Mike Novogratz Bashes Litecoin and Sparks a Debate in the Crypto Community


Of all the cryptocurrencies that experienced significant price increases, Litecoin was one of the most notorious ones. The token created by Charlie Lee performed so well that it took 4th place in the global marketcap.

The excellent performance of this altcoin awakened its “sleeping” community. However, not everyone was enthusiastic about the price rise of this popular crypto. One of those who finds such a bullish streak illogical is Mike Novogratz who wrote on his Twitter account the following:

Gold has an $8.5 trillion dollar market cap. Silver is $15bn That is .17%. $BTC has a $90bn mkt cap. $ltc is $5.7bn which is 6.4% of $BTC. Silver is at least useful for industrial production. $ltc is a glorified test net for $btc. I don't get this rally. Sell $ltc buy $btc.

Michael Novogratz (@novogratz) April 3, 2019

Mr, Novogratz has always compared Bitcoin to gold; however, he has consistently refused to accept that Litecoin could be the equivalent of digital silver, a contrast that has been used by many experts and analysts, including Charlie Lee.

Even though Litecon was born as a Bitcoin fork aimed at providing lower fees and faster transactions, the fact that Novogratz called it a “glorified testnet” for Bitcoin seems triggered the sensitivity of many people in the crypto ecosystem.
Charlie Lee was undoubtedly one of the first to react and just said that Michael Novogratz was wrong.

Litecoin a glorified testnet?
BTC LN makes LTC useless?
Can't be more wrong!
High BTC fees? With https://t.co/Q6tfOYkIbb, just do a cross chain submarine swap from LTC on-chain to BTC⚡️. Send LTC to fill up your BTC⚡️ wallet! 🤯
Fast: ~2.5 mins
Cheap: pennies in fees#reckless https://t.co/4NB7VO9dcT

— Charlie Lee [LTC⚡] (@SatoshiLite) April 4, 2019

Likewise, Mati Greenspan, a renowned analyst at the social trading platform eToro explained that Litecoin has many advantages in terms of efficiency over Bitcoin which make it precisely the equivalent of silver if Bitcoin is considered as digital gold:

LTC is literally silver to bitcoin's gold. It's far more useful for transactions as it's cheaper and faster than BTC.
Feel free to review our in depth research paper: https://t.co/tk2Q1lxFve

— Mati Greenspan (@MatiGreenspan) April 3, 2019

Mr. Greenspan attached a document in which they thoroughly investigated this blockchain. It explains that the similarities are not only at technical levels but also from a financial point of view it seems that the BTC-LTC relationship is very similar to that of Gold-Silver.

Other obvious difference is the coin supply. While the theoretical maximum supply of Bitcoin is around 21 million coins, that of Litecoin will reach approximately 84 million. This, and the subsequent lower value of Litecoin, are one of the reasons why many people consider Litecoin to be the “silver” to Bitcoin’s “gold.”

Others like Litecoinbro called for serenity. While it is possible to have conflicting opinions, tribalism and attacks are detrimental to an ecosystem as young as the crypto-verse.

Please don't try and make this a tribal thing. We are all in crypto together. Let's build it up, not tear it down. @SatoshiLite has done so much for Bitcoin over the years. That man had a vision of how to compliment Bitcoin and executed it before most even knew what Bitcoin was.

— Łitecoin Bro (@LitecoinBro) April 5, 2019

Right now, Litecoin has a marketcap that exceeds 5.4Billion dollars and a token price of approximately 88 USD.

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