We are pleased to release Litecoin Core 0.16.0 release candidate. This is a new major version release, including new features, various bugfixes and performance improvements, as well as updated translations.
It is recommended for power users to upgrade to this version. After sufficient testing, Litecoin Core v0.16.0 final will be released and is recommended for all users to upgrade.
Litecoin Core 0.16.0 introduces full support for segwit in the wallet and user interfaces. A new
-addresstype argument has been added, which supports
p2sh-segwit (default), and
bech32 addresses. It controls what kind of addresses are produced by
-changetype argument has also been added, with the same options, and by default equal to
-addresstype, to control which kind of change is used.
address_type parameter has been added to the
addmultisigaddress RPCs to specify which type of address to generate. A
change_type argument has been added to the
fundrawtransaction RPC to override the
-changetype argument for specific transactions.
- All segwit addresses created through
*multisigRPCs explicitly get their redeemscripts added to the wallet file. This means that downgrading after creating a segwit address will work, as long as the wallet file is up to date.
- All segwit keys in the wallet get an implicit redeemscript added, without it being written to the file. This means recovery of an old backup will work, as long as you use new software.
- All keypool keys that are seen used in transactions explicitly get their redeemscripts added to the wallet files. This means that downgrading after recovering from a backup that includes a segwit address will work
Note that some RPCs do not yet support segwit addresses. Notably,
verifymessage doesn’t support segwit addresses, nor does
importmulti at this time. Support for segwit in those RPCs will continue to be added in future versions.
P2WPKH change outputs are now used by default if any destination in the transaction is a P2WPKH or P2WSH output. This is done to ensure the change output is as indistinguishable from the other outputs as possible in either case.
BIP173 (Bech32) Address support (“ltc1…” addresses)
Full support for native segwit addresses (BIP173 / Bech32) has now been added. This includes the ability to send to BIP173 addresses (including non-v0 ones), and generating these addresses (including as default new addresses, see above).
A checkbox has been added to the GUI to select whether a Bech32 address or P2SH-wrapped address should be generated when using segwit addresses. When launched with
-addresstype=bech32 it is checked by default. When launched with
-addresstype=legacy it is unchecked and disabled.
HD-wallets by default
Due to a backward-incompatible change in the wallet database, wallets created with version 0.16.0 will be rejected by previous versions. Also, version 0.16.0 will only create hierarchical deterministic (HD) wallets. Note that this only applies to new wallets; wallets made with previous versions will not be upgraded to be HD.
Wallets directory configuration (
Litecoin Core now has more flexibility in where the wallets directory can be located. Previously wallet database files were stored at the top level of the litecoin data directory. The behavior is now:
- For new installations (where the data directory doesn’t already exist), wallets will now be stored in a new
wallets/subdirectory inside the data directory by default.
- For existing nodes (where the data directory already exists), wallets will be stored in the data directory root by default. If a
wallets/subdirectory already exists in the data directory root, then wallets will be stored in the
wallets/subdirectory by default.
- The location of the wallets directory can be overridden by specifying a
<path>can be an absolute path to a directory or directory symlink.
Care should be taken when choosing the wallets directory location, as if it becomes unavailable during operation, funds may be lost.
The minimum version of the GCC compiler required to compile Litecoin Core is now 4.8. No effort will be made to support older versions of GCC. See discussion in issue #11732 for more information. The minimum version for the Clang compiler is still 3.3. Other minimum dependency versions can be found in
doc/dependencies.md in the repository.
Pruned nodes can now signal BIP159’s NODE_NETWORK_LIMITED using service bits, in preparation for full BIP159 support in later versions. This would allow pruned nodes to serve the most recent blocks. However, the current change does not yet include support for connecting to these pruned peers.
The SHA256 hashing optimizations for architectures supporting SSE4, which lead to ~50% speedups in SHA256 on supported hardware (~5% faster synchronization and block validation), have now been enabled by default. In previous versions they were enabled using the
--enable-experimental-asm flag when building, but are now the default and no longer deemed experimental.
- The option to reuse a previous address has now been removed. This was justified by the need to “resend” an invoice, but now that we have the request history, that need should be gone.
- Support for searching by TXID has been added, rather than just address and label.
- A “Use available balance” option has been added to the send coins dialog, to add the remaining available wallet balance to a transaction output.
- A toggle for unblinding the password fields on the password dialog has been added.
A new RPC
rescanblockchain has been added to manually invoke a blockchain rescan. The RPC supports start and end-height arguments for the rescan, and can be used in a multiwallet environment to rescan the blockchain at runtime.
savemempool RPC has been added which allows the current mempool to be saved to disk at any time to avoid it being lost due to crashes / power loss.
Safe mode disabled by default
Safe mode is now disabled by default and must be manually enabled (with
-disablesafemode=0) if you wish to use it. Safe mode is a feature that disables a subset of RPC calls – mostly related to the wallet and sending – automatically in case certain problem conditions with the network are detected. However, developers have come to regard these checks as not reliable enough to act on automatically. Even with safe mode disabled, they will still cause warnings in the
warnings field of the
getneworkinfo RPC and launch the
Renamed script for creating JSON-RPC credentials
share/rpcuser/rpcuser.py script was renamed to
share/rpcauth/rpcauth.py. This script can be used to create
rpcauthcredentials for a JSON-RPC user.
validateaddress RPC output has been extended with a few new fields, and support for segwit addresses (both P2SH and Bech32). Specifically:
- A new field
iswitnessis True for P2WPKH and P2WSH addresses (“ltc1…” addresses), but not for P2SH-wrapped segwit addresses (see below).
- The existing field
isscriptwill now also report True for P2WSH addresses.
- A new field
embeddedis present for all script addresses where the script is known and matches something that can be interpreted as a known address. This is particularly true for P2SH-P2WPKH and P2SH-P2WSH addresses. The value for
embeddedincludes much of the information
validateaddresswould report if invoked directly on the embedded address.
- For multisig scripts a new
pubkeysfield was added that reports the full public keys involved in the script (if known). This is a replacement for the existing
addressesfield (which reports the same information but encoded as P2PKH addresses), represented in a more useful and less confusing way. The
addressesfield remains present for non-segwit addresses for backward compatibility.
- For all single-key addresses with known key (even when wrapped in P2SH or P2WSH), the
pubkeyfield will be present. In particular, this means that invoking
validateaddresson the output of
getnewaddresswill always report the
pubkey, even when the address type is P2SH-P2WPKH.
- The deprecated RPC
getinfowas removed. It is recommended that the more specific RPCs are used:
- The wallet RPC
getreceivedbyaddresswill return an error if called with an address not in the wallet.
- The wallet RPC
addwitnessaddresswas deprecated and will be removed in version 0.17, set the
getnewaddress, or option
dumpwalletnow includes hex-encoded scripts from the wallet in the dumpfile, and
importwalletnow imports these scripts, but corresponding addresses may not be added correctly or a manual rescan may be required to find relevant transactions.
- The RPC
getblockchaininfonow includes an
- A new
blockhashparameter has been added to the
getrawtransactionRPC which allows for a raw transaction to be fetched from a specific block if known, even without
fundrawtransactionRPCs now have optional
iswitnessparameters to override the heuristic witness checks if necessary.
walletpassphrasetimeout is now clamped to 2^30 seconds.
- Using addresses with the
createmultisigRPC is now deprecated, and will be removed in a later version. Public keys should be used instead.
- Blockchain rescans now no longer lock the wallet for the entire rescan process, so other RPCs can now be used at the same time (although results of balances / transactions may be incorrect or incomplete until the rescan is complete).
loggingRPC has now been made public rather than hidden.
initialblockdownloadboolean has been added to the
getblockchaininfoRPC to indicate whether the node is currently in IBD or not.
minrelaytxfeeis now included in the output of
-debuglogfile=<file>can be used to specify an alternative debug logging file.
- litecoin-cli now has an
-stdinrpcpassoption to allow the RPC password to be read from standard input.
-usehdoption has been removed.
- litecoin-cli now supports a new
-getinfoflag which returns an output like that of the now-removed
- The default regtest JSON-RPC port has been changed to 19443 to avoid conflict with testnet’s default of 19332.
- Segwit is now always active in regtest mode by default. Thus, if you upgrade a regtest node you will need to either -reindex or use the old rules by adding
vbparams=segwit:0:999999999999to your regtest litecoin.conf. Failure to do this will result in a CheckBlockIndex() assertion failure that will look like: Assertion `(pindexFirstNeverProcessed != nullptr) == (pindex->nChainTx == 0)’ failed.
Please use GPG to verify the integrity of the release binaries. This ensures that the binary you have downloaded has not been tampered with. Linux, MacOS and Win32 cygwin command line GPG instructions are available here. Please also note that we GPG sign the binaries as a convenience to you, the ultimate way to verify the integrity of the builds is to build them yourself using Gitian. Instructions on how to perform these builds, can be found here.
For this release, the binaries have been signed with key identifier FE3348877809386C (thrasher’s key).
Despite this version being heavily tested, this version may still contain bugs. Always backup your wallet.dat file before upgrading. If you encounter any issues, please let us know by posting to the bug reporting section below.
The master branch contains the latest commits to the next stable releases of Litecoin Core.
Build instructions for Linux can be found here.
Build instructions for OSX can be found here.
Builds instructions for Windows can be found here.
Submit any issues you encounter here and one of the Litecoin developers will assist you.
Sign up for announcements only or development discussion.
These are the SHA-256 hashes of the released files:
Thanks to everyone who directly contributed to this release:
- The Bitcoin Core Developers
- Adrian Gallagher
- Martin Smith
Coinbase finally releases a timeline for listing Dogecoin
“So, to answer your question directly, we plan to list DOGE in the next six to eight weeks. And then more broadly, we’re going to be focused on how we can accelerate asset addition in the future.”
With regard to queries on what parameters were used to qualify various coins or tokens to add to the exchange and why there weren’t more choices? Armstrong stated:
I think there’s going to be millions of different crypto assets out there, especially as we see new assets being created for new companies being created and there’s even NFT’s and individuals who are tokenizing their time and so in a world where there’s going to be millions and millions of these crypto assets out there, we get this question a lot, how are you deciding, which ones to add, and how can you accelerate it?
Without directly alluding to XRP, the digital asset that has been entangled in a legal battle with the SEC, Coinbase CEO also stated that Coinbase had worked with CRC to create a regulatory framework for coins. He added:
So, today, we use a number of factors, we look at cybersecurity around the coin to make sure that there’s not going to be an issue that would cause customer loss. We also look at it from a legal point of view and a compliance point of view. There’s various concerns out there about securities, for instance, and we’ve worked with things like the Crypto Rating Council to help create clear regulatory frameworks for this.
Data from ICO Analytics stated that the total web traffic for crypto exchanges had increased by 43% over the past month.
Web traffic to crypto exchanges in April 2021. According to the data from SimilarWeb in April a total web traffic to cryptocurrency exchanges has increased by 43%. pic.twitter.com/1evIwg3YEi
— ICO Analytics (@ICO_Analytics) May 7, 2021
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Inflation winds stiffen as Bitcoin ballast on balance sheets proves its value
As corporate finance leaders prepare to set sail into the post-COVID-19 world amid inflation storm warnings, an increasing number of corporations are taking stock of their treasury reserve holdings. If the worst happens, and the dollar and other reserve currencies weaken, are they sure that all their balance-sheet cash is lashed down securely?
It surely hasn’t escaped their notice, after all, that a number of public companies that “joined” Bitcoin (BTC) in a big way over the past year recently broadcast strong Q1 2021 earnings. Square, which holds $472 million worth of BTC, for instance, reported a quarterly gross profit increase of 79% year-over-year, doubling analysts’ expectations. While Tesla, which plunked down $1.5 billion — 8% of its cash — into BTC in February, posted record earnings with revenues surging 74%. MicroStrategy, which made Bitcoin its primary corporate reserve in 2020, notched a 10% gain in Q1 revenues.
“If inflation picks up, or even if it doesn’t, and more companies decide to diversify some small portion of their cash balances into bitcoin instead of cash, then the current relative trickle into bitcoin would become a torrent,” wrote storied investor Bill Miller in a market letter earlier this year. Already, “companies such as Square, MassMutual, and MicroStrategy have moved cash into bitcoin rather than have guaranteed losses on cash held on their balance sheet,” he added.
Elsewhere, Ark Investments commented in a company newsletter: “Microstrategy, Square, and now Tesla are showing public companies the way to add bitcoin as a legitimate alternative to cash on their balance sheets.”
But Bitcoin remains a volatile asset — as the most recent BTC price drop to $46,000 reminded users again — so maybe its embrace by corporate treasurers is really just a short-term happenstance? On the other hand, if the trend does have legs, is it really appropriate for all companies? If so, at what level of allocation is appropriate?
Overall, what does this say about the global economy if public firms now look to a 12-year-old digital currency to keep its cash stockpiles liquid and secure?
A longer-term trend or seasonal fashion?
“I do not view this as a fad,” Paul Cappelli, a portfolio manager at Galaxy Fund Management, told Cointelegraph. Bitcoin’s “inelastic supply curve and deflationary issuance schedule” make it a “compelling hedge against inflation and poor monetary policies that could lead to cash positions becoming devalued over time,” he told Cointelegraph, predicting:
“Corporations will continue to use Bitcoin as one of the tools available to preserve the value of their balance sheets.”
David Grider, lead digital asset strategist at Fundstrat, informed Cointelegraph that as crypto becomes more mainstream, he expects to see “more corporates holding crypto for legitimate business purposes.” Exchanges could hold it as inventory, tech companies might use it to stake tokens and participate in networks, while multinational corporations could accept it for payments.
“I expect two types of companies to consider early adoption of crypto — ones led by leaders who are strong believers in crypto, as well as companies that may have unique cross-border needs that are a good fit for Bitcoin transfers,” Gil Luria, director of research at D.A. Davidson & Co., told Cointelegraph.
If so, doesn’t this represent a sea change for corporate finance officers? “When I did my treasury exams, the thing we were told as number one objective is to guarantee security and liquidity of the balance sheet,” Graham Robinson, a partner in international tax and treasury at PricewaterhouseCoopers and adviser to the United Kingdom’s Association for Corporate Treasurers, told Reuters. BTC with its volatility might simply not fit the bill.
If Bitcoin were to be used as a corporate treasury reserve, and its price plunged, that company might not be able to meet its working capital requirements, noted Robert Willens, adjunct professor of Columbia Business School, in January, when he described it as “a high-risk, high-reward strategy.”
Has Willens changed his views? “I still believe it is a high risk/high reward strategy,” he told Cointelegraph, acknowledging that “lately, the rewards have far outweighed the risks.” He does see more firms following the lead of Tesla and Square, “as crypto investments become more ‘respectable’ and emerge as a viable outlet for corporate cash balances.” Asked who might lead the way, Willens answered:
“I think companies with iconoclastic leaders — not necessarily confined to a particular industry — would be the most likely to take the plunge and commit a decent amount of the corporation’s cash balances in crypto.”
Fundstrat’s Grider, citing the OTC trading firm Genesis’ Capital trading data, told Cointelegraph that more corporations may be buying crypto than has been reported in earnings statements. The Genesis Q1 2021 “Market Observations Report,” for example, reported a striking jump in “corporates’” share of crypto trading volume to ~27% from ~0% in the quarters prior. “As corporate clients began buying bitcoin for their treasuries in Q1, our ratios shifted,” noted Genesis.
Tesla allocated 8% — Is it too much?
Assuming that a company believes that crypto should be part of its treasury reserves, how much should it actually allocate? Last year, Cappelli told Cointelegraph that an investment of 50 basis points to 2% of reserves was about right, given crypto’s volatility. But since then, crypto prices have skyrocketed, and Tesla allocated a whopping 8% — or $1.5 billion — to its corporate cash reserves. Is the recommended allocation growing?
“I don’t think there’s a bright-line rule that we can apply here across the board,” Willens told Cointelegraph, “but I think something well north of 2% would be appropriate — perhaps as much as 8%–10% might even be acceptable.”
“It will all depend on the company,” Cappelli said this past week. “Corporations manage their balance sheets to fund operations and maintain a certain amount of liquidity.” Bitcoin is still a very volatile asset, “so while it does provide a hedge against inflation, it does come with a certain amount of market risk. I’d be very surprised to see a company allocation much more than a ballpark of 5% currently, but that may change over time.”
Still, what about Robinson’s contention that a corporate treasurer’s job is to guarantee liquidity and security of the balance sheet — and could Bitcoin not do that?
“If you think about crypto purely as cash, it is still very volatile relative to the dollar,” Grider told Cointelegraph. “But some assets like Bitcoin are becoming less volatile lately, and we are seeing strong liquidity emerge in crypto, which is encouraging.”
One way a firm could think about holding crypto is as an alternative to cash, continued Grider, “but you can also think about it like inventory or a marketable securities investment or an intangible long-term asset. That means even if not an ideal treasury asset in all respects, corporates could still hold crypto for other reasons,” such as:
“Certain incumbent businesses could buy crypto as a hedge against tech disruption, just like doing M&A of a competing startup.”
“I think the liquidity concern is a valid one,” responded Willens, “but limiting the investment to 8%–10% of the investible funds ought to insulate treasurers from criticism since the balance of the funds would be deployed in cash and cash equivalents with a readily realizable value.”
There is a sizing exercise that occurs for every investment, added Capelli, and “taking all balance sheet investments into account” is part of any corporate treasurer’s or chief investment officer’s job. Meanwhile, Luria declared that “crypto assets are liquid enough that this should not be a constraint.”
A more significant disincentive to using crypto as a corporate treasury reserve, in Willens’ view, may be the accounting treatment to which it is subjected at present — i.e., “the odd way investments in crypto are accounted for — they are treated as ‘indefinite-lived intangible assets,’ and thus any declines in the value of the asset must be reflected in income from continuing operations, whereas price increases cannot be so reflected.” He described this “unfavorable accounting treatment […] as the most unattractive aspect of an investment therein.”
A “tectonic shift” in global finance?
All in all, the current monetary environment has raised serious corporate concerns about inflation and the continued strength of the United States dollar. It should not be surprising, as Grider said, “that corporations would become more open to alternatives like crypto.”
But something even larger may be going on. As Perianne Boring noted recently in the New York Times, a “tectonic shift” may be underway in global finance thanks to cryptocurrency. “Digital assets have brought forth a new paradigm in global finance,” concurred Cappelli, though we are still in the very early stages:
“With every cycle, there are always pockets of froth, but structurally, what we have seen built over the last few years certainly provides a strong foundation for this new asset class.”
Why Tesla not accepting Bitcoin is the perfect ‘Ad campaign’ for it
One public tweet that can have such catastrophic repercussions on an asset’s price is not something we hear on an everyday basis. Well, if you’re Elon Musk then it’s a completely different story. This precisely was the case with BTC’s most recent plummet in the market post Tesla’s announcement.
Various different exchanges saw an abrupt incline in the selling pressure, indicating a growing bearish trend. The cascading effect of Musk’s tweet has brought into question BTC’s uncorrelated status and its near-term price trajectory.
CIO of Blackrock, Rick Rieder shared his optimism about this ‘interesting asset’ in the latest CNBC’s Squawk Box interview. He stated:
“Bitcoin is an interesting asset. It is one that has not reached maturity yet.”
Although he acknowledged the challenges the asset faces – volatility and carbon footprint being the main obstacles, the senior executive remained bullish on the asset. He added:
“I think it’s durable. I think it will be part of the investment arena for years to come … but these challenges are real. They will be overcome over time.”
A Pompliano, a veteran bitcoin bull, too opined on the asset’s recent obstacles, namely the bad PR it’s facing thanks to Tesla.
“It’s very good. It’s the Streisand effect,” says @APompliano on $TLSA no longer accepting #btc. “All the mainstream media and all the blogs and all the Twitter-verse is doing is they are marketing #bitcoin right now. They are waking the world up to what is #bitcoin. pic.twitter.com/qZsFtSDaPI
— Squawk Box (@SquawkCNBC) May 13, 2021
He spoke about the ‘Streisand effect.’ In an additional tweet, he wrote:
“More people will be buying Bitcoin because of Elon Musk’s comments. This is the Streisand effect. Stop the madness and pay attention to the facts. Bitcoin isn’t going anywhere.”
But what exactly is the significance of this effect? Ever heard of the adage ‘There is no such thing as bad publicity?’ Stats on the subsequent tweets show that these hashtags were trending.
Another real-life example can be seen in India, where a looming threat of a crypto ban has resulted in a surge in interest.
“At least from what our data from India shows, it actually causes more people to invest in crypto because they want to get it before the ban comes in,”
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