During the conference Blockchain Cruise Charlie Lee, Creator of Litecoin (LTC) and Litecoin Foundation Manager, spoke about the real value of bitcoin and altcoins.
Creator of one of the best cryptocurrencies on the market was told about bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH), addressing “the real value of altcoins.” According to him, unlike the first two currencies of the transaction Ethereum are not immutable.
Lee added that with the cheaper cost of canceling the transaction Litecoin compared to bitcoin, it is still “very expensive.” This is the main reason why he calls for the use Litecoin for smaller payments, and bitcoin for large transactions, because in this case the user will depend on the security and immutability of bitcoin.
In addition, he spoke about the cost of production of Litecoin:
“Litecoin is pretty cheap to produce, but the cost is still high, today it is about $ 50.”
The expert also commented on the limit of the money supply of Litecoin, which is $ 84 million and will never change. According to Lee, Even if he wanted to change the terms, it wouldn’t work because users will object.
Speaking of Ethereum, Litecoin Creator noted that it was “a favorite altcon of many people”, it is quite safe, however:
“The problem with Ethereum is (and we have already seen) that the transaction Ethereum in most cases you can change.”
Of course, as an example, you remember the hacking DAO, which resulted in the separation of Ethereum (ETH) from the initial block, now called Ethereum Classic (ETC). Most of the developers and users decided to fork to block criminals the opportunity to steal tokens.
On the one hand, this is good because the thieves lost a stolen funds, on the other hand, “it hurt”:
“Was created a bad precedent in which governments can contact the developers and convince them that the transaction is illegal, because through it the terrorists will get millions of dollars. Of course, nobody likes terrorists, but the health of the financial system assumes a constant transaction.”
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