Bitcoin Forum

It’s amazing to see a developer of another cryptocurrency commenting good concerning other cryptocurrencies instead of destroying their reputation to boost his/her own coin in the market.

This is no other person but the founder of Litecoin Charlie Lee who has said that he feels less pressure after he had sold all his Litecoins and is now concentrating on building it up. In a recent news he said that everyone should try and own at least a Bitcoin since it could be a great asset in the future. His reason for selling the Litecoin in his possession is to focus on the development of Litecoin Rather than speculating on its value in the markets. During the Asian Blockchain Summit held in Taiwan, he granted an interview about Cryptocurrencies, where he said that Bitcoin, litecoin and Xrp could be compared to gold, silver and diamond respectively.

More here, https://zycrypto.com/charlie-lee-compares-bitcoin-to-gold-litecoin-to-silver-and-xrp-to-diamonds/

I don't agree with Lee.

Bitcoin is everything you want it to be when you refer to precious metals and other natural assets.

Litecoin has no use other than it being a cheaper and faster alternative to conduct transactions, but it will lose this niche once Bitcoin's LN is deployed on a larger scale. If you take away Litecoin's cheaper and faster confirming transactions, it has nothing left to remain relevant. It's useless other than the fact that it is a great Bitcoin testbed.

Litecoin isn't Silver because Silver in the real world experiences actual usage requiring this specific precious metal. What real world usage requires Litecoin?

XRP is straight trash. It should be called server coin. Even if it was completely decentralized, one party holding +50 billion units is pure madness.

XRP? Really compare to Diamond? LOL. And then Bitcoin to Gold? Does it mean that XRP price will take over Bitcoin? I think we really need to stop this comparison with crypto's and precious metals. We heard so much about it last year specially when bitcoin surpassed Gold's price. One thing that I really disagree is Lee comparing XRP to diamond. I don't know what's his reasoning behind, I'm literally shaking my heads right now. LOL. XRP=Diamond? Really. hahaha.

It still boggles my mind how people ignore its premine and invest in it. I don't care whether or not they phase out the distribution of these 'locked' coins, it still results in the same entity to hold that many coins.

The only thing people are doing with investing in XRP is making sure those behind Ripple enjoy a comfortable life as multi billionaire. People call out other coins for being premined, so why tolerating XRP?

Charlie Lee lost its mind. If I see the main character of a coin dump nearly everything and speak out like that, it's time to admit that he lost confidence and doesn't expect to gain much from it anymore. Money over purpose.

And Bitcoin Cash? What is it going to be? Platinum? If i were to compare XRP to a metal it would be pirite. You think that it's worth something, looks promising, ends up being a  pile of worthless shit. Charlie shouldn't even mention LTC since he sold his stash. He should be happy that it didn't tank to 0 after that move. Long ago comparing it to silver might work since it was the most popular BTC fork, but now...

The comparison actually works decently. Diamonds have no true market value, it's just an inflated value based on perceived value. If you buy a diamond for $10,000 you won't be able to sell it a couple years later for $12,000, hell you might not even be able to get $7,000 for it. There's no market value that you can judge a diamond. It really is similar to XRP, just something that has a fake value.

This demonstrates the value of popular culture as a vehicle for feeding public perception.

Diamonds have only ever had much value when they're large or unique, the smaller ones occur far too frequently in nature to be worth much on a supply/demand basis. But movie plots about stealing diamonds, or red-carpet walks (using borrowed diamond jewellery) have somehow convinced the public that diamonds are valuable, whereas actual jewelers do not agree (unless they're selling to you, not buying from you). Gold and silver are valuable to jewelers, not diamonds.

There is some value in them as they're used in industry (drills, cutting edges, saw blades) and in optical devices due to their refractive properties. That said, you are of course right about their price being artificially pumped because we have the means to produce diamonds that are also hard and refractive, just like the original ones, but somehow aren't as expensive as the natural ones. This additional value given to the original diamonds is purely speculative and baseless.

I like Litecoin a lot, especially so with how it is the best crypto currency to serve as on-chain cash, but the developers themselves and the community behind it never invested time in properly marketing Litecoin as cash. It's a wasted opportunity and pretty much turned Litecoin in a redundant nobody-cares-coin. Charlie Lee not willing to advertise Litecoin in the best possible way doesn't help either. I believe that Bitcoin is the only true first generation crypto currency that will manage to grow in value in the coming years -- the rest won't go away but will lose the majority of its value....

Charlie Lee's quote about XRP and diamonds from the article:

“There are many possibilities (of finding and altcoin to resemble value), but Ripple is somewhat like a diamond because its supply is also artificially controlled. And diamonds are actually advertising … If you want to buy a Ripple for marriage, it is very valuable, haha.”

So, it doesn't necessary mean that he thinks that XRP is precious, to me it even sounds like he's saying that XRP is overvalued.

Most of the newer trash coins and tokens need marketing, otherwise no one will bother to fall for your hype. Long time assets don't need marketing.

Litecoin's lack of marketing has made it gain proper use instead of speculative use, just like how Bitcoin is mainly a coin being used for its main purpose.

Fact; Litecoin without marketing has more network transaction activity than BCash with its aggressive marketing and merchant adoption.

the value is created artificially by cutting the supply lines
a couple of monopolists control the diamond market,not allowing the huge stream of cheap diamonds to drive the prices down
XRP is similar as it has been mentioned above - it has one party holding almost unlimited supply of the coins
and if they wanted they could manipulate the price at will
remarkably enough,Lee hasn't even mentioned ETH :)

If we look at his selection of coins, he's looking for simplicity rather than something tech related like Ethereum, which isn't even serving that much of a purpose. It's mainly rookies being addicted to Ethereum.

Ethereum based ponzi games are rising as well. The most popular right now is FOMO3D. How can this be good for anyone? The less of these high level characters recommend tokens like Ethereum the better it is for people.

No serious legacy business hosts anything on Ethereum's blockchain, and rightfully so. They don't want to be associated with this nonsense where Ethereum miners are rigging the internal ecosystem.

I’m still bagholding XRP, not much I can do with it now apart from wait & see what happens. Hopefully it’ll be worth a lot in the future. I’m not too bothered though as I’m far more into bitcoin.

That's good that you're into Bitcoin as it has the best long-term potential from all the coins out there.

I can't bring myself to touch XRP. I just cannot wrap my head around it. It's incomprehensible to me.

The diamond comparison is on the money. I see more appealing rocks every time I go to the beach yet De Beers have managed to fool people into handing over lord knows how much for them for years on end.

A mate of mine's wife insisted on her diamond costing him three months' salary as the marketing tells her to demand. I would've told her to fuck off and pushed her in a river.

I totally disagree you friend.  You are saying that diamonds have no real value.  It is not true.  Though the value of diamonds depends on their size when it is being used as show piece or used as jewelry.  But it is not the only use of diamonds.  
In Indian Medicine Science called Ayurveda; It is used as making high quality medicine which is used for so many decease.
Following are few deceases in which this medicine is being given'
Cancer, Heart Decease, Asthma, Diabetes , immunity and bone marrow problem are few major deceases in which it is helpful.
It must  be used under the qualified Ayurvedic Doctor only.

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for more knowledge you may please follow @yogrishiramdev @Ach_Balkrishna on twitter.  You may also follow them on facebook.  These two persons are encyclopedia of healthy and wealthy life.  

I said they have no market value, and they don't. There's no way of truly quantifying the value of a diamond, unlike gold it's not traded on any exchange. I can pay $5000 for a diamond and there's no guarantee what value I'll be able to sell it for. One person might offer me $4000 and another might offer $6000 but it's not like I can look at an exchange and say "this is the true value of this diamond" and that's what the problem is with diamonds.

I'm sure there are many uses for diamonds as you mentioned but, as an investment, they're terrible.

There are retailers /  whole sellers of diamond who are suppliers of diamonds to jewelers , medical industry etc.  They are investing in it with the intention of getting higher rates from it's customers.   So money can be invested and earned via diamond.
They may not be having any exchange.  Because of this reason some person holding a piece of diamond may not be able to sell and get price. 

But still there are price of diamond ; at which jewelers; medical entrepreneurs are buying from large traders for making jewelry  ; medicine etc.  There may be certain other industrial uses of diamond ; and the factory owners must also be  buying at certain specified rates. 

If a person is having small piece of diamond; no factory owner will be approaching him to sell it to the factory.  Even if he approaches some jeweler or other; they may or may not be ready to pay him the actual current value of the piece  So for small investment purpose ; it may have no value ; but as a business it is an investment.

Sorry friend for disagreeing ; though still I say small innocent less experienced investors everywhere becomes a prey to big fish be it bitcoin or diamond. No difference for the small fish; he has no choice but to become small one piece of meals of big fish, in case he enters a sea in search of some food for him.

XRP speculation is so silly — one only needs a tiny amount to fund a lifetimes worth of transactions. And that’s all it’s good for: burning for fees. It really goes to show you how little investors understand Ripple. It’s basically a debt-underwriting system where you extend certain amounts of trust (credit risk) to other people, where XRP is a spam deterrent.

XRP on the whole is problematic. Just on the basis that it's centralized and run by financial institutions makes it go against everything that Bitcoin was originally created for.

I can accept other altcoins when they stick to the concept of decentralization but XRP is the fakest "cryptocurrency" out there.

It's funny how decentralization is such a selling point of this space, yet barely any coin actually offers that. XRP is just as centralized as any other altcoin or token in crypto land.

The problem with crypto in general is that every coin or token has a face, which is a massive point of failure, but noobs don't seem to care as long as they see their investment start paying off. These ignorant assholes are the sole reason utter crap coins have value, and the sole reason legitimate projects don't stand a chance to bloom.

In other words, it's just as bad as the legacy economy where governments use regulations to effectively eliminate potential competitors for their lovely monopoly elitist businesses.

Oh I absolutely agree with that and I roll my eyes whenever someone supports a centralized altcoin, it's just that XRP is the most prominent one and the one with the most fervent fans...but to me the whole idea of a centralized cryptocurrency goes against everything that Bitcoin was originally intended for.


Also agree with this, I've said it before on here but the world of cryptocurrency has evolved from its original concept of being a digital decentralized currency to a get-rich-quick investment for people to apparently buy Lamborghini's. The whole crypto world is topsy turvy right now.

The joys of permissionless tech. The only way for it to develop beyond an absolute shitshow is to let the shit run free until it dries up. Eventually people will figure out what's worthwhile and important. There'll be a lot of dead bodies in its wake but it's the fastest way to achieve it.