Charlie Lee Uncovers The Truth About Litecoin
Charlie Lee, the founder of Litecoin and The Litecoin Foundation has spoken out against the âfudstersâ that are spreading false news about Litecoin. In typically defensive fashion, Lee has spoken out to put rumours at bay and to highlight that even though the value of Litecoin is especially low, Litecoin still holds the potential to grow and will pull in a significant value again, one day soon.
Lee is a controversial figure, one who likes to hit the headlines with his outspoken nature, therefore we do expect that some of this is a hunt for media attention as actually, Iâve not seen any Litecoin FUD for a while. Anyway, I guess Lee seeâs quite a bit of it, so letâs take a look at whatâs been said.
According to Ethereum World News, Lee has said:
âRecently, there has been a concerted effort to suppress Litecoin price by people/funds that are shorting LTC and by groups that see Litecoin as a threat. I will clear up this FUD and show why Litecoin has tremendous value. Litecoin has one of the most secure networks of all altcoins. Litecoin has over $150MM of ASIC hardware protecting it. Litecoin dominates Scrypt mining by far.â
âLitecoin processes $200MM worth of transactions each day. And the network has worked flawlessly for 7 years! Litecoin works today as a global decentralized sound money, that canât be censored, canât be reversed or taken away, canât be counterfeited, and canât be devalued. Many of the LN clients and apps also support LTC because they see the value of Litecoin. With atomic swaps, LTC interoperates with BTC on the Lightning Network.â
This sort of feels like when a teacher is accusing a pupil of misbehaving to its parents, and the parents then go on a defensive assault, quoting random facts and claims to try and debunk the teachers accusations. Though, we all know the kid probably was caught stealing at school, the teacher just has to deal with the fact that in the parents eyes, the kid can do no wrong.
Even with this in mind, Lee is highlighting that Litecoin still has a very promising future. Indeed, we agree. The project is growing from strength to strength, recovering from the flop of LitePay and striving for adoption in many other ways, Iâd say Litecoin is probably in the strongest position it has even been in before. Even so though, Lee does seem to disregard the fact that Litecoin is very undervalued at the moment and he disregards that over the past few months, Litecoin has really struggled to hold value in the same way itâs rival and neighbour cryptos have.
In order to recover, Litecoin need to seek out new listings and new uses. This is a cryptocurrency with a real potential for adoption, therefore Litecoin needs to be accessible and seen as a sensible option by the real world.
Quoting lightning network and talking about scrypt mining isnât the way to reassure the mainstream crowd, instead, maybe Lee now needs to recognise that he has a slightly less tech-savvy crowd watching him and that now is the time to start clearing things up, ready for Litecoins next drive for adoption?
Otherwise, ignore the FUD, Litecoin is doing just fine.
Ethereum World News