Charlie Lee Opens Up on Why he thinks and people think that Litecoin (LTC) Is BoringJune 17, 2020
In a recent interview on CoinTelegraph, Charlie Lee, the creator of Litecoin was asked on why in the previous interview he called Litecoin as boring and on why he thinks like that. He was further questioned on whether he thinks it to be a plus or minus.
I think it is boring and people think it is boring because it is similar to Bitcoin, because we don’t do anything crazy risky, because we want to keep it like money, right. It should be stable and it should be conservative. So, because of that people think it is boring.
I think the bad point about it is that it is hard for us to attract developers to work on Litecoin as it is not like any other cryptocurrency doing crazy stuff. But the good thing, I think is that being boring is good for money.
Bitcoin is conservative, you don’t want money to be like taking risks. It is not, I don’t think it is good to take the approach of build fast and break things with money when you wanted to be stable and you want it gradually work. And, Litecoin has worked well obviously over the past nine years.
Sydney Ifergan, the crypto expert tweeted: “Charlie Lee Litecoin (LTC) seems to not want to do crazy things with LTC. He is trying to ensure stability. No hurry to race head.”
Litecoin (LTC) Hidden Inflation and Risks
Previously, Charlee Lee stated that fungibility and privacy were the main things he wanted to improve in Litecoin, when questioned about the progress in that regard, he replied.
Reportedly, they are working on adding MimbleWimble to add to what is missing about good money in Litecoin with extension plugs and this is something they have been working on since late last year. It has been growing well and they were targeting this summer for a testnet launch.
Charlie Lee stated, “If that goes well, we will launch it soon after that and we will get it active and deployed on Litecoin.”
MimbleWimble is a technical integration that will add confidential transactions to the Litecoin Network.
When discussing hidden inflation and risks, he stated that with Litecoin and Bitcoin the ledger is transparent for public to see. So, you can see how Bitcoin exists and how they are mined for every block. He also mentioned on the higher limits for each of these as being 21 million coins for Bitcoin and 84 million for Litecoin.
In case of privacy coins, the amount of coins that is being transacted is hidden and you can’t tell how many coins one holds and how many coins are transacted. If there is a bug in the code or something is wrong with the crypto then potentially there could be hidden inflation, doubles the number of coins and the numbers of coins increase out of thin air. No one can see the ledger and it is not transparent. He stated that it was a risk with any private coin.