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/ Ultima / 2018/12 / litecoin-founder-charlie-lee-supports-he-ISN-t-to-blame-of-LTC-s-90-decline /
Charlie Lee, the creator of litecoin (LTC), a cryptocurrency created to be the silver of bitcoin gold, has recently claimed that only a "handful of cryptocurrencies" will be used as money, and implies that it is not to be blamed for litecoin 90% decline.
Speaking with Bloomberg, Lee noted that he is focusing on the increase in the use of LTC by merchants. Although he did not provide specific statistics on how he is going, he pointed out that he was a consultant to HTC's Taiwan mobile device manufacturer, as covered by CryptoGlobe.
He added that there are still many scams in space, which means that only "the strong" are destined to survive.
There is obviously a lot of scams and currencies that are not useful to everyone and those values will collapse. You will see some coins dying and the forts will survive.
In particular, Lee was targeted by critics in the last year after selling his LTC holdings at the end of last year. For Per Bloomberg's article, he revealed that he sold his coins through several trades, averaging $ 200. At that time, his sales announcement was made while LTC arrived at $ 375, close to his historical maximum.
Currently, CryptoCompare data show that LTC is trading at around $ 32.8, after a 4.5% increase in the last 24-hour period.
The liquidation of Lee, according to his words, came to avoid a "conflict of interests" when he publicly spoke about the cryptocurrency. For some, however, the founder of cryptocurrency used internal information to anticipate others and downloaded the tokens he had on those who believe in the LTC.
He was quoted as saying:
People lose money and want someone to blame. And they think that for some reason I have privileged information, and it's silly. By the time I sold, everyone thought he would go for $ 1,000.
He refused to disclose how much LTC sold, but he noticed that he was already rich before selling all his litecoin. Some of the proceeds from its sale went to institutions like the Litecoin Foundation and the Digital Currency Initiative of the Massachusetts Institute of Technology.
According to the report, it still owns LTCs for transactions and has taken into consideration the possibility of donating other funds. While he admitted that selling his LTC "had a certain effect on people's trust", he said that this is due to the fact that "people are used to traditional public companies".
He added:
Unlike CEOs of public companies, they are not paid to increase company shares.
The decline in the currency also saw its use decline, as the BitInfoCharts data show that traders, traders and speculators have stopped using cryptocurrency as before. This presumably happened while bitcoin taxes started to fall along with its price, and alternatives like Bitcoin Cash and Monero (XMR) – after its recent hard fork – gained popularity.
Lee created litecoin in 2011, slightly modifying the bitcoin open source code while working as a software engineer at Google. He later served as director of engineering at Coinbase, and at the time he obtained LTC on the stock exchange while he was active. Shortly thereafter, he left to concentrate on the cryptocurrency.
