Litecoin is dealing with a protracted smear marketing campaign that’s prompting traders to quick the digital forex in ever rising numbers. Charlie Lee, Litecoin’s founder, just lately took to Twitter to clear up the worry, uncertainty and doubt plaguing his protocol over the previous three months. In a market that rises and falls on the flip of a speculative dime, Lee’s readability can’t come a second too quickly.
Marketing campaign Towards Litecoin
Lee didn’t mince phrases on Thursday when he claimed that Litecoin’s worth was being purposely suppressed by sure segments of the market. In a ten-post Twitter-storm, Lee defined that folks and funds are shorting LTC due to its perceived risk on different protocols that may’t compete with its velocity, safety and liquidity.
“Lately, there was a concerted effort to suppress Litecoin worth by folks/funds which are shorting LTC and by teams that see Litecoin as a risk. I’ll clear up this FUD and present why Litecoin has super worth.”
Litecoin’s worth has plummeted 45% over the previous three months and has slipped additional away from the market-leading headlines of early 2018. Litecoin seems to have misplaced all relevancy for laypeople and retail merchants new to the area. Working example: its Google Pattern rating is at the moment 2. It peaked at an ideal 100 in mid-December. What’s extra, the Pattern rating has held single digits for over six months. This mainly means folks aren’t looking for Litecoin.
Whereas folks exterior of Litecoin could not have observed, the protocol is healthier in the present day than it was through the peak of the bull market because of enhancements in Lightning Network, rising transaction volumes and elevated assist from cost processors. As Lee famous, LTC is supported by greater than 9 cost processors, together with Alliant Cost, BTCPay, Coinbase and CoinGate.
Dispelling the FUD
Beneath is a rundown of the FUD-inducing headlines that Lee tackled on Twitter.
1. Litecoin can’t differentiate itself from different altcoins.
Lee: Litecoin is protected by $150 million in ASIC and is likely one of the most safe cash accessible.
2. There’s no incentive for miners to assault the community as a result of it should undermine the worth of their ASIC .
Lee: LTC’s liquidity and availability on virtually each fiat-to-crypto alternate makes it one of the broadly accessible cryptocurrencies available on the market (much more than Ethereum).
three. You possibly can’t pay with Litecoin.
Lee: Not solely is LTC supported by greater than 9 cost processors, its service provider acceptance can be rising considerably. LTC processes greater than $200 million in transactions every day.
four. Litecoin is irrelevant since bitcoin can now scale with Lightning Community.
Lee: A number of Lightning Community shoppers and apps already assist Litecoin as a result of they worth the community. With atomic swaps, it’s not an both/or proposition with regards to LTC and BTC. Additionally, “LTC interoperates with BTC on the Lightning Community.”
5. As a testnet of Bitcoin, Litecoin will not be actually price $three billion.
Lee: Whereas Litecoin solely has one use case (testnet), it has tangible worth. Moreover, it solely has three% of bitcoin’s market cap.
6. Litecoin has not finished something significant development-wise in six months.
Lee: Individuals are wanting within the incorrect place. Though builders aren’t engaged on the grasp department, they’re nonetheless energetic behind the scenes. Variations zero.16.2 and zero.16.three have been launched within the final two weeks.
Disclaimer: The writer owns bitcoin, Ethereum and different cryptocurrencies. He holds funding positions within the cash, however doesn’t interact in short-term or day-trading.
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