It’s frequent for longtime cryptocurrency traders to advise newcomers to speculate closely in bitcoin and — relying on their proclivity towards “Bitcoin maximalism — ethereum earlier than investing in what lots of them not-so-affectionately seek advice from as s–tcoins. What’s much less frequent, although, is for an altcoin creator himself to offer that very same recommendation.
Yet that’s precisely what Litecoin creator Charlie Lee did on Monday when he endorsed his Twitter followers to acquire a minimum of 1 BTC earlier than shopping for some other cryptocurrency, LTC included.
“There will be at most 21 million bitcoins in existence. There isn’t even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first,” he mentioned. “Once you could have 1 BTC, purchase all of the s–tcoins you need!
There will likely be at most 21 million bitcoins in existence. There is not even sufficient BTC to go round for EVERY millionaire to personal one. So before you purchase some other coin (LTC included), attempt to personal a minimum of 1 BTC first. 🥅
Once you could have 1 BTC, purchase all of the shitcoins you need! 😂 pic.twitter.com/bc3xKKGB0m
— Charlie Lee [LTC⚡] (@SatoshiLite) July 17, 2018
Litecoin, which Lee created in 2011 as a fork of Bitcoin, has at all times marketed itself as a payments network, the so-called “silver to bitcoin’s gold,” slightly than a direct competitor to the flagship cryptocurrency.
Some Bitcoin maximalists have even acknowledged the worth of Litecoin as a testbed for Bitcoin growth, maybe greatest evidenced by the previous’s adoption of scaling answer Segregated Witness (SegWit) properly prematurely of its activation on the Bitcoin community.
Lee, as CCN reported, revealed in December that he had bought his total LTC stake, a transfer he made shortly earlier than the cryptocurrency market entered what has now turn into a seven-month freefall.
The former Coinbase engineer, who now works on Litecoin full-time, mentioned that he bought his funds to take away what he believed was a “conflict of interest” in his promotion of the challenge.
“[W]henever I tweet about Litecoin price or even just good or bads news, I get accused of doing it for personal benefit,” he mentioned. “So in a sense, it is conflict of interest for me to hold LTC and tweet about it because I have so much influence.”
That choice was extremely controversial inside the Litecoin group, and critics had been fast to deliver it up after Lee tweeted that traders can buy a minimum of 1 BTC — currently valued at $6,739 — earlier than diversifying into some other cash.
Lee, nonetheless, doubled down on his recommendation in response to critics.
“The point is, don’t think of it as missing out. Owning other coins is much riskier. Owning BTC is more of a sure bet. So before you speculate, invest in something solid first,” he mentioned. “And no, I’m not calling LTC a s–tcoin.”
Featured picture from YouTube/Crypto Channel
Follow us on Telegram or subscribe to our publication here.
• Join CCN’s crypto community for $9.99 per month, click here.
• Want exclusive analysis and crypto insights from Hacked.com? Click here.
• Open Positions at CCN: Full Time and Part Time Journalists Wanted.