LTC increases support from the community!
An article published by Tushar Jain, the Managing partner at Multicoin Capital concentrated on defending Litecoin [LTC]’s value to be inaccurate. The document contains various negative catalysts that could affect the growth of Litecoin in the near future including the current features of Litecoin and its proposed use cases.
What happened with the document?
Rumors spread across the community that this was an attempt to bring the value of the cryptocurrency down since Multicoin Capital hold a short position in LTC.
However, on 19th September, Charlie Lee, the Founder of Litecoin has responded to the detailed analysis published by the firm on his Twitter handle.
Charlie Lee’s first tweet stated:
“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.”
The report by Tushar Jain claims that Litecoin cannot be differentiated from other altcoins. According to Charlie, the blockchain has over $155MM of ASIC hardware protecting it. Also, Litecoin dominates Scrypt [Hash algorithm] mining when compared to other altcoins in the ecosystem.
The liquidity of the coin is high which helps the investors gain high profit from LTC. Additionally, the coin is available on most of the exchange platforms, even more than Ethereum [ETH].
One of the negative apointments which they mentioned was Bitcoin’s Lightning Network [LN]. To this, the Founder says, there are a number of LN clients who also support LTC due to its value. Also, LTC can be exchanged with BTC on the LN through atomic swaps.
While discussing the role of Litecoin as Bitcoin’s Testnet, the report stated that the blockchain is not worth $3B. To which, Charlie says:
“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!”
Charlie Lee also claims that Litecoin helped Bitcoin activate SegWit since Bitcoin’s testnet3 cannot perform this because the testnet3 coins have no value.
Recently many users pointed out that Litecoin has zero activity on Github. Multicoin Capital also said that “Litecoin development has almost completely stopped, and Litecoin founder Charlie Lee has sold 100% of his LTC stake”.
The Litecoin development team does not work on the master branch, which according to Charlie is a good Git practice. The team recently released version 0.16.2 last week and 0.16.3 today.
Charlie Lee also mentioned the LTC supporters in the space. He says:
“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!