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The creator of Litecoin, Charlie Lee has reacted aggressively to recent reports stating that Litecoin is worthless and has no reason to exist because of other coins and Bitcoin downsizing efforts.
Lee stated that these were efforts to suppress Litecoin's price from those who contracted LTC and those who see Litecoin as a threat.
Litecoin FUD on the rise
The FUD against the seventh largest cryptocurrency continues to rise after new information shared on Charlie Lee.
He took on Twitter to address those accusations, stating that recently there have been concerted efforts to suppress the price of Litecoin by people who are shorting the currency and those who see it as a threat.
Some detractors have claimed that Litecoin has lost the advantage in an increasingly saturated market.
1 / Recently, there has been a concerted effort to suppress Litecoin's price from people / funds that are surrendering to LTC and from groups that see Litecoin as a threat. I will clarify this FUD and show why Litecoin has enormous value.
– Charlie Lee [LTC⚡] (@SatoshiLite) 20 September 2018
Lee, however, does not agree with this statement, stating that Litecoin dominates Scrypt mining by far. He discussed the high level of security in the network, stating that criminals do not have an incentive to attack the network.
3 / Miners have no incentive to attack the network because they will destroy the value of their ASIC hardware.
Litecoin has a lot of liquidity, which is important for people getting in and out of LTC. It is practically in every fiat and crypto exchange (early Gemini), even more than the ETH
– Charlie Lee [LTC⚡] (@SatoshiLite) 20 September 2018
He also stated that cryptocurrency is highly liquid as it is on every fiat and crypto exchange even more than Ethereum (ETH).
5 / Litecoin processes transactions worth $ 200 million every day. And the network worked perfectly for 7 years!
Litecoin works today as a global decentralized sound money, which can not be censured, can not be canceled or removed, can not be counterfeited and can not be written down. 🚀
– Charlie Lee [LTC⚡] (@SatoshiLite) 20 September 2018
Litecoin supports multiple payment processors
Further elaborating the strength of Litecoin, Lee emphasized that Litecoin is supported by more than nine payment processors, listing the following by name;
- Aliant payment,
- BTCPay,
- Coinbase,
- CoinGate,
- CoinPayments,
- Globee,
- GoCoin LTCPay,
- and TravelbyBit.
This is a sign of the strength of the cryptocurrency.
Multicoin Capital Report
Lee was responding to a cryptocurrency report Multicoin Capital claiming that LTC was overvalued. The report, which was written by management partner Tushar Jain, added that LTC has become a relic from a time when cryptocurrencies were still new.
The report also said that at the moment, Litecoin still has many issues to resolve and lacks the upside sentiment needed to explain its recent increase.
Jain said the cryptography market is evolving and that the encrypted ones like the LTC that do not have much use in the real world will not benefit in the next race.
Lee, however, believes that the case of Litecoin's use is what makes it an interesting option. The cryptocurrency supported by these payment companies makes it extremely easy for merchants to accept LTC. There are too many LTC merchants to count, he added.
Lee also responded to the FUDs by claiming that Litecoin is no longer needed since Bitcoin can scale with the help of Lightning Network. He said that most LN clients and apps also support LTC because they see the value in the cryptocurrency.
With their atomic exchanges, LTC is able to interoperate with Bitcoin on the Lightning network.
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