On August 5, the Litecoin team conducted a halvening on the chain and now the miners receive not 24 LTC as before, but 12.5 LTC for each new block.
Right after the event was conducted, Charlie Lee reported that the LTC network’s hashrate had not dropped, none of the miners had switched off their machines and blocks were being produced even faster than planned.
A short while ago, Charlie Lee tweeted that since the halving took place, 504 new blocks have been produced. As per him, slightly over 21 hours have passed after the event and for mining that many blocks that is a normal average amount of time. So, things are going well, apparently.
‘Litecoin is a great store of value also’
Today, the Litecoin inventor, replying to the tweet of the crypto expert Anthony Pompliano, wrote that LTC is great as a store of value too.
However, everybody knows that Charlie Lee sold all his LTC back in 2017.
As per the recent Medium article, Charlie Lee indeed holds almost no LTC. Since the time he sold his stock (in late 2017), the crypto community has come up with several reasons that made the Litecoin founder sell his own coins. Those theories have been spreading quite a lot of FUD.
Among the ten theories regarding Lee selling his Litecoin, there are those that claim he sold LTC and caused the price to crash, he sold only for profit, he’s no longer motivated by LTC, and several others.
However, the Medium story claims, Charles Lee sold his Litecoin purely to avoid the conflict of interests.
Lee does hold some Litecoin for daily usage and for adoption purposes. He just won’t ever financially invest in LTC because of conflict of interest.
LTC price drops
On August 5, after the halving occurred, the LTC price went up, passing the $100 level.
However, at press time, the asset has gone down below the aforementioned level again and is trading at $98.33.