Charlie Lee Takes to Twitter to Rage Against Litecoin FUD
Litecoin creator Charlie Lee unleashed a series of tweets in an effort to clear up what he feels amounts to Litecoin FUD. Through his tweets, Lee highlighted why the seventh largest cryptocurrency by market cap is still of tremendous value and simultaneously criticized the deliberate efforts of those trying to inhibit the LTC price.
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51 Percent Attack Likely Impossible on Litecoin
Lee’s mini tweet storm countered multiple misconceptions encircling Litecoin’s present role in the cryptoverse as well as its road ahead. Lee further complained about intentional efforts to short LTC in a bid to contain its value.
His first tweet was directed towards those that see LTC as a threat and are trying to undermine it:
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
Addressing criticisms that Litecoin lacks uniqueness among altcoins, the Managing Director of the Litecoin Foundation pointed out that his coin hosts one of the most secure networks, protected by $150 USD million worth of ASIC hardware and is a leader in script mining.
In the past, 51 percent attacks, where an entity gains a majority of a network’s hashrate, were considered financially unfeasible. Critics have recently claimed, however, that 51 percent attacks on Proof-of-Work (PoW) cryptocurrencies are more possible.
But Lee emphasizes that such an attack is likely impossible on LTC. Based on crypto51.app, a website that estimates the theoretical cost of attempting a 51 percent attack on PoW cryptocurrencies, an hour of thrust on the LTC network would cost around $32,000.
Litecoin Helps Bitcoin
Litecoin has always been viewed as a payment currency that works faster than bitcoin. But with Lightning Network (LN) slowly coming to fruition, payments with bitcoin are set to become faster. Hence, another source of Litecoin FUD is its lack of a use case when the bitcoin network speeds up.
Lee addresses that by stating that even though bitcoin can scale with the Lightning Network, several LN clients also support LTC. One of LTC’s biggest use cases is being a testing ground for bitcoin-related applications. “Litecoin helps Bitcoin. That is extremely valuable,” states Lee.
The Litecoin founder further remarked that LTC is a widely accepted way of paying with crypto and is listed on more exchanges than the second largest cryptocurrency by market cap, Ethereum. Lee claims that LTC functions as “global decentralized sound money”.
Not Quitting Litecoin, Affirms Lee
Meanwhile, many have criticized Litecoin as being inactive in terms of its development. Lee infamously sold all his coins at all-time highs, a move he later admitted regretting. Springing to its defense, Lee said Litecoin devs recently released v0.16.3, which fixed DoS bugs.
On the new update, Litecoin Project tweeted:
Litecoin Core v0.16.3 has been released which includes a very important security fix for a DoS vulnerability, CVE-2018-17144! All users are advised to upgrade as soon as possible. https://t.co/6wyNEdiNFP
— Litecoin Project (@LitecoinProject) September 20, 2018
However, addressing the biggest source of Litecoin FUD–that Lee does not care about Litecoin, the creator stated that he is fully committed to the project and is working on LTC adoption. He went further, applauding the strength of the Litecoin community.
Meanwhile, LTC was changing hands at $54. Lee’s tweet storm not only addresses all the major points of Litecoin FUD, but also highlights its importance in the cryptoverse.
Will Litecoin fade away in the future? Share your views in the comments section below.
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