The creator of Litecoin took to social media earlier this morning to defend the altcoin by separating the facts from fiction.
Litecoin Has Great Value
Charlie Lee, the creator of Litecoin and former director of engineering at Coinbase, went on Twitter to clear up in 11 tweets the FUD (fear, uncertainty, and doubt) about the altcoin that has been circulating.
He started by saying:
Recently, 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.
One of the FUDs he highlighted was that the altcoin has lost its edge and that it can’t differentiate itself from others. However, Lee argued that it is one of the “most secure networks of all altcoins” with “over $150MM of ASIC hardware protecting it.”
3/ Miners have no incentives to attack the network because it will destroy the value of their ASIC hardware.
Litecoin has a ton of liquidity, which is important for people to get in/out of LTC. It is on practically every fiat and crypto exchange (Gemini soon), even more than ETH
— Charlie Lee Ⓜ️🕸️ (@SatoshiLite) September 20, 2018
A second FUD Lee mentions is that the 7th-placed crypto asset is no longer needed because Bitcoin can scale with the Lightning Network. In Lee’s opinion, though, many of the LN clients and apps support Litecoin because they see its value. Not only that, with atomic swaps in play, the altcoin is interoperable with Bitcoin on LN.
In addition to knocking down the naysayers, Lee illustrates where the coin has value. One of which is the fact that it processes over $200 million worth of transactions each day, according to CoinMarketCap. Lee added:
Litecoin works today as a global decentralized sound money, that can’t be censored, can’t be reversed or taken away, can’t be counterfeited, and can’t be devalued.
Notably of the three: Bitcoin, Ethereum, and Litecoin, Litecoin is the only one that hasn’t been forked. Lee also mentions how it helped Bitcoin activate SegWit last year. This was achieved, he noted, by “proving the game theory of SegWit in practice.”
10/ FUD: Litecoin has no development in the past 6 months.
TRUTH: We don't work on the master branch, where people are looking. This is generally good Git practice! Proof: we released 0.16.2 last week and just released 0.16.3 today, which fixed the recent critical DoS bug.
— Charlie Lee Ⓜ️🕸️ (@SatoshiLite) September 20, 2018
Sells Litecoin
Despite defending the altcoin, in an interview last month, Lee said that he wouldn’t buy back his Litecoins. At the time, he said this was due to a conflict of interest. He also spoke about Bitcoin and said in the future there will be new highs.
Interestingly, back in July, he stated that people should buy one Bitcoin first before purchasing any other crypto asset, including his own. Lee said:
There will be at most 21 million bitcoins in existence. There isn’t even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first.
What do you think of Lee’s defense of Litecoin? Does it still have value? Let us know in the comments below.
Images courtesy of Shutterstock and Twitter/@SatoshiLite.