Welcome to the second article of the ‘Power is Money’ series, where I take you through a detailed account of a debate against Shan Belew, a Litecoin Maximalist on x.com. At this point, it’s 2024. I have absolutely no tolerance for anyone who advocates for another coin other than Bitcoin. We’re in the midst of paradigm shift in thought and reason in regards to finance. Societal morality, intellectual validity, and so many other concepts and ideas hang in the balance. If we collectively f*ck this up, we will effectively take a significant step back as humans on earth.
Not on my watch.
It’s not every day that you find yourself in an x.com debate, but when the topic is Bitcoin, things can get a little heated.
Needless to say, I wanted all the smoke.
The argument kicked off when Shan Belew, taking a dig at Bitcoin maximalist Max Keiser, remarked, “Would like to see the Litecoin version of Bitcoin also as Legal Tender. When will that happen Max?” Keiser’s curt reply, reposted on x.com, simply read: “Litecoin is a shitcoin.”
Jumping into the fray, I referenced Spaceforce guardian Jason P Lowery’s power projection thesis, stating, “Jason P Lowery would argue that #Litecoin has merit. However, its hashrate, indicating its computational power, is weak, leading to concerns about network manipulation/security.”
But Shan Belew was quick to challenge this, retorting, “Many newcomers & rookies often make the mistake of comparing hashrate of Scrypt vs SHA256.”
Cutting through the technical jargon, I highlighted the core issue: “The overall hashrate of #litecoin is the equivalent of running about 4-5 Bitmain 104T ASIC machines. It’s not inherently a bad concept; it’s just not as secure as #bitcoin.”
Attempting embarrass me, Shan questioned: “Wait, so bitcoin miners can mine litecoin… Or are you making a rookie mistake?”
My response honed in on Litecoin’s critical shortcoming, its energy consumption: “How many watts does the collective network of Litecoin command? For a proof-of-work coin like Litecoin, increased computational power, measured in watts, equates to enhanced security. Currently, there aren’t enough watts backing Litecoin. Or is Litecoin not a proof-of-work coin?”
While Shan Belew tried to deflect, pointing out that “Security is more than just watts,” I stood firm, asserting, “More watts literally mean a higher level of security.#Bitcoin.”
Belew again disagreed and then asked, “It’s not. Have you considered the game theory of litecoin & dogecoin?”
It was almost as if he expected me to pivot my posit due to the fact he mentioned another superficial cryptocurrency.It obviously didn’t work.
I swiftly shot back, “Dogecoin and Litecoin are expendable in comparison to Bitcoin. Until there’s an industrial rush to mine the coin and create jobs then it’s not really a thing. Where are the publicly traded Doge and Litecoin companies? Where’s the rush of governments to interpret the assets?” This exchange sheds light on the pivotal factors that set Bitcoin apart from its peers — the creation of a robust industry around it and the consequent legitimization from regulatory bodies, which Litecoin and Dogecoin have yet to achieve.
Dogecoin and Litecoin may have their merits, but they pale in comparison to Bitcoin’s significance. The true test of a digital currency’s impact is seen in its ability to generate industry growth, create jobs, and draw the interest of big investors, which is evident in the presence of Bitcoin-oriented companies on stock exchanges and the way governments are taking steps to integrate Bitcoin into their financial frameworks. Neither Dogecoin nor Litecoin has achieved this level of industrial momentum or governmental attention, confirming Bitcoin’s superiority in the digital sector.
As the debate rounded off, it became evident that while Litecoin has its proponents, the robustness, security, and global recognition of Bitcoin remain unparalleled.
Bitcoin Versus is not a financial advisor. This media platform reports on financial subjects purely for educational and entertainment purposes only. The information provided on this platform is not intended as investment, tax, legal, or other professional advice. You should not rely on this information as a substitute for individual advice from a licensed professional. Do your own due diligence and contact a professional financial advisor for any advice on how to invest your money.
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