Litecoin maker Charlie Lee is striking back at what he calls a "concerted effort to suppress” the LTC price on the gathering of bearish traders and speculative stock investments who are endeavoring to short the coin.
Lee asserted that these were endeavors to stifle the cost of Litecoin by those shorting LTC and those that consider Litecoin to be a danger to them.
Writing in a tweet, Lee said that he needed to clear up "FUD" flowed by bunches that "consider Litecoin to be a danger."
In the report, which was created by Tushar Jain, Multicoin spread out its legitimization for being short LTC, affirming that the coin faces various "negative catalysts" without an adequate number of bullish elements to balance them.
The report likewise expressed that right now, Litecoin still has plenty of issues to determine and does not have the Bullish notion important to represent its ongoing ascent.
Also check: Latest News on Litecoin
Jain guaranteed that the crypto showcase is advancing and cryptos, for example, LTC that don't have much genuine utilize won't profit in the following Bull Run.
Lee, in any case, trusts that the utilization of Litecoin is the thing that makes it an appealing alternative. The digital asset being bolstered by those organizations makes it much simple for dealers to acknowledge LTC. There is an excessive number of LTC vendors to check, he included.
He further added that litecoin faces serious sell pressure, from LTC mining as well as from digital currency mining firm Bitmain, who is supposedly sitting on upwards of 1 million LTC while additionally effectively advancing bitcoin cash, a coin that is rivaling litecoin to be the crypto to choose for day to day Payments.
Here's the complete twitter thread, where Charlie Lee defends Litecoin against FUD
1/ 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.— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018
2/ FUD: Litecoin has lost its edge and can't differentiate itself from hundreds of other altcoins.— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018
TRUTH: Litecoin has one of the most secure networks of all altcoins. Litecoin has over $150MM of ASIC hardware protecting it. Litecoin dominates Scrypt mining by far.
3/ Miners have no incentives to attack the network because it will destroy the value of their ASIC hardware.— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018
Litecoin has a ton of liquidity, which is important for people to get in/out of LTC. It is on practically every fiat and crypto exchange (Gemini soon), even more than ETH
4/ 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! #PayWithLitecoin— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018
5/ Litecoin processes $200MM worth of transactions each day. And the network has worked flawlessly for 7 years!— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018
Litecoin works today as a global decentralized sound money, that can't be censored, can't be reversed or taken away, can't be counterfeited, and can't be devalued. 🚀
6/ FUD: Litecoin is no longer needed now that Bitcoin can scale with LN.— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018
TRUTH: Many of the LN clients and apps also support LTC because they see the value of Litecoin. With atomic swaps, LTC interoperates with BTC on the Lightning Network.
7/ Litecoin will always be the cheapest and fastest on ramp to Lightning Network. And with solutions like submarine swaps, you can use on chain LTC to pay for a BTC lightning invoice!— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018
We will also have decentralized exchanges using atomic swaps. The possibilities are endless. ⚡
8/ FUD: Litecoin as Bitcoin's testnet is not worth $3B.— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018
TRUTH: 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!
9/ Litecoin helped Bitcoin activate SegWit last year by proving the game theory of SegWit in practice. Bitcoin's own testnet3 can't do it because testnet3 coins have no value, so no incentives for malicious actors to hack it. Litecoin helps Bitcoin. That is extremely valuable.— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018
10/ FUD: Litecoin has no development in the past 6 months.— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018
TRUTH: We don't work on the master branch, where people are looking. This is generally good Git practice! Proof: we released 0.16.2 last week and just released 0.16.3 today, which fixed the recent critical DoS bug.
11/ FUD: Charlie has quit Litecoin and doesn't care anymore.— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018
TRUTH: I'm working on Litecoin full-time and focused on Litecoin adoption. Proof: the fact that I spent time writing these 11 tweets! 😀
Litecoin also has the strongest crypto community. #LitecoinFam 🚀
He additionally said that a long way from rendering litecoin out of date, the appearance of second-layer scaling arrangements like the Lightning Network (LN) will additionally bolster LTC since they render the coin interoperable with bitcoin.
"Litecoin will always be the cheapest and fastest on-ramp to Lightning Network. And with solutions like submarine swaps, you can use on chain LTC to pay for a BTC lightning invoice!” he said. “We will also have decentralized exchanges using atomic swaps. The possibilities are endless".
Also read: In-depth technical price analysis of Litecoin.
At present, litecoin is the seventh-biggest digital asset with a market cap of $3.2 billion. LTC is exchanging at $58.06 USD, which is an 85 percent decrease from the coin's all-time high at $375.29, as per CoinMarketCap.