As of November, the motion of Bitcoin (BTC) and the crypto cash sector has been the “lifeline” for Litecoin, which has been quiet for a very long time. Litecoin price managed to rise from the 50 greenback band to the 90 greenback band. Nevertheless, the well-known analyst Qiao Wang warned the altcoin traders who’ve simply entered the market towards Litecoin.
Heavy Litecoin criticism from Wang
Wang emphasised that Litecoin is a “direct assault on Bitcoin”, particularly addressing new traders. So what precisely lies behind Wang’s feedback? Litecoin, developed by Charlie Lee, was truly seen as a complement to Bitcoin. In lots of statements he made, Lee personally emphasised that LTC is “the silver of the gold of Bitcoin”. The principle objective of Lee’s launch of LTC was to shut the hole created by the restricted BTC transaction capability quicker and with extra transactions.
To newcomers: LTC is a direct assault on BTC. LTC isn’t quicker than BTC. It’s not silver to BTC’s gold. It’s not BTC’s testnet. BTC’s testnet is BTC’s testnet. It’s OK to commerce this rubbish I’m all for earning profits. However there’s nothing to be pleased with.
— Qiao Wang (@QwQiao) December 4, 2020
Nevertheless, Wang said that this isn’t true and LTC isn’t quicker than BTC. Stating that this isn’t “the silver of the gold of Bitcoin”, Wang actually balled LTC. Implying that LTC doesn’t have any additional options, Wang said that it might not be an issue to “buy and sell this useless coin” so long as cash is made.
In an announcement he made in 2019, Charlie Lee emphasised that LTC blocks are four instances quicker than BTC blocks. Nonetheless, Charlie Lee sells all his LTCs from the highest within the continuation of the 2017 rally, shattering all belief within the community. Though Litecoin made a fast entry into 2020, it misplaced 75% of its hash charge in 2019 and precipitated an alarm.
Mike Novogratz, one of many former administrators of Goldman Sachs and now often known as a Bitcoin bull, tweeted that Wang endorsed.
Sensible man. https://t.co/h98owVJzCf
— Mike Novogratz (@novogratz) December 4, 2020
It’s seen that Novogratz, who describes Wang as a “smart man”, was replied with many optimistic tweets.