Charlie Lee, the creator of Litecoin has been marred by controversy for selling his LTC portfolio, which the community members did not take kindly. However, that has not stopped the Litecoin creator from venting his anger and frustration over several altcoins which he believes are nothing more than scam coins. In his latest rant on Twitter, Lee was seen saying there is no place for shit coins in the decentralized ecosystem. He tweeted,
“Watch Litecoin surviving the test of time. It’s not easy fighting off all the s**tcoins and scamcoins to stay in the top 10.”
Litecoin is a hard Fork of the pioneer Bitcoin itself and has done enough over the years to remain in the top 10 cryptocurrencies by market capitalization. As of today, the altcoin is ranked 5th on the CoinmarketCap and continuously fighting to keep its position afloat. The developers on the network have been really working hard to keep the token as agile as many of its new competitors. The Litecoin token was at the second position only lagging behind Bitcoin in 2013. But with time and new platforms like Ripple and Ethereum making their presence felt, Litecoin started to slide down.
First Ripple climbed to the second spot and then Ethereum came in with its new use cases and pegged both Litecoin and Ripple to take the second spot since then. However, Litecoin’s slide was not dramatic as it has been quite a persistence and remained in the top 10 since 2013. While many other tokens like Peercoin and Namecoin.which were in the top-5 are unheard today and they have slid below the 300 in rankings.
Litecoin Faces Backlash Because It Is Hard-Forked From Bitcoin
Bitcoin proponents hate any other altcoins especially those coins which have forked from the Bitcoin. They believe these coins have done nothing of its own and they only survive by the success of Bitcoin. Litecoin is also forked from Bitcoin, and even though it promises to be more efficient and feasible, it's hard to argue against Bitcoiners. Derivatives trader Tone Vays is one of them who has no time for any coins except Bitcoin. He recently even tweeted aginst Litecoin and monero calling them a waste of time useless projects.”. Here is what he wrote on Twitter,
“There is no such thing as #crypto (even though I sometimes use that term). There is #Bitcoin, there are waste of time useless projects like $XMR, $LTC, & other PoW honest #Blockchains and there r SCAMS like $ETH, $DASH, $XRP and all #ICO's like $BNB, $EOS, $ADA & of course $TPAY”
He even went on to clarify his position and why he thinks the way he thinks about any coin which is not Bitcoin. He said that even though he believes not all the altcoins are scams but they are definitely stupid. He explained,
“I agree, they are not ‘all scammers’ most of them are just Stupid and are not very good developers, or they would have actual jobs and/or be useful to society. I report my uncle who has been a truck driver for 40 years more than any Ethereum developer. He helps society.”
Token Vyas frustration towards Litecoin come from the altcoin’s latest partnership with Swiss-based project called TokenPay, which partnered with Litecoin for a stake in Munich-based WEG bank. Nyas believes that Lee has influenced others for the TokenPay and compares the behavior to sheep being led to the slaughterhouse.
Vyas is not a big fan of someone influencing others to make decisions as he believes every trader has their own minds and know what to do. He even went on to cite the example of Coinbase which is one of the largest crypto exchanges in the world, but when they decided to incorporate a hacking team, which was boycotted by one and all.