The founder of Litecoin (LTC) Charlie Lee has been under examination by many fans who contest his controversial decision to sell his tokens at an average price of $ 200. In an interview with Bloomberg, Lee cancels his position, arguing that it should not be blamed for the fall of 90% of the token.
In the interview, Lee doubts that the abrupt LTC incident is due to a natural market trend. He adds that while he understands the need of others to blame him, he is "stupid" to blame him anyway:
"People lose money and they want someone to be blamed, and they think that for some reason I had internal information, and it's silly." When I sold, everyone thought it would go to $ 1,000. "
The creator of Litecoin has repeatedly clarified that he has sold his token to avoid a conflict of interest when he promotes his crypt. However, this action created an involuntary negative wave, which made the community understand that Lee disconnected from the project or at least lost confidence in it:
"It certainly had a certain effect on the trust of people in Litecoin, because people are used to traditional public companies … Unlike the CEOs of public companies, they are not paid to increase the shares of the companies.
He created / discovered Litecoin through a series of modifications to the Bitcoin source code. Initially, the goal was to create a much faster and more efficient alternative with cheaper rates. However, once LTC was created, Lee left her job at Coinbase to focus entirely on her child's development and promotion. While Lee does not own any of his own tokens at the moment, he continues to commit to the improvement of Litecoin.
On the subject of the current market bear, Lee says he is more focused on improving the technology side of his cryptography than thinking about current price fluctuations. He added that the cryptocurrency market is a difficult field and a bearish streak observed in 2018 will only help clean up the ecosystem of worthless scams and projects.
"My feeling is that there will be a handful of cryptocurrencies that will actually be used as money. 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. "
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