THELOGICALINDIAN - Litecoin architect Charlie Lee has hit aback at claims by Galaxy Digital CEO Mike Novogratz that his cryptocurrency is a adored testnet for Bitcoin
Novogratz: Sell Litecoin, Buy Bitcoin
In an advancing amusing media debate, Lee, who abundantly awash about all his LTC backing aftermost year, dedicated its cachet amidst acrid criticism.
Novogratz, who is able-bodied accepted as a Bitcoin bull, had beforehand accounting that Litecoin was set to comedy additional dabble to Bitcoin activity forward, allegory it to a weaker adaptation of argent against gold.
“Gold has an $8.5 abundance dollar bazaar cap. Silver is $15 (billion.) That is .17%. (Bitcoin) has a $90 (billion market) cap. (Litecoin) is $5.7 (billion) which is 6.4% of (Bitcoin). Silver is at atomic advantageous for automated production,” he abbreviated on Twitter.
Like abounding above altcoins, Litecoin had rallied acerb this anniversary as a abrupt bullish move took Bitcoin up over $1300 to hit $5300 afore it acclimatized about $4950.
At one point, LTC/USD had accomplished account assets of 50 percent, now trading about $87 adjoin $61 previously.
For Novogratz, however, that balderdash run independent little substance.
“I don’t get this rally. Sell (Litecoin and) buy (Bitcoin),” he added.
‘Can’t Be More Wrong’
Responding, Lee claimed Novgratz “couldn’t be added wrong,” pointing to assorted new appearance involving Litecoin which are now debuting.
In particular, a new cryptocurrency barter leveraging both Bitcoin and Litecoin’s Lightning Network (LN) accomplishing allows the closing to top up balances of the above via a affection accepted as cross-chain diminutive swaps.
His advocacy, however, appeared to accept the adverse aftereffect to that which Lee intended. On Twitter, abstracts such as analyst Mr. Hodl took affair with Lee’s abridgement of bark in the game, while developer Cobra likened his words to promotional agreeable by Bitcoin Cash apostle Roger Ver.
Others were afraid at Novogratz’s best of aspersing addition cryptocurrency project. The advance mogul has maintained an contrarily aloof attitude aural industry politics, opting alone to reiterate his acceptance in Bitcoin’s solid approaching in boilerplate columnist interviews.
Last month, Novogratz said the Bitcoin amount had begin a anatomy of “equilibrium” in the mid-$3000 range, article which has back bootless to abide current.
By year end, he forecast, BTC/USD could run to $8000 or higher, depending on all-embracing sentiment.
After accretion his pale in active Galaxy Digital to 80 percent of the aggregation in January meanwhile, the coffer saw an brusque change of fortune, delivering some of the best industry after-effects in the aboriginal quarter.
What do you anticipate about Mike Novogratz’s appraisement of Litecoin? Let us apperceive in the comments below!
Images via Shutterstock, Bitcoinist archives
