Social Media Flames Are Stoked As Litecoin’s Charlie Lee Sparks Debates With ‘Bitcoin Extremists’ Comment
Social Media Flames Are Stoked – Litecoin Founder Sparks Debates With ‘Bitcoin Extremists' Comment
Charlie Lee has been creating a significant amount of drama through his Twitter feed this week, firing up his community with his statements about Bitcoin Maximalists, the demographic of users that believe Bitcoin should make up the majority or large part of an asset portfolio:
On his Twitter feed, Lee argued that “Some self-proclaimed Bitcoin Maximalists are actually Bitcoin Extremists.” With the post going further to allege that:
“Some self proclaimed Bitcoin Maximalists out there are actually Bitcoin Extremists. They think all other coins are scams, and will inevitably go down to zero,” Lee added further to this allegation.
“Maximalists think that Bitcoin is and will remain the dominant cryptocurrency, but there will always be room for altcoins to exist and even do well.”
Along with his otherwise inflammatory tweet, Lee spared no time in taking his theories even further, actively including a large number of his followers by opening a poll. With an expiration time of 6 hours, the poll managed to draw in over 28,000 votes as of publication.
The poll itself asked users what they personally identify as when it comes to cryptocurrencies: as a ‘Bitcoin Extremist,' ‘Bitcoin Maximalist,' an ‘Altcoin Maximalist,' or as a ‘No-coiner.'
Some self-proclaimed Bitcoin Maximalists are actually Bitcoin Extremists. They think all other coins are scams and will go to zero.
Maximalists think Bitcoin is and will remain the dominant cryptocurrency but there is room for altcoins to exist and even do well.
What are you?
— Charlie Lee [LTC⚡] (@SatoshiLite) January 6, 2019
With tens of thousands of votes involved so far, the vote split identified 9 percent as Bitcoin Extremists, 10 percent as a No-coiner, 33 percent as Altcoin Maximalists, and the majority being Bitcoin Maximalists with 48 percent.
These comments that were made by Lee were met with a good deal of retorts by his otherwise hawkish crypto-boosting community – between those in agreement with him, and those that viciously opposed him – One of these was in fact Jameson Lopp, who has a reputation as a major crypto figure.
In retort, Lopp fired back “Bitcoin Supremacists, please. Extremist has a negative connotation,” going on to self identify as a “Segregated Witness.”
Speaking on behalf of the company – International Blockchain Real Estate Association (IBREA) – Its founder, Ragnar Lifthrasir argued that coming out with such a hard-line and brash statement was putting Lee on “the path to wrong think,” and by using phrases like ‘Extremism' sets a bad precedent for the crypto community at large, it serves as a harsh smear of any dissenting opinions. Lee is acting to simply attack those when their “opinion differs from Charlie's.”
With fast comments flying on social media, it also set into motion a more protracted debate over whether or not “Bitcoin Maximalism” is just something that describes a marketing phrase put to use by a number of altcoin founders, especially when considering Bitcoins ability to prevail in the world of brand dominance.
A number of users responded – in a more objective state of mind – that the free market serves as the ultimate acid test for any and all of these cryptocurrencies. With only the successful cryptos with real use cases being able to survive a market that is steadily becoming more skeptical and demanding more results.
According to CoinMarketCap and its data as of the time of publication, Bitcoin has a total market capitalization of nearly 52% compared to the total crypto market.
As we crested the final days of December and into the new year of 2019, Jed McCaleb, the Chief Technology Officer and Co-founder of the Token based protocol, Stellar has made his opinions quite clear about the vast majority of cryptocurrency projects this week.
Now representing as one of the founders behind the now closed Mt. Gox, the Japan-based Bitcoin Exchange, and as a co-founder of Ripple, he overtly argued that “90 percent of crypto based projects are total B.S,” expressing his further enthusiasm at the prospect of that changing as 2019 rolls on.