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Charlie Lee takes to Twitter to defend Litecoin

The Litecoin founder says there has been an orchestrated effort to undermine LTC because some people feel threatened by the cryptocurrency

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.

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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