Litecoin Officials Conduct AMA Session with Community

By January 25, 2015Bitcoin Business
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Litecoin Officials Conduct AMA Session with Community

The Ask-Me-Anything session, which started on January 24th and ran until 0930 EST of next day, encountered a series of queries related to Litecoin’s development, falling value, and mining monopoly. Lee and team swiftly answered them in detail and constructive manner. They meanwhile also revealed a number of new projects probably to put Litecoin once again in public spotlight.

For instance, the very first post by one of the Litecoin Developers – Reddit id ‘aspect_‘ – explained how their team is solely focusing on gaining broader adoption. In the same writing, he gave some exciting teasers of their upcoming plans, which included a multi-bit port, a new market indicator, and integration into Lamassu ATM.

“I feel like buying more Litecoin after reading that,” one of the community members commented on aspect_ post.

Price & Prejudice

Litecoin might be among the only altcoins that has faced a maximum share of criticism due to its overlong, and persisting bearish performance. So indeed, the issue was supposed to find voice during the AMA as well. A number of people asked the officials about their opinions and plans regarding the cryptocurrency’s  value. Lee, in his reply, blamed it on the volatility which is again due to the slow adoption rate.

“All of cryptocurrency is in a slump. And Litecoin more so because it’s more volatile than Bitcoin,” he wrote. “When there’s a bubble (for lack of a better word), LTC climbs higher than BTC. And when over time, it drops back down until the next bubble. I would expect this trend to continue.”

Mine Games

The increasing influence of ASIC Mining machines was another issue that ruled the Q&A round. In fact, the issue have been arisen multiple times in the community before in the wake poor profitability ASICs offer. Litecoin Association Director – Reddit id ‘Carnth’ – said that ASIC suppliers have always failed to comply with the request to “Spread the Hashes” – something which is quite necessary to make mining safe from double mining attacks.

“I also feel that we need a decent priced mining hardware that competes with other hardware $/Hs wise. This will allow mining to become decentralized naturally, and would be more fun for hobbyist miners,” he added.

Feel free to read the entire session here.

Image Source: Big Stock Photo

For instance, the very first post by one of the Litecoin Developers – Reddit id ‘aspect_‘ – […]

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