Rock Star Litecoin: Charlie Lee Rails Against S**t Coins and Scam Coins

Journalist:
April 24, 2019

By CCN: It’s not easy being Charlie Lee. It’s no secret the Litecoin creator has had to deal with a crypto community that hasn’t gotten over his LTC portfolio sale. But he’s also fending off other blockchain projects, many of which have no place in the ecosystem to begin with. Lee took out his frustrations on Twitter, bemoaning the struggle to keep Litecoin in the limelight.

“Watch Litecoin surviving the test of time. It’s not easy fighting off all the s**tcoins and scamcoins to stay in the top 10.”

Litecoin is currently ranked as the fifth-biggest cryptocurrency on CoinMarketCap, though it continues to jockey for position among its peers.

In the DataLight visualization, Litecoin holds its own against other cryptocurrencies over the past six years. Lee’s project was the second-biggest cryptocurrency in 2013, followed by Peercoin and Namecoin. If you haven’t heard of the latter two coins, it’s probably because they’re both ranked somewhere between the top 200-300 coins today. Eventually, XRP muscled its way in until Ethereum showed up and told them who was boss. Meanwhile, Litecoin, which Lee created as digital silver to bitcoin’s gold, has managed to maintain a spot in the top 10 cryptocurrencies since 2013.

‘No Such Thing as Crypto’

Incidentally, some people have a similarly scathing opinion about Litecoin, which was created using a variation of Bitcoin’s code. Derivatives trader Tone Vays doesn’t have time for any other coins, based on a recent tweet in which he eviscerates any project that is not bitcoin. He calls out Litecoin in addition to privacy coin Monero as “waste of time useless projects.”

Upon further reflection, he clarified his position, saying:

“I agree, they are not ‘all scammers’ most of them are just Stupid and are not very good developers, or they would have actual jobs and/or be useful to society. I report my uncle who has been a truck driver for 40 years more than any Ethereum developer. He helps society.”

The bone Tone Vays has to pick with Lee surrounds a Swiss-based project called TokenPay, which partnered with Litecoin for a stake in Munich-based WEG bank. Vays suggests that Lee’s influence has influenced others in the crypto community for TokenPay like sheep being led to the slaughter.

Charlie Lee may be a leader, but crypto investors have minds of their own. If you have any doubt, consider how they responded to Coinbase’s controversial Hacking Team acquisition. There’s a reason why Litecoin has not wavered from its status as one of the top 10 cryptocurrencies.

Charlie Lee may have to swat a few flies, but at the end of the day, he’s leading one of the top-performing cryptocurrencies whose price has more than doubled year-to-date. The scam coins and s**t coins should be abated as the industry matures. For now, Charlie might want to keep that fly swatter handy.

Last modified (UTC): April 24, 2019 18:16

Gerelyn Terzo @cryptogerelyn

Gerelyn is Assistant Editor at CCN. Based in the U.S., she has also covered institutional investing on Wall Street but caught the bitcoin bug soon after. She resides 13 miles outside of New York, close enough but also far enough away to escape it all. Follower her on Twitter (@cryptogerelyn) or email gerelyn.terzo@ccn.com.