Home / Litecoin / The creator of Litecoin Charlie Lee debunks the negative rumors surrounding LTC

The creator of Litecoin Charlie Lee debunks the negative rumors surrounding LTC

Charlie Lee, inventor and founder of Litecoin (LTC), started Twitter at the start of this week to debunk some of the FUD (fear, uncertainty and doubt) saw LTC spinning, himself and his company in a series of 11 tweets breaking down some of the most common negative voices in the crypto verse.

Lee defends the LTC network, vitality

Before starting, Lee said the groups were trying to suppress the value of LTC by shortening it and encouraging others to reduce it, adding that these groups are attacking its currency because they see LTC as a threat.

Lee said that LTC has not lost its edge and has "one of the safest networks of all altcoins" and that the LTC network has millions of ASIC hardware that protect it from attacks or crashes. He added that the miners have no incentive to attack the LTC network because it would destroy the value of their hardware.

Lee also claimed that the LTC network processes $ 200 million in transactions a day and has worked "impeccably" for seven years. He also replied that the LTC is no longer necessary because Bitcoin users can bypass the prohibitive time of transactions using Lightning Network (LN), saying that LTC is still "the fastest onramp" for LN and also suggesting that users can use LTC to pay for BTC flash invoices.

"Charlie quit Litecoin and does not care anymore"

Perhaps the largest slice of FUD that Lee has faced was the sale of his LTC as proof of his disenchantment with the currency and its development. According to Lee, nothing could be further from the truth:

He claims he has never stopped working on Litecoin and working hard as ever, citing the recent release of version 0.16.3, that the official Twitter account of Litecoin announced Wednesday as evidence.

Roger Ver and Charlie Lee discuss Bitcoin, Bitcoin Cash and Litecoin
Related: Roger Ver and Charlie Lee discuss Bitcoin, Bitcoin Cash and Litecoin

Lee has also faced the sale of all of his LTC in the past in an interview with CNBC, saying that keeping it would be a conflict of interest and that he never plans to buy back the currency.

He assured the Twitter encrypted community in his latest tweet that he was working at Litecoin full time and is entirely focused on his adoption.

Earlier this month, the Litecoin Foundation hosted a summit in San Francisco, September 14-15, welcoming blockchain and cryptocurrency experts with the goal of promoting wider adoption of cryptocurrencies and finding better ways to resize them.

In the past, Lee has also said that cryptocurrencies have the power to completely replace the fiat currency and seems to have a long vision of the development of cryptocurrencies in contrast with the world of market speculation, more closely focused, day by day where, ironically fate, people are focused on "buying and selling and keeping the currency more than using it".

Listen to a complete interview with Lee on Dashcast below.

Cover photo by Stephen Meszaros on Unsplash

Disclaimer: The opinions of our writers are exclusively their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate approve any projects that may be mentioned or linked in this article. Buying and exchanging cryptocurrencies should be considered a high-risk activity. Please do your due diligence before taking any action related to the contents of this article. Finally, CryptoSlate assumes no responsibility in case of loss of money in the trade of cryptocurrencies.

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