Mike Novogratz boos Litecoin
2 min read
A few days ago, the famous investor Mike Novogratz mercilessly posted a comment about Litecoin (LTC) explaining that he doesn’t see any interesting properties for this blockchain and crypto to be adopted by the masses.
Challenge. I don’t see $LTC as having any properties that will accelerate adoption. I’d rather spend time on Defi projects. Long $BTC. Long $ETH. And long some cool Defi projects. https://t.co/jvAvWJQ0vc
— Mike Novogratz (@novogratz) January 2, 2021
The comment leaves no room for interpretation and indeed it shows how his analysis is based on factors of utility of this blockchain, compared to other and more interesting ones such as Bitcoin (BTC) and Ethereum (ETH).
If we focus on the technical aspect of this blockchain, we can actually see that it re-proposes the same reheated soup of other projects that aimed to be better than Bitcoin, in terms of higher speed, low fees and the ability to leverage LTC as a means of payment.
No exceptional features and no smart contracts, a “raw” blockchain that takes advantage of PoW (Proof of Work), allowing a higher supply and a speed certainly higher than Bitcoin but not the other competitors.
In fact, by now the competitors that have arrived over the years, starting right from Ethereum, are not only incredibly fast, but have also integrated interesting features such as different consensus protocols and support for smart contracts.
And that’s where Novogratz continues in his commentary, talking about decentralized finance (DeFi), a sector that still has a lot to offer and that started and developed more on Ethereum’s blockchain.
This means that he himself may have invested in some project related to this sector, although we don’t know which ones and to what extent, as there are so many protocols in this sector that it is difficult to understand and comprehend all aspects of it.
Novogratz on Litecoin, a biased judgment
Certainly, Novogratz’s judgment and evaluation are biased, and it is also necessary to remember that Litecoin has not remained on the sidelines all these years: on the contrary, in the last few years we have seen how it has rolled up its sleeves and started a process of unprecedented innovation.
First of all the integration of privacy, for instance thanks to the integration of part of the code of other protocols such as MimbleWimble, through which it will be able to provide its users with private transactions, which will be added to the main chain and therefore end up in dedicated blocks. The process is very complex and it’s only a couple of months that it has been in the testing phase before the final release for everyone.
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