Litecoin collectibles are now auctioned by the creator of Litecoin Charlie Lee after he liquidated his portfolio in 2017. However, there is a catch and in the altcoin news below we will explain what exactly it is.
Lee is selling more Litecoin but the coins are not of digital nature. The LTC creator calls the Litecoin collectibles as ‘’unique collectibles’’ which are basically physical coins that are signed by Lee himself. He stated:
“I got some of my Lealana 25LTC & 10LTC coins graded by ICG. The labels of these coins are signed by me. There are a total of 5x 25LTC coins and 8x 10LTC coins. I have no plans to do any more of these. The 10LTC are the first issue ones with the bump in the back behind the hologram.”
A ‘’BTC enthusiast’’ on Twitter, explained that he purchased one of the Lealana Litecoin collectibles at the Magical Crypto Conference in New York. He tweeted:
“It’s loaded with 10 LTC. There is a private key concealed with a tamper-proof hologram on the obverse of the coin.”
Lee had the coins pre-assessed by the Independent Coin Grader which rates the coins based on the features. Similar to the altcoin, Lee only signed a set amount of coins which of course, bolsters their value. Litecoin, for example, has a finite supply of 84 million coins while Bitcoin has 21 million. Bidding for the litecoin collectibles starts at 0.1 LTC and Lee says he will also accept BTC payments. The auction will end on May 15.
Lee has been trying to remind the crypto market that he sold his Litecoin portfolio during the peak price when a coin was worth $300. Now that the portfolio is empty, he moved to the litecoin collectibles. However, as noted in the latest cryptocurrency news, some users are now agreeing with his idea:
“I am sorry but I think this auction is in poor taste. The guy made millions and had 1000’s and 1000’s of litecoins and sold them all at $300 and he has the audacity to sell these coins for his own profit? Donate the proceeds or something. I’m sorry, I don’t mean to be rude but this just doesn’t sit right with me.”
No Interest For Working On The Litecoin Protocol: Charlie Lee
‘’I was extremely disappointed to discover that no progress had been made on CT since the announcement, especially when I stand on stage telling everyone it’s happening and we are actively working on it.’’The CT in the conversation stands for Confidential Transactions which is a protocol upgrade that Lee promised to happen about eight months ago but at the time he declared that CT will be available before this year ends. This is one of the reasons why there is no interest in working on the Litecoin improvement. Lee also noted on Twitter saying that though Litecoin GitHub shows no code commits in 2019, there is still some work being done that does not master the branch. The Litecoin creator admitted that he ‘’dropped the ball’’ on the promised Mimblewimble and CT protocols. Lee also noted that the updates have been side-tracked by activities in the adoption arena neglecting core developments such as the issue of fungibility as noted in some of the best cryptocurrency news sites. While responding to criticism from Richards, Charlie Lee gave a startling admission about the pedigree of his cryptocurrency saying:
‘’The honest truth is that no one is interested in working on Litecoin protocol development work. At least no one technically competent. You can’t just throw money at this problem. This is true for Litecoin since the beginning. It has only been me, Warren, and Thrasher.’’
Litecoin And Its Dusting Attack: What Happened And Why?
“It was network-wide, which meant it affected all users of litecoin that had an active litecoin address at the time. The address of the person responsible for the dusting attack can be found here: https://blockchair.com/litecoin/address/LeEMCDHmvDb2MjhVHGphYmoGeGFvdTuk2K
“We became aware of the dusting attack on Saturday morning when one of our binance angels had received a small amount of LTC into their litecoin wallet.”
The co-founder of the blockchain data provider Glassnode, Jan Happel, also spoke about Litecoin and its dusting attack. He looked into it to confirm it and focused on the extra data which came up, showing a previously unreported dusting attack which occurred in April this year. As Happel said:
“We have done a quick query into the LTC blockchain and analyzed the number of utxo's that carry a smaller value than the mean tx fee that day. If a UTXO contains less balance than the minimum amount required to spend it (fee) that day, it becomes stuck/unspendable — this is what we technically define as dust.”
For those of you unfamiliar with dusting attacks, the altcoin news present them as a signature assigned to any unspent value (through UTXO which is the unspent transaction output) - merged to make the transaction amount.
This was the first time a large scale attack like this had occurred. Litecoin and its dusting attack were also explained by Jager as:
“The person behind the dusting attack owns a mining pool based out of Russia, EMCD[dot]io. They reached out to express that their intent was to advertise their mining pool to the users of Litecoin, however, it's unclear from our perspective or anyone else's as to whether there were alternative motives. The owner of the pool was not aware that he was subjecting all these users to a dusting attack and spreading fear among the Litecoin community.
“It's interesting to note, that even if this was not the intent of the mining pool owner, he provided a base for malicious actors to analyze. You see, the person responsible for conducting the dusting attack doesn't necessarily have to be the one collecting the data, they can just merely be providing a service so that someone else can collect all the information and analyze it at a later date.”
Even though they seem like a small and unharmful activity, dusting attacks can undermine user anonymity and be used against users to steal precious digital assets.
Altcoin Apocalypse: Only 2 Of Top 10 Altcoins Outperform BTC In 2019
Litecoin Founder Says LTC Development Is Strong, But What Is Happening?
“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."https://twitter.com/SatoshiLite/status/1160436032585650176 Right now, we can see that there is a lot of FUD surrounding Litecoin. Investors are probably looking for reasons to ditch their LTC too - but just like they were described on many best cryptocurrency news sites - the Litecoin founder and the community are nothing but a ghost town right now.
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