Although in recent times, the crypto industry has been a lucrative investment opportunity for traders and enthusiast. It must be noted that the crypto industry is indeed a harsh environment to operate in. Consequently, several blockchain projects have been unable to advance due to different factors. As of recent rumors have been flying around the crypto community speculating that Litecoin may have reached its demise.
Litecoin is among the most successful projects in the crypto industry with current rankings placing it as the fourth largest altcoin in operation to date. These rumors of the demise of Litecoin have had the resultant effect of creating some negativity around the altcoin and the entire cryptocurrency projects. Additionally, some notable individuals in the crypto industry and the crypto community such as Erik Finman, who is a bitcoin millionaire, also seem to share in the opinion that Litecoin may be having its last kicks. In December of last year, Finman claimed that Litecoin was close to its end.
There is a multitude of ins and outs as to why the crypto industry enthusiast, traders and even investors In the crypto community believe that Litecoin’s lifespan has expired or is almost expiring. The altcoin has seen little advancements or even development around it since the Year 2018. This, in the crypto industry, is a significant discouragement and a signaling factor for investors and stakeholders who may be looking to invest or buy Litecoin. Litecoin’s Github repository has registered very little activity in the first half of 2019.
All crypto markets have been fairing and experiencing on positivity Litecoin on the other side has been excluded almost entirely from this activity. The Litecoin team has not, as of yet, delivered on their promise to develop new privacy measures on the blockchain platform. The rumors became even stronger following an alleged conversation between Litecoin’s top management. This conversation is reported to have been leaked on Reddit. The discussion reveals that the developers working on light coin have admitted that the project has stagnated and no activity can come out of it. This leaked conversation serves to strengthen the rumors that are already circulating that Litecoin may be already dead or moving towards its damage.
As is the case with any brand or any investment or any project rumors purporting negativity may be tremendously damaging. Litecoin Foundation seems to understand this concept and has responded to this rumor in a bid to squash and push it under. The response comes through Litecoin’s founder, Charlie Lee, who addressed the matter in a 16-part Twitter thread. Lee also went on to explain several things about Litecoin that explain why the activity around the altcoin has somewhat stagnated and why it shouldn’t be taken as an indication of its demise.
As per the founder, Litecoin developers have been working around the clock and hard, unlike what the rumors around the project have been saying. Lee also moved to clarify that the altcoin’s codebase prevents developments and changes from showing on the Github repository, as is the case and very common among other crypto projects. Preferably Litecoin is set up similarly to Bitcoin, and for the reason, any changes do not necessarily show or reflect on the catalogue.
If the statements by Lee are taken to be correct, the crypto community must then have been misinformed about where Litecoin is standing as of current. He insists that they have been operating using these methods for many years since the altcoin’s inception and launch, and he would not be surprised if rumors surfaced next year purporting that the altcoin is on the verge of its demise yet again.