Litecoin creator Charlie Lee took to twitter yesterday to celebrate his creation’s eighth birthday. However the reaction largely consisted of more FUD and hatred from crypto antagonists and maximalists which have infiltrated the space over the past couple of years.
The world’s sixth right crypto asset had a wedding over the weekend. On October 14 2011, Litecoin was released signifies an open-source client not to mention GitHub, the LTC technique went live a few days at a later point October 13.
It is now nine years old years old and has outlasted immeasurable other crypto assets though receives a disproportionate diploma of FUD.
Nevermind The FUD
“Litecoin network has been up and running continuously for the past 8 years with zero downtime. And in that span of time, over $500,000,000,000 worth of LTC have been transacted.”
Happy 8th birthday to Litecoin! ?
Litecoin network has been up and running continuously for the past 8 years with zero downtime. And in that span of time, over $500,000,000,000 worth of LTC have been transacted. ?
Looking forward to the next 8 years and more! ?
— Charlie Lee LTC (@SatoshiLite) October 13, 2019
The figure may not be representative of a true sum of fiat since most of the transactions are between various blockchains. Anyway, the bigger problem Lee and the Foundation are facing is the flurry of FUD sparked by reports that they are out of money and are about to go bankrupt.
Last week Trustnodes reported that the Litecoin Foundation was down from more than one million in income last year to $70,000 in minus this year. It went on to tout figures about t-shirt sales being the only source of revenue for the project.
An expensive looking Litecoin summit will be held at the end of October in an effort to revive interest in the project. It is hoped that some of the big named speakers including Ron Paul, Anthony Pompliano, Mati Greenspan, and of course Charlie Lee himself can clear up some of this FUD.
We Are Not Bankrupt
Responding to comments on twitter regarding bankruptcy, Lee added;
“It’s not near bankruptcy. Don’t listen to stupid fud and lies. We have enough money to last 2 years.”
Litecoin is one perhaps a number of altcoin projects who definitely are likely to be earning way not as much of this year than in 2017 or maybe a 2018. The entire crypto companies are still down over seventy percent from its peak and no altcoin has escaped the conflit.
The major meat with LTC appears to be Steve Lee selling off their particular stash at the peak totally in reality he could probably specifically fund the Foundation out of the descomunal profits he made from that.
The birthday feelings also had a poignant be aware of, the silver to Bitcoin’s gold has been around for eight years while countless a lot of coins have come and left. It is still the 6th largest crypto asset anywhere and is unlikely to be proceeding anywhere for the next couple of years much less than.
