Litecoin (LTC) is one of Bitcoin’s oldest forks, and a high-ranking altcoin that has been known as ‘silver to Bitcoin’s gold’ for years, now. However, one analyst and former trader, Qiao Wang, recently posted sharp criticism of LTC on Twitter, only to be praised by none other than billionaire Mike Novogratz, the CEO of Galaxy Digital and a known Bitcoin bull.
Crypto analyst bashes LTC, Mike Novogratz agrees
In his recent tweet, Qiao Wang addressed newcomers to the crypto industry, noting that “LTC is a direct attack on BTC.” He insisted that Litecoin is not faster than Bitcoin (BTC), and that it should not be considered silver to Bitcoin’s gold, as it has no industrial utility, according to him. Particularly, he stressed that LTC is not BTC’s testnet, and that BTC has its own testnet.
To newcomers: LTC is a direct attack on BTC. LTC is not faster than BTC. It’s not silver to BTC’s gold. It’s not BTC’s testnet. BTC’s testnet is BTC’s testnet. It’s OK to trade this garbage I’m all for making money. But there’s nothing to be proud of.
— Qiao Wang (@QwQiao) December 4, 2020
Novogratz quickly joined this sudden criticism of LTC, who called Wang a “smart man,” based on his thoughts of the altcoin.
Of course, despite LTC constantly being referred to as silver for Bitcoin’s gold, the fact is that LTC’s market cap is only a tiny fraction of what Bitcoin owns. Even so, Wang believes that it is absurd to compare the two.
Criticism of Litecoin is nothing new
Wang also took a shot at LTC in November, when he predicted that LTC is likely to be discovered by the retail sector before DeFi tokens. With both Wang and Novogratz being very close to the DeFi sector, this likely explains their dislike of LTC.
Unfortunately this is my base case. Retail will discover XRP and LTC way before AAVE and SNX. Go to AppStore, find the top crypto on-ramp apps, and look which assets are supported there. https://t.co/rVJkxDCyHv
— Qiao Wang (@QwQiao) November 30, 2020
They are not alone in thinking this. LTC has been dismissed as a copycat Bitcoin ever since it was created. LTC still uses the same consensus mechanism as BTC, and it even shares its maximum supply. However, it did introduce Scrypt, a new mining algorithm that allows it to produce blocks four times faster than Bitcoin.
At the time of writing, the coin has a price of $83.36, with a market cap of $5.49 billion, which allowed it to climb to 5th place on the list of largest cryptos. BTC, on the other hand, has a market cap of $356.96 billion.
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