Charlie Lee Identifies the Real Problem with LTC Prices

litecoinDaily Litecoin News Update

Cryptocurrency prices are in a free fall as the crypto mania takes its last breaths. The so-called “cryptocurrency bubble” has finally popped. Prices are now retracing their steps back to the pre-mania levels. Now that we’ve been nudged awake by reality, it’s time to embrace it with open arms.

Look at it this way: in the midst of this chaos, Litecoin has managed to overcome one of its flaws.

It has relieved itself of its Achilles heel, the one thing that made this serene rocket ship journey a bumpy roller coaster ride.

A Twitter user asked Litecoin founder Charlie Lee yesterday, what, in his view, were some of the flaws with LTC. The LTC founder hit the nail on the head.

Here’s what Lee, who is revered as the blunt guy who doesn’t like to sugarcoat his words, had to say.

charlie lee tweet

That has always been the point we’ve tried to make here. Litecoin’s ultimate purpose as a “payments coin” is defeated if nobody is using it for payments. The speculators who propped up prices to lofty highs were only gambling on its price.

At this point, I’m reminded of an analogy from Benjamin Graham’s book. He compares speculators with lemmings—the little rodents fabled for committing mass suicide.

At the first hint of danger, the lemmings begin to run in all directions. In their confusion, they approach the cliff and run themselves off—one after the other. This is exactly what we are witnessing right now with the speculators engaged in mass exodus.

Two Pieces of Good News Today

But amid this chaos, we’re not losing focus on our main objective. That is, to keep updating you with all the positive news that keeps our faith alive in Litecoin.

Today, for instance, Litecoin “HOLDers” should know that two more exchanges located in two huge emerging crypto markets are adding Litecoin.

One is India’s leading exchange, Unocoin, which made the move just days after its competitor, Zebpay, added Litecoin for trading. The two exchanges jointly introduce LTC to a potential market of over 1.3 billion people.

The other is Australia’s CoinJar, which is more of a money exchange platform that allows cheap and swift exchanges between cryptos and fiat currency. CoinJar also offers a debit card to users, allowing them to buy, sell, and transact in Litecoin in seconds.

In short, Litecoin is the proverbial tortoise that’ll slowly but steadily win the race. Nothing is stopping Litecoin from reaching its ultimate goal—that is, to become the most reliable digital medium of exchange.

Analyst Take

With speculators almost out of the picture now, long-term investors of Litecoin will ultimately reign supreme in this space. Our optimism is unwavering despite the ongoing cryptocurrency crash. We stick to our Litecoin price forecast for 2018 with a $400.00 LTC price target.

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Litecoin is similar to Bitcoin, and in some ways a direct competitor. Like Bitcoin, Litecoin exists as a blockchain where participating nodes process transactions, and miners provide security and verification for each of those transactions. Litecoin was originally conceived and developed by Charlie Lee in 2011. For a period of time, Charlie was a Director of Engineering at Coinbase, having joined our team in 2013. Since its launch in 2011 Litecoin has seen steady adoption with an active community of traders, merchants, and developers. We believe Litecoin is here to stay and will continue to play an important role in cryptocurrency and digital asset development.
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