The creator of Litecoin (LTC), Charlie Lee, rejected short-term price trends as a result of "speculation", emphasizing that long-term valuation is a truer measure of the success of the crypto, in a 39; interview with CNBC on 27 August.
asked to what extent the price is a significant metric for a given cryptocurrency, and whether it reflects the current status of its network, adoption or viability, Lee replied that:
"In the long term, [price] tells us the success of the cryptocurrencies, but in the short term does not tell us much.For example, this year there was a lot of adoption in Bitcoin and Litecoin, but their price has dropped by 60-70% It's because it's so volatile, it's all about speculation these days, but in the future the price will reflect the success of the currencies. "
Lee noted that it was" hard to predict "when the bear market in 2018 would be transformed, saying that having been in space for seven years, he has seen a positive momentum sometimes returning within a year and a half – in others, only within three or four years.
He stressed, however, that bear markets are in fact a good time for developers and the crypto community to bow down and focus on technology development, reaching for adoption and addressing challenges such as scalability :
"I would like to see more [LightningNetworkesidechain[talk around] ways to help Bitcoin and Litecoin to scale." I think with the depressed price, it's actually a good time for people to get things done […]. seen in the last few bear markets in reality. "
Lee also responded to CNBC reporter's question Melissa Lee about her decision to sell her holdings in Litecoin, explaining that she chose to do so due to" conflict of interest " , "and that, consequently, he would not have bought the altcoin back – not soon, perhaps never.
In an interview with Cointelegraph this February, Lee had further characterized the move to sell as his "first step" away from the project, a position that later reiterated as necessary to ensure that Litecoin became a cryptocurrency completely decentralized, faithful to the spirit of the anonymous character of Bitcoin with his notoriously absent creator, Satoshi Nakamoto.
At the time of printing, Bitcoin (BTC) traded at $ 7,045, down by just a quarter of a percentage point a day, with Litecoin (LTC) trading at $ 63, out of a solid 3.1% in the same arc of time.