Galaxy Digital’s Michael Novogratz was in the news this week after he blasted Litecoin [LTC], calling it a ‘glorified testnet’ for Bitcoin [BTC]. Novogratz stated that the digital silver’s market cap was just 6.4% of BTC’s, mockingly claiming that actual silver was, at the very least, useful with respect to industrial production. Following this, Charlie Lee, the Creator of Litecoin, responded to Novogratz’s statements.
Lee refuted Novogratz’s statements, claiming that he couldn’t “be more wrong”. Lee also ridiculed the former hedge fund manager’s statement about Litecoin and Bitcoin’s Lightning Network. He had claimed that BTC’s Lightning Network made Litecoin useless. Charlie Lee’s full tweet read,
Charlie Lee also proposed a solution for the high BTC fees. Lee shared the news of Boltz’s alpha release, an instant, account-free, and non-custodial digital asset exchange built on top of Bitcoin’s Lightning Network. The creator of Litecoin suggested the use of Boltz for on-chain submarine swaps from LTC to BTC. Using Boltz costs pennies and guarantees a transaction speed of no more than two-and-a-half minutes, he claimed.
Charlie Lee’s response gained a lot of traction online, with many in the cryptocurrency community opining on the matter. Cobra, the co-owner of Bitcoin.org, commented,
“Replace “Litecoin” with “Bitcoin Cash” and “LTC” with “BCH” and this reads exactly like a Roger Ver tweet. Only difference is Roger believes his own bullshit and didn’t dump all his BCH on his followers at the top.”
Bull Bitcoin’s CEO, Francis Pouliot, commented,
“Suckers. Thanks for losing your money for the benefit of bitcoiners!”
There were some who defended Lee and Litecoin too. Twitter user, @JasonEbacher, responded,
“Cobra, you forgot the part about LTC having segwit first -amp; having lightning network, atomic swaps -amp; soon to have confidential transactions… @satoshilite is nothing like roger in any way, Especially he doesn’t say his coin is bitcoin and doesn’t claim babies are dying.”
Novogratz had previously requested everyone to forego their LTC holdings and buy BTC instead. His comments came at a time when Litecoin and the collective cryptocurrency market was seeing a surge in its fortunes.
At press time, the silver coin was trading at $87.51, with a market cap of $5.35 billion. It had a 24-hour trading volume of $3.9 billion. While the coin was falling by 0.47% at press time, it had registered a 43% surge over the past seven days.
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