Litecoin creator and Coinbase official Charlie Lee today recognized Litecoin as a speculative version of Bitcoin.
On being asked about his views on Litecoin’s performance in 2015, Lee made some points regarding the correlation of Bitcoin with Litecoin price, saying that it is not a surprising factor that LTC drops even more if BTC trends a little downward. “The inverse will also be true, which is what happened during the last run up,” he added.
In the same Reddit post, Lee also promised to do an Ask-Me-Anything round with the community anytime soon. He will indeed be answering a series of questions – related to development, marketing, etc. – that have circulated the social media for quite long.
Lee however gave a couple of replies to the questions related to market manipulation being done by centralized mining corporations and cryptocurrency exchanges. On being asked his opinions on such issues, he said:
“There’s not enough mined BTC/LTC to explain the price drop. Mined coins only represents a small fraction of the BTC trading hands on exchanges […] What I have seen time and time again is that the price fluctuations shake out the weak hands, those that bought high and get spooked and sell low. Of course, there’s always a chance the price will stay low or even go to 0, but that’s why you should not be investing money that you can’t afford to lose in such a speculative vehicle.”
At press time, the LTC/USD is valued around $1.54 and has reported to have dropped by more than 10% in over the last 24 hours.
