Litecoin has received plenty of criticism over the past two years thanks to its tepid moves on the charts. Litecoin trading is at a much higher level than its all-time high in December 2017, but there is little to talk about organic developments. Still, despite these problems, Litecoin remains seen as Bitcoin’s brother in many quarters.
Bitcoin, the world’s largest cryptocurrency, is often promoted as “digital gold” thanks to the emergence of the value store narrative. Litecoin, by contrast, has been billed by some as “digital Silver,” a nickname that has been criticized by many in the past. The last thing to do is Qiao Wang of DeFi Alliance, who recently tweeted:
”FOR NEW ARRIVALS: LTC IS A DIRECT ATTACK ON BTC. LTC IS NO FASTER THAN BTC. ACCORDING TO BTC’S GOLD, IT’S NOT SILVER. BTC’S TEST NETWORK IS NOT. BTC’S TEST NETWORK IS BTC’S TEST NETWORK. IT’S OKAY TO TRADE THIS GARBAGE FOR MONEY. BUT THERE’S NOTHING TO BE PROUD OF.”
Now, there are a few interesting points that Wang has touched on here. To begin with, “LTC is a direct attack on BTC.” The use of the term” attack ” is intriguing because it is language that feeds the maximalist narrative, as Bitcoin is. Crypto and Crypto Is Bitcoin. However, since Wang is part of the DeFi Alliance, perhaps it is best to give him the benefit of the doubt.
Wang claimed that “LTC is no faster than BTC” while continuing. Many in the crypto community have been quick to call on Wang for this explanation since Litecoin, which uses Scrypt. makes transactions process faster than Bitcoin. It actually does this at a speed almost 4 times faster than Bitcoin.
The analyst also argued that LTC is not BTC’s test network. Obviously this is controversial because there are quite a few perspectives on both sides. When Litecoin appeared, for example, it was conceived by its creator Charlie Lee as a “lightweight version” of Bitcoin. In light of all the commonalities it shares with Bitcoin, and the fact that Litecoin is seen as a “testing ground” for bitcoin-centric updates, it’s not hard to understand why.
However, in the last few years this presentation has been heavily criticised. Rather pejoratively, not only from Wang, but also from other notable personalities such as Mike Novogratz of Galaxy Digital, the sought-after Wang echoed Litecoin some time ago as a “glorified testnet” with no benefit.
TO SAY THAT ONE THING IS SILVER TO BTC’S GOLD SHOWS THAT IT HAS INDUSTRIAL BENEFIT. NO HICCUPS IN THE LTC. ETH FITS THIS DEFINITION PERFECTLY.– Qiao Wang (@QwQiao)