Litecoin Rises, Bitcoin Sideways


Litecoin is up today by nearly 6% on increased unfiltered trading volumes of some $3.7 billion.

Why it is rising is unclear, but they had a summit where the bitcoin copy clone discussed how to do all the bitcoin related proposals, like MimbleWimble through Extension Blocks.

Extension Blocks are sort of like sidechains, while zimbledimble is kind of a more simplified blockchain implementation.

Who exactly is to implement all this is not very clear because only recently Charlie Lee, the Litecoin founder, stated “no one is interested in working on Litecoin.”

Except perhaps Blockstream which may use it as a playground, although they have their own Liquid sidechain where they play.

The above two ideas however are sort of from Blockstream, so the extension blocks would be interesting to see because it would be quite difficult to do in a decentralized way, if they can do it at all.

They couldn’t with Liquid, but conceptually you potentially can basically have two nodes and “package” them into kind of one node, so getting them to talk that way at least according to a potential suggested design by ConsenSys.

Whether much of the above had anything to do with the price is not clear, but some suggest Litecoin’s move might foretell a bitcoin move.

Bitcoin price, Oct 2019
Bitcoin price, Oct 2019

The bitcoin price chart looks like an almost perfect cup and handle. That might suggest a big rise, but it has been sidewaying instead.

That sidewaying is on lower and lower volumes, potentially meaning bears might have run out of coins to sell.

If this turns, then the target would be, obviously, $16,000 with plenty to potentially push it up.

That ranges from China’s blockchain not bitcoin, which in price action might end up meaning bitcoin not blockchain, to bank closures in some countries due to unrest, to more “mundane” things like Black Friday and Christmas.

The latter could be interesting this year because it began the sell off in 2017, it kind of began the mini-bull run in 2018 – although that really was in April but bottom was during Christmas – and… it will do what in 2019?

Who knows, except that 4chan guy maybe, but it’s difficult to predict. Unlike the halvening which is set to occur on May (the 1st?) 2020.

Around that time anyway. Bitcoin’s hashrate keeps rising, so that means blocks on average are faster than every ten minutes, but spring 2020.

It will be preceded by BCH’s halvening in April, and both might be preceded by the ethereum 2.0 genesis block launch in… erm February, March, around then presuming all goes well.

Apparently some upgrade to the PoW chain delayed a bit the eth 2.0 public testnet launch because the two have to be linked through the deposit contract, but it’s coming.

All that might make for an interesting Christmas as “kids” might think a bitcoin would be a cool present. A WHOLE ONE? Nah, nought point nought nought nought nought one cus one is like 10,000.

Before then, for this Christmas, there’s the brexit election too. That’s turning out as difficult to predict as bitcoin’s price with four “main” parties contesting, leading to complex calculations of which vote may be split and who is putting who in power.

A mess is the only word to describe this election and brexit itself, with the country probably secretly hopping the conservatives get a majority because then it’s less of a mess.

It’s a difficult decision, however, and it’s a big decision, so they might come up with the equivalent of don’t know. As in, a hung parliament.

That’s the worst outcome for Britain, and maybe Europe, and almost certainly for the pound, but of course it would be good for bitcoin. What isn’t.

A Corbyn victory? Although we’re sure someone can find many reasons why that would be good for bitcoin too, including the rich would have to run with their money, and bitcoin would be a good way to do it.

We’re still waiting for the manifestos though, so we’ll see if they say anything about our space, but there’s clearly a lot going on that could make one look forward to Christmas and the New Year, but what bitcoin plans to do is for time to say.



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