Home / Cryptocurrency / Charlie Lee defends Litecoin Against & # 39; FUD & # 39; from Short-Sellers

Charlie Lee defends Litecoin Against & # 39; FUD & # 39; from Short-Sellers


  Litecoin

The creator of Litecoin, Charlie Lee, returns to strike what he calls a "concerted effort to suppress" the LTC price on the party of traders and hedge funds that are trying to shorten the currency.

a discussion published on Twitter, Lee – who created LTC in 2011 and now develops it full-time – said he wanted to clarify "FUD" spread by groups who "see Litecoin as a threat".

Lee was apparently responding to an explosive report from the fund of cryptocurrency hedge fund Multicoin Capital which, among other things, said that litecoin was a "significantly overvalued" and a "relic" of an earlier period of development of cryptocurrencies.

In the report, which was created by managing partner Tushar Jain, Multicoin explained his justification for being a short LTC, claiming that the currency must face a series of "negative catalysts" without a sufficient number of bullish factors to offset them.

In particular, Jain said that the cryptocurrency market is maturing and that activities such as litecoin which – in his opinion – will not have compelling cases of use will be excluded from the next rally.

He also argued that litecoin underwent strong sales pressure, not only from LTC mining but also from cryptocurrency mining company Bitmain, which is said to have risen by over 1 million LTC and also actively promotes bitcoin currency, a coin that is competing with litecoin to be the cryptocurrency of choice for everyday payments.

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creator of LTC Charlie Lee | Source: YouTube / Crypto Channel

Responding to these criticisms and others, Lee argued that, unlike many altcoins, LTC is incredibly safe because it is the dominant currency that uses the Scrypt mining algorithm, making it unprofitable. For miners

He also stated that, far from making lithecoin obsolete, the advent of second-level scalability solutions such as Lightning Network (LN) will further support LTC, since it makes money interoperable with bitcoins. [19659003] "Litecoin will always be the cheapest and fastest on the ramp of Lightning Network.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 trade using atomic swaps." The possibilities are endless "

Currently, litecoin is the seventh largest cryptocurrency with a market capitalization of $ 3.2 billion. LTC is trading at $ 54.75, representing a decline of 85% from the all-time high of the currency to $ 375.29, for data from OnChainFX. Although stark if seen in isolation, this performance is comparable to the broader cryptocurrency index large cap, with most major altcoins having recorded peak-to-valley decreases ranging from 77% to 96%.

Close-up image of Shutterstock

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