on: June 27th, 2019 • Duration: 8 minutes

Charlie Lee, creator of Litecoin, joins Michael Green of Thiel Macro to talk about how his background led him to digital currencies. Lee sees bitcoin as a better form of gold, and litecoin as the equivalent of silver in a new digital monetary system. This clip is excerpted from a video published on Real Vision on June 22, 2019 entitled “Behind the Creation of Litecoin.”

Comments

Transcript

  • FS
    Fagundes S.
    13 October 2019 @ 23:36
    As LukeDashJr put it: "Litecoin and other scamcoins like it, on the other hand, do not bring anything new to the table. They are just mere clones that retain the pump-and-dump nature of Bitcoin, but without the innovation that makes Bitcoin viable as a currency. Litecoin specifically made three irrelevant changes: Change of mining proof-of-work from SHA256d to scrypt. This was done as an attempt to make GPU mining impractical. Not only is that a bad idea (CPU-only mining would put cryptocurrency in the hands of illegal botnets), it also failed. Present-day scammers will try to claim scrypt is ASIC-proof or ASIC-resistant; this is also false and impossible in theory. If anything, scrypt is more vulnerable to ASIC mining since it performs poorly on consumer hardware. Finally, some people try to pass scrypt off as a memory-hard proof-of-work; while it is true that the scrypt algorithm itself is a memory-hard key-strengthening algorithm, it is not a memory-hard proof-of-work algorithm since it requires just as much memory to verify as it does to find (the key property of proof-of-work algorithms is that the work requires more of than the verification); Litecoin's scrypt parameters also use so little memory, that it can be performed without memory at all. Faster target block time. This is often passed off as "faster confirmation", but in reality it isn't at all. To get the same security as 6 bitcoin blocks confirming a transaction, you need around 24 litecoin blocks (there are a lot of factors involved that weigh into this). In the end, the faster blocks just bloat the blockchain more - and not just the entirety of the blockchain, but the headers-only minimal blockchain that would be used by light clients. Larger currency supply. But we all know 1 BTC is divisible to 8 decimal places. There are more mBTC than LTC, so no "silver to gold" is needed in an alternate blockchain."
  • MC
    Margarine C.
    6 September 2019 @ 16:58
    wears "just hodl it" litecoin shirts, actively promotes the idea of litecoin as an investment, then sells 100% of his LTC holding near $300. The claims that this is an effort to be unbiased are nonsensical, that's like a CEO selling all their shares to be unbiased....it doesn't make sense, we want leaders to have skin in the game, we want them to be biased!--especially when they implied not selling was the best thing for everyone to do. When paying attention to Charlie Munger or Charlie Lee, the same rules apply: pay attention to what they do with their money, not what they say.
  • JM
    John M.
    29 June 2019 @ 04:40
    The state does not need control of money? Without money & control over the creation of money what power does the state have? It's all about money & money is power.
  • MC
    Michael C.
    28 June 2019 @ 08:49
    Nice to hear such a humble voice on the subject of bitcoin. Quite refreshing, even if not fully in agreement.