Litecoin Token Seller Charlie Lee Responds To Recent LTC FUD Criticisms

Just a couple of days back BitcoinExchangeGuide had reported that a new study by Multicoin Capital suggests Litecoin be significantly overvalued.

Charlie Lee, Litecoin’s creator had a lot to say regarding accusations that Litecoin had lost its edge in an increasingly oversaturated market. Illustrating the high level of security in the network, he highlighted the miners’ lack of incentive to attack it, as this would devalue $150 million of hardware investment. He also mentioned Litecoin’s domination of Scrypt mining.

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.”

2/ FUD: Litecoin has lost its edge and can't differentiate itself from hundreds of other altcoins.

TRUTH: Litecoin has one of the most secure networks of all altcoins. Litecoin has over $150MM of ASIC hardware protecting it. Litecoin dominates Scrypt mining by far.

— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018

Another 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.

8/ FUD: Litecoin as Bitcoin's testnet is not worth $3B.

TRUTH: Even if Litecoin's only use case is a testnet, you can't put an absolute value on it. Need to look at it relative to Bitcoin. Litecoin's marketcap is only 3% of Bitcoin's marketcap. That is not very large at all!

— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018

Apart from clarifying Fear Uncertainty and Doubt (FUD), Lee put in some facts about Litecoin stating,

“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.”

In recent months, LTC prices have slid along with the broader market. However, the coin has shown a propensity to remain a “rock” during short-term volatility and suffer relatively limited losses. Despite the spread of multiple coins and tokens, Litecoin’s network remains unique on top of being older and larger, Lee remarked. He also pointed out it was the leader in Scrypt mining and a 51% attack from miners was unlikely. The 51% attack website lists the price of a Litecoin attack as costing $32,915 for a one-hour offensive.

Concluding his thread, he dismissed one more myth about his involvement with Litecoin. There have been rumors about his lack of “interest in Litecoin, after selling it.” Lee said, “I’m working on Litecoin full-time and focused on Litecoin adoption. Proof: the fact that I spent time writing these 11 tweets!”

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 [LTC⚡] (@SatoshiLite) September 20, 2018