Charlie Lee fires back at Michael Novogratz's Litecoin criticisms

05 Apr, 2019 | Updated: 05 Apr, 2019
by Richard Allen
Charlie Lee fires back at Michael Novogratz's Litecoin criticisms

Recently, founder of Galaxy Digital and Bitcoin maximalist, Mike Novogratz took to Twitter telling his 116K followers that they should sell Litecoin and buy Bitcoin instead, calling LTC a “glorified testnet” for BTC. Now, however, Litecoin creator Charlie Lee hits back.

Litecoin was in the midst of a rally when crypto billionaire Mike Novogratz rather unexpectedly lashed out at the cryptocurrency, likening Bitcoin to gold and Litecoin to silver, adding “Silver is at least useful for industrial production. $ltc is a glorified testnet for $btc.”

Read more: Novogratz suggests to sell Litecoin in the middle of LTC's rally

Now, Litecoin creator Charlie Lee has responded to the criticisms. Lee stated that Novogratz “couldn’t be more wrong,” countering the former hedge fund manager’s comments suggesting Bitcoin’s Lightning Network has made Litecoin obsolete.

Lee went on to provide a suggestion for resolving the issue of Bitcoin’s notoriously high fees, highlighting Boltz’s alpha release and adding that Boltz could be used for a “cross chain submarine swap from LTC on-chain to BTC” as a viable solution. Lee points out that Boltz transaction times take just two and a half minutes and cost next to nothing.

Earlier this year, Litecoin scored a partnership with GLORY Kickboxing, a leading international kickboxing organization.

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