Why I say Litecoin will struggle is because Litecoin is fundamentally almost identical to Bitcoin. But the proof-of-work track is a competition of hash power, a competition of consensus, a competition of first-mover advantage. If you are a major player or institution in Bitcoin, how could you possibly allow Litecoin to excessively emerge in this market? This is also why the exchange rate of Litecoin to Bitcoin can continuously decline, falling for seven or eight years without a genuine rebound. Moreover, this situation will continue permanently because Litecoin's biggest problem is that it is exactly the same as Bitcoin.

Retail investors always feel that PoW is secure and reliable. PoS feels ethereal and lacks a sense of security. This is similar to the cognitive bias that appeared 20 years ago when investing in offline entities versus investing in e-commerce. In fact, aside from Bitcoin, PoW is the least secure. A simple example is that when money is easy to make, strong and connected large factories can avoid competing with small factories for business and can subcontract some components to suppliers. Large factories make the profits while small factories get a little share; everyone benefits. However, when money becomes hard to earn, large factories can leverage their massive production scale to infinitely lower costs and even set up additional production lines to directly produce the products of upstream suppliers, seizing a large portion of the existing market.