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XRP’s supply is “artificially controlled”, says Litecoin [LTC]’s Charlie Lee

Priyamvada Singh

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XRP's supply is "artificially controlled", says Litecoin [LTC]'s Charlie Lee
Source: Pixabay

In an interview at the Asia Blockchain Summit [Taiwan] with Jinse.com, the Founder of Litecoin and Managing Director of the Litecoin Foundation spoke about his reasons to sell a majority of his Litecoin possessions, multiple comparisons between Litecoin, Bitcoin and XRP, and more.

At the time when Charlie sold his Litecoins, questions were raised about him selling his coin at an all-time high. He also posted a clarification post countering all the casual accusations time-stamping all the selling prices, stating his average selling price at $205.

Charlie Lee's January tweet | Source: witter

Charlie Lee’s January tweet | Source: Twitter

During the discussion, Lee also expressed a tremendous relief on selling Litecoins after contemplating his decision for a fortnight. One of the reasons why the computer scientist sold his Litecoins was that he prioritizes the progress and business adoption of his coin over market speculations and trading. This indicates that the Founder’s focus is more than ever on the development of Litecoin.

Regarding the Litecoin prices, Charlie does not concern himself with short-term gains and losses in the market. He further said that the past several months have seen the coin’s prices plunge fairly low, but the coin has done great in terms of partnerships, outreach and adoption by merchants.

This year, Litecoin has been added to many exchanges and micropayment businesses through its #PayWithLitecoin campaign. Recently, Litecoin partnered with TokenPay and WEG Bank, got listed on an American exchange targetting the youth called Robinhood, and adopted by businesses in the travel and tourism industry along with small pharmaceuticals.

Discussing other big cryptocurrencies such as Bitcoin, Charlie mentioned the coin to be the ‘digital gold’ against his Litecoin, which is believed to be the ‘digital silver’ among the community.

On Bitcoin being the gold coin, Charlie analyzed and compared it with the real world market value of gold. He stated that Bitcoin does not have storage issues, is easily transferable and is better than gold in many places. Moreover, on being if there can exist a ‘diamond’ in the cryptocurrency world, Charlie responded with a sarcasm on XRP. He said:

“There are many possibilities. …Ripple [*XRP] is somewhat like a diamond because its supply is also artificially controlled. And diamonds are actually advertising. …If you want to buy Ripple for marriage, it is very valuable, haha!”

Charlie’s recent Twitter posts indicate towards his picky attitude in buying the decentralization factor claimed by many cryptocurrencies. At the event of Stellar Lumens [XLM] taking over Litecoin to stand as the 6th largest cryptocurrency as per the market cap, Charlie had tweeted:



“Congrats to Stellar on passing Litecoin’s marketcap. That said, it really doesn’t make sense to compare marketcaps of coins that are “printed”, b/c they have an inflated marketcap. Maybe I’m old school, but I only care about decentralized mineable coins.”

He also posted an image of cryptocurrency rankings where XRP and Stellar were excluded, showing Litecoin on the 4th position.

Returning to Litecoin’s market performance based on Bitcoin’s value, he explained that Litecoin possessing a 10% market value of Bitcoin will mean a good performance, as it is the silver to Bitcoin’s gold. He believes that Bitcoin is the ‘king of cryptocurrencies’ that can be defeated or overtaken by none.





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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

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
Source: Unsplash

Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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