Charlie Lee, the actual father of the sixth most popular altcoin to bitcoin – litecoin – believes short-term price shots are rather a speculation than a trend which can showcase the prospects of cyber assets.
Don’t Look At Short-Term Price Shots, Says Litecoin’s Creator
Speaking on CNBC, LTC’s originator Charlie Lee was asked whether price can be used as a measurement or sign which for a particular digital coin. The anchor also asked Mister Lee whether there is any correlation between the price and the coin’s popularity, vigor, and net.
Charlie Lee, in his turn, stated that it is a long-term perspective the price indeed is capable of telling us about coin’s success, but there is no use in looking at the price for the short-term prospects.
As an example, Mister Lee named the growth in popularity of bitcoin and litecoin against the background of their mutual correction. The latter, according to his words, made up 60-70%.
He underscored that it’s all due to speculation and the coin’s volatility, but in the future, the picture will become clearer.
Drops Are Tough to ForecastAt the same time, LTC’s “father” said it was challenging to forecast the prices’ considerable lapses in 2018 although he has been in the industry for nearly a decade. The good news, however, is that he has also seen a recovery to take place in six months after a serious correction.
If Life Gives You Lemons, Make Lemonade
Nevertheless, Charlie Lee said the drops in the markets are the golden time for developers and crypto-community, in general, to pull themselves together and concentrate on tech changes, solving the scalability problem and promoting a wider adoption of cryptos.
For instance, he added that he would like to see more of such projects as the Lightning Network which would help bitcoin, litecoin and its brethren stay afloat. Literally, he said a “depressed price” is the ideal time to “get stuff done.”