Charlie Lee responds to the Litecoin criticism

The creator of Litecoin Charlie Lee responds to the Litecoin criticism on reddit.com
Diana Ugay's picture
Diana Ugay
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.

Huobi and OKCoin to add Bitcoin Cash

Two largest Chinese exchanges add support for Bitcoin Cash
Diana Ugay's picture
Diana Ugay
22 August

Two largest Chinese cryptocurrency exchanges, OKCoin and Huobi, announced adding the support for Bitcoin Cash.

As OKCoin argues, the decision to add Bitcoin Cash was made after a "technical verification and comprehensive testing" of the coin:

Thus, OKCoin will officially support Bitcoin Cash (BCC) deposit and spot trading on August 22nd (06:00 Eastern Standard Time, UTC+20 HRS, 18:00 China/Hong Kong time). However, it is noteworthy that currently the exchange are only supporting BCC deposit and trading on the website. On top of that, to ensure a safe trading environment and to avoid potential 51% attacks and transaction malleability, there will be increased security verifications when depositing BCC. 

As for Huobi, the exchange claims that considering that Bitcoin Cash has entered the top three digital assets by market capitalization and has extensive support for trading platforms, there's the hope that users will realistically assess the risks associated with BCC trading.

Huobi will launch BCC/CNY on 17:30, August 22, 2017 (GMT +8). BCC trading will be available on main Huobi while BCC deposit was allowed from 17:00, August 9, 2017 (GMT+8).  

Bitcoin Cash charts on coinmarketcap.com Bitcoin Cash charts on coinmarketcap.com

As shown, at the time of writing, the Bitcoin Cash cryptocurrency price is about $687 and its market capitalization is more than $11 billion.