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Although Litecoin ended 2020 as one of the best performing crypto’s, there continues to be regurgitated fear mongering. With this thread, I’d like to answer doubts and misinformation so new people entering the space are better-informed.
We’ll start off with Charlie selling
We’ll start off with Charlie selling
Charlie Lee (the guy who created Litecoin) sold his Litecoin stack in ‘17. Fear mongers think this action doomed the project. His reasoning was he could not speak freely about the project without somehow influencing the price, potentially acting as a conflict of interest. Also,
the selling provided him financial freedom, leading to him now being able to work on Litecoin full time. Charlie started mining Litecoin’s from day 1 alongside thousands of other miners on the pre-announced LTC launch date. He didn’t have a head start and spent electricity and...
time to earn those LTC’s. He had the right to sell his earned LTC’s—the same right any miner does. He created Litecoin, but he was a participant in the ecosystem like everyone else.
TLDR: Lee selling made the network more decentralized and Lee has now worked on LTC full time.
TLDR: Lee selling made the network more decentralized and Lee has now worked on LTC full time.
Next: Litecoin has no development.
This is 100% false and could be disregarded with a Google search. Litecoin is actively being worked and @DavidBurkett38 is almost finished with LTC’s MWEB. LTC has a full time dev and volunteers that contribute to LTC core. Saying that,
This is 100% false and could be disregarded with a Google search. Litecoin is actively being worked and @DavidBurkett38 is almost finished with LTC’s MWEB. LTC has a full time dev and volunteers that contribute to LTC core. Saying that,
most of the code is pulled over from Bitcoin, which is why a high amount of dev’s is actually not necessary. Bitcoin developers are indirectly contributing to Litecoin with each update.
Next...
Next...
Litecoin is Bitcoin’s largest direct competitor:
False. Litecoin is the “digital silver” to Bitcoin’s “digital gold”. They are meant to work hand in hand and the majority of the Litecoin community owns and supports BTC. BTC and LTC are also probably the most price-correlated...
False. Litecoin is the “digital silver” to Bitcoin’s “digital gold”. They are meant to work hand in hand and the majority of the Litecoin community owns and supports BTC. BTC and LTC are also probably the most price-correlated...
in crypto. LTC cannot be a competitor if it moves up and down together with BTC. The U.S. dollar seems more like the direct competitor.
The LTC community imagines a future where BTC and LTC interoperate on the Lightning Network.
The LTC community imagines a future where BTC and LTC interoperate on the Lightning Network.
Next—Litecoin has no use case thus will go to zero:
To answer this, one must first understand why Litecoin is the only coin aside from BTC to have survived 9 years and still be relevant. It’s the most time-tested after BTC.
First, Litecoin has faster confirmations than BTC...
To answer this, one must first understand why Litecoin is the only coin aside from BTC to have survived 9 years and still be relevant. It’s the most time-tested after BTC.
First, Litecoin has faster confirmations than BTC...
Which help get your funds from point A point B at a faster speed while maintaining a high level of security (LTC dominates Scrypt mining). It has zero network downtime since inception and to say the least— has proven to be very reliable. People seek reliability and efficiency...
Many people will try promoting the “newest, fastest crypto” but for which trade-offs? Less security? Centralization? (Look at what’s happening with XRP/Ripple). Less of a track record?
Litecoin is a well oiled machine that does as intended. With MWEB, it’ll also be the most...
Litecoin is a well oiled machine that does as intended. With MWEB, it’ll also be the most...
fungible cryptocurrency in the top 10, being able to hide transaction amounts (making it the most similar to physical cash).
LTC has also been able to implement tech before it reaches Bitcoin (SegWit [precursor for Lightning] and now also confidential transactions via MWEB).
LTC has also been able to implement tech before it reaches Bitcoin (SegWit [precursor for Lightning] and now also confidential transactions via MWEB).
Next: LTC will be useless with Bitcoin’s Lightning Network
The Lightning network is already up and running and Litecoin was one of 2020’s top performers. I’m not sure if some need to hear it, but Litecoin also has its own Lightning Network and will also be the cheaper on ramp...
The Lightning network is already up and running and Litecoin was one of 2020’s top performers. I’m not sure if some need to hear it, but Litecoin also has its own Lightning Network and will also be the cheaper on ramp...
compared to BTC. LTC on Lightning Network will still be cheaper to use than BTC. LN also has a capacity and is not the “end all be all” some BTC maximalists like to think it is (if we’re thinking about long-term global adoption here)...
With both BTC and LTC on Lightning Network, LTC will continue to serve as the highway with less traffic and cheaper tolls, as it’s doing today.
Since Litecoin doesn’t have congestion problems (yet), its LN is still in an initial growth stage. Once it does, LTC’s LN will grow.
Since Litecoin doesn’t have congestion problems (yet), its LN is still in an initial growth stage. Once it does, LTC’s LN will grow.
End:
It’s interesting that many of the same attacks on Litecoin today can actually be found on Litecoin’s launch thread on the Bitcointalk forums, dating back to 2011. Since 2011, Litecoin has pushed its way through the uncertainty and...
It’s interesting that many of the same attacks on Litecoin today can actually be found on Litecoin’s launch thread on the Bitcointalk forums, dating back to 2011. Since 2011, Litecoin has pushed its way through the uncertainty and...
can now proudly declare itself the oldest surviving cryptocurrency in the top 100 aside from BTC. This past decade, the market has found value in having a “Bitcoin Jr.” and as Litecoin’s Lindy effect continues to grow, I see it being a model for sound money for decades to come.
