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Bitcoin [BTC] price hike in 2017 might have been caused by ICO boom, says Litecoin [LTC] creator

Anirudh VK



Bitcoin [BTC] price hike in 2017 might have been caused by ICO boom, says Litecoin [LTC] creator
Source: Unsplash

Charlie Lee, the Creator of Litecoin [LTC] and the Managing Director of the Litecoin foundation recently spoke at the San Francisco Blockchain Week about the ICO boom that was observed last year. He also spoke about Litecoin’s relationship with Bitcoin [BTC], and the future developments set to occur in the space.

This was part of a fireside chat conversation with Nick Tomaino, the Founder of 1confirmation. They were also previously employed with Coinbase in the early days of the cryptocurrency market.

Brian Armstrong, the CEO of Coinbase, has said in the past that Bitcoin is the most important cryptocurrency. Charlie Lee also quoted this as his reason for joining the exchange, stating:

“I think when I joined Coinbase in 2013, the reason why is because I thought Bitcoin is the main coin. Bitcoin has to be adopted so it was important to make Bitcoin easy to use.”

Lee also went on to speak about the altcoin boom in 2012-13, comparing it to the token boom that occurred last year. He further mentioned it as one of the factors for the price moving up to almost $20000 in December. He elaborated:

“People like to kind of gamble and make money so, its very easy for people to have ICOs and people to invest into these ICOs. I don’t think there will be another ICO explosion but I think crypto is going to go mainstream in the future. Everyone uses it for payments, that’s going to take some time but it’ll happen.”

Late last year, Litecoin was instrumental in executing the SegWit upgrade on Bitcoin, as it has a similar structure in its architecture and coding. When asked about how Litecoin would enable Bitcoin to conduct more tests like SegWit, Lee stated:

“When I created Litecoin, I made it as a sort of complement to Bitcoin. That’s how I came up with the ‘Silver to Bitcoin’s gold’ tagline. As we saw last year Litecoin was really able to help Bitcoin a bit and I was really proud of that. I think in the future there’s definitely opportunities when Litecoin takes the first step.”

He was also asked about new initiatives that the Litecoin Foundation is taking for the Litecoin network. He elaborated:

“The first thing we’re coming up with is confidential transactions to hide the amount they’re sending, Monero has that, it has confidential transactions and ring signatures. I think confidential transactions would be really useful.“

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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.


HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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