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Litecoin Strives for More Anonymity by Joining Forces with Harry Potter-Themed Cryptocurrency

  • Alex Morris
    📰 News

    MimbleWimble might be a ridiculous name for a Blockchain protocol, but it’s the curse Litecoin desperately needs


Litecoin Strives for More Anonymity by Joining Forces with Harry Potter-Themed Cryptocurrency
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According to a Medium blog post, the Litecoin Foundation is currently in talks with Beam about a potential partnership. By using MimbleWimble, the protocol that was named after a tongue-tying curse from Harry Potter, Litecoin could become an anonymous version of Bitcoin.

Meet the MimbleWimble-powered Litecoin

Litecoin will undergo an on-chain conversion to its privacy-centric variant. Bitcoin is considered only pseudo-anonymous, but the MimbleWimble-powered Litecoin could be transacted in complete confidentiality.     

The rumors about a potential tie-up between the two were recently confirmed by no one but the Litecoin creator himself, who took to Twitter to confirm that he’s indeed interested in the MimbleWimble protocol. However, the partnership is still up in the air given that there is no official confirmation.    

Privacy as a main priority

The move confirms that Litecoin currently sees privacy as its main objective, shifting focus from the scalability debate. As U.Today reported earlier, Lee himself stated that fungibility and privacy are their ‘next battleground.’ He also revealed that they would presumably add Confidential Transactions in 2019.   


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The privacy coin market is becoming more crowded

It seems very likely that Litecoin is striving to disrupt the market of privacy-oriented coins, which is currently dominated by Monero and Zcash, by teaming up with the startup. Beam and Grin, which both leverage the MimbleWimble technology, represent the new generation of anonymous cryptocurrencies. Zcash CEO Zooko Wilcox, however, currently doesn’t see these coins as a serious threat.

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Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader


Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader
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It’s been over two weeks since Bitcoin’s astronomical surge on Apr. 2, but new theories about what might have caused this bullish uptick continue to pop up. According to crypto-oriented analytical firm CoinMetrics, that epic surge was causes by a single trader.

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Mammoth-size trades

CoinMetrics claims that ‘a single committed trader’ concocted a plan to push the BTC price, and he successfully managed to do that by picking the time of the day when the global liquidity is at its lowest level.


(Source: CoinMetrics.io)

(Source: CoinMetrics.io)  

The report also suggests that the trader started to execute his plan on HitBTC (500,000 USDT were traded for Bitcoin prior to the price movement). After that, large trades were observed on Coinbase and Bitfinex.      

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Focusing on the future

Meanwhile, as reported by U.Today, another theory states that the rapid price surge was triggered by the expiration of the CME futures contracts and heavy spot and over-the-counter buying. One expert went as far as claiming that a simple April joke about the Securities Exchange Commission (SEC) could do the trick.

While no one is quite sure about what could have triggered the short-living rally, there is even a bigger disconnect when it comes to Bitcoin price predictions. While some share their bullish predictions for 2019, another report states that it could take 22 years for Bitcoin in order to match its current ATH of $20,000.

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