Charlie Lee, Riccardo Spagni and Samson Mow Discuss An Alarming Issue On Bitcoin

He also added a light banter on during the comment that “Litecoin is the real Bitcoin as a satire on Bitcoin SV supporters calling their version the ‘real …

Charlie Lee, the lead proponent, and developer of Litecoin [LTC], Riccardo Spagni, lead developer of Monero [XMR], and leading Chinese analyst Samson Mow recently held a joint talk session with the Belgium Angel investor popularly known as WhalePanda on Twitter.

They discussed some of the important issues concerning the Bitcoin network and the cryptocurrency markets; their discussion included #DelistBSV and the disinflationary characteristics of Monero. However, the most striking and alarming issue raised during the talk was Veriblock’s Bitcoin transactions.

Crypto-Twitter Vs BSV Supporters

The leading cryptocurrency developers and visionaries shared jokes on Craig Wright’s claims and Riccardo’s constant rebuffing of Wright’s claims on Twitter. He also added a light banter on during the comment that “Litecoin is the real Bitcoin as a satire on Bitcoin SV supporters calling their version the ‘real Bitcoin.’

Riccardo spelled it out again during the talk that:

“Craig Wright is a fraud. Please sue me, Craig Wright.”

Veriblock Spamming the Bitcoin Network

However, the most important and alarming point raised during the discussion was Veriblock spamming the Bitcoin blockchain. Veriblock is a cryptocurrency that is based on Proof of Proof, i.e., it extends Bitcoin’s Proof of Work (PoW) protocol to provide security on its chain.

@WhalePanda noted that:

“Veri Block is spamming the Bitcoin net pool… Its (Veriblock) like 30% of the Bitcoin transactions at the moment. “

Furthermore, the Veriblock transactions are paying the huge Bitcoin miner fees associated with it for unnecessary transactions. Hence, they unanimously agreed that it’s an unsustainable system that will fall on its face eventually. The Veriblock Mainnet was launched on 25th March 2019. While this comes into the limelight now, it might have been the reason for the surprise bull run on Bitcoin sparked earlier this month.

Samson Mow also added:

“This is why you need fees in a permissionless network.”

Last but not least, they were also concerned about the Initial Exchange Offering by Veriblock and other platforms which are very similar to ICOs in their pursuit of raising money. Moreover, Charlie Lee also commented on the issue saying that:

“There is a reason why anyone cannot participate in VC because they can easily be fooled”

Do you think Veriblock Spamming has something to do with the recent gains on Bitcoin? Please share your views with us.

Summary
Charlie Lee, Riccardo Spagni and Samson Mow Discuss an Alarming Issue On Bitcoin
Article Name
Charlie Lee, Riccardo Spagni and Samson Mow Discuss an Alarming Issue On Bitcoin
Description
Charlie Lee, the lead proponent, and developer of Litecoin [LTC], Riccardo Spagni, lead developer of Monero [XMR], and leading Chinese analyst Samson Mow recently held a joint talk session with the Belgium Angel investor popularly known as WhalePanda.
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Nivesh Rustgi
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CoinGape
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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Let’s Look at How Satoshi Nakamoto Jr (aka Charlie Lee’s) 2017 Litecoin Predictions Have Played …

Litecoin is often referred to as Bitcoin’s little brother, or a testnet playground, and for those not aware of Satoshi Nakamoto Jr, or Charlie’s, credentials, …
Let's Look at Satoshi Nakamoto Jr (aka Charlie Lee's) 2017 Litecoin Predictions Have Played OutLet's Look at Satoshi Nakamoto Jr (aka Charlie Lee's) 2017 Litecoin Predictions Have Played Out

Examining How Charlie Lee’s LTC Price Predictions in 2017 Panned Out Under a Microscope

As many of our readers are probably well aware of, over the course of the past few years, Litecoin founder Charlie Lee has made a number of outlandish price predictions. However, what’s worth noting is that these Litecoin price predictions have more often than not eerily come true. For example, as part of Lee’s forecasts, the crypto savant accurately spelled out LTC’s market bottom as well as suggested that the altcoin industry would reach its economic apex at the end of 2017.

Litecoin is often referred to as Bitcoin’s little brother, or a testnet playground, and for those not aware of Satoshi Nakamoto Jr, or Charlie’s, credentials, he was an employee at Google as well as a managing director at Coinbase before founding the Litecoin project a few years back.

Lee currently works for the Litecoin Foundation so as to help spread awareness regarding cryptocurrencies as well as promote that adoption of alt-assets across the globe. In this regard, during a recent interview with Forbes, he was quoted as saying:

“When I released Litecoin there were a lot of other cryptocurrencies that were pre-mined by founders [that] wanted to be super rich. I preannounced Litecoin on Bitcointalk, so people could mine it from the get go. It was more widely distributed from the start than Bitcoin.”

Lee’s Price Predictions

A couple of years back, during the month of May, Litecoin became the first major crypto project to deploy the Segregated Witness (SegWit) protocol so as to eliminate many of the blockchain size limitation problems that were affecting the currency’s ecosystem (at the time).

However, a month before the above stated implementation process was initiated, Lee issued the following tweet:

I figured out what LTC price* will be when we have activated SegWit!

20% => $4

60% => $9

100% => $14

* This is not trading advice! 😁

— Charlie Lee [LTC⚡] (@SatoshiLite) April 4, 2017

As can be seen from the tweet above, Lee correctly predicted that by the time SegWit would be fully deployed on the Litecoin network, the currency would surge — in this regard, it can be seen that on the day SegWit was implemented in its totality within the Litecoin ecosystem, the price of a single LTC token rose to a staggering $31.96 (a price point that was far above what even Lee was expecting it to go to).

Similarly, Charlie Lee also went on to accurately predict the start of the 2018 crypto winter when he announced in 2017 that technical indicators associated with the digital asset sector seemed to suggest that the price of LTC, BTC, ETH would drop by a huge margin in the coming 12-18 months.

pic.twitter.com/aIG46CAPdP

— Charlie Lee [LTC⚡] (@SatoshiLite) December 11, 2017

If that wasn’t enough, after releasing the aforementioned predictions, Lee announced to the world that he was selling all of his LTC holdings. On the issue, he then released the following statement to his company’s backers:

“…there will always be a doubt on whether any of my actions were to further my own personal wealth above the success of Litecoin and crypto-currency in general. For this reason, in the past days, I have sold/donated all my LTC. Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success. For the first time in 6+ years, I no longer own a single LTC…”

Final Take

Last but not least, another time when Lee’s soothsayer-like forecasts came true was when he stated that LTC would soon overtake BCH’s dominant market position — something that happened shortly after the premier altcoin was forked into BTC SV and BTC ABC (during the latter half of 2018).

1 LTC/USD =$91.8554 change ~ -0.91%

Coin Market Cap

$5.62 Billion

24 Hour Volume

$1.08 Billion

24 Hour VWAP

$94

24 Hour Change

$-0.8352

Analyzing Charlie Lee’s legendary Litecoin price predictions

Charlie Lee, the creator and founder of Litecoin, has made a number of bold price predictions over the past few years. These predictions have had …

Charlie Lee, the creator and founder of Litecoin, made a number of bold price predictions over the past few years. These predictions have had startling accuracy. Among his predictions, he accurately forecasted the bottom for LTC and also infamously sold his holdings near the top of the 2018 bull market.

Charlie Lee was a former Google employee and computer scientist prior to founding Bitcoin’s complementary cryptocurrency, Litecoin. After Google, Lee was the managing director of engineering at Coinbase. He now works for the Litecoin Foundation to encourage the cryptocurrency’s adoption full-time. Lee said to Forbes:

“When I released Litecoin there were a lot of other cryptocurrencies that were pre-mined by founders [that] wanted to be super rich. I preannounced Litecoin on Bitcointalk, so people could mine it from the get go. It was more widely distributed from the start than Bitcoin.”

Litecoin is a cryptocurrency that aims to be a medium-of-exchange counterpart to Bitcoin’s proposition as a store-of-value. So much so that Litecoin is oftentimes colloquially likened to silver and Bitcoin to gold among crypto-enthusiasts.

Lee’s Legendary Price Predictions

On May 8th, 2017, Litecoin was the first major cryptocurrency to implement Segregated Witness (SegWit). SegWit mitigates a blockchain size limitation problem that reduces transaction speeds and also laid the groundwork for Lightning Network.

More than a month prior to the network-wide implementation of the update, Charlie Lee correlates the number of nodes signaling that they will implement SegWit to the price of LTC:

I figured out what LTC price* will be when we have activated SegWit!

20% => $4

60% => $9

100% => $14

* This is not trading advice! 😁

— Charlie Lee [LTC⚡] (@SatoshiLite) April 4, 2017

At open on Apr. 3rd, the day of the tweet, Litecoin was trading at $7.74 per coin. With a final prediction of $14, his forecast was expecting an 81 percent increase in the price of LTC.

Two days later, On Apr. 5, the coin closed above $11. On May 10th, the day of SegWit’s full implementation on the Litecoin network, it closed at $31.96—far above what he was expecting, with the price increasing over four-fold.

Source: CoinMarketCap

On Sep. 14, 2017, Tuur Demeester—founder of Adamant Capital, a Bitcoin Alpha fund—started buying bitcoin after it precipitously dropped from $4,650 to $3,000 in one week. Charlie Lee agreed, calling the bottom:

I agree. I think we are at the bottom or close to it.

— Charlie Lee [LTC⚡] (@SatoshiLite) September 14, 2017

LTC priceLTC price
Source: CoinMarketCap

By the next day, bitcoin hit its bottom just below $3,000. BTC has not traded at such a low price since.

Predicting the Incoming Crypto Winter

Charlie Lee went on to predict the top of the market in anticipation of the ensuing crypto winter. He announced that he expected a similar multi-year bear market to decimate the price of LTC:

Ok, sorry to spoil the party, but I need to reign in the excitement a bit…

Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can’t handle LTC dropping to $20, don’t buy! 😀

— Charlie Lee [LTC⚡] (@SatoshiLite) December 11, 2017

Roughly one year after cryptocurrency prices peaked in December-January, amidst the lows of the bear market, traders were astonished at Lee’s predictions of Litecoin bottoming at $20:

If $LTC bottom was $22 (which i highly doubt), @SatoshiLite will be considered the best positional trader in my book.

Literally sold the top in December 2017 and told people not to buy if they couldn’t handle a drop to $20.

You can’t make this stuff up! pic.twitter.com/c4dfJ2Rxym

— The Crypto Monk ⛩ (@TheCryptoMonk) December 8, 2018

Shortly after his tweet predicting Litecoin’s bottom at $20, Lee also announced that he sold his entire LTC holdings—almost perfectly predicting Litecoin’s bull market peak.

Source: CoinMarketCap

In his announcement to the community on selling his holdings, Lee stated:

“…there will always be a doubt on whether any of my actions were to further my own personal wealth above the success of Litecoin and crypto-currency in general. For this reason, in the past days, I have sold/donated all my LTC. Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success. For the first time in 6+ years, I no longer own a single LTC…”

The “Flappening”

The Unflappening, Bitcoin Cash Leaves Litecoin to RoostThe Unflappening, Bitcoin Cash Leaves Litecoin to Roost
Related: The Unflappening, Bitcoin Cash Leaves Litecoin to Roost

The ‘Flappening’ is a play on words on the previously anticipated “flippening,” where Ethereum would overtake Bitcoin by market capitalization. The Flappening is where Litecoin would overtake Bitcoin Cash in the rankings, with BCH outranking LTC for several consecutive months.

Litecoin enthusiasts adopted the terminology by embodying its founder, Charlie Lee, into the term–Lee’s online nickname and persona as the ‘Chikun’ makes the vernacular appropriate.

On Feb. 25, 2018, Lee predicted that LTC would overtake BCH’s position:

The flippening (ETH>BTC) will never happen. But the flappening (LTC>BCH) will happen this year. 🐔🚀 pic.twitter.com/vn9XBdZNC3

— Charlie Lee [LTC⚡] (@SatoshiLite) February 25, 2018

And, in December of that same year, the “flappening” occurred following the Bitcoin Cash hash wars where BCH split into Bitcoin Cash ABC and Bitcoin SV, significantly devaluing the coin.

The flappening! @SatoshiLite Congrats on this. Seriously. $LTC$BCH$BSVpic.twitter.com/LTcL1mzrUb

— WhalePanda (@WhalePanda) December 14, 2018

On Dec. 15, 2018, the day after the flappening, Litecoin briefly hit its multi-year bottom of $22—just $2 away from his prediction over a year earlier—Lee (aptly) tweeted:

⚡️ “Don’t bet against Charlie Lee”https://t.co/sDzXJQ8srL

— Charlie Lee [LTC⚡] (@SatoshiLite) December 16, 2018

Source: CoinMarketCap

Following his tweet, Litecoin rebounded from its $22 low and has not traded at a lower price since.

These are only a limited selection of the predictions that Charlie Lee has made. Unlike other pundits who assert that they can predict the price of Bitcoin or see into the future, Lee doesn’t make those claims. And, the times he does make predictions he often does so with astounding accuracy.

If his track record tells investors anything, the Litecoin founder’s advice “don’t bet against Charlie Lee” seems sound.

Litecoin |LTC

Updated: Apr 6 at 9:06 pm PDT

$93.26

6.39%

Litecoin, currently ranked #4 by market cap, is up 6.39% over the past 24 hours. LTC has a market cap of $5.71B with a 24 hour volume of $3.9B.

Chart by CryptoCompare

Litecoin is up 6.39% over the past 24 hours.

Filed Under: Analysis, Litecoin, People of Blockchain, Price Watch

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Charlie Lee fires back at Michael Novogratz’s Litecoin criticisms

Recently, founder of Galaxy Digital and Bitcoin maximalist, Mike Novogratz took to Twitter telling his 116K followers that they should sell Litecoin and …

Recently, founder of Galaxy Digital and Bitcoin maximalist, Mike Novogratz took to Twitter telling his 116K followers that they should sell Litecoin and buy Bitcoin instead, calling LTC a “glorified testnet” for BTC. Now, however, Litecoin creator Charlie Lee hits back.

Litecoin was in the midst of a rally when crypto billionaire Mike Novogratz rather unexpectedly lashed out at the cryptocurrency, likening Bitcoin to gold and Litecoin to silver, adding “Silver is at least useful for industrial production. $ltc is a glorified testnet for $btc.”

Read more: Novogratz suggests to sell Litecoin in the middle of LTC’s rally

Now, Litecoin creator Charlie Lee has responded to the criticisms. Lee stated that Novogratz “couldn’t be more wrong,” countering the former hedge fund manager’s comments suggesting Bitcoin’s Lightning Network has made Litecoin obsolete.

Lee went on to provide a suggestion for resolving the issue of Bitcoin’s notoriously high fees, highlighting Boltz’s alpha release and adding that Boltz could be used for a “cross chain submarine swap from LTC on-chain to BTC” as a viable solution. Lee points out that Boltz transaction times take just two and a half minutes and cost next to nothing.

Litecoin a glorified testnet?

BTC LN makes LTC useless?

Can’t be more wrong!

High BTC fees? With https://t.co/Q6tfOYkIbb, just do a cross chain submarine swap from LTC on-chain to BTC⚡️. Send LTC to fill up your BTC⚡️ wallet! 🤯

Fast: ~2.5 mins

Cheap: pennies in fees#recklesshttps://t.co/4NB7VO9dcT

— Charlie Lee [LTC⚡] (@SatoshiLite) April 4, 2019

Earlier this year, Litecoin scored a partnership with GLORY Kickboxing, a leading international kickboxing organization.

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Litecoin creator Charlie Lee becomes the Lightning Torchbearer; chain sits at $4200k Satoshi

Litecoin creator and Managing Director of the Litecoin Foundation, Charlie Lee became the latest figure in the cryptosphere to hold the Lightning torch.

Litecoin creator and Managing Director of the Litecoin Foundation, Charlie Lee became the latest figure in the cryptosphere to hold the Lightning torch. Litecoin.com announced the development on its official Twitter handle,

Source: Twitter

According to the post by Litecoin.com, the chain had accumulated 4200k Satoshis and the torch had been passed to Bill Barhydt, the CEO of Abra. Lightning Network [LN], Bitcoin’s [BTC] second-layer scaling protocol gained significant traction following the Lightning Torch experiment.

Each new link in the experiment has added 10k satoshis to show the value that can be transferred off-chain, cited the blog post. The experiment saw the participation of several famous people in the cryptosphere in the two months since its inception. Twitter’s Jack Dorsey, Lightning Labs’ Elizabeth Stark, Monero’s Ricardo Spagni, Binance’s Changpeng Zhao, Bitcoin pioneer Eric Voorh, and Anthony Pompliano, among others, had previously held the torch.

The hashtag, #LNTrustChain began trending on Twitter to facilitate communication in the Litecoin community involved in the experiment. It all began with a tweet from @Hodlonaut, which stated:

“Some LN fun.. I send 100k sats with http://tippin.me to the first person I choose to trust that replies to this. That person adds 10k sats and sends 110k to someone [Either from reply to a new tweet, or this thread] .. and so on. How many sats before it breaks?”

@Hodlonaut had earlier admitted that the way the entire chain played out completely blew his mind.

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