Litecoin founder Charlie Lee has taken to Twitter to defend LTC from what he sees as a concerted effort to undermine his cryptocurrency.
Lee tweeted out an 11-point explanation covering every issue and aspect of the Litecoin platform, noting it has been operating without incident for about seven years and has $200 million in daily transactions.
1/ 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.
— Charlie Lee Ⓜ️🕸️ (@SatoshiLite) September 20, 2018
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
5/ Litecoin 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 can't be censored, can't be reversed or taken away, can't be counterfeited, and can't be devalued. 🚀
— Charlie Lee Ⓜ️🕸️ (@SatoshiLite) September 20, 2018
7/ Litecoin will always be the cheapest and fastest on ramp to Lightning Network. And with solutions like submarine swaps, you can use on chain LTC to pay for a BTC lightning invoice!
We will also have decentralized exchanges using atomic swaps. The possibilities are endless. ⚡
— Charlie Lee Ⓜ️🕸️ (@SatoshiLite) September 20, 2018
9/ Litecoin helped Bitcoin activate SegWit last year by proving the game theory of SegWit in practice. Bitcoin's own testnet3 can't do it because testnet3 coins have no value, so no incentives for malicious actors to hack it. Litecoin helps Bitcoin. That is extremely valuable.
— Charlie Lee Ⓜ️🕸️ (@SatoshiLite) September 20, 2018
11/ FUD: Charlie has quit Litecoin and doesn't care anymore.
TRUTH: I'm working on Litecoin full-time and focused on Litecoin adoption. Proof: the fact that I spent time writing these 11 tweets! 😀
Litecoin also has the strongest crypto community. #LitecoinFam 🚀
— Charlie Lee Ⓜ️🕸️ (@SatoshiLite) September 20, 2018
The FUD factor
Lee says he intends to clear up “FUD” (fear, uncertainty and doubt) attacks orchestrated, he believes, by sources that feel threatened by Litecoin, the seventh largest cryptocurrency with a market cap of about $3.2 billion and a current price of $54.
“Litecoin will always be the cheapest and fastest on-ramp to Lightning Network. And with solutions like submarine swaps, you can use on chain LTC to pay for a BTC lightning invoice!” he states. “We will also have decentralised exchanges using atomic swaps. The possibilities are endless.”
He was responding to a report from cryptocurrency hedge fund Multicoin Capital. The firm said Litecoin was “significantly overvalued” and practically obsolete as it belongs in an earlier period of crypto development.
He went on to speak of sell pressure from LTC mining and crypto mining firm Bitmain, which is reportedly holding about one million Litecoins while actively advocating in favour of Bitcoin Cash.
Lee claims Litecoin, unlike other cryptocurrencies, is extremely secure because it uses the Scrypt mining algorithm, which makes cyber attacks by miners unprofitable.
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