Charlie Lee, creator of Litecoin [LTC] and Managing Director of the Litecoin Foundation, spoke about the intrinsic value of Bitcoin and altcoin during the Blockchain Cruise Conference.
The creator of one of the best cryptocurrencies in the market spoke about Bitcoin [BTC] Litecoin [LTC] and Ethereum [ETH] while talking about the "intrinsic value of altcoin". According to him, transactions on Ethereum are not immutable with respect to Bitcoin and Litecoin.
Charlie stated that even if the cost of reversing a Litecoin transaction is cheaper than Bitcoin's, the cost is still "very expensive". This is the main reason why he has always urged people to use Litecoin for smaller payments and Bitcoin for higher payments because the user will depend on the security and immutability of Bitcoin.
In addition, he talked about the cost of production of Litecoin.
" Cost of production: Litecoin is cheaper to produce, but still a high cost, around $ 50 to produce a Litecoin today."
Charlie continued to talk about Litecoin's fixed-money offer. He stated that Litecoin's money supply is similar to that of Bitcoin, which occurs every four years. Litecoin's total offering will be $ 84 million which will never change. The creator said that even if he wanted to change it, he would not be able to do it while users rebel and that's why it will always remain the same.
In addition, he talked about Ethereum and claimed that it is "most people's favorite altcoin". According to him, Ethereum is resistant to censorship and believes that there is a lot of "security around it". He said:
"It is difficult to see certain transactions, but the problem with Ethereum is, as we have already seen, we have already demonstrated and demonstrated that transactions on Ethereum are not immutable in most cases."
Charlie quotes the DAO hack as an example for his statement. The DAO hack marked the splitting of Ethereum [ETH] from its original blockchain, now called Ethereum Classic [ETC]. Most of the community and developers had decided to break the blockade to prevent hackers from stealing the tokens.
He went on to say that in reality it is a good thing since money is taken away from thieves, but this "actually hurts" the properties of sound money. Charlie said:
"It sets a bad precedent that governments can get close to the developers' foundations and convince them that this transaction is negative because it sends millions of dollars to a terrorist group, so nobody likes terrorists, but property of sound money it is important that the transactions are immutable. "
In addition, the creator added that once it is only a proof of participation for Ethereum. The cost of production would effectively go to zero and this would damage some projects. He also talked about the recent blocking award for miners where the community and developers decided to reduce the 2e by 3e.