Charlie Lee Addresses Criticisms Regarding Litecoin (LTC) Development

On Sunday (August 11), Litecoin (LTC) creator Charlie Lee described the Litecoin development process, and explained why this might make it seem as though the Litecoin Foundation only cared about increasing awareness and adoption of Litecoin and not the development of the Litecoin protocol.

Three days before the Litecoin halving event occurred, Bloomberg published an article with the following title "Hype Over Litecoin’s Halving Leaves Owners Holding the Bag".

Essentially what this article was saying was that although the hype around this event (which reduced the block mining reward from 25 LTC to 12.5 LTC) had resulted in the LTC price more than quadrupling in 2019, recently, investors had "turned sour on the fourth-largest digital token."

One reason Bloomberg gave for some of the recent negativism around Litecoin was that "developer activity", as measured by contributions to the Litecoin source code, had gone down to "its lowest level since 2014."

David Tawil, President of crypto-focused hedge fund ProChain Capital, told Bloomberg:

“Folks that are invested in Litecoin see these technical moves as not being important enough anymore -- there needs to be more fundamental development. These technical activities, although they make sense from a supply-demand perspective in terms of amount outstanding and so forth, at the end of the day, that story-line only works for so long.

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