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Litecoin is facing a prolonged smear campaign that is pushing investors to reduce the digital currency in ever-increasing numbers. Charlie Lee, the founder of Litecoin, recently brought on Twitter to clarify the fear, uncertainty and doubt that have plagued his protocol over the past three months. In a market that rises and falls at the turn of a speculative dime, Lee's clarity can not come too soon.
The campaign against Litecoin
Lee did not make too many words Thursday when he stated that the price of Litecoin was being purposely suppressed by some segments of the market. In a storm of ten posts on Twitter, Lee explained that people and funds are ceding LTC because of its perceived threat to other protocols that can not compete with its speed, security and liquidity.
From @SatoshiLite :
"Recently, there has been a concerted effort to suppress the price of Litecoin by people / funds who are surrendering to LTC and from groups they see Litecoin as a threat: I will clarify this FUD and show why Litecoin has enormous value. "
The price of Litecoin has plummeted by 45% in the last three months and has further moved away from the headlines of the markets. 2018. Litecoin seems to have lost all relevance to lay people and new retail traders in space. Case in point: its Google Trend score is currently 2. It reached a perfect peak in mid-December. What's more, the Trend score has kept single digits for over six months. This means that people are not looking for Litecoin.
While people outside Litecoin may not have noticed, the protocol is better today than it was during the height of the bull market due to improvements in Lightning Network, the increase in transaction volumes and more support from payment processors. As noted by Lee, LTC is supported by more than nine payment processors, including Alliant Payment, BTCPay, Coinbase and CoinGate.
Dissipating the FUD
Below is a glimpse of the titles that FUD induces Lee. 19659004] 1. Litecoin is not able to differentiate itself from other altcoins.
Lee: Litecoin is protected by $ 150 million in ASIC hardware and is one of the safest currencies available.
2. There is no incentive for miners to attack the network because it would undermine the value of their ASIC hardware.
Lee: the liquidity and availability of LTC on virtually every fiat-to-crypto exchange makes it one of the most widely available cryptocurrencies on the market (even more than Ethereum).
3. You can not pay with Litecoin.
Lee: not only is LTC supported by more than nine payment processors, but also its acceptance by merchants is growing significantly. LTC processes over $ 200 million transactions every day.
4. Litecoin is irrelevant since bitcoin can now scale with Lightning Network.
Lee: Several Lightning Network clients and apps already support Litecoin because they appreciate the network. With atomic swaps, this is not one or a proposition when it comes to LTC and BTC. In addition, "LTC interacts with BTC on the Lightning network."
5. As a Bitcoin testnet, Litecoin is not worth 3 billion dollars.
Lee: Although Litecoin has only one use case (testnet), it has a tangible value. Furthermore, it has only 3% of the bitcoin capital market.
6. Litecoin has not made any significant development in six months.
Lee: People are looking in the wrong place. Although developers are not working on the master branch, they are still active behind the scenes. Versions 0.16.2 and 0.16.3 have been released in the last two weeks.
Disclaimer: The author owns bitcoins, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out short-term or day trading activities.
Featured image courtesy of Shutterstock.
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