Charlie Lee Explains Why You Should Ignore the Litecoin FUD
TIP: See the example of the Litecoin FUD here.
1 / Recentlythere has been an concerted attempt to curtail Litecoin amount by people/funds which are shorting LTC and from bands which visit Litecoin being a hazard. I can clean this up FUD and reveal why Litecoin has enormous price.
two / FUD: Litecoin has now lost its advantage and certainly will ‘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.
3/ 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 obtain in/out of LTC. It is on practically every fiat and crypto exchange (Gemini soon), even more than ETH
4/ 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! #PayWithLitecoin
5/ 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 understated, may ‘t be reversed or taken away, can’t be siphoned, also certainly will ‘t be devalued.
6/ 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.
7/ 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.
8/ 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 a complete value onto it. Have a check out it in accordance with Bitcoin. Litecoin’s market cap is just 3 percent of Bitcoin’s market cap. That isn’t so large in any way!
9/ Litecoin helped Bitcoin trigger SegWit this past season by demonstrating the match theory of SegWit in training. Bitcoin’s very own testnet3 may ‘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.
10/ FUD: Litecoin has no development in the past 6 months. TRUTH: We don’t focus within the master division, by which people are really looking. That is usually great Git practice! Proof: we published 0.16.2 final week and only released 0.16.3 now, which mended the current significant DoS bug.
1-1 / FUD: Charlie has stopped Litecoin and also 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. #LitecoinFam
12/ *Drops mic*