Charlie Lee responds to the Litecoin criticism

The creator of Litecoin Charlie Lee responds to the Litecoin criticism on reddit.com
10 August

Charlie Lee, the Litecoin creator, is known as one of the most honest developers in the cryptocurrency world. Indeed, he never shies away from any discussion on the hottest topics with the public and always tries to be open and honest about the problems:

Now, the price of Litecoin hovers near all-time highs around $50:

Litecoin price chart on the coinmarketcap.com  Litecoin price chart on the coinmarketcap.com 

However, the Litecoin creator, who has previously mentioned that his cryptocurrency is boring, is still of the same opinion. On his post on reddit.com, Charlie Lee highlights the most important and controversial things about Litecoin. 

Thus, the man repeats that Litecoin is boring:

If you have been following Litecoin for more than 3 years, you will know that Litecoin is boring. I would be lying if I said it wasn't.
 

Charlie Lee
The creator of Litecoin

Charlie Lee goes on, explaining that Litecoin, for some unknown reason, is always very stable with USD: whenever Bitcoin pumps, LTC/BTC crashes, and that makes it stable with respect to USD. Whenever Bitcoin crashes, LTC/BTC goes up a bit. Thus, it is always too predictive and "some for 99% of the time Litecoin is really boring".

The Litecoin creator also draws attention to the fact that Liteoin stayed around $4 for like 3 years, and now it pumped to $50 and now seems to stabilizing around $45. However, it is still not enough. Bitcoin, in comparison, can go to $5000 tomorrow and Litecoin will stay at $45. 

In addition to that, Charlie Lee argues that he doesn't work for Litecoin in order to make the Litecoin miners reach:

If you expect me to pump LTC to make you rich, I am not going to do that. I do not work for you. You are not investing in a corporation where I am the CEO and I work to make investors money. This is not how decentralized currencies work. Your investment into LTC does not go to me or the Litecoin developers. Litecoin will succeed if people invest their energies into Litecoin. Just buying LTC does nothing. 
 

Charlie Lee
The creator of Litecoin

The man expresses his vision of the Litecoin future like this: "Litecoin is always silver to Bitcoin's gold. That's not going to change".

I see Litecoin working side by side with Bitcoin to address the need for decentralized currency. I hate to break it to you, but Litecoin will never overtake Bitcoin. Bitcoin will always be the king.
 

Charlie Lee
The creator of Litecoin

In conclusion, Charlie Lee advised Litecoin miners not to ask not what Litecoin can do for them, but to ask what they can do for Litecoin, as this is a decentralized currency and you don't get to sit back and enjoy the profits from other people's hard work.

Ethereum network is still unstable

Byzantium had executed on Monday, but developers aren't ready to call the software transition complete
18 October

Organizations and developers are better off refraining from launching large projects until the Ethereum network is fully stable after the recent Byzantium update. This is said by the Gavin Wood, Parity Technologies head and reported by the Coindesk.

Since new versions of the software were released just days before the fork, much of the network has not yet been updated. So, at the time of press, slightly more than 25% of Parity customers updated, in Geth this indicator is slightly higher - about 59%. So, in total, the update was made about 45% of the network.

Another aspect that should also be taken into account is the short time for testing. In particular, the developers recalled previous versions of the software, discovering critical errors that could make the network vulnerable to DoS attacks or lead to incompatibility between nodes and, as a consequence, network sharing.

Therefore, the question of how safe the network is at the moment is fully justified and, taking into account what has been said above, remains open. This is exactly what Gavin Wood warned, recommending at this stage to refrain from launching large-scale projects.

In addition to the nodes that have yet to update, there is also a possibility that in the current Byzantium software there may be bugs that endanger the security of the Ethereum network. The most dangerous among them is a bug of consensus, in which nodes can not communicate. Its result can be the separation of the block-man into several incompatible chains.

As far as is known, at the moment developers are conducting extensive tests, trying to detect such bugs before they are active. As Gavin Wood says, if the network does contain such a bug, it will take several days to prove itself.

I don't think anyone believed the network was going to self-combust on block 4,370,000.
 

Gavin Wood
Head, Parity Technologies

The head of Parity Technologies is also convinced that if problems are discovered, the Ethereum development team will quickly release new updates designed to prevent any harm to the platform.