It’s frequent for longtime cryptocurrency buyers to advise newcomers to speculate closely in bitcoin and — relying on their proclivity towards “Bitcoin maximalism — ethereum earlier than investing in what lots of them not-so-affectionately check with as s–tcoins. What’s much less frequent, although, is for an altcoin creator himself to offer that very same recommendation.
But that’s precisely what Litecoin creator Charlie Lee did on Monday when he recommended his Twitter followers to acquire at the least 1 BTC earlier than shopping for every other cryptocurrency, LTC included.
“There might be at most 21 million bitcoins in existence. There isn’t even sufficient BTC to go round for EVERY millionaire to personal one. So before you purchase every other coin (LTC included), attempt to personal at the least 1 BTC first,” he mentioned. “After you have 1 BTC, purchase all of the s–tcoins you need!
There might be at most 21 million bitcoins in existence. There isn't even sufficient BTC to go round for EVERY millionaire to personal one. So before you purchase every other coin (LTC included), attempt to personal at the least 1 BTC first. 🥅
After you have 1 BTC, purchase all of the shitcoins you need! 😂 pic.twitter.com/bc3xKKGB0m
— Charlie Lee [LTC⚡] (@SatoshiLite) July 17, 2018
Litecoin, which Lee created in 2011 as a fork of Bitcoin, has all the time marketed itself as a payments network, the so-called “silver to bitcoin’s gold,” somewhat than a direct competitor to the flagship cryptocurrency.
Some Bitcoin maximalists have even acknowledged the worth of Litecoin as a testbed for Bitcoin growth, maybe greatest evidenced by the previous’s adoption of scaling resolution Segregated Witness (SegWit) effectively upfront of its activation on the Bitcoin community.
Lee, as CCN reported, revealed in December that he had bought his total LTC stake, a transfer he made shortly earlier than the cryptocurrency market entered what has now grow to be a seven-month freefall.
The previous Coinbase engineer, who now works on Litecoin full-time, mentioned that he bought his funds to take away what he believed was a “battle of curiosity” in his promotion of the challenge.
“[W]henever I tweet about Litecoin value and even simply good or bads information, I get accused of doing it for private profit,” he mentioned. “So in a way, it’s battle of curiosity for me to carry LTC and tweet about it as a result of I’ve a lot affect.”
That call was extremely controversial throughout the Litecoin group, and critics had been fast to convey it up after Lee tweeted that buyers should purchase at the least 1 BTC — currently valued at $6,739 — earlier than diversifying into every other cash.
Lee, nonetheless, doubled down on his recommendation in response to critics.
“The purpose is, don’t consider it as lacking out. Proudly owning different cash is way riskier. Proudly owning BTC is extra of a positive guess. So earlier than you speculate, put money into one thing strong first,” he mentioned. “And no, I’m not calling LTC a s–tcoin.”
Featured picture from YouTube/Crypto Channel
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