Review on Litecoin by Jerry Siegel
Litecoin (LTC)
Litecoin was inspired by Bitcoin, and was started in 2011 by early Bitcoin adopter Charlie Lee. The problem they are trying to solve with BTC is the speed of transactions and the PoW mining complexity, while keeping the network as much secure. LTC is much faster and basically works in the same manner as the pioneer cryptocurrency.
What I can say about the Litecoin community... Many people in the community was surprised and maybe even dissapointed in the fact that it's creator Charlie Lee sold all his LTC holdings during a 2017 bull run. He sold 3 different times, so the average price that Charlie got was $205. From what I heard, he's earned about $200,000,000.
Different people can agrue this in many adverse interpretations: some say that he cashed out and doesn't believe in his own creation anymore and that he thought that LTC will never rise much higher. Others may say that he did this to maximize the decentralization of the circulating supply and distribute the LTC more evenly between the community... or that he needed the money.
There's also come counter points to this move: for example, some people say that the amount of Charlie's personal LTC holdings was insignificant compared to the amounts that was donated to the LTC Foundation.
My personal opinion is that selling all the LTC was a mistake, he could have saved some part of it for the future. And he revealed this fact very poorly. Of course, not holding this out and saying it was more of an open and transparent move. And it could have been much worse, if he didn't reveal this and if this was learned the wrong way.
But anyway, we are not here to judge or anything, just to express our opinions. Everyone is free to make up their own minds.
Pros
- Faster speed of transactions
- Much lower commissions and fees
Cons
- Marketing and PR strategy could have been more effective
