Litecoin Creator Charlie Lee Debunks Negative Rumors Surrounding LTC 🚨 This article is 6 years old...
Litecoin Creator Charlie Lee Debunks Negative Rumors Surrounding LTC
2 min read
Updated: Nov. 7, 2019 at 2:33 am UTC
Photo by Stephen Meszaros on Unsplash
Charlie Lee, inventor and founder of Litecoin (LTC), took to Twitter earlier this week to debunk some of the FUD (fear, uncertainty and doubt) he’s seen swirling around LTC, himself and his company in a string of 11 tweets breaking down some of the most common negative rumors in the crypto verse.
Lee Defends LTC Network, Viability
Before he started, Lee claimed that groups were trying to suppress the value of LTC by shorting it and encouraging others to short it, adding that these groups are attacking his coin because they see LTC as a threat.
1/ Recently, there has been a concerted effort to suppress Litecoin price by people/funds that are shorting LTC and by groups that see Litecoin as a threat. I will clear up this FUD and show why Litecoin has tremendous value.
— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018
Lee claimed that LTC hasn’t lost its edge, and has “one of the most secure networks of all altcoins,” and that the LTC network has millions in ASIC hardware protecting it from malicious attacks or crashes. He added that miners don’t have any incentive to attack LTC’s network because it would destroy the value of their hardware.
3/ Miners have no incentives to attack the network because it will destroy the value of their ASIC hardware.
Litecoin has a ton of liquidity, which is important for people to get in/out of LTC. It is on practically every fiat and crypto exchange (Gemini soon), even more than ETH
— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018
Lee further stated the LTC network processes $200 million in transactions per day and has worked “flawlessly” for seven years. He also countered the rumor that LTC isn’t needed anymore because Bitcoin users can get around its prohibitive transaction times using Lightning Network (LN), saying that LTC is still “the quickest onramp” to LN and even suggesting that users could use LTC to pay for BTC lightning invoices.
‘Charlie Has Quit Litecoin and Doesn’t Care Anymore’
Perhaps the biggest chunk of FUD that Lee addressed was the sale of his LTC as proof of his disenchantment with the currency and its development. According to Lee, nothing could be farther from the truth:
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
He claims to never have stopped work on Litecoin and to be working on it as hard as ever, citing the recent release of version 0.16.3, which Litecoin’s official Twitter account announced Wednesday, as proof.
Lee also addressed selling off all his LTC in the past in an interview with CNBC, saying that keeping it would’ve been a conflict of interest and that he does not ever plan to buy back the coin.
He assured the Twitter crypto community in his final tweet that he was working on Litecoin full-time and is entirely focused on its adoption.
Earlier this month, the Litecoin Foundation hosted a summit in San Fransisco, Sept. 14-15, welcoming blockchain and cryptocurrency experts with the goal of both fostering wider adoption of cryptocurrencies and finding better ways to scale them.
In the past, Lee also stated that cryptocurrencies have the power to replace fiat currency completely and appears to take a long view of cryptocurrency development in contrast to the more closely-focused, day-to-day world of market speculation where, ironically, people are focused on “buying and selling and holding the coin more than using it.”
Listen to a full interview with Lee on Dashcast below.
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Litecoin
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Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
Charlie Lee stands prominently in the cryptocurrency community as the founder of Litecoin and currently holds the position of Managing Director at the Litecoin Foundation.