Charlie Lee: Protects Litecoin, Separating the Facts from FUD
The former director of engineering at Coinbase and Litecoin creator, Charlie Lee went to Twitter yesterday for clearing 11 tweets the FUD – Fear, Uncertainty, and Doubt) to defend the altcoin by separating the facts from fiction.
He mentioned by saying, “Currently, efforts have been made to suppress the cost of Litecoin by people or funds that are shorting LTC and by groups that consider Litecoin to be a risk. I will clear up the FUD and show why Litecoin has gigantic value.”
One of the FUDs he featured was that the altcoin has lost its edge and that it can separate itself from the others. Charlie lee contended that it is one of the ‘most secured systems of all the altcoins’ with $150MM of ASIC equipment protecting it.’
A second FUD Lee states that the 7th placed crypto asset is never again required as Bitcoin can scale with Lightning Network. From the viewpoint of Lee, a considerable lot of LN customers and applications facilitate Litecoin as they see its value. Not only this, with the nuclear switches in a play, altcoin interoperable with Bitcoin on LN.
Additionally, to knocking down the naysayers, Lee shows where the coin has the value. One of which is the manner that it forms over $200 million worth of exchanges every day, as indicated by CoinMarketCap.
Also Lee said,” Today, Litecoin functions as worldwide decentralized sound money that cannot be counterfeited, censored, turned around or taken away, and devalued.
Among the three – Bitcoin, Ethereum, and Litecoin, the Litecoin is only the one that has not been bifurcated. Charlie Lee also stated that how it assisted Bitcoin to initiate SegWit a year ago. This was accomplished, he noted, by “proving the game theory of SegWit in practice.”
Despite protecting the altcoin, in an interview a month ago, Charlie Lee stated that he wouldn’t buy back his Litecoins. At the time, he mentioned that this was because of the conflict of interest. He additionally said regarding Bitcoin and mentioned that in the long run there will be new heights.
In July month, he stated that people should buy one Bitcoin first prior to the buying of any other crypto asset, constituting his own.
Lee said,” There will be 21 million bitcoins in existence. There isn’t sufficient BTC to go around for every millionaire to possess one. So, before you purchase any other coins, including the Litecoin, make efforts to claim at least 1 BTC first.”
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