Litecoin has been facing a significant amount of fear, uncertainty, and doubt, following its recent halving event, which ultimately had little impact on its price action and has sparked some controversy surrounding whether or not LTC has any code commits in 2019 on GitHub.
Now, Litecoin founder Charlie Lee is attempting to clear the air of any concerns in a recent tweet thread, but investors may still be disillusioned by LTC’s lackluster price action which could lead to an exodus away from the poplar cryptocurrency.
In a recent thread of tweets, Lee explained to concerned investors that there are two primary sources of the FUD surrounding Litecoin presently, noting that the first source is that LTC has had no code commits on GitHub in 2019 – which makes it appear that no work has been done on the crypto this year – and the second source being that they don’t work on the master branch of the main project.
“Recently there’s been a lot of FUD about Litecoin having no code commits in 2019. When you look at Litecoin GitHub… it would seem like we did no work in 2019. There are actually 2 reasons why this is the case even though we have been developing,” he explained.
4/ Recently there's been a lot of FUD about Litecoin having no code commits in 2019. When you look at Litecoin GitHub (https://t.co/n7wkCakpL9), it would seem like we did no work in 2019. There are actually 2 reasons why this is the case even though we have been developing.
As mentioned earlier, Lee responds to this FUD by explaining that Litecoin code releases lag behind Bitcoin releases by a few months, and further noting that they generally don’t work on the master branch of the main project, which has been one factor that critics have previously pointed to in an effort to make unfounded claims that Litecoin stopped developing.
“This is how Litecoin Core development has functioned for years. We even had the same FUD last year! Someone looked at our master branch last year and claimed that Litecoin stopped developing in 2018. And I bet even after this explanation, we will have people confused in 2020,” Lee said.
10/ This is how Litecoin Core development has functioned for years. We even had the same FUD last year! Someone looked at our master branch last year and claimed that Litecoin stopped developing in 2018. And I bet even after this explanation, we will have people confused in 2020.
Although it is clear that the FUD surrounding Litecoin is entirely unfounded, it is important to note that some investors may be looking for a reason to exit their Litecoin positions, as its post-halving price action has been lackluster.
Additionally, although many people thought that LTC would see some bullish price action following its halving event, it is currently trading at $88, down significantly from its three-month highs of $144.
Assuming Litecoin continues to drop lower as the aggregated crypto markets face turbulence, it is highly likely that embattled investors will continue to exit their positions in LTC and other altcoins in favor for Bitcoin, due to the inverse correlation between BTC and the altcoin markets.
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