Charlie Lee responds to the Litecoin criticism

The creator of Litecoin Charlie Lee responds to the Litecoin criticism on reddit.com
10 August 2017   2024

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.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   83

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.