There are more than one thousand other cryptocurrencies today. And many of which was a result of people looking for a quick buck or two from profit-driven investors that have no idea what cryptos are. However, there are those cryptocurrencies that are seriously looking to compete for the top spot. You have the likes of Ethereum and even Ripple.
Ripple even hired a number of new members on their team in order to help decentralize XRP. Though it is dealing with a number of lawsuits, Ripple is doing its best to stay in the game. However, things are quite silent when it comes to Litecoin.
A Github survey discovered that Litecoin had no repository update or code developments since April 2018. This is quite a different scenario compared to the likes of Ethereum, Bitcoin, and EOS that has continuously updated their code.
Litecoin stopped doing repository updates when it partnered with Coinbase’s Shift Visa debit card. Shift Visa card works just like any normal debit card. Here, users can make payments directly in places that accept VISA.
What Made Litecoin to Stop Developments?
There are a number of reasons for this. One, it could be a result of the bearish market. It could be a case of “developer bear run break” where developers will tend to cash out on profits. Also, there are speculations that the developer community of Litecoin is still waiting for the first Annual Summit of the blockchain project that is scheduled September 14th to 15th.
But of course, it isn’t really all quiet. One significant development that could potentially increase mass adoption of Litecoin is the launch of Lite.im. This is a project by Zulu Republic. What it does is introduce an SMS feature for the Litecoin community. What it is hoping to do is enable anyone that is using a basic mobile device to use the services of Litecoin.
Is Litecoin a Ponzi Scheme?
A YouTuber recently expressed his opinion regarding Litecoin, thinking that it’s a Ponzi scheme. For YouTuber TruthNeverTold, “He sold out everything at the top. Good on Charlie Lee! Great Job! But you just proved the fact that, as I’ve been saying since 2011, early adopters take something that has no intrinsic value, they set about building the perceived value to an unsuspecting public only to sell that illusion for something that has real value”.
On December 20, 2017, Charlie Lee “sold or donated” his entire Litecoin shares. During that time, he mentioned that it’s a way to avoid “conflict of interest” that arises from its growth. Lee mentioned that “Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success… For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin”.
He also defended that the sale/donations didn’t really affect the market. He mentioned that “I didn’t actually have that many litecoins, My selling litecoins didn’t actually affect the market itself but the fact that I had litecoins and people were thinking that I might dump it on the market was an issue”.