Why Is LTC And NiceHash Facing Difficulties In The Crypto Space?
On the crypto front, Charlie Lee is selling all of his LTC. NiceHash has faced a security breach. Which of these is going to influence cryptocurrency mining?
Charlie Lee The Founder Of Litecoin Has Sold All Of His LTC
The news going around in the cryptocurrency world is that the former director of engineering at Coinbase, Charlie Lee is selling almost all of his holdings in Litecoin, the cryptocurrency he founded in 2011.
Explaining in a post on Reddit, he explained that he is selling all of his LTC coins barring the number of physical coins that he has kept as collectibles, to avoid conflict of interest coming with his influence and position as LTC founder.
Lee is regarded as a key influencer in the crypto space thanks to his time at Coinbase and has accumulated more than 378,000 followers on twitter. He has added that he stays away from tweeting about LTC prices directly as he acknowledges that his tweets are criticized in some quarters while manipulating price despite whatever the best interest is. He admits that the position he held represented a conflict of interest and hence the unload.
He later wrote that as and when he tweets about LTC or even a good or bad news, he gets accused of doing it for personal benefit where people even think he shorts LTC in a sense as it is the conflict of interest for him, to hold LTC and tweet about it as there is so much influence, he has always refrained from buying/selling LTC before or after the major tweets. That is something only he knows. Thereby there is always a doubt whether any of the actions were to further the personal wealth above the success of Litecoin and cryptocurrency in general.
The Reason Behind The Drop Of LTC Held By Lee
There is no account on how many LTC has been held by Lee or had sold as now he is focused on developing the cryptocurrency itself. He adds that it is a weird feeling whereas somehow refreshing while he says he’s not quitting Litecoin but spending the time working on Litecoin as it helps succeed in rewarding in a lot of different ways that are just not directly via ownership of coins but also by believing that the best way is to continue to oversee Litecoin’s growth.
The major fact to be noted here is that Lee’s brother Bobby was the founder of the largest exchange in China, BTCChina which is a powerful crypto family. Litecoin’s value has grown explosively just like that of Bitcoin, Ether, and others.
According to Coinmarketcap.com, it is the world’s fifth-largest cryptocurrency with a total market cap of more than $18 billion as at the time of writing it is $ 330.14 per coin up more than 75X from just $4.36 on January 1, 2017.
Litecoin‘s original objective is to become the silver to bitcoin’s gold as well as become the vehicle for making money. Designed to be easier to mine, it comes cheaper to transact than Bitcoin hoping these features make the cryptocurrency used for trading and real-world use in the future.
A Hack Brings Loses Of Tens Of Millions Of Dollars To The Bitcoin Mining Marketplace Nicehash
It is certainly for the first time, that the Bitcoin is flying sky high after crossing the $ 14,000 mark and whereas one projected aimed at helping mine coins short of at least $60million after it was hacked. A market place matching those with spare computing, powering miners wanting to create new coins, NiceHash confirmed it has hit by attackers who snatched bitcoin. To figure out exactly how much was swiped and how it was taken the company had paused operations for 24hours as the Coindesk reports users are circulating a wallet from the company containing 4,736.42 BTC, that is worth more than $60 million based on the present price.
Following the breach, the company recommends the users change their passwords both on NiceHash as well as other services. The security issues in the recent crypto space have centered around Ethereum rather than Bitcoin where a vulnerability in the Parity’s wallet found caused $150 million in ETH to be frozen while another Parity issue led to 150,000 ETH worth around $30million being stolen.
The Final Thoughts
While Litecoin, as well as NiceHash, are facing issues in the crypto space, it is sure that the cryptocurrency market will remain unaffected due to increased development and improved trading instincts between developers. It brings to the forefront the need to have a decentralized ledger-based currency that helps developers mine more of the currencies presently issued by the Bitcoin giants. Litecoin is sure to help miners get access to more cryptocurrency including an evolved version of present coins. There is more promise for a brighter future ahead so that any developer can make money with mining.