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Litecoin [LTC] is more centralized than Bitcoin [BTC] – Charlie Lee

Priyamvada Singh

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Litecoin [LTC] is more centralized than Bitcoin [BTC] - Charlie Lee
Source: Pixabay

In a recent interview with SFOX, Charlie Lee, the former Google employee and the computer scientist who created Litecoin [LTC], spoke about Satoshi Nakamoto’s anonymity in the cryptocurrency space and the Bitcoin ecosystem. He furthered the conversation about the advantages of being the public face of Litecoin to contribute to the ecosystem.

Firstly, Lee established an opinion that the presence of a public face in a decentralized system is an oxymoron. In hindsight, he believes that he should have left the project on an anonymous note. Henceforth, the blockchain scientist mentioned several advantages and disadvantages of being the face of Litecoin when willing to work on its progress.

Under advantages, he put down points such as the ease of SegWit activation for Litecoin due to his public presence. According to Lee, it is harder to carry forward an ecosystem that has many parties working against it, when the creator is not around. More so, he was able to push Litecoin forward for SegWit activation because he was around to facilitate it. In his words:

“Two years ago, I saw that Bitcoin was having all this trouble with activating SegWit. I saw SegWit as an amazing feature, but there was all this FUD around it. I realized I could help out by pushing Litecoin towards getting SegWit activated. Being its creator, I was able to make that happen. “

He admitted that there are disadvantages associated with a cryptocurrency having a face. He further explained his point by citing Litecoin as being more centralized than Bitcoin. Subsequently, Lee shared that an attack could easily be launched at him on the pretext of targetting Litecoin.



Therefore, concluding his thoughts, Lee conveyed that he might have to eventually step away from the ecosystem in order for it to become more decentralized. He added:

“I’ll eventually have to step away from Litecoin — I’m talking years down the road, when Litecoin is used and more as a real-world currency. At that point, it wouldn’t make sense for the creator to still be around, dictating things.”

Lee ended his statement by propagating that democracy is more inefficient than dictatorship, but is more decentralized.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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