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The creator of Litecoin Charlie Lee is back to hit what he calls a "concerted effort to suppress" the LTC price on the collection of bearish traders and speculative equity investments that are struggling to shorten the currency.
Lee stated that these were efforts to stifle the cost of Litecoin from those who contracted LTC and those who consider Litecoin a danger to them.
Writing in a tweet, Lee said that he needed to clarify "FUD" burst out of decks that "consider Litecoin a danger".
In the report, which was created by Tushar Jain, Multicoin has spread its legitimacy to be a short LTC, stating that the coin faces various "negative catalysts" without an adequate number of bullish elements to balance them.
The report also expressed that, at the moment, Litecoin still has a lot of problems to be determined and does not have the important bullish notion to represent its ongoing rise.
Check also: Latest news on Litecoin
Jain has ensured that the encrypted window is moving forward and encrypted, for example, LTC that does not have a very genuine use will not profit in the following Bull Run.
Lee, in any case, is confident that the use of Litecoin is the thing that makes it an attractive alternative. The digital asset supported by these organizations makes it very easy for retailers to recognize LTC. There is too many LTC vendors to check, including.
He also added that litecoin faces a serious sales pressure, from the extraction of LTC and from the Bitmain digital currency mining company, which is supposed to be rising by 1 million LTC while effectively advancing bitcoin money, a coin that rivals the litecoin to be the crypto choose for payments day by day.
Here is the complete thread of Twitter, in which Charlie Lee defends Litecoin against FUD
1 / Recently, there has been a concerted effort to suppress Litecoin's price from people / funds that are surrendering to LTC and from groups that see Litecoin as a threat. I will clarify this FUD and show why Litecoin has enormous value.
– Charlie Lee [LTC⚡] (@SatoshiLite) 20 September 2018
2 / FUD: Litecoin has lost its advantage and can not differentiate itself from hundreds of other altcoins.
TRUTH: Litecoin has one of the safest networks of all altcoins. Litecoin has over $ 150MM of ASIC hardware that protects it. Litecoin dominates the Scrypt extraction by far.
– Charlie Lee [LTC⚡] (@SatoshiLite) 20 September 2018
3 / Miners have no incentive to attack the network because they will destroy the value of their ASIC hardware.
Litecoin has a lot of liquidity, which is important for people getting in and out of LTC. It is practically in every fiat and crypto exchange (early Gemini), even more than the ETH
– Charlie Lee [LTC⚡] (@SatoshiLite) 20 September 2018
4 / Litecoin is supported by more than 9 payment processors: Aliant Payment, BTCPay, Coinbase, CoinGate, CoinPayments, Globee, GoCoin LTCPay and TravelbyBit. This makes it extremely easy for merchants to accept LTC. There are too many LTC merchants to count! #PayWithLitecoin
– Charlie Lee [LTC⚡] (@SatoshiLite) 20 September 2018
5 / Litecoin processes transactions worth $ 200 million every day. And the network worked perfectly for 7 years!
Litecoin works today as a global decentralized sound money, which can not be censured, can not be canceled or removed, can not be counterfeited and can not be written down. 🚀
– Charlie Lee [LTC⚡] (@SatoshiLite) 20 September 2018
6 / FUD: Litecoin is no longer necessary now that Bitcoin can scale with LN.
TRUTH: Many of the LN clients and apps also support LTC because they see the value of Litecoin. With atomic swaps, LTC interacts with BTC on the Lightning network.
– Charlie Lee [LTC⚡] (@SatoshiLite) 20 September 2018
7 / Litecoin will always be the cheapest and fastest on the ramp of Lightning Network. And with solutions like submarine swaps, you can use on the LTC chain to pay a flash BTC bill!
We will also have decentralized exchanges using atomic swaps. The possibilities are endless. ⚡
– Charlie Lee [LTC⚡] (@SatoshiLite) 20 September 2018
8 / FUD: Litecoin as a Bitcoin testnet is not worth $ 3B.
TRUTH: even if the only use of Litecoin is a testnet, one can not put an absolute value on it. You need to look at it in regards to Bitcoin. The Litecoin marketcap is only 3% of the Bitcoin marketcap. Is not very big!
– Charlie Lee [LTC⚡] (@SatoshiLite) 20 September 2018
9 / Litecoin helped Bitcoin activate SegWit last year by demonstrating the game theory of SegWit in practice. Bitcoin's Testnet3 can not do that because the testnet3 coins have no value, so there's no incentive for hackers to hack it. Litecoin helps Bitcoin. This is extremely valuable.
– Charlie Lee [LTC⚡] (@SatoshiLite) 20 September 2018
10 / FUD: Litecoin has no development in the last 6 months.
TRUTH: we do not work on the main branch, where people are watching. This is generally a good Git practice! Demonstration: We released 0.16.2 last week and we just released 0.16.3 today, which solved the recent DoS critical bug.
– Charlie Lee [LTC⚡] (@SatoshiLite) 20 September 2018
11 / FUD: Charlie left Litecoin and he does not care anymore.
TRUTH: I am working full time at Litecoin and focused on the adoption of Litecoin. Demonstration: the fact that I spent time writing these 11 tweets! 😀
Litecoin also has the strongest cryptic community. #LitecoinFam 🚀
– Charlie Lee [LTC⚡] (@SatoshiLite) 20 September 2018
He added that, apart from the long-lasting performance of the obsolete litecoin, the appearance of second-level downsizing agreements such as Lightning Network (LN) will further strengthen LTC as they make money interoperable with bitcoins.
"Litecoin will always be the cheapest and fastest on the Lightning Network ramp and with solutions like submarine swaps, you can use it on the LTC chain to pay a flash BTC bill!" He said. "We will also have decentralized exchanges using atomic swaps, the possibilities are endless".
Read also: In-depth technical analysis of Litecoin prices.
Currently, litecoin is the seventh-largest digital asset with a market capitalization of $ 3.2 billion. LTC trades at $ 58.66 USD, which is a reduction of 85% from the historical top of the coin to $ 375.29, as per CoinMarketCap.
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