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Charlie Lee participates in Twitter at Rage Against Litecoin FUD
21 September 2018 by Akshay Makadiya
The creator of Litecoin, Charlie Lee, has unleashed a series of tweets in an attempt to clarify what he thinks was Litecoin FUD. Through his tweets, Lee highlighted why the seventh largest cryptocurrency by market capitalization is still of enormous value and has simultaneously criticized the deliberate efforts of those attempting to inhibit the price of the LTC.
See also: Government Pushback Crypto's Creepy Testing
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51% of violent attacks on Litecoin
Lee's storm has thwarted many misunderstandings surrounding the current role of Litecoin in cryptoverse and its way to go. Lee also complained about the intentional efforts to reduce the LTC in an attempt to contain its value.
His first tweet was addressed to those who see LTC as a threat and are trying to undermine it:
1 / Recently, there was a concerted effort to suppress the price of Litecoin by people / funds that are yielding to LTC and from groups that see Litecoin as a threat. I will explain this FUD and show why Litecoin has enormous value.
– Charlie Lee [LTC⚡] (@SatoshiLite) 20 September 2018
Facing the criticisms that Litecoin lacks the uniqueness of the brothers, the managing director of the Litecoin Foundation underlined that its currency houses one of the most secure networks, protected by $ 150 million worth of ASIC hardware and is a leader in script mining.
In the past, 51% of the attacks, where an entity obtains the majority of a hashrate of a network, were considered financially unattainable. Critics have recently stated, however, that 51% of Proof-of-Work (PoW) cryptocurrent attacks are more likely.
But Lee points out that such an attack is probably impossible on LTC. Based on crypto51.app, a website that estimates the theoretical cost of attempting a 51% attack on PoW cryptocurrencies, an hour of push on the LTC network would cost about $ 32,000.
Litecoin helps Bitcoin
Litecoin has always been seen as a payment currency that works faster than bitcoin. But with Lightning Network (LN) being slowly realized, bitcoin payments will become faster. So, another source of Litecoin FUD is its lack of a use case when the bitcoin network accelerates.
Lee addresses this by saying that even if bitcoins can scale with the Lightning network, many LN clients also support LTC. One of the biggest cases of LTC use is the test bench for bitcoin applications. "Litecoin helps Bitcoin, which is extremely valuable," says Lee.
The founder of Litecoin also noted that LTC is a widely accepted method of payment with crypto and is traded on more exchanges than the second cryptocurrency by market capitalization, Ethereum. Lee claims that LTC functions as "global decentralized sound money".
Do not stop Litecoin, says Lee
In the meantime, many have criticized Litecoin as inactive in terms of development. Lee has infamously sold all his coins to historic highs, a move that he later admitted to repent. At his defense, Lee said that the Litecoin developers recently released v0.16.3, which corrected the DoS bugs.
On the new update, Litecoin's project tweeted:
Litecoin Core v0.16.3 was released which includes a very important security fix for a DoS vulnerability, CVE-2018-17144! All users are invited to update as soon as possible. https://t.co/6wyNEdiNFP
– Litecoin Project (@LitecoinProject) 20 September 2018
However, referring to the biggest source of Litecoin FUD – that Lee does not take care of Litecoin, the creator has stated that he is fully committed to the project and is working on the adoption of the LTC. He went further, applauding the strength of the Litecoin community.
Meanwhile, LTC was changing hands to $ 54. Lee's tweet storm not only addresses all the main points of Litecoin FUD, but also underlines its importance in cryptoverse.
Will Litecoin vanish in the future? Share your opinions in the comments section below.
Images via Pixabay
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