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Charlie Lee is well known in the cryptography industry for having founded one of the first cryptocurrencies, Litecoin. Lee spoke on Twitter following what he called "bad journalism" regarding the sale of his entire Litecoin nine months ago.
Lee sold all of his Litecoin in December 2017 following what he called "a conflict of interest". However, Lee managed to sell his $ LTC to the absolute top. Lee managed to unload all his $ LTC holdings at around $ 322 per currency, Litecoin currently stands at $ 51.73.
Lee recently spoke at the LTC Summit held in San Francisco from 14 to 15 September 2018. He talked about the motivation to sell his $ LTC at the summit and follow the story on Twitter .
In Lee's Twitter thread, he explains that "bad journalism is rampant in cryptic," citing a sensational headline on a comment by Lee about dumping his $ LTC. The founder of Litecoin has commented jokingly that he is happy to have downloaded his LTC or he would have to find another job since he would not be able to work on Litecoin full time or to finance the Litecoin Foundation. The journalist took this comment and distorted the story according to Lee.
Lee explains that he wanted to continue working on the project but did not want to be involved in price speculation, and believed that selling his holdings in LTC would have prevented a conflict of interest.
Lee ends by explaining that people should not believe everything they read on the Internet by citing "Time is money." I now work full-time on Litecoin and more invested in its success than ever. "
1 / At the LTC Summit, I briefly addressed the motivation behind the sale of my LTC Companies. However, bad journalism is rampant in crypto and now there is a sensational title created by my partial quote.
– Charlie Lee [LTC⚡] (@SatoshiLite) 18 September 2018
2 / I said jokingly that it is good that I did what I did otherwise I might need to find another job and can not work in time full on Litecoin (not to mention support for the Litecoin Foundation). Of course, this is the only point on which this journalist has collected and has not had time to make fun of me
– Charlie Lee [LTC⚡] (@SatoshiLite) 18 September 2018
3 / re: conflict of interest, I sold my LTC holdings so I could concentrate on adoption and not on price, as these 2 are not always related. Litecoin is my child, so I do not need monetary incentives to want it to succeed.
– Charlie Lee [LTC⚡] (@SatoshiLite) 18 September 2018
4 / Finally, a bit of a joke. The term came from a bitcointalk forum user who refused to sell when the market crashes. Hodl means not panicking when prices are low. Selling during a bull market does not contradict the hockey council.
– Charlie Lee [LTC⚡] (@SatoshiLite) September 18, 2018
5 / The article also includes false quotes from me. Do not believe everything you read on the Internet!
Time is money. Now I work full time on Litecoin and more invested in its success than ever. 🚀
– Charlie Lee [LTC⚡] (@SatoshiLite) 18 September 2018
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