Charlie Lee, creator of Litecoin caused a lot of discussion on Tuesday (17) by publishing a somewhat unusual phrase on his Twitter. He suggested that there are two groups of cryptoactive ones, one is Bitcoin and the other is all other crypto-currencies, including the LTC.
He advised his followers to first obtain 1 bitcoin and then to think about which crypto to invest. However, the detail that drew attention was the inclusion of LTC in the 'group of others'.
"There will be a maximum of 21 million bitcoins. There is not enough BTC for ALL millionaires to own a unit. Therefore, before buying any other currency (including LTC), try to own at least 1 BTC first. When you have 1 BTC, then buy all the altcoins you want! ".
Oddly enough, it is not uncommon for a creator of a bitcomin 'competitor' to make such comments, since the founders, for the most part, defend their crypto-currency as the 'currency of the future'.
And it was precisely the awkwardness in Lee's advice that caused such a spillover into the social network, although it is common for long-time investors to advise the younger enthusiasts to buy bitcoin first.
However, the advice did not come from an investor or speculator, but from a creator, which is less common in this competitive market which is that of the crypto-currencies. This decision was incredibly controversial within the Litecoin community.
After receiving several criticisms, Lee reiterated:
"Owning other currencies is much riskier. Owning the BTC is a safer bet. So before you speculate, invest in something solid. "
Litecoin was created by Lee in 2011 through a Bitcoin fork. The goal was never to be greater than 'gold', as bitcoin is termed by many, but a 'silver', that is, a better means of payment for the occasion, since bitcoin's network rates were still very high, the so-called miners' fees.
Some radicals even recognized the value of Litecoin as a viable test for the development of Bitcoin, perhaps best evidenced by the adoption of the Segregated Witness (SegWit) scaling solution prior to its activation in the BTC network, CCN opined.
Lee said he sold all of his stake in Litecoin late last year, a measure he made just before the crypto-coins market entered what has now become a free fall since January this year.
At the time, he said his decision was to remove what he believed to be a conflict of interest that harmed him on the bill. Today, the former Coinbase engineer works full time at the LTC.
He advised his followers to first obtain 1 bitcoin and then to think about which crypto to invest. However, the detail that drew attention was the inclusion of LTC in the 'group of others'.
"There will be a maximum of 21 million bitcoins. There is not enough BTC for ALL millionaires to own a unit. Therefore, before buying any other currency (including LTC), try to own at least 1 BTC first. When you have 1 BTC, then buy all the altcoins you want! ".
Oddly enough, it is not uncommon for a creator of a bitcomin 'competitor' to make such comments, since the founders, for the most part, defend their crypto-currency as the 'currency of the future'.
And it was precisely the awkwardness in Lee's advice that caused such a spillover into the social network, although it is common for long-time investors to advise the younger enthusiasts to buy bitcoin first.
However, the advice did not come from an investor or speculator, but from a creator, which is less common in this competitive market which is that of the crypto-currencies. This decision was incredibly controversial within the Litecoin community.
After receiving several criticisms, Lee reiterated:
"Owning other currencies is much riskier. Owning the BTC is a safer bet. So before you speculate, invest in something solid. "
Litecoin was created by Lee in 2011 through a Bitcoin fork. The goal was never to be greater than 'gold', as bitcoin is termed by many, but a 'silver', that is, a better means of payment for the occasion, since bitcoin's network rates were still very high, the so-called miners' fees.
Some radicals even recognized the value of Litecoin as a viable test for the development of Bitcoin, perhaps best evidenced by the adoption of the Segregated Witness (SegWit) scaling solution prior to its activation in the BTC network, CCN opined.
Lee said he sold all of his stake in Litecoin late last year, a measure he made just before the crypto-coins market entered what has now become a free fall since January this year.
At the time, he said his decision was to remove what he believed to be a conflict of interest that harmed him on the bill. Today, the former Coinbase engineer works full time at the LTC.