Debunking Market Narratives, published by the investment company of cryptocurrency Multicoin Capital, has attracted much attention in recent times. The research article published by Tushar Jain, Managing Partner of Multicoin Capital, focused on the defense of Litecoin [LTC]The value is incorrect.
The document contains various negative catalysts that could influence the growth of Litecoin in the near future, including the current features of Litecoin and the proposed use cases.
The rumors spread throughout the community that this was an attempt to bring the value of the cryptocurrency down since Multicoin Capital holds a short position in the LTC.
However, on September 19, Charlie Lee, the founder of Litecoin, responded to the detailed analysis published by the company on his Twitter account.
Charlie Lee's first tweet said:
"Recently, there has been a concerted effort to suppress the price of Litecoin 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 a extraordinary value. "
The Tushar Jain report argues that Litecoin can not be differentiated from other alt-overs. According to Charlie, the blockchain has over $ 150MM of ASIC hardware that protects it. Furthermore, Litecoin dominates Scrypt [Hash algorithm] mining compared to other altcoins in the ecosystem.
Money liquidity is high and helps investors get high profits from LTC. Moreover, money is available on most exchange platforms, even more than Ethereum [ETH].
Harshit Tiwari, a fan of cryptocurrency, says:
"Litecoin is a dark horse, believe me, it's the best thing for Bitcoin."
One of the negative catalysts they talked about was Bitcoin's Lightning Network [LN]. This is why, says the Founder, there are many LN customers who also support LTC because of its value. Furthermore, LTC can be exchanged with BTC on the LN via atomic swaps.
While discussing the role of Litecoin as Bitcoin's Testnet, the report said that the blockchain was not worth $ 3B. To which, says Charlie:
"Although the only case of Litecoin is a testnet, you can not give it an absolute value.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 also claims that Litecoin has helped Bitcoin activate SegWit since Bitcoin testnet3 can not do it because the testnet3 coins have no value.
Crypto Silver Leopard says:
"Amen! Would appreciate all the fud master encryption news to start writing articles on the truths! They are so easy to hate and fud … I believe in some encrypted 1st is LTC if there is fud I turn to Charlie for the truth. I trust your words sold for money news !!! "
Recently, many users have pointed out that Litecoin has zero activity on Github. Multicoin Capital also said that "the development of Litecoin has almost completely stopped and the founder of Litecoin, Charlie Lee, has sold 100% of his LTC package".
The Litecoin development team does not work on the master branch, which according to Charlie is a good Git practice. The team recently released version 0.16.2 last week and 0.16.3 today.
Vlad Costea, a fan of Litecoin, says:
"People clearly do not understand: 1. Charlie has sold his coins to further decentralize the property of LTC and eliminate himself as a whale 2. If he reacquires, he will be investigated by the SEC and will most likely go to jail. in the United States it is essential. "
Charlie Lee also mentioned the supporters of the LTC in space. He says:
"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 traders to accept LTC.There are too many LTC merchants to count!