ForexMinute.com – In his speech at The North American Conference in Chicago, Litecoin creator Charlie Lee confidently predicted the death of Dogecoin, citing its downgrading hashrate as one of the major factors in providing the event. However, Lee once again proposed Dogecoin developers to merge with Litecoin in order to ensure their survival.
He also spoke to CryptoCoinsNews.COM in person and elaborated his views on Dogecoin in details. “The Dogecoin development team needs to do something,” he said.
“Most people in the community actually don’t understand the problem. The hashrate is so low that it’s getting dangerous. It’s getting to the point where anyone with a small ASIC farm can attack it.”
Lee considers himself as one of the most concerned well-wishers of Dogecoin. He once offered Dogecoin founders the same choice of merge-mining, which the latter respectfully rejected. Lee thinks it is their “pride” that resists them from joining hands with Litecoin.
But whether Dogecoin community accepts or denies it, their hashrate and constantly depleting block reward is really a matter of concern for now. They must understand how a low block reward will simply force Dogecoin miners to move towards other profitable cryptocurrencies. As all should know, the Dogecoin block reward has been halved recently due to its blockchain halvening. (Read here for more)
The real trouble arises then is a 51% attack, as expressed by Lee as well. “I talked to the lead developer and I made it obvious that he really needs to make a decision to do something before it’s too late. Once you get attacked, people lose confidence,” he told CCN while expressing his concerns on the dropping hashrate of Dogecoin.
The Shibes however thinks that the merging will put some serious downward pressure on Dogecoin price. They also don’t wish to be termed as a by-product of Litecoin. Some Dogecoin supporters also think changing algorithm to be a better option than merging. But on the whole, nobody was seen denying the issues raised by Lee, which seems genuine enough to take an immediate action. To the moon to the pits, let Shibes decide.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
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