As Litecoin (LTC) celebrated its eighth birthday on Oct. 13, its founder Charlie Lee needed to fend off crypto Twitter’s FUD — concern, uncertainty and doubt — concerning the altcoin.
Lee’s authentic put up was the exuberant announcement that:
“Litecoin community has been up and operating repeatedly for the previous Eight years with zero downtime. And in that span of time, over $500,000,000,000 value of LTC have been transacted. Wanting ahead to the subsequent Eight years and extra! ”
“We have the funds for to final 2 years”
The primary response to the birthday put up instantly raised the specter of bankruptcy allegations, to which Lee robustly retorted:
“It is [the Litecoin Foundation] not close to chapter. Do not hearken to silly fud and lies. We have the funds for to final 2 years.”
The allegations had been sparked by a TrustNodes report final week that claimed the Basis was down from $1 million in revenue in 2018 all the way down to unfavorable $70,000 by 2019.
On the time, Lee had responded to the report with a press release that the Basis had an estimated 1 to 2 years’ runway — with round $200,000 in its coffers.
He added that the corporate’s monetary prospects would even be guided by the end result of the forthcoming Litecoin Summit, to be held on the finish of October in Las Vegas.
Audio system will embrace high-profile trade figures equivalent to Morgan Creek Digital Property founder and podcast host Anthony Pompliano, Wyoming Blockchain Job Power president Caitlin Lengthy, and the co-founder and former CEO of BTCC change Bobby Lee, amongst others.
Bitter accusations amid the birthday cheer
With Litecoin buying and selling at roughly $57 as of press time, the altcoin is down nearly 60% from its 2019 highs this June — reflecting the broader cooling of the crypto markets.
Lee himself had famously sold and donated all his LTC holdings again in Dec. 2017 — on the peak of the crypto markets’ historic bull run: a call he defined as motivated by a need to keep away from any battle of curiosity and a step towards the thorough decentralization of the community.
Whereas some crypto Twitterers’ appeared bitter about Lee’s transfer to promote at peak costs, others defended Lee, pointing to the founder’s position in warning others in opposition to overheated buying and selling as he anticipated a “multi-year bear market” would set in following Dec. 2017.
