Charlie Lee Advises on Bitcoin Investment out of Fear, Bitcoin Increases in Value while Altcoins decline

Charlie Lee recently advised his followers to invest in Bitcoin before they countinue to buy any other "shitcoins", this tweet came recently after Stellar surpassed Litecoin or "Silver" as he likes to call it in Total Market Cap. Coincidence? I think not.

Twitter Image of Chalie Lee's post.

In the aftermath of this tweet he was quoted by a variety news sources as everthing he says is, I would go as far as calling him the most influential name in the cryptosphere. And what happened? Why Bitcoin gained in price and the altcoins closing in on litecoin began dropping.

He has long likened his cryptocurrency Litecoin, of which he devisted, to silver and bitcoin to gold. All other cryptocurrencies are shitcoins. The only explantion he uses to back this up is their monetary value, not their technology or use cases.

It would be simple enough to talk VeChain which is trying to reveal all aspects of the supply chain to consumers and businesses so they can make smarter decisions to demonstrate a coin that is not a shitcoin.

Or Power Ledger aiming to allow consumers and energy producers to sell and receive electricity at the best rates without having to go through a middle man.

While I could agree that they are the most valuable currency coins it does make a certain amount of sense to compare them to valuable metals. But beyond that the comparison ends. As altcoins that offer the same use are on the rise his tweet seems defensive rather than trying to be helpful to the general population.

Litecoin recently entered into a partnership with one of these shitcoins, Tokenpay, to acquire a stake in a bank. While the stake in the bank could be the only motive he makes for quite a bad partner if he feels and sees no use in the Tokenpay currency besides this. He is seemingly convincing all these holders to sell their Tpay for litecoin now that they hold the same competitive advantage of bank ownership.

Last week digibytes an alterntive to litecoin that likewise uses POW, but has lower fees and faster transaction speeds was all over his twitter trying to explain why their coin was more secure. I would encourage anybody to read this argument.