Litecoin (LTC) Hijacked the Bitcoin (BTC) Economic Model, Roger Ver Asserts
Speaking about the future of Bitcoin Cash (BCH), Roger Ver mentioned Litecoin (LTC) as an asset that has managed to subvert Bitcoin (BTC) and use it for marketing.
Roger Ver has again defended Bitcoin Cash (BCH) and outlined the coin’s future, saying in a recent interview that BCH faces multiple challenges, including scaling and competition from Bitcoin SV (BSV) and other assets.
The Litecoin project has started a semi-friendly competition with BCH, tracked by The Flappening website. For this reason, Ver, one of the most vocal BCH proponents, was also somewhat critical of LTC. He suggested that the Litecoin network hijacked Bitcoin’s original idea by allowing a larger block size.
“But credit to Charlie [Lee], the creator of Litecoin, for being a really, really effective marketer by saying, “Hey, we need to limit the Bitcoin block size, but if the blocks ever become full on Litecoin, we’ll just increase the block size on Litecoin.” Basically, Charlie told the Bitcoin community that they should change their working economic formula and Litecoin should keep the same working economic formula that made Bitcoin successful to begin with,” Ver said.
Bitcoin Cash attempts to scale by allowing larger blocks, thus achieving lower fees, although blocks are not anywhere close to filling. But Ver also believes Bitcoin will be unsuccessful due to the conservative size of blocks. At this point, there is even a proposal for further limiting Bitcoin block size to 300 kB.
The market is yet to determine the right size, Ver pointed out. Unlike Bitcoin SV, which wants to achieve very large blocks, Ver sees the issue as an unknown.
“I think that the argument that I would make today is that we don’t know what the correct block size is. Nobody knows what the correct block size is. And so the market participants as a whole should be what determines that block-size limit,” Ver said.
He also noted that the cryptocurrency ecosystem had changed from a gathering point for libertarians seeking to free money from state control to an instrument for fast gains. At the moment, cryptocurrencies have lost their democratic appeal, and there is even a drive for increased regulation.
BCH traded at $144.51 as of 10:15 UTC on Friday, while LTC steadied at $49.70 after its recent rally above $52.