Charlie Lee, never one to shy away from ruffling feathers on Twitter, took a swipe at Stellar, sparking debate among crypto enthusiasts. His provocative remark implied that Stellar's non-mined status put its market cap prestige into question.
So what did Lee say, exactly?
Lee: Good job Stellar… Not!
Here's the tweet that stirred the pot and drew over 500 reactions:
\"Kudos to Stellar for edging past Litecoin in marketcap. Still, it feels odd to compare the market caps of coins that are essentially just created, leading to an inflated figure. Call me old-fashioned, but my allegiance is to decentralized, mineable coins.\" https://t.co/n6va1YWoiD pic.twitter.com/4IMJ7iqg3H
— Charlie Lee Ⓜ️????️ (@SatoshiLite) July 20, 2018
Lee effectively cheered Stellar's success but raised a point about its valuation, remarking that Stellar Lumens, not mined through traditional methods like proof-of-work or proof-of-stake, might not entirely merit their market cap.
Responding to feedback from his tweet, Lee maintained that only those cryptocurrencies mined through rewards systems could truly claim to be decentralized.
This view echoes the philosophy of Bitcoin's architect, Satoshi Nakamoto, who advocated for a wide distribution of digital currency, contrasting sharply with centralized issuance models.
However, Stellar Lumens were distributed by the Stellar Development Foundation, bypassing the mining process altogether.
Instead of mining, Stellar rolled out most of their Lumens via what was effectively an airdrop, freely distributing a significant chunk of Lumens to the community.
Community Target: Charlie Lee
Lee's commentary didn't sit well with everyone, as he faced criticism for suggesting that Lumens and similarly non-mined crypto like XRP might not be deserving of their status. Let's look at a few of the responses he received.
\"When I first dabbled in crypto, I was all in for your 'decentralized' philosophy, even believing you sold out for noble reasons. Now, these tweets just seem insecure—like a wannabe elite who preaches while secretly bending their own rules. Keep it zen, Lee.\"
— ELLYSIUM⚡️ RACING (@Ellysium_Racing) July 20, 2018
\"That so-called compliment just highlights your insecurity about new tech marvels as opposed to your cut-and-paste PoW coin blather.\"
— Sir Bagsalot (@BagsalotBTC) July 20, 2018
\"If you can't stop posting envious rants when other coins outshine LTC, you might be pushing yourself into irrelevance! Focus on boosting Litecoin with positive updates—instead of airing grievances.\"
— Ilario Liburni (@IlarioLiburni) July 20, 2018
Litecoin’s Uncertain Future
Litecoin has enjoyed a reputation as a reliable and user-friendly cryptocurrency, stepping in when Bitcoin's transaction fees soared. Yet, the competitive field has expanded with agile rivals presenting even cheaper transaction options. Bitcoin Cash , Dash , Ethereum Classic To make matters tougher for Litecoin, its mining scene appears centralized, influenced greatly by Bitmain, the go-to for Scrypt-compatible mining hardware, which also actively operates its own Litecoin mining operations.
Ironically, some accuse Charlie Lee of contributing to Litecoin’s centralization when he opted to sell off his entire Litecoin cache, then valued at over $300. Chinese company Bitmain Nevertheless, Litecoin isn't fading away. It has forged promising alliances, such as teaming up with TokenPay to acquire a substantial stake in a German bank, setting the stage for further technological advancements.
Litecoin creator poses for photo with Bitmain CEO Jihan Wu
Litecoin's price has steadied around $70-$90, signaling stability amidst market fluctuations, though it is essential for the Litecoin Foundation to continue innovating to remain competitive. sold all of his LTC holdings Robert, the news editor at Blockonomi, is a true advocate for the untethered and private digital economy. His deep involvement in the crypto sphere is unmistakable. You can reach him at [email protected].
Despite the renewed interest in Ripple (XRP) and Stellar (XLM), the real question is whether these giants can outpace rising stars like Rexas Finance (RXS) come 2025. The Dojima Network is laying the groundwork for what is anticipated to be a truly seamless Web3 ecosystem. MEXC has released its 2024 annual report, highlighting a significant $100 million airdrop and reaching a major milestone of 30 million users.
To be clear, I don't dabble in altcoins, and some opinions here clearly reflect a bias from those who do. Yet, I concur with Lee that non-mined coins such as Ripple and Stellar exhibit centralized features. Much of their current following stems from beginners’ enthusiasm, but as this industry matures, many might fall off the radar. Meanwhile, mainstays like Litecoin or niche ones like Vericoin could rise to prominence. The seasoned dev teams behind these coins are second to none. With many today rushed into launching coins for fast gains, their longevity seems questionable. Ultimately, Lee might have the last word. Coins like Dogecoin appear as more viable long-term players compared to Ripple. Ripple's leadership, only a handful of people, has pledged not to offload their, somewhat unreliable, surges when times get tough. It's wise to remain skeptical of such assurances. Charlie, stay focused on the big picture, avoiding distractions from peripheral coins that might soon vanish.
Images via @SatoshiLite {-{/em}-}
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