Litecoin Creator Charlie Lee Debunks Negative Rumors Surrounding LTC

Charlie Lee, inventor and founder of Litecoin, took to Twitter earlier this week to debunk some of the FUD he's seen swirling around LTC, himself and his company in a string of 11 tweets breaking down some of the most common negative rumors in the crypto verse.

Lee claimed that groups were trying to suppress the value of LTC by shorting it and encouraging others to short it, adding that these groups are attacking his coin because they see LTC as a threat.

1/ Recently, there has been a concerted effort to suppress Litecoin price by people/funds that are shorting LTC and by groups that see Litecoin as a threat.

Charlie Lee [LTC⚡] September 20, 2018.Lee claimed that LTC hasn't lost its edge, and has "One of the most secure networks of all altcoins," and that the LTC network has millions in ASIC hardware protecting it from malicious attacks or crashes.

Litecoin has a ton of liquidity, which is important for people to get in/out of LTC. It is on practically every fiat and crypto exchange, even more than ETH. - Charlie Lee [LTC⚡] September 20, 2018.Lee further stated the LTC network processes $200 million in transactions per day and has worked "Flawlessly" for seven years.

He also countered the rumor that LTC isn't needed anymore because Bitcoin users can get around its prohibitive transaction times using Lightning Network, saying that LTC is still "The quickest onramp" to LN and even suggesting that users could use LTC to pay for BTC lightning invoices.

'Charlie Has Quit Litecoin and Doesn't Care Anymore'Perhaps the biggest chunk of FUD that Lee addressed was the sale of his LTC as proof of his disenchantment with the currency and its development.

TRUTH: I'm working on Litecoin full-time and focused on Litecoin adoption.

LitecoinFam 🚀. - Charlie Lee [LTC⚡] September 20, 2018.He claims to never have stopped work on Litecoin and to be working on it as hard as ever, citing the recent release of version 0.16.3, which Litecoin's official Twitter account announced Wednesday, as proof.

Lee also addressed selling off all his LTC in the past in an interview with CNBC, saying that keeping it would've been a conflict of interest and that he does not ever plan to buy back the coin.