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Litecoin [LTC]’s Charlie Lee says Confidential Transactions seems like the right thing to add fungibility

Priya

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Litecoin [LTC]'s Charlie Lee says Confidential Transactions seems like the right thing to add fungibility
Source: Unsplash

In the latest episode of Magical Crypto Friends, WhalePanda, Charlie Lee – the creator of Litecoin, Riccardo Spagni – the lead developer of Monero and Samson Mow – the CSO of Blockstream, discussed confidential transactions with Litecoin. Here, Lee spoke about the feature that is missing in both Bitcoin [BTC] and Litecoin [LTC].

This topic was discussed in light of the latest announcement made by Lee on his official Twitter handle. He had stated that the developer team of Litecoin had “spent hours” discussing about how to add Confidential transactions in the silver digital currency. He also revealed that the team is looking into doing bulletproof MimbleWimble without extension blocks.

“Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy. I am now focused on making Litecoin more fungible by adding Confidential Transactions.”

Charlie Lee on MimbleWimble and extension blocks | Source: Twitter

Charlie Lee on MimbleWimble and extension blocks | Source: Twitter

During the discussion, Lee stated that the one property of money that is currently missing in both Bitcoin and Litecoin is fungibility. He went on to say that privacy and fungibility were very important factors and that this is going to be next “battleground” for the cryptocurrencies after Segregated Witness [SegWit]. He said:



“So one thing I want to add to litecoin is just more fungibility and confidential transaction seems like the right thing to do”

Confidential Transactions aka CT is one of the well-known privacy features in the space that enables the sending and receiving addresses involved in a transaction to stay hidden. This feature was created by a former Bitcoin developer, Adam Back.

Chester Copperpot, a Youtube user said:

“Efff the institutions its FUN-gibility time! Time to put the last piece of the money puzzle together. The “institutions” should be transparent and the people deserve privacy. Anyone with their head out of their A$$ understands why.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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