So, the question I want you to ask me, I’m
gonna introduce myself and then I’m gonna ask, what is litecoin? Litecoin? No, I’m gonna have you ask me, “What is litecoin?” Litecoin? Yes. Okay. What is litecoin? Okay, we’re gonna do that in just about a
second. I’m gonna introduce myself, and then I’ll ask you. And then do you want to keep
running video and have her walk off or what? She can do whatever. Whatever you want. You want to be goofy in
the background, be goofy. Whatever. What’s up, party people? This is Chris Derose. I’m
the Community Director of the Counterparty Foundation, and here today, I found a really
cool warehouse in downtown Fort Lauderdale and I ‘m here with… Case Armstrong. And tell them, what do you do in this warehouse? You are at the Shade Post, and we’re located
at First and First, 16 Northwest 1st Street in Fort Lauderdale. The Shade Post houses
fashion, art and music and tonight, we are actually having music. So, come on down. We
just … Good enough, I love it. And you have a question
that was submitted to me by one of my fans, and that question is? What is litecoin? What is litecoin? So, litecoin is all in the
news right now. It’s in the news because the price is high. It’s in the news because I
think a lot of people are looking to find alternatives to bitcoin that they find interesting.
And so, I really wanted to address what it actually is. So, let’s get started. Litecoin came around
in about 2012, I wanna say. I think it was Charles Lee who started the project and it
was mostly a fork of the bitcoin source code. The litecoin had a couple of different changes
to it. It was, I think, a maximum number of 84 million coins. I believe, in addition to
that, there was a script based mining algorithm, which is a memory hard problem and not just
a computationally hard problem. So, the script based support, the memory and a few other
minor, oh yes, two and a half-minute confirmation times. All those changes kinda came together
to make litecoin, and I don’t know what the big goal of litecoin was exactly, so much
as it was marketed as the silver to bitcoin’s gold or some such thing. And these changes
were very minute at first. They still are fairly minute and they’ve never been a major
differentiator to bitcoin. But I think, because it was the first all coin of any prominence
whatsoever, that it got some investment. And it got investment based on this thinking
that like silver was a precious metal to gold, which is a precious metal, which was the analogy
to the bitcoin that we all use. Now, I don’t actually believe in that analogy at all. I
think that bitcoin is a really useful commodity, but I don’t actually believe that there’s
room for as secondary commodity in the same sense that a precious metal would offer, particularly
in the sense of, well, those minor changes, are they really what’s gonna set it aside?
I don’t know. So, I’m very skeptical. Nonetheless, we have a lot of people invested
into this system and a number of people who invested, not only in the form of money, but
also in the form of mining infrastructure. So, you see a lot of momentum going forward
and then, right now, here we are, just before having today, I think it’s in another month
at the time of this recording and people are really getting excited because they believe
that, when the having day comes, the price is gonna go up. I’ve been really bearish about
this. I haven’t seen a lot of good work in litecoin. Charles Lee himself is working for
Coinbase now. He’s working on bitcoin and I don’t think there’s a lot of innovation
in that field. I think that namecoin was a coin that was
merged onto the litecoin chain and then I think the dogecoin was also a coin that was
merged onto the litecoin chain. And, in both those senses, that might be something but
we don’t see a lot of support, in terms of payment processing. We don’t see a lot of
support in terms of what are people are actually making with this software. They would designate
it as having a utility that is any different than bitcoin and you look at the price, for
example. You say, well, maybe there’s room for a cheaper
priced coin or some such thing, but even in that sense, relative to the immutability that
you’re gonna have with bitcoin, the amount of energy that’s been burned to sustain the
litecoin chain, that price difference isn’t very, very much. It’s actually kinda not that
good a deal, if you ask me. Maybe the amount of energy being burned in litecoin is 100th
or 1,000th of the price of bitcoin or 100,00th of the price of the bitcoin, but the bitcoin
price is, what, still like six times greater, ten times I don’t know what the number is.
If you do the numbers that line up, but, yeah, I mean, we’ll see what happens come having
day. I think there’s a lot to the calculation that
people don’t understand. Sure, the output coming out of the miners is half of what it
was prior, but it doesn’t necessarily mean that the coin will perform well. Because what
could very easily end up happening is that, because the miners are making less money,
they are also less incentivized to mining. We’ll see the mining power go down, we’ve
been seeing that happen all year. All year, it’s been going down at a very fast rate.
Miners are really not putting much time into litecoin. So, we’ll see if, after this having
day, it continues. I don’t know. I’m a little skeptical that litecoins got much of a future,
but I’m sure a lot of people disagree. I know a couple of people who’ve told me we
need a Visa to the MasterCard that is bitcoin. Maybe that’s true but, hey, we didn’t need
an internet two to the internet that was the internet. I don’t know. It depends with how
you look at these things, but I’m really bearish about it. We’ll see what happens. I’m really
looking forward to it. There’s never a dull moment in crypto and, hey, I don’t know, maybe
I skipped something and you feel otherwise. In fact, I probably did, so why don’t you
leave a comment in the video below and tell me what you think? I always love hearing from
you guys, and I love getting your suggestions, comments, questions, you name it, and if you
like this video, subscribe to the channel. I’d love to have you around. Later, party
people. Later! Shade Post.