Managing Director and Founder of Litecoin of the Litecoin Foundation voiced out his basis to sell a majority of his owned Litecoins, complex comparisons between Litecoin, Bitcoin and XRP, and etc., during an interview at the Asia Blockchain Summit [Taiwan] with Jinse.com.
The moment he sold his Litecoins,various questions came up about the computer scientist selling his coin at an all-time high. Yet, a clarification post was posted by Lee, defying every casual accusations time-stamping all the selling prices, declaring $205 as his average selling price.
After pondering his decision for two weeks, Lee conveyed his great satisfaction on selling Litecoins, during the interview. One particular reason why Charlie sold his Litecoins is that, his priority are the progress and business adoption of his coin aloft the market speculations and trading. This signifies that the Founder’s mainly focuses on the progress and development of Litecoin.
Litecoin’s Current Market Positioning
With regards to the Litecoin prices, Lee does not distress himself with losses in the market and short-term gains. He also stated that the coin’s prices plunge fairly low was witnessed during the past several months, but Litecoin had performed well in terms of partnerships, outreach and adoption by merchants.
This 2018, many exchanges and micropayment businesses had adopted the coin by its #PayWithLitecoin campaign. Lately, Litecoin had a partnership with TokenPay and WEG Bank, added on an American exchange aiming the youth called Robinhood, and was adopted by businesses in the travel and tourism industry together with small pharmaceuticals.
“Bitcoin is Gold, Litecoin is Silver, XRP is Diamond”
Talking over other big cryptocurrencies like Bitcoin, Lee inferred the coin to be the ‘digital gold’ against his Litecoin, which majority in the community presume as the ‘digital silver’.
Considering Bitcoin as the gold coin, Lee analyzed and compared the real world market value of gold with it. He said that storage issues is not in Bitcoin, it can be easily transferred and is better than gold in numerous places. In addition, on being if there can exist a ‘diamond’ in the cryptocurrency world, with a sarcasm Lee responded on XRP. He stated:
There are many possibilities. …Ripple [*XRP] is somewhat like a diamond because its supply is also artificially controlled. And diamonds are actually advertising. …If you want to buy Ripple for marriage, it is very valuable, haha!
The recent Twitter posts of Charlie show his attitude of being picky in buying the decentralization factor claimed by most cryptocurrencies. During the event of Stellar Lumens [XLM] taking over Litecoin to be on top as the 6th largest cryptocurrency as per the market cap, Charlie had tweeted:
Congrats to Stellar on passing Litecoin’s marketcap. That said, it really doesn’t make sense to compare marketcaps of coins that are “printed”, b/c they have an inflated marketcap. Maybe I’m old school, but I only care about decentralized mineable coins.
Back to Litecoin’s market performance based on Bitcoin’s value, he discussed that Litecoin owning a 10% market value of Bitcoin will indicate a good performance, as it is the silver to Bitcoin’s gold. He believes that the ‘king of cryptocurrencies’ is Bitcoin alone and no one can overtaken nor defeat it.
Author: Author : Mil
Mil is based out of Philippines and has been writing for cryptonewsbytes.com since 2017. He enjoys doing market analysis on crypto and follows the trends very closely. He is a marketing genius and gets tremendous amount of energy to the team. He enjoys reading books in his spare time and big time into basketball.
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