Charlie Lee clears FUD surrounding Litecoin

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Lately, there has been effort to decrease the price of Litecoin that see it as a threat. Charlie Lee, creator of Litecoin had enough of it and has done a series of tweets to address this issue. This clears the FUD and will help the community have faith in Litecoin again.

Here is what Charlie Lee said in recent series of tweets.

FUD: Litecoin has lost its edge and can’t differentiate itself from hundreds of other altcoins.

TRUTH: Litecoin has one of the most secure networks of all altcoins. Litecoin has over $150MM of ASIC hardware protecting it. Litecoin dominates Scrypt mining by far.

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.

Litecoin is supported by 9+ payment processors: Aliant Payment, BTCPay, Coinbase, CoinGate, CoinPayments, Globee, GoCoin LTCPay, and TravelbyBit. This makes it extremely easy for merchants to accept LTC. There are too many LTC merchants to count!

Litecoin processes $200MM worth of transactions each day. And the network has worked flawlessly for 7 years!

Litecoin works today as a global decentralized sound money, that can’t be censored, can’t be reversed or taken away, can’t be counterfeited, and can’t be devalued.

FUD: Litecoin is no longer needed now that Bitcoin can scale with LN.

TRUTH: Many of the LN clients and apps also support LTC because they see the value of Litecoin. With atomic swaps, LTC interoperates with BTC on the Lightning Network.

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!

We will also have decentralized exchanges using atomic swaps. The possibilities are endless.

FUD: Litecoin as Bitcoin’s testnet is not worth $3B.

TRUTH: Even if Litecoin’s only use case is a testnet, you can’t put an absolute value on it. Need to look at it relative to Bitcoin. Litecoin’s marketcap is only 3% of Bitcoin’s marketcap. That is not very large at all!

Litecoin helped Bitcoin activate SegWit last year by proving the game theory of SegWit in practice. Bitcoin’s own testnet3 can’t do it because testnet3 coins have no value, so no incentives for malicious actors to hack it. Litecoin helps Bitcoin. That is extremely valuable.

FUD: Litecoin has no development in the past 6 months.

TRUTH: 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.

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.