Litecoin, it seems, is moving towards adoption, but Venture capitalist thinks it's like a multibillion dollar test and has no reason to exist.
Arianna Simpson, the venture capitalist of Autonomous Partner, has skinned the development and pushed for the adoption of the acclaimed "bitcoin gold silver", Litecoin. Speaking to a discussion at the Consensus Invest 2018, the capitalist spoke about the conditions of the cryptographic market and Litecoin.
Not particularly bullish on the prospects of Litecoin
The backup of the crypto researcher, Lucas Nuzzi, Simpson stressed that Litecoin should have remained a test and not be completely incorporated into a cryptocurrency. According to her, the digital currency had no reason to exist and the whole project seems a joke.
"Litecoin literally has no reason to exist, it's like a multimillion-dollar test, I'm sorry, it's a very expensive test network and I think the story of Bitcoin's silver for gold is bullshit. it is needed. "
About the creator of Litecoins, Charlie Lee, who dumped all his Litecoin shares to avoid a conflict of interest and Litecoin's lightning strike network, Lucas Nuzzi, director of research at DAR Crypto, expressed his distrust of of Lee's motive.
Nuzzi underlined that he does not believe in the investment of Litecoin's creator in Lightning Labs and was skeptical about the idea of integrating Litecoin into the Lightning network. Arianna Simpson added at this point explaining why she had no possessions of Litecoin.
"And Charlie Lee dumped his entire stake at the peak of the market to avoid a conflict of interest." He said. "[…] If you look at each other on their Treasury budget, which is public. I mean they have a joke, so I'm not particularly optimistic about this. "
While the market remains bloody
True to form, 2018 was not entirely favorable to Litecoin, with the recent general price collapse that exceeded 92% of its January high. A FUD on twitter indicates that Charlie Lee, at some point, predicted this price collapse in a tweet in which he also warned against panic when the bears become bloodthirsty.
"Okay, I'm sorry to reign a bit of excitement … The purchase of LTC is extremely risky.I expect that we will have a multi-year bear market like the one we just had when LTC lost 90% in value (from $ 48 to $ 4) So if you can not handle LTC going down to $ 20, do not buy. " He wrote.