Litecoin, it appears, has been gearing towards adoption but Venture capitalist thinks it is like a multibillion-dollar test and has no reason for existence.
Arianna Simpson, a venture capitalist at Autonomous Partner has flayed the development and push for adoption of the acclaimed “silver to Bitcoins gold”, Litecoin. Speaking at a discussion at the Consensus Invest 2018, the capitalist spoke of the conditions of the crypto market and Litecoin.
Not particularly Bullish on the Prospects of Litecoin
Backing up crypto researcher, Lucas Nuzzi, Simpson pointed out that Litecoin should have remained a test and not fully incorporated into a cryptocurrency. According to her, the digital currency had no reason for existence and the entire project looks like a joke.
“Litecoin has literally no reason to exist, it’s like a multibillion-dollar test. I’m sorry, it’s a very expensive test net and I think the narrative of its silver to Bitcoin’s gold is bullshit, there’s no need for that.”
On the subject of Litecoins creator, Charlie Lee, dumping all his Litecoin stake to avoid a conflict of interest and Litecoin’s lightning network, Lucas Nuzzi, Research Director at DAR Crypto, expressed his distrust of Lee’s motive.
Nuzzi pointed out that he doesn’t believe in the Litecoin’s creator investment in Lightning Labs and was skeptical about the idea of Litecoin being integrated on the Lightning network. Arianna Simpson added to this point by explaining the reason why she had no Litecoin holdings.
“And Charlie Lee dumped his entire stake at the peak of the market to avoid a conflict of interest.” She said. “[…] If you look by the way at their balance of Treasury, which is public. I mean they have like a joke, so I’m not particularly bullish on the prospects of it.”
As the Market Remains Bloody
True to form, 2018 has not been all favourable for Litecoin with the recent general price slump guzzling up about 92% of its January all-time-high. An FUD on twitter indicate that Charlie Lee had, at some point, predicted this price slump in a tweet in which he also cautioned against panicking when the bears become blood-thirsty.
“Okay, sorry to reign in the excitement a bit…Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can’t handle LTC dropping to $20, don’t buy.” He wrote.