The creator of Litecoin, Charlie Lee, is not going to buy back the liteco he sold "anytime soon or completely" after selling his entire holdings nine months ago.
Buy The Slide
This was the answer to a question during an appearance on CNBC on August 27th, during which Lee talked about Bitcoin 0 0 and Litecoin's price 0 0 performance and adoption.
"For me, I sold because of a conflict of interest," Melissa Lee said when she asked if the current price of Litecoin of $ 58 represents "an opportunity to purchase".
… I think it's always good to buy on the dollar road, it costs your buy-in on average;
Lee had previously told the network that he thought investors should buy at least 1 bitcoin before Litecoin or any other cryptocurrency.
Tough Times For Litecoin
Lee caused a sensation late last year when he announced that he had sold his entire stake in his altcoin. Appearing to sell as LTC / USD hit historic highs around $ 350, community commentators criticized his decision for threatening to scare markets and lose money to investors.
Lee defended the decision at the time, also pledging to focus exclusively on the development of Litecoin.
"I will not leave Litecoin, I will spend all my time working on Litecoin," he wrote at Reddit at the time. "When Litecoin succeeds, I will still be rewarded in many different ways, but not directly through the ownership of coins."
2018 has further demonstrated a test for Lee and Litecoin. As Bitcoinist reported this week, Silverbug and Golden State Mint chief TruthNeverTold became the last party to despise the December sell-off, directly calling a "ponzi scheme" cryptocurrency.
Prior to this, a partnership with TokenPay in July for the purchase of a stake in a German bank sparked a new backlash from TokenPay's dubious reputation.
However, altcoin is not without supporters, this week coming in the form of Blockstream CSO, Samson Mow, who noted that along with Bitcoin it represented the only long-term safe investment opportunity.
Is it important to have long-term diversification $ crypto portfolio? No. If you bought something other than $ BTC and $ LTC to hold you back in 2013, you'd be fine #REKT . pic.twitter.com/iXSTIgCZ3q
– Samson Mow (@Excellion) 28 August 2018
What do you think of Charlie Lee's commitment not to buy back in LTC? Let us know in the comments below!
Images courtesy of shutterstock, Twitter, Bitcoinist archives