Charlie Lee, the creator of Litecoin and the managing director of Litecoin Foundation, is back in the limelight because of his recent Twitter post, which resulted in drawing the attention of Vitalik Buterin, the co-founder of Ethereum.
On January 6, 2018, Charlie Lee started a Twitter pool asking the community the category they belong to. In the tweet, Lee stated that there were “some self-proclaimed” Bitcoin maximalists who in reality are “Bitcoin Extremists”. He went on to say that these extremists think that all the other cryptocurrencies in the market are scam coins and are going to go to zero.
Whereas, Maximalists, on the other hand, think that Bitcoin “is and will remain” the dominant cryptocurrency in the whole market. However, they also think that there is room for altcoins to “exit and even do well.” The options provided to the community in the poll were Bitcoin Extremist, Bitcoin Maximalist, Altcoin Maximalist, and Nocoiner.
Furthermore, the creator of the seventh largest cryptocurrency stated that the topic of discussion on the Magical Crypto Friends is going to be on Bitcoin Extremism versus Bitcoin Maximalism. Magical Crypto Friends is a podcast featuring Charlie Lee, Samson Mow, CSO of Blockstream, Riccardo Spagni, lead developer of Monero, and WhalePanda. In one of the episodes, Riccardo Spagni spoke on a similar topic, and proclaimed to be a Bitcoin Maximalist.
CryptoNT, a Twitterati said:
“I thought Charlie had more self respect than that. You’ve basicly just followed vitaliks path. first comes the personal attack to common sense, then follows the pseudo science shitcoin buzzwords. Way to go
@SatoshiLite a new meme is born”
To this, Vitalik Buterin, the co-founder of Ethereum said:
“Congrats on following my path
@SatoshiLite! Do you want to go further and convince Litecoin to move to proof of stake?”
Litecoin Pat, a Twitter user said:
“Litecoin will not be following anyone else’s path except the one that strengthens the coin. This is typically BTC. Definitely not ETH.”
Reconxile Rex, another Twitterati said:
“Keeping the space dignified is one of the most important things, for credibility and character.”
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Bitcoin: Would you rather HODL Bitcoin or trade? ex-CTO of Coinbase opines on investing in cryptos
With the inception of Bitcoin and the advent of altcoins, there has never been a good chance to make quick money by simply investing. The last time such an opportunity was seen during the DotCom bubble. However, scams are also a part of this opportunity which became more than evident during the ICO frenzy of 2017.
Millions, if not billions were lost to the ICO scams, which caused the regulatory bodies like SEC, CFTC, and others to step in to protect investors. As the space matured over time, so did the actual number of projects in the ecosystem; there are more than 3000 cryptocurrencies with different and implied use-cases, which is confusing to most of people in the crypto industry and to the people outside of this space as well.
The ex-CTO of Coinbase, Balaji Srinivasan tweeted in support of the above; how an investor who is not familiar with the crypto space should go about investing. Srinivasan said that there were a few people who can be profitable and can beat the market, however, he added that “buying BTC in crypto” was like “buying vanguard in traditional equities”.
Investing in traditional assets or Bitcoin, for people who are inexperienced should be a longterm investment, hence the best thing to do with Bitcoin is to stack and/or HODL.
The DotCom bubble pushed the innovation to its maximum which led to the birth of massive companies like Google, Amazon, Uber, etc. The same can be said for Bitcoin, which led to the development of Ethereum [ETH], which is the second largest cryptocurrency in terms of market cap. However, Ethereum brought smart contracts to the world, which has further led to the development of dApps and other use-cases.
1) ETH is/was also both a phenomenal investment and a major technological breakthrough.
2) Some other digital assets are very promising; I don’t believe innovation ends with BTC and ETH.
But for the person outside the space who wants exposure, just buy BTC.
— Balaji S. Srinivasan (@balajis) June 22, 2019
The bottom line with the Srinivasn’s tweet thread for the people who are inexperienced with crypto space was to just buy Bitcoins and hold it rather than trading it.
A Twitter user @mskvsk, reflected Srinivasn’s tweet as he replied:
“Buying BTC, dollar-cost averaging, forgetting about it for several years. This is the soundest strategy for most people. #stackingsats”
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