Charlie Lee’s Tweet Storm Defends Litecoin LTC
Charlie Lee, the creator of the Litecoin (LTC) blockchain, has always been an outspoken defender of his brainchild. Litecoin was one of the early forks of Bitcoin. Operating since 2011, it’s one of the oldest active cryptocurrencies of any kind. Litecoin processes millions in daily transactions and boasts an active community. But this isn’t enough for some critics.
For some, it’s is a wilting digital currency and there’s no point in buying LTC. While still active in a technical sense, some in the crypto community complain that there just haven’t been advancements sufficient to keep Litecoin on the cutting edge.
But in a series of extemporaneous tweets, Charlie Lee disagrees and explains why.
Charlie Lee’s Argument for Litecoin Relevance
Lee’s “tweet speech” begins with highlights of what Litecoin is and continues to be: a successful digital currency in use by thousands internationally. Many coins are sufferings in the ongoing crypto bear market, but to Lee, this is not due to Litecoin’s performance as a technology.
Here are his main points:
Litecoin Daily Activity
- Litecoin transactions top $200 million every day.
- Litecoin is the 7th largest cryptocurrency by market capitalisation.
- Litecoin has not had a major malfunction in over seven years.
- Litecoin is one of the oldest active cryptocurrencies in the world. In the top 10, only Bitcoin is older.
- Complaints that Litecoin is not regularly updated are unfounded. Litecoin added a DoS bug patch just a few days ago, and developments like these are frequent and steady. Charlie himself is behind much of this development.
Litecoin Helps Bitcoin
- Litecoin is a hard fork of Bitcoin and has always enjoyed a collaborative relationship with Bitcoin developers.
- Litecoin activated Segregated Witness before Bitcoin, proving that it worked. SegWit has been a major boon to Bitcoin.
- Litecoin can use Bitcoin’s Lightning Network. This helps Litecoin be ever faster and more scalable, and also helps Bitcoin understand the second layer solution’s capabilities for BTC itself.
New Exchanges and Payment Processors
- Litecoin will soon be listed on Gemini, the Winklevoss Twins’ first-class crypto exchange in direct competition with Coinbase.
- An active currency, Litecoin is already integrated with numerous payment processors, including BTCPay, GoCoin, CoinGate, TravelbyBit, LTCPay, CoinPayments, Coinbase, Aliant Payment, Globee.
- More than $150 million in ASIC technology secures the Litecoin network.
- Litecoin, says Lee, dominates Script mining.
The Litecoin Community
- Charlie Lee claims that the Litecoin community is the strongest in cryptocurrency.
Does Charlie’s Tweet Speech Matter?
Charlie Lee is very closely associated with his cryptocurrency, as much as Vitalik Buterin or Dan Larimer are with theirs. His competence is unquestionable and his leadership is typically effective. That said, it’s natural that Charlie would support his own network. Beyond bringing renewed attention to the project, Lee’s tweet speech doesn’t really highlight anything new about Litecoin that was not already known to even semi-educated crypto investors.
It’s unlikely that Litecoin is going to see a major price uptick in the same way Ripple and Stellar Lumens have enjoyed in recent days. Both platforms have seen price growth because of major new partnerships with corporations, industries, and non-government institutions. Litecoin still does what it does – and does it well – but Lee is unable to point to any specific innovation by which Litecoin might freshly distinguish itself. It’s a strong digital currency, but is this enough for significant price growth in late 2018? We don’t think so.
* This article does not constitute investment advice