Charlie Lee congratulates Stellar (XLM) for passing Litecoin’s market cap
Stellar has had an impressive few weeks, culminating it today surpassing Litecoin’s market cap and entering the top 6 of all cryptocurrencies.
A series of good news events seems to have driven the increased market interest. Last month it was rumoured that Stellar would be purchasing crypto platform Chain. Since then Stellar’s XLM has been listed on South Korean exchange KuCoin while yesterday a deal was announced between the British city of Liverpool and the Poseidon Foundation, a carbon credit and blockchain NGO build on Stellar, in an attempt to make Liverpool the world’s first “climate positive city” by 2020.
Litecoin founder Charlie Lee has offered his congratulations to the Stellar team. “Congrats to Stellar on passing Litecoin’s marketcap,” he said, though he added some caveats. It “doesn’t make sense,” he said, “to compare marketcaps of coins that are ‘printed’” because they may have “an inflated marketcap.” He admitted that perhaps because he was “old school,” he only cared “about decentralized mineable coins.”
Illustrating his point, Lee included a link to CoinMarketCap’s ranking of the top 100 mineable coins. Under these criteria, Litecoin is in 4th place, in front of Dash and behind Bitcoin, Ethereum and Bitcoin Cash.
Congrats to Stellar on passing Litecoin’s marketcap. That said, it really doesn’t make sense to compare marketcaps of coins that are “printed”, b/c they have an inflated marketcap. Maybe I’m old school, but I only care about decentralized mineable coins.https://t.co/n6va1YWoiD pic.twitter.com/4IMJ7iqg3H
— Charlie Lee [LTC⚡] (@SatoshiLite) 20 July 2018
The difficulty in valuing a token’s market cap was outlined today by Lee’s fellow “Magical Crypto Friend” WhalePanda. “I can create a WP-token,” he said, “create $1 trillion, sell 1 token for $1 on an exchange and I’m a trillionaire with WP being the dominant coin.”
Stop using #Bitcoin dominance as an indicator. As soon as people started with premines/tokens and (BTC) airdrops it became irrelevant. I can create a WP-token, create $1 trillion, sell 1 token for $1 on an exchange and I’m a trillionaire with WP being the dominant coin.
— WhalePanda (@WhalePanda) 20 July 2018
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