Shorting on digital silver
Litecoin has been receiving lots of criticism and challenge lately. Many claims that LTC is not competitive compared to the other altcoins anymore when Bitcoin completes its Lightning network where the fee would become close to none.
Charlie Lee, the founder of LTC was one of the targets in the discussion due to his disputable action of selling all his LTC stake back in the Dec 2017 where cryptos were riding on a huge bull run. Side note to that, I personally found that to be quite a fascinating investment move by someone with a bright mind and does not agree he deserved to be assaulted on that.
Under the huge public pressure of shorting the Litecoin, he decided to respond to the potentially harmful FUD via a series of tweets, here is the summary:
- LTC is the most secured cryptocurrency protected by $150MM worth of ASIC miners.
- Adoption in LTC is high given the supported LTC pair in many exchanges and multiple payment processors.
- LTC has the best working record. Running flawlessly for 7 years.
- His personal sellout was not moving the market price at all. He is still working full-time on LTC’s adoption.
Thoughts
Crypto is never a rational space, as far as I cannot tell how Litecoin future is going to play out, the technical advancement is not always the deciding factor for a coin ranking(looking at the Doge now).
Some advantages Litecoin used to have might be challenged by new hot projects but it has something that is hard to be beaten as a 7-year-old coin.
Nonetheless, watching FUD&SHILL talks like these is always fun.
Posted from my blog with SteemPress : https://fr3eze.vornix.blog/shorting-the-litecoin-charlie-lee-beg-to-differ/
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