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The famous Silverbug and Golden State Mint, TruthNeverTold, recently starred on his YouTube channel to once again call the cryptocurrency market as little more than a Ponzi scheme. Specifically, he states that Litecoin and its founder, Charlie Lee, are the first examples of deceiving unsuspecting investors.
As Bitcoinist reported on December 20, 2017, the founder of Litecoin Charlie Lee "sold or donated" his entire Litecoin wealth to avoid "conflicts of interest" resulting from its growth. Interestingly, Lee sold the unprecedented top of the Litecoin pump – something that TruthNeverTold considers as an obvious profit output from a Ponzi scheme nothing-for-something.
States TruthNeverTold:
He sold everything high. Good to Charlie Lee! Good job! But you've just shown that, as I said since 2011, the first to adopt something that has no intrinsic value, they decided to build the perceived value to an unsuspecting public, only to sell that illusion for something that has real value .
YouTuber also challenges Lee's reasoning. The founder of Litecoin explained at the time:
Litecoin was very good for me financially, so I am rich enough not to have to tie the financial success to Litecoin's success any more. […] For the first time in 6+ years, I no longer own a single LTC that is not stored in a physical Litecoin.
For TruthNeverTold, Lee admitted he had cashed on top of the bubble, selling cryptocurrency for fiat and securing his long-term financial success.
Charlie Lee has since defended his actions as benign and well-meaning. Despite the fact that the market of Litecoin 0 0 has precipitated substantially and has never recovered from the point of sale / donation of Lee, Lee claims that its actions have no effect on the market, stating:
They actually have lots of litecoins. My sale of litecoin did not actually affect the market itself, but the fact that I have litecoins and people were thinking that I could download it to the market was actually a problem.
Lee also believes that Litecoin will eventually recover, explaining: [19659004] I still think it was the right move, but I wonder if I think that in the long run it was the right move, but in the short term, while the price is low, below the historical maximum, it seems that it is not the right decision. But I think that, going forward, five years later, when the price will return to historic highs, I feel like it's the right move.
What do you think Charlie Lee sells his entire stake in Litecoin at the summit? Do you think that Litecoin and other cryptocurrencies are Ponzi schemes, or TruthNeverTold simply reacting exaggeratedly to a market bubble? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock, YouTube.
