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A recent research publication titled "Debunking Market Narratives: Litecoin Edition" by the Managing Partner of Multicoin Capital, Tushar Jain, explained the main reasons why Litecoin [LTC] will hit the bear trap in the future. Multicoin Capital is a cryptocurrency investment company offering investors in venture capital with liquidity in the public market.
Kyle Samani, the co-founder and Managing Partner of Multicoin Capital recently tweeted:
"In the last post of Multicoin, we have resized many of the stories behind
@litecoin$LTC TLDR: When LTC was founded, it justified its existence as a way to experiment.Today all these questions were answered and LTC is functionally useless "
The document published by Multicoin Capital briefly explained 4 distinctive narratives of Litecoin which included Litecoin as a medium of exchange [MoE] Litecoin as a reserve of value [SoV] Bitcoin Testnet and long-term profitability. Followed by this, he explained the fall in the price of LTC since 2017 and some of the negative catalysts that may influence Litecoin in the future.
The news has been circulating for the cryptocurrency community for some time. However, Litecoin's supporters have strongly refuted Multicoin Capital's arguments on Reddit and Twitter.
A Redditor named jessquit says:
"It seems that the authors are extremely bullish on Lightning Network and seem to believe that with Segwit, the onchain of BTC's capacity problems are solved. even with the complete adoption of Segwit, BTC can only integrate a handful of new users per second into LN and is still painfully choked? It seems that in their attempt to "debunk" a narrative they have "rebunked" one other narration. "
In addition, it is worth noting that Multicoin Capital mentioned in the same article that they hold a short position in LTC. According to the LTC community, hypotheses have been made to try to reduce the value of cryptocurrency.
An enthusiast of Litecoin called ecurrencyhodler replied to the tweet of Kyle Samani:
"If you want short
#Litecoin, short$LTC You are your person. your cryptofund investment can do anything you want, but I hope those who have trusted you with their $$ take note of this thread because what it shows is an alarming lack of research. "
An exponent LTC named Tom Gnojowy replied:
"FUD of
@KyleSamani =$LTC rebounds on entry."
Savio Volpe, another Twitter user says: [19659012] "What's in this campaign against $ LTC Your friend @ TusharJain_ did the exact same post a couple of weeks ago saying that LTC is worth 0, a unilateral partisan and tendentious dogmatic position, I am also a critic of LTC, but at least we are objective. "[19659004] ecurrencyhodler went ahead and neutralized most of the points mentioned in Tushar Jain's document. While explaining "Litecoin as Bitcoin's Testnet", Multicoin's analysis stated:
"Although this may be useful for Bitcoin, citing it as a reason for billions of dollars worth preserving is simply lacking meaning Bitcoin simply does not need a separate $ 3B testnet. "
According to ecurrencyhodler, the aforementioned statement is" uneven ", and one of the main reasons why RSK, a popular smart contracting platform is adopting LTC is to push drivechains on BTC, much like SegWit.
In addition, the article mentioned the success of Bitcoin's Lightning Network as a negative catalyst for Litecoin. To this, ecurrencyhodler commented:
"Yes, the LN will help the BTC scale, I actually think it's hilarious to use this
$LTC whereas you were not even convinced that this was a viable option before In both cases, LTC will be a cheaper ramp to the LN "
An Nvidia software engineer says:
" Probably LTC has a role in the lightning network interoperability. "[19659004] In addition, the investment company has accused Litecoin of not having defined a differentiated roadmap. However, the Litecoin community considers this as a resource for the blockchain. The LTC supporter states that the fact that people want to overcome the BTC is why they lose (eg
$BCH). We just want to compliment you.The Twitter members have continued quoting some of the important blockchain exchanges and organizations that support Litecoin. This included Abra, Lightning Labs, RSK etc. Furthermore, these organizations are adding LTC organically and the Litecoin community "does not pay anyone to do it".
An enthusiast of cryptocurrency named dylan koji-cheslin says:
"LTC has cheaper transactions and faster transaction times than Bitcoin, which could be considered functional uses, I do not own any, and this is not a recommendation for or against price speculation on any currency. "
