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The creator of Litecoin, Charlie Lee, brought on Twitter, complaining of recent efforts to "suppress the price of Litecoin" with the spread of FUD by those "short circuits LTC and … that see Litecoin as a threat. "
Big Up From Litecoin [19659003] Lee had much to say on allegations that Litecoin 0 0 had lost its advantage in an increasingly saturated market.
Illustrating the high level of security in the network, he highlighted the lack of incentives for miners to attack it, as this would depreciate $ 150 million in hardware investments. He also mentioned Litecoin's domain on the Scrypt extraction.
1 / Recently, there has been a concerted effort to suppress Litecoin's price from people / funds that are yielding 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
As far as liquidity is concerned, Lee emphasized that Litecoin exchanged virtually every exchange. Nine main payment processors support it and the network processes $ 200 million transactions every day.
Charlie Lee: LN does not make Litecoin obsolete
Rather than realize a redundant LTC technology, Lightning Network works really well together with both Bitcoin and Litecoin, according to Lee. Many LN clients / apps support Litecoin, enabling atomic exchanges and even submarine swaps, using LTC to pay for lightning BTC bills. Adds:
Litecoin will always be the cheapest and fastest on the ramp of Lightning Network.
Although the sole value of Litecoin was like a bitcoin test network, Lee claims that its value is more than 3% of the bitcoin market cap it currently represents.
The practical demonstration of Litecoin of the SegWit utility has enabled the adoption and activation of the Bitcoin network. This kind of test is not possible on the real Bitcoin testnet, since worthless coins do not create any incentive for malicious actors to hack it.
Charlie DOES Care and Litecoin STA Still Developed
Lee caused a scandal last year when, faced with accusations of acting for "personal benefit", he sold and donated all of its LTC holdings. He has since stated that he will never be reimbursed, claiming his claims of "conflict of interest". However, it has recently also seemed to favor Bitcoin compared to Litecoin as an initial encrypted investment.
Despite this, his tweets confirm that he is still working at Litecoin full time and promotes the adoption of Litecoin. Countering the suggestions that Litecoin has not had any development in the last 6 months, it has highlighted two updates in the last 2 weeks. It also emphasizes that it is good practice not to do development work "on the main branch, where people are watching."
As you would expect, answers to tweets vary from "Litecoin rulez! Charlie is my hero!" School of thought to "Well, why did you sell yours then?"
You can like some people, some times, eh?
There are concerted actions taken to suppress the Litecoin price? Share your opinions below!
Images courtesy of Twitter, Shutterstock
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