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Litecoin [LTC]’s Charlie Lee says – “Most excited about Lightning Network”

Priyamvada Singh



Litecoin's [LTC] CLee says, "Most excited about Lightning Network"
Source: Pixabay

Litecoin Founder, Charlie Lee was on a telephonic interview with CNBC, earlier today. The techie posted a tweet carrying his interview, where he shares views on market risks, security, and crypto-prices in general.

Starting with his take on the price action of cryptocurrencies affected by the hacking of an exchange; Lee explains that the people get scared whenever an exchange is hacked, therefore the prices drop. Adding to it, he draws banks as an alternative to exchanges and says:

“It’s like if a bank gets broken in and gold gets stolen, does this affect the price of gold? It shouldn’t. Same with Bitcoin. If the exchange doesn’t protect their coin well enough and gets hacked, it doesn’t really change the fundamentals of the coin that they’re protecting.”

Lee also admits that exchanges are working on better ways to protect customer funds as they are still at an early stage in the crypto-time frame. For personal finances, it is a shift in paradigm. Since, each one trading in cryptocurrencies has control over their own finances and are responsible for the same, storing money in an exchange demands one’s trust in the exchange, to hoard and protect that money.

When asked about the one thing that excited Lee the most in this ecosystem, in an instant he replied with ‘Lightning Network’.

“What I’m most excited about is Lightning Network. Technically, Bitcoin has gotten stronger and stronger over the past few year. SegWit has activated, developers are working hard on getting Lightning Network which is the second layer solution for payments working on Bitcoin and Litecoin.”

He also speaks about the drop in prices over the past one year. In Lee’s opinion, the prices have detached themselves with the actual development of cryptocurrencies. He also says:

“I have faith that prices will rebound and come back up fairly soon”

Lee has been in the crypto-space for about 7-8 years now and claims that the market is highly unpredictable. In his time, he has seen the market remain bearish for several years. Therefore, it is hard to comment on the future of the crypto-market.

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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.


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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