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The blockchains and the crypto coins are rising despite the current bear market. One of the popular figures within the cryptic arena, Charlie Lee, who is founder of Litecoin, recently commented on the fundamental value of cryptocurrencies and his feelings when the Blockchain Cruise Conference was held.
Charlie Lee, creator of Litecoin, discussed the first two digital assets on the stock exchange at the time of the press: Bitcoin and Ethereum together with his project "Litecoin" is currently below the $ 200 mark lacks the immutability functionality found in both Litecoin and Bitcoin. This places the popular "smart contract" project in a disadvantaged position as transactions can be changed in the future .
However, Litecoin and Bitcoin cryptographic coin transactions can also be reversed at a very expensive margin. The expenses for the two coins still vary a significant amount with Litecoin which is more expensive to reverse than Bitcoin. Lee insisted that this is why it is better to use Bitcoin for large transactions and Litecoin for smaller transactions. In this way, crypto users can rely on the security of the Bitcoin network and its immutable blockchain ledger.
Litecoin costs about $ 50 for production that is cheaper than Bitcoin but not as efficient as it should be according to Lee. [19659003] The economics of supply and demand is vital for currency survival and market liquidity, Litecoin's production follows the similar pattern adopted by the pioneering "Bitcoin" crypt. Every four years new LTC coins are introduced in the coin market. However, Litecoin has a total supply limit of 84 million, which is set to be constant forever according to the white paper. Charlie Lee said it would be possible to change the supply only if users were on board, a very unlikely scenario!
In conclusion, Charlie Lee talked about Ethereum, the 2 nd digital asset in market capitalization now. The founder of LTC was critical of the inability of Ethereum to be immutable. He added that the ETH project is highly "security oriented" and resistant to censorship.
"It is difficult to see certain transactions but the problem with Ethereum is, as we have already seen, we have already demonstrated and demonstrated that transactions on Ethereum are not immutable in most cases."
Mr. Lee gave the example of the Ethereum Classic fork as a support for his feelings. This is what the most popular encryption enthusiasts remember as the "DAO" attack, the ETC pioneer was forked and today its Ethereum fork is a market leader. The reason for this fork was to get tokens that were stolen from here the reaction of the ETC community and its developers.
From an investor's perspective, this seems to have been the best move since the coins were recovered by the hacker. However, the question remains on the impact of such a move in the decentralized digital savings economy. Does it maintain the properties of cryptocurrencies?
"Establishes a bad precedent that governments can get close to the developers' foundations and convince them that this transaction is bad because it sends millions of dollars to a terrorist group, so nobody likes terrorists, but the properties of sound money It is important that the transactions are immutable. "
Ethereum is facing challenges in price action that slide much lower than its peer assets. The problems of the project could end or not when the currency becomes full. PoS (Game Test). According to Lee, this will significantly reduce production costs but will damage some ERC20-based projects at the same time.
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