Litecoin Founder Charlie Lee Refutes Recent Reports That Litecoin (LTC) Is Worthless

The creator of Litecoin, Charlie Lee has responded aggressively about the recent reports claiming that Litecoin is worthless and has no reason to exist given other coins and Bitcoin scaling efforts.

Lee claimed that these were efforts to suppress the price of Litecoin by those shorting LTC and those that see Litecoin as a threat.

Litecoin FUD on the rise

The FUD against the seventh largest cryptocurrency continues to be on the rise following new information shared about Charlie Lee.

He took to Twitter to confront those allegations, stating that there have been concerted efforts recently to suppress the price of Litecoin by people that are shorting the coin and those that see it as an at threat.

Some detractors have claimed that Litecoin has lost its edge in an increasingly oversaturated market.

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

Lee, however, doesn’t agree with that claim, stating that Litecoin dominates Scrypt mining by far. He discussed the high level of security in the network, stating that criminals don’t have an incentive to attack the network.

3/ Miners have no incentives to attack the network because it will destroy the value of their ASIC hardware.

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

— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018

He also claimed that the cryptocurrency is highly liquid as it is on every fiat and crypto exchange even more so than Ethereum (ETH).

5/ Litecoin processes $200MM worth of transactions each day. And the network has worked flawlessly for 7 years!

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. 🚀

— Charlie Lee [LTC⚡] (@SatoshiLite) September 20, 2018

Multiple payment processors support Litecoin

Elaborating further on the strength of Litecoin, Lee pointed out that Litecoin is being supported by more than nine payment processors, listing the following by name;

• Aliant Payment,
• BTCPay,
• Coinbase,
• CoinGate,
• CoinPayments,
• Globee,
• GoCoin LTCPay,
• and TravelbyBit.

This is a sign of the strength of the cryptocurrency.

Multicoin Capital Report

Lee was responding to a report by cryptocurrency hedge fund Multicoin Capital which claimed that LTC was overvalued. The report, which was written by managing partner Tushar Jain, added that LTC has become a relic from a time when cryptocurrencies were still new.

The report also stated that at the moment, Litecoin still has a lot of issues to resolve and lacks the Bullish sentiment necessary to account for its recent rise.

Jain claimed that the crypto market is evolving and cryptos such as LTC that don’t have much real-world use will not benefit in the next Bull Run.

Lee, however, believes that the use-case of Litecoin is what makes it an attractive option. The cryptocurrency being supported by those payment companies makes it extremely easy for merchants to accept LTC. There are too many LTC merchants to count, he added.

Lee also responded to FUDs claiming that Litecoin is no longer needed since Bitcoin can scale with the aid of Lightning Network. He stated that most of the LN clients and apps also support LTC because they see value in the cryptocurrency.

With their atomic swaps, LTC is able to interoperate with Bitcoin on the Lightning Network.