Charlie Lee, chairman and managing director of the Litecoin Foundation, recently took to Twitter to defend Litecoin, his brainchild, and turn the apparent FUD into a case for widespread FOMO.
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
Litecoin, ranked the 7th largest cryptocurrency by market capitalization, is currently trading at about $60 a piece for a bit of context.
Has Litecoin Lost Its Edge?
In a tweetstorm, Charlie Lee, the aforementioned founder of the Litecoin project, pointed out that contrary to popular belief, his “child” still hasn’t lost itself in the ocean of mundane, impractical altcoins. He defends Litecoin by pointing out that “[the Litecoin Network] has over $150MM of ASIC hardware protecting it,” while the network also dominates Scrypt mining in general. According to a cryptocurrency analytics website, it would cost about $32,915/hr to perform an attack on the Litecoin network, which is quite the hefty sum, to say the least.
“Litecoin has a ton of liquidity” states Lee, which is essential for crypto-to-fiat and fiat-to-crypto exchanges. This isn’t any fruitless claim, as LTC is listed on almost every fiat and crypto exchange, which makes it more popular than Ethereum, which has become a popular topic in the cryptosphere. Being able to move in and out of the crypto scene via fiat should always be quick and easy, as Lee flaunts Litecoin’s ability to access exchanges so accessible.
Payment Processors And Litecoin
Lee highlights that LTC is actively supported and processed by over nine payment processors, which include Aliant Payment, BTCPay, Coinbase, CoinGate, CoinPayments, Globee, GoCoin LTCPay, and TravelbyBit, again proving how easy it is for merchants to accept LTC as a viable method of payment.
From A Bitcoin Fork To Lightning Network Guinea Pig
Lee states that for the past 7 years, the Litecoin network has worked flawlessly and still processes over $200 million worth of transactions each and every day. As such, it is hard to break down such a well-built network, so counterfeiting or devaluing the popular cryptocurrency would be quite a difficult feat.
Several critics have stated that as the BTC chain scales via the up and coming Lightning Network, Litecoin could simply become obsolete. However, Lee points out that LTC is also supported by the Lighting Network as a result of the similarities in the architecture of both of the chains. Moreover, BTC and LTC also go hand-in-hand through the use of atomic swaps, which allow users to instantly swap between the two currencies in a big step towards decentralized exchanges.
Speaking on the matter, Lee, who goes by “SatoshiLite” on Twitter, wrote:
“Litecoin will always be the cheapest and fastest on ramp to Lightning Network. And with solutions like submarine swaps, you can use on chain LTC to pay for a BTC lightning invoice!”
Litecoin And Its Development
Despite the allegations of the stagnated development of the Litecoin project, Lee assures his followers that the staff behind the project are working on the dueful aspects of LTC, while pointing users in the right direction. He clarified — “We don’t work on the master branch, where people are looking. This is generally good Git practice! Proof: we released 0.16.2 last week and just released 0.16.3 today, which fixed the recent critical DoS bug.”
Charlie Lee also confirmed that he is currently working full-time on Litecoin, which is what true believers of the project evidently want to hear.