Litecoin creator, Charlie Lee, took to Twitter, complaining about recent efforts to “suppress Litecoin price” with FUD spreading by those “shorting LTC and… that see Litecoin as a threat.”
Big Up Da Litecoin
Lee had a lot to say regarding accusations that Litecoin 00 had lost its edge in an increasingly oversaturated market.
Illustrating the high level of security in the network, he highlighted the miners’ lack of incentive to attack it, as this would devalue $150 million of hardware investment. He also mentioned Litecoin’s domination of Scrypt mining.
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
Regarding liquidity, Lee pointed out that Litecoin trades on virtually every exchange. Nine major payment processors support it, and the network processes $200 million of transactions every day.
Charlie Lee: LN Doesn’t Make Litecoin Obsolete
Rather than making LTC redundant technology, Lightning Network actually plays nice together with both Bitcoin and Litecoin, according to Lee. Many LN clients/apps support Litecoin, allowing atomic swaps, and even submarine swaps, using LTC to pay lightning BTC invoices. He adds:
Litecoin will always be the cheapest and fastest on ramp to Lightning Network.
Even if Litecoin’s only value were as a bitcoin test-net, Lee argues that its value is greater than the 3 percent of bitcoin’s market cap it currently represents.
Litecoin’s practical proof of SegWit utility enabled its adoption and activation on the Bitcoin network. This kind of testing is not possible on the real Bitcoin testnet, as valueless coins create no incentive for malicious actors to hack it…