With the block 1680000 being successfully dug out , Litecoin (LTC) ushered in a second halving at 18:18 on August 5th, Beijing time. Block rewards have been reduced from the original 25 LTC to 12.5 LTC. As of press time, the total network computing power was 479.981 TH/s, which has not changed much before the halving. As of press time, the price of Litecoin was $101.47, a 10% increase for 24 hours.
At the beginning of the year, Bitcoin performed flat, but Litecoin achieved amazing growth. Compared with Bitcoin, Litecoin seems to have entered the bull market ahead of schedule, hitting a high above $140 in June and falling back to $80 earlier this month.
The most common view is the halving effect – most people think that halving means that the Litecoin released into the market will be reduced, and the price will rise if the demand is constant.
- Opinion: Bitcoin halving is actually a reward for efficient miners
- Analysis: why Bitcoin will rise periodically around halving
- In less than 10 days, LTC will usher in 73% of the falls.
- Why does Babbitt's weekly quotation suddenly disappear? Can the Bitcoin halving effect be fulfilled again?
- Bitcoin mining difficulty soared again by 7.08%. In 2020, the halving of the currency has skyrocketed across the board. Is the market halving?
- Bitcoin halves: 98% of mining machines will be outdated, and e-waste will exceed 10,000 tons
So is the truth really true? Babbitt interviewed Liteco coin founder Charlie Lee yesterday, hoping to understand the relationship between halving and price. Charlie also talked to us about the ultimate in the community, the true connection between Litecoin and Bitcoin, and the potential for it to leave the Litecoin.
Speaking of this halving, Charlie believes that this has indeed pushed up the price of LTC to a certain extent, but it is more likely to be just a kind of “self-certification prophecy”  . In short, psychological factors push the price of coins up. He said that halving will not have any real impact on the Litecoin, and some miners may choose to temporarily shut down, but after about a week, after the difficulty adjustment, they will start again for mining.
The Litecoin has a strong community. Through the halving opportunity, we also contacted several community members who revealed to us the reasons for supporting Litecoin. For example, the community is strong, Charlie is a straight boy and the target of Litecoin is very Simple and so on.
Charlie Lee: The community makes Litecoin stronger and may choose to retreat in the future.
8btc: For you, what is the most memorable thing since the birth of Litecoin?
Charlie: The most memorable thing for me is to see Litecoin help Bitcoin activate Segregation Witness (SegWit) and participate in the expansion debate. I am thrilled to see the community power behind the segregated testimony and its help in the activation of the Wright currency. This defeated most of the FUD (worry, uncertainty, doubt) about segregated witnesses, and I am really proud of Litecoin.
8btc: What is the power of a community?
Charlie: In the final analysis, it is a belief in a coin. I believe that it will truly change the world. When everyone cares about prices, society becomes vulnerable. When this happens, the entire community will collapse in a bear market. To be sure, some people in the Litecoin community only care about prices. But only those who truly believe in it can make the community strong.
8btc: In addition to the test site of Bitcoin, what do you think Litecoin means for Bitcoin?
Charlie: Litecoin is a good alternative to Bitcoin. It has a strong network and there has never been a downtime. Litecoin has its own network of ASIC miners, so it won't compete with Bitcoin for computing power. And the transaction costs of Litecoin are very low. When the Bitcoin network is crowded, Litecoin is a good way to transfer value.
There is also a great community behind Litecoin. They continue to promote popular science and popularization. Our community has been promoting the use of Litecoin and Bitcoin. 8btc: This year's Litecoin has performed well. What do you think is driving its price? Is it really related to halving?
Charlie: I think that halving does help. However, this is more like a self-fulfilling prophecy. People think that prices will rise because they are halved, so they choose to buy, which leads to price increases.
8btc: What do you think about this halving?
Charlie: I think people get a lot more from it than they actually are. A halving will only affect the miners and their profitability. Therefore, if the miners become unprofitable after halving, they will shut down the mining machine. After a week or so, the difficulty will be adjusted downwards and the miners will start digging the Litecoin again as they will make another profit. So I think the Litecoin network will have little impact.
8btc: The founder of Grin announced (temporarily) to leave some time ago. Some people think that this choice is similar to that of the original Nakamoto, which can make this cryptocurrency more decentralized. Do you have any plans to leave the Litecoin in the future?
Charlie: I believe that in the end I will need to leave the Litecoin and let it exist independently to achieve true decentralization. With me around, people always ask me for answers. Of course it is ok at this stage. But as long as one day, when I think that the obstacles I have on the success of Litecoin are greater than the help, I will leave.
8btc: Finally, what do you think of Facebook's Libra?
Charlie: I think Libra will face many regulatory issues. I would be surprised if they were really successful. But overall, this is a good thing, because large technology companies like Facebook are entering the field of cryptocurrency. They will help more people understand this area.
Voice from the community: Why do we love Litecoin?
Rebecca, the head of Litecoin China, quickly gave three answers after receiving our questions: 1. (Leitecoin) founder Charlie Lee is the most straight boy in the currency; 2. Litecoin is decentralized; 3. The community is very strong.
She mentioned Charlie's sale of LTC in 2017, in fact, because many people think that he has a conflict of interest in LTC, so he will make such a choice. Charlie also said at the beginning of the year that if you can't afford LTC to fall from 200 to 20, don't buy it.
In addition, Rebecca said that Litecoin has no ICO, no pre-digging, no airdrops, and no founder rewards, so it is truly fair and decentralized.
An anonymous fan told us that Litecoin is a good payment option because of its speed and low cost. He believes that Litecoin will be available anywhere in the future, just like using cash or credit cards today.
“The desire for currency freedom is human nature, and Litecoin represents currency freedom.”
This is the answer given to us by Keith Yong, Director of Operations at the Litecoin Foundation.
“We are trapped in a world that needs money to pay for everything, and who controls the currency controls who controls us. Controlling our own currency is a better choice.”
He added that he likes the simplicity of Litecoin. It's just to do one thing – pay. Litecoin does not have any built-in rewards and program features. Because of this, the success of Litecoin does not depend on the success of any single platform, service or product.
1. Self-fulfilling prophecy is a symptom that is common in psychology, meaning that people will unconsciously act according to known prophecies, and eventually make predictions happen. ↵