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Charlie Lee aka Satoshi Lite, the creator of Litecoin, could probably be the most underrated person in the crypto-community for his genuine and honest character. However, more importantly, it is respected for its accurate predictions on the cryptocurrency market, in particular on Litecoin.
In 2017, when cryptocurrencies gained widespread notoriety and attracted mainstream media attention, Charlie Lee supported SegWit when the whole community was against it. There were huge FUDs surrounding SegWit and the way cryptocurrencies obtained through SegWit transactions were similar to "anyone can spend" coins.
Alan Silbert, in an attempt to eradicate this FUD, published a $ 1 million SegWit on Twitter to show that the SegWit coins were "anyone can spend".
The size has also been announced on Reddit:
However, no one could prove the FUD right and Bitcoin eventually integrated SegWit and the size was withdrawn. Lee also tweeted that he was the one who made the reward on September 30th, 2017.
A Twitter user, AT, commented:
"You were always there !!? Let's talk about putting the money where your mouth is!"
To this, Lee replied:
"Well, I would not risk a $ 200MM currency (at that time) with a risky upgrade if I did not believe it myself."
Lee made a smart bet, betting against SegWit2X, which was proposed as a tough Bitcoin fork by Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik Voorhees. The fork should have been held on November 16th 2017.
In a Twitter post, Lee posted a 1: 1 exchange to exchange his SegWit2X 250 BTC for a non-SegWit2X 250 BTC. This trade was placed for hard fork supporters Jeff Garzik, Erik Voorhees and Barry Silbert.
The fork collapsed due to lack of consensus among community members and Charlie Lee triumphed again.
Charlie Lee's third surprising prediction was when Litecoin was doing very well in the bull market in 2017. Lee said that sometimes the price of a cryptocurrency fires more than the actual or fair price. He even sold all his holdings in Litecoin in December 2017 just to satisfy the rumors and comments.
On December 11, 2017, a few days before the historic high of 2017, Lee expressed his concerns about the upward stroke of Litecoin.
Litecoin, December 14, 2018, reached a minimum of $ 22.84, just $ 2 above what Lee had predicted almost a year ago.
Most of the people who held Litecoin were really agitated and upset that Lee published something that could negatively affect prices.
A Twitter user, Crypto Aboutpital, commented:
"Why you should say this … just because … this is a kind of shit that would actually bring down the price of SBB."
Lee replied:
"If a tweet calls the price to fall, then it does not deserve that price in the first place."
Another user, frosty commented:
"A CEO of Google could go out and say not to buy GOGL because it's risky and can go down 80%?"
Lee answered Frosty:
"Thank God I'm not the CEO!"
While some people were upset that he was tweeting about prices, some were really appreciating him for heads-up.
A user, Vato Gogotishvili, commented:
"I just sold my entire participation in LTC! Thank you for being honest, I would not sell differently"
American Michael Twitter:
"Not a person asked you Charlie BECAUSE you expect a" multi-year bear market ", a term that for the most part has no idea what it is, but I'll ask you: why? Especially with the involvement of CBOE / CME / NASDAC and fact that these are on everyone's radar screens? I get consolidation, but bear market?!? "
Lee explained American Michael in a subsequent tweet that says:
"When the crypt rises too fast, it exceeds its real value, so a bearish market to be consolidated is normal – how long and how big is someone's hypothesis."
Lee even went to add a tweet of a crypto-enthusiast surprised and amazed at the section of his moments on Twitter, The monk Crypto.
Charlie Lee in another separate prediction said that the "flippening" ie, Ethereum [ETH] overtaking Bitcoin [BTC], it would not happen, but "touching", that is, Litecoin that surpasses Bitcoin Cash [BCH] it would happen by the end of the year. Lee made this prediction on February 25, 2018.
The prediction came true when the bear year neared its end and the Litecoin actually surpassed Bitcoin Cash on December 14th.
Source: CoinMarketCap
In September 2017, Lee sat down for a friendly discussion with Roger Ver, known for his promotion of Bitcoin Cash and more commonly known as Bitcoin Jesus. The discussion turned into a debate and went from "if Bitcoin has an intrinsic value?" To the "advantages of the Lightning network" [LN] on Bitcoin Cash & # 39 ;.
Ver went on a limb and bet on Lee, saying that less than 1,000 merchants would use LN in 18 months. The bet took place during the blockchain cruise in the first week of September 2018.
Roger Ver declared:
"I'll bet that in 18 months from now there will be less than a thousand merchants around the world except the payments of the lighting network for physical goods".
Lee willingly accepted the bet and the terms were established, so if Lee lost the bet, he would have to wear a Bitcoin Cash shirt and make a video about it. In addition, Ver said that if he lost the bet, he would wear a shirt of Lee's choice and make a video about it.
Sure enough, LN adoptions have taken off and have not yet crossed more than 1,000 merchants with Coingate, a very popular criptovalute exchange, launching their own LN for Litecoin. Lee posted a tweet about it on December 13 saying:
"Even Litecoin will soon have more than 1,000 merchants accepting LN payments! 🚀 Thanks to @CoinGatecom!"
Coingate tweeted that LN will be up and running fairly early on the same day.
The Lightning network has not yet been implemented for Litecoin, but the CoinGate team is finalizing plans to do so.
In his official blog, CoinGate published:
"Cryptocurrency payment gateway CoinGate introduces the processing of Lightning Network payments to merchants, with more than 4,000 companies actively accepting Bitcoin through the CoinGate platform will immediately be able to access Lightning payments without further efforts."
To sum up, Lee has always had the best interest of investors in his heart and, unlike what most people believe, Lee was very accurate with his predictions on the cryptocurrency market and, above all, a humble being human.
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