Tanya Abrosimova
Independent Analyst
- Charlie Lee criticises blockchain as ineffective
- LTC/USD trades below $140.00 handle amid general bearish sentiments
Charlie Lee, the creator of Litecoin, thinks that blockchains are inefficient because multiple computers have to keep track of all data to ensure decentralization. It means that a lot of extra work is required. Speaking at Consensus conference, he reminded that CryptoKitties nearly crashed the Ethereum network at the peak of its popularity. Lee believes that there is no need in the trustless system to run such games as CryptoKitties. Google or Amazon with a smart contract system set up, would suit the purpose.
Meanwhile, Litecion is focused solely on money, providing a solution for transferring value. He stressed that Litecoin doesn't seek institutional adoption and interested only in working with merchants, promoting Litecoin as a means of payment for everyday items.
At the moment, Litecoin is changing hands at $138.00, mostly unchanged on the day. LTC/USD has recovered from Asian low at $134.34, though it is still well below $140.00 handle and Tuesday's opening at $147.
From the technical point of view, $150.00 is the nearest bullish target, but it is hardly achievable as long as bearish sentiments dominate general cryptocurrency market. On the downside, a sustainable move below $135.00 will push the coin towards $130,00 handle.
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