Litecoin Founder Deleted Tweet was Criticized by The Community
Litecoin founder Charlie Lee has come under fire for renewing the controversy surrounding his currency's instamine phase. Read news story on Adrypto.com
Litecoin founder Charlie Lee recently published a comment on Twitter's instamine phase of the currency. Although Instamine occurred eight years ago, the topic reignited controversy. Charlie Lee later deleted the tweet that appeared to be against competitor Dash.
In this tweet that was later deleted, he tried to explain the Instamine stage and pointed out that Dash may have committed more aggressive crimes.
It’s hard to estimate how much power will initially hit it. But for Litecoin, this is still fair because everyone has a fair chance. The unfairness of Dash is that it’s only in the first few days. After launching to a friend, the total supply is reduced.
Charlie Lee defended the behavior of setting the difficulty of the Litecoin mining low in the Redidt post.
If I know the power at the time of release, I can make the initial The difficulty is set higher. But I would rather make a low-setting error at the time of release to prevent 51% of attacks, which is what I did.
The community expressed dissatisfaction with his initial postings and subsequent deletions. (Instantaneous mining refers to a process in which a new cryptocurrency can be easily obtained in a short period of time after issuance. The purpose of instantaneous mining is to accumulate a large amount of available money supply at an early stage to obtain high profits in later sales.
The community backlash against Lee’s original tweet and subsequent deletion has been intense.However, the majority of the sentiment appears to derive from Lee deflecting his situation towards Dash.
As the coin founder explained, litecoin’s launch in 2011 constituted the early days of crypto and he was still largely feeling out the process for getting his currency up and running. Few could have imagined at the time it would hold a market cap of over $5 billion by the end of the decade.
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