Litecoin Creator Charlie Lee Deems it Optimal to Have LTC as a Valuable Bitcoin (BTC) Alternate
Litecoin was released via an open-source client on GitHub on October 7, 2011, by Charlie Lee, a Google employee and former Engineering Director at Coinbase. The Litecoin network went live on October 13, 2011.
It was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time, the increased maximum number of coins, a different hashing algorithm, and a slightly modified GUI.
Since then Charlie Lee has been one of the central figures in the crypto ecosystem. Their initial goal was itself to be a competent rival of Bitcoin and now, Lee again dived into the same topic. In the recent interview with Vlad Costea from Crypto Insider, he said:
“So, it’s easy to understand and it helps people get in and gives them a reason why Litecoin is valuable and I think just the fact that like coin has been around the network has been very stable hasn’t had any downtime, hasn’t been attacked it’s protected by its own basic mining machine.”
He even said that LTC’s crash is due to natural market trend. He says that he understands where the critics are coming from, but it is still “silly” to do the same.
“People lose money, and they want someone to blame, and they think for some reason I had inside information, and that’s silly. At the time when I sold, everyone thought it would go to $1,000.”
Once he created LTC, Lee quit his job at Coinbase, to concentrate entirely on the development and promotion of his product. While Lee does not own any of his own token currently, he still continue to endeavor for the betterment of Litecoin.
Charlie Lee says that he is more focused on improving the technological side of his crypto rather than thinking about the current price fluctuations. He added:
“My sense is that there will be a handful of cryptocurrencies that actually will be used as money. There’s obviously a lot of scams and currencies not useful at all, and those values will plummet. You are going to see some coins die, and the strong will survive.”