Within the cryptocurrency space, any information that is perceived as negative or even semi-positive freaks out many people. Charlie Lee has been an interesting figure to follow on social media as he posts a lot of stuff that enlightens many crypto enthusiasts. He has been very instrumental in elevating Litecoin as well as other altcoins. His recent remarks regarding Litecoin caught many people off-guard who now feel that he has turned his back on the cryptocurrency he helped develop.
In these times, it is difficult to talk positively about other digital currencies if not Bitcoin as the social media backlash may be difficult to deal with. However, there are charismatic individuals who have stayed the course and are making a positive mark.
The developer of Litecoin, Charlie Lee, began encouraging people by posting positive comments regarding Nano. This is a cryptocurrency that many people are following closely to see how it performs. Lee says that Nano has a clean infrastructure and has speeds that are fast and also offers free transactions. In fact, he confesses to owning Nano, maybe for speculative reasons.
His remarks were immediately taken out of context. Some users accused him of ‘shilling’ coins for his own personal gains. While this was not what Lee intended, people reactions just go to show how the industry is perceived right now. There is a lot of distrust, jealousy, and even bile that has characterized this crypto industry and may soon explode.
In the tweet, Charlie Lee said that there is more space for more than one cryptocurrency to succeed. This was contrary to what many people believe that it is only Bitcoin that should be rated as successful. This is what other coins’ members also believe: that their coin is better than Bitcoin in every sense. This means that if any positive news is posted about a coin that one doesn’t own, then it rubs them the wrong way. Essentially, that is wrecking the boat from within.
Lee wanted to be transparent in discussing the cryptocurrencies other than just Litecoin. It is just that people took his message the wrong way, but he passed the message. This is the main reason why people don’t excitedly talk about other coins other than Bitcoin and Ethereum. It is important that people understand the nature of cryptos and accept competition and comparisons. This will lead to positive development in the crypto industry.