Litecoin founder Charlie Lee deletes tweet about instant mining phase, criticized by community

Litecoin founder Charlie Lee recently made comments on Twitter related to the instantaneous mining (instamine) phase of his currency. Although Instamine occurred eight years ago, the topic has reignited controversy. Charlie Lee later deleted the tweet that seemed to be directed at competitor Dash. In this tweet, which was later deleted, he tried to explain the Instamine phase and pointed out that Dash may have committed a more aggressive crime. "It is difficult to estimate how much computing power will pounce on it initially.

But it's still fair for Litecoin because everyone has a fair chance. What's unfair about Dash is that it was only launched to friends in the first few days, and then the total supply was reduced. " In the Redidt article, Li Qiwei defended the behavior of setting the difficulty of Litecoin mining very low in the early years, "If I knew what the computing power was at the time of release, I could set the initial difficulty higher.

But I would rather err on the side of low settings at launch to protect against a 51% attack, and that’s what I did.” The community was unhappy with his initial tweet and subsequent deletion. (Flash mining refers to the process by which a new cryptocurrency can be easily obtained within a short period of time after it is released. The purpose of flash mining is to accumulate a large amount of available currency supply in the early stage to sell it for high profits at a later stage.)