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Litecoin’s [LTC] Charlie Lee responds to Michael Novogratz’s comments on silver coin

Jibin M George

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Litecoin's [LTC] Charlie Lee responds to Michael Novogratz's comments on the silver coin
Source: Pixabay

Galaxy Digital’s Michael Novogratz was in the news this week after he blasted Litecoin [LTC], calling it a ‘glorified testnet’ for Bitcoin [BTC]. Novogratz stated that the digital silver’s market cap was just 6.4% of BTC’s, mockingly claiming that actual silver was, at the very least, useful with respect to industrial production. Following this, Charlie Lee, the Creator of Litecoin, responded to Novogratz’s statements.

Lee refuted Novogratz’s statements, claiming that he couldn’t “be more wrong”. Lee also ridiculed the former hedge fund manager’s statement about Litecoin and Bitcoin’s Lightning Network. He had claimed that BTC’s Lightning Network made Litecoin useless. Charlie Lee’s full tweet read,

Source: Twitter

Charlie Lee also proposed a solution for the high BTC fees. Lee shared the news of Boltz’s alpha release, an instant, account-free, and non-custodial digital asset exchange built on top of Bitcoin’s Lightning Network. The creator of Litecoin suggested the use of Boltz for on-chain submarine swaps from LTC to BTC. Using Boltz costs pennies and guarantees a transaction speed of no more than two-and-a-half minutes, he claimed.

Charlie Lee’s response gained a lot of traction online, with many in the cryptocurrency community opining on the matter. Cobra, the co-owner of Bitcoin.org, commented,

“Replace “Litecoin” with “Bitcoin Cash” and “LTC” with “BCH” and this reads exactly like a Roger Ver tweet. Only difference is Roger believes his own bullshit and didn’t dump all his BCH on his followers at the top.”

Bull Bitcoin’s CEO, Francis Pouliot, commented,

“Suckers. Thanks for losing your money for the benefit of bitcoiners!”

There were some who defended Lee and Litecoin too. Twitter user, @JasonEbacher, responded,



“Cobra, you forgot the part about LTC having segwit first & having lightning network, atomic swaps & soon to have confidential transactions… @satoshilite is nothing like roger in any way, Especially he doesn’t say his coin is bitcoin and doesn’t claim babies are dying.”

Novogratz had previously requested everyone to forego their LTC holdings and buy BTC instead. His comments came at a time when Litecoin and the collective cryptocurrency market was seeing a surge in its fortunes.

At press time, the silver coin was trading at $87.51, with a market cap of $5.35 billion. It had a 24-hour trading volume of $3.9 billion. While the coin was falling by 0.47% at press time, it had registered a 43% surge over the past seven days.





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Jibin M George is a graduate in International Relations and Law with a growing interest in the world of cryptocurrency and blockchain technology

Altcoins

Binance Chain’s first project Mithril to launch with MITH/USDT trading pair

Namrata Shukla

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Binance Chain's adds Mithril as its first project followed by MITH/USDT trading pair
Source: Pixabay

Binance launched its blockchain protocol on April 18 and it already has its first project launch on its network. Mithril, a decentralized social media platform will migrate to Binance Chain. The company’s MITH token, that ranks 121st on CoinMarketCap will transfer from ERC20 to Binance’s BEP2 standard.

Binance Chain has been a highly anticipated project in the crypto world since its announcement and with its launch, the community provided ample support to the move. According to reports, Binance is luring companies into migrating to their new native chain and leave Ethereum.

According to Mithril’s blog post, the migration commenced after the mainnet launch of the Binance Chain and informed the MITH holders that the deposit and withdrawals on Binance.com will be halted for the initial 12-hour migration period, however, trading will continue. The post added:



“Once the initial migration of ERC20-based MITH to BEP2 MITH is complete, Binance users will be able to withdraw MITH to BEP2 wallets, such as the Ledger Nano S, and begin trading on Binance DEX. ERC20 versions of MITH held in private ETH wallets or on other exchanges will not be impacted.”

As Mithril announced about its migration to Binance chain, the price of MITH, Mithril’s native coin saw a surge. The coin also saw a 70% hike,  followed by a market correction. At press time, MITH was valued at $0.0782 with a market cap of $40 million. The 24-hour trading volume of the coin was $108 million as it pumped by 67.10% over the past day. In the past seven days, the coin noted a surge of a massive 81.47%, which started to dip by 0.84% over the past hour.

Following the addition of the project, Binance announced the listing of MITH/USDT trading pair, which will start trading on April 19, 10 AM UTC.





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