litecoin [LTC], the eight largest cryptocurrency by market capitalization, was in the spotlight due to the massive sponsorship of the Litecoin Foundation. The currency marked its first major step towards adoption as the Foundation sponsored a UFC fight, which took place in December 2018, and Litecoin proved to be one of the highlights of the game.
In the last episode of Magical Crypto Friends, Charlie Lee, the creator of Litecoin spoke about the sponsorship of the UFC and the reason for the decision. The CEO also talked about the hatred the foundation received from the Maximilianist of Bitcoin for taking this step.
Charlie started by saying that the Foundation has sponsored several individual athletes in the past, but often does not sponsor an event. He stated that the Foundation took this step because "it seems that the scope is better." He went on to say that this sponsorship, for him, was only building the Litecoin brand because "everyone has heard of Bitcoin, not many people have heard of Litecoin." Lee also stated that the idea of sponsoring the event was the community manager, who works for the parent company.
"So it's a little bit like wanting to build that brand and make it better known and it's really helped, I mean we've reached a lot of people, [they’ve] they contacted us, we talked about similar coins only because if they knew about the sponsorship of the UFC, yes. I think it's pretty good, plus that the fight was pretty amazing "
This was followed by Lee stating that they got "very hate" from the maximalist of Bitcoin, adding that the reason could be that the currency is a scam because the Foundation sponsored for an advertisement, or perhaps because the currency has become a threat to Bitcoin. By succeeding this, Riccardo Spagni, the main developer of Monero, aka fluffy pony, has also clarified the reason. He said:
"It's this idea that gets rebounded and I've been told that anyone who does not support bitcoins and bitcoins is inherently evil because it distracts people from Bitcoin, my context is that there are people who have heard of Bitcoin and you you know that for any reason you have not been sure to dip your finger in the water or play with it "
He went on to say:
"Perhaps they hear about litecoin through the UFC sponsorship and play with Litecoin because it is perhaps just a matter of timing and through that experience of using Litecoin, they encounter Bitcoin and all their counterfeit coins when I'm more prepared to do that and I think it's very unusual for people to start with an old coin and completely ignore Bitcoins. "
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