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Litecoin’s Charlie Lee clears the Multcoin Capital FUD; LTC gains more support from the community

Laira Rebecca

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Litecoin's Charlie Lee clears the Multcoin Capital FUD; LTC gains more support from the community
Source: Pixabay

Debunking Market Narratives, released by the cryptocurrency investment firm Multicoin Capital caught a lot of attention lately. The research article published by Tushar Jain, the Managing partner at Multicoin Capital concentrated on defending Litecoin [LTC]’s value to be inaccurate.

The document contains various negative catalysts that could affect the growth of Litecoin in the near future including the current features of Litecoin and its proposed use cases.

Rumors spread across the community that this was an attempt to bring the value of the cryptocurrency down since Multicoin Capital hold a short position in LTC.

However, on 19th September, Charlie Lee, the Founder of Litecoin has responded to the detailed analysis published by the firm on his Twitter handle.

Charlie Lee’s first tweet stated:

“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.”

The report by Tushar Jain claims that Litecoin cannot be differentiated from other altcoins. According to Charlie, the blockchain has over $150MM of ASIC hardware protecting it. Also, Litecoin dominates Scrypt [Hash algorithm] mining when compared to other altcoins in the ecosystem.

The liquidity of the coin is high which helps the investors gain high profit from LTC. Additionally, the coin is available on most of the exchange platforms, even more than Ethereum [ETH].

Harshit Tiwari, a cryptocurrency enthusiast says:

“Litecoin is a dark horse. Believe me folks, it’s the best thing since Bitcoin.”

One of the negative catalysts which they mentioned was Bitcoin’s Lightning Network [LN]. To this, the Founder says, there are a number of LN clients who also support LTC due to its value. Also, LTC can be exchanged with BTC on the LN through atomic swaps.

While discussing the role of Litecoin as Bitcoin’s Testnet, the report stated that the blockchain is not worth $3B. To which, Charlie says:

“Even if Litecoin’s only use case is a testnet, you can’t put an absolute value on it. Need to look at it relative to Bitcoin. Litecoin’s marketcap is only 3% of Bitcoin’s marketcap. That is not very large at all!”

Charlie Lee also claims that Litecoin helped Bitcoin activate SegWit since Bitcoin’s testnet3 cannot perform this because the testnet3 coins have no value.

Crypto Silver Leopard says:

“Amen! would appreciate all the fud master crypto news outlets to start writing articles about the truths! They are so easy to hate & fud. i believe in a few cryptos 1st is LTC if there is fud i turn to charlie for the truth. i trust your words over sold for money news outlets!!!”

Recently many users pointed out that Litecoin has zero activity on Github. Multicoin Capital also said that “Litecoin development has almost completely stopped, and Litecoin founder Charlie Lee has sold 100% of his LTC stake”.

The Litecoin development team does not work on the master branch, which according to Charlie is a good Git practice. The team recently released version 0.16.2 last week and 0.16.3 today.

Vlad Costea, a Litecoin enthusiast says:

“You people clearly don’t get it: 1. Charlie sold his coins to further decentralize the ownership of LTC and eliminate himself as a whale. 2. If he bought back, he’d be investigated by the SEC and most likely go to jail. Thinking about future regulations in the US is essential.”

Charlie Lee also mentioned the LTC supporters in the space. He says:

“Litecoin is supported by 9+ payment processors: Aliant Payment, BTCPay, Coinbase, CoinGate, CoinPayments, Globee, GoCoin LTCPay, and TravelbyBit. This makes it extremely easy for merchants to accept LTC. There are too many LTC merchants to count! #PayWithLitecoin”



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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

Altcoins

Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb on the bull after price stays locked down

Akash Anand

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Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb the bull after price stay locked down
Source: Unsplash

The cryptocurrency market’s bearish woes do not seem to have waned with several popular coins seeing a continuous price downturn. Bitcoin [BTC], XRP, and Ethereum [ETH] have only enjoyed sporadic bullish spikes with a definite control being exerted by the bear.

1-hour

The one-hour BTC chart shows the gradual drop in prices. The support has been holding at $3214.17 while the resistance is maintained at $4160.21. The recent downtrend took the prices down from $3558.58 to $3367.97.

The Relative Strength Index shows a slight spike towards the overbought zone. This means that the buying pressure is increasing slightly more than the selling pressure.

The Bollinger band shows a clear divergence with the upper band and the lower band indicating an imminent sideways price movement.

The Parabolic SAR has been predominantly bearish with the markers staying above the markers. At the time, the SAR indicators were below the price candles which is a bullish sign.

1-day

The one-day chart for Bitcoin does not paint a better picture for the cryptocurrency with no uptrends in sight. The long-term support has been holding at3346.6 while the recent downtrend saw the price fall from $6262.97 to $3408.

The MACD indicator shows the MACD line and the signal line moving as a conjoined pair. Other than the bearish dip, the MACD histogram has been undergoing a lull.

The Chaikin Money Flow indicator is just below the zero line, which is a sign of the money flowing out of the market being more than the money coming into the market.

Conclusion

The above-mentioned indicators all point to an extended bear run with the prices still being clamped below the $4000 mark. With the year coming to a close, the predicted bull run does not seem to be occurring anytime soon.

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Altcoins

Binance Coin [BNB] takes off by 11.31%; ERC20 uniswap bug affecting BNB users, but CZ says funds are SAFU

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Binance Coin [BNB] takes off by 11.31%; ERC20 uniswap bug affecting BNB users, but CZ says funds are SAFU
Source: Unsplash

Binance Coin [BNB], in the 24-hour time frame, has spiked by a massive 11.31% leaving other Bitcoin [BTC], Ethereum [ETH], XRP, and other cryptocurrencies to eat dust amid the doom-December.

In the 24-hour time frame, the BNB coin started trading at $4.63 with a market cap of $605 million on December 11, 16:30 UTC. The price dipped to $4.59 within a couple of hours but didn’t stay there for long as the prices saw four significant spikes.

Source: CoinMarketCap

The first spike propelled the price to $4.90 while market cap increased by $34 million, this was followed by a correction of prices to $4.83.

The prices couldn’t reach the $5 mark as the prices exhausted at $4.97. The third spike which was followed after the correction also lost the strength and ended up at $4.97.

The most significant rise was the one that took place on December 12, 16:10 UTC which propelled the prices beyond the $5 mark as it reached $5.15. The market cap also took a huge bump and reached $675 million.

The price fluctuation could be attributed to two reasons, the first being the launch of Binance DEX, which will swap the ERC20 token, BNB from Ethereum platform to Binance blockchain, which was announced by Binance and CZ.

It could also be due to a bug that was tweeted out by a Twitter user Uniswap.

The tweet stated:

“1/ WARNING: BNB providers

Due to a bug in the binance BNB contract it’s possible to add liquidity to the Uniswap BNB<>ETH liquidity pool but not remove it.

This bug is a variation on the “missing return value” ERC20 bug which affects several tokens.”

CZ replied to this tweet:

“Nothing new here. If you send token to a contract address, you won’t get it back. Just like if you send tokens to an address you don’t control for no reason, or a (valid formatted) address no one controls, you won’t have a way to get it back.”

CZ eventually being the humble person he is, tweeted out saying that people who had lost tokens due to this would recieve BNB from Binance.

CZ replied in subsequent tweets about this bug.

“Protecting users is not just talk. It requires action. Stay #SAFU!”

“One guy actually made quite a bit of profit out of his honest mistake. He sent it when it was cheap, and got it back when it was a big multiple.”

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