Charlie Lee, or put more colloquially, SatoshiLite, powers back on to the questions raised over his performance and diligent working over establishing Litecoin as the major crypto in the cryptocurrency realm. There are a total of 11 attacks of criticism over the litecoin which Charlie termed as the FUDs, namely fears, uncertainties and doubts. He addressed them with detailed responses which filled up the bellies of major news and the public and enthusiasts demanding answers.
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.
In order to excel among the crypto ranks to be eventually named as a crypto juggernaut, Charlie Lee tackled the strikes in a way that can ultimately claim the the litecoin has immense monetary value and the worth to grow forward. Litecoin can never be a potential threat as recently have been around the news and the internet.
Critics have thrown litecoin the lack of uniqueness that litecoin is just another spoke on the altcoin wheel and would soon fade away to nonexistence. Lee cleared this all up expressing his knowledge about the crypto that the software protocols are sturdy enough.
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.
There were further critical strikes over the software part of the litecoin that it doesn’t support the mining system in a way that it can eventually render the entire system unstable.
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 offers numerous payment processors which is a step ahead towards promoting major mass crypto adoption throughout which surely would be a good omen for the entire crypto community and the users alike.
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!
Critics put a finger of criticism over the past performance of litecoin folks regarding that the company has been dormant for quite sometime now and has no mind set ready to continue working over a prolonged course of time.
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.
Though there are many other claims over the litecoin developers and the corporate as per their current performance and future goals, the most shocking one could have been if what people started spreading the rumor about that Charlie Lee is leaving litecoin for good. Charlie set thing straight to settle the rumors once and for all in the following manner.
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. 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.