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The founder of Litecoin, Charlie Reminisces
Just a year ago, the founder of Litecoin, Charlie Lee, better known as "Coblee" or "Satoshilite", took Litecoin subreddit (LTC) to convey an astonishing announcement. For those who lost the memo, Lee, who has been a supporter of cryptocurrency for most of the existence of Bitcoin, has revealed that he has liquidated his LTC holdings to mitigate "conflicts of interest".
Lee said he did not want his comments on his project to be influenced by price, rather, he wanted to continue working on Litecoin as a project of passion, rather than as a way to get a financial position. Case in point, the former head of engineering at Coinbase explained that he did not need to "tie" [his] financial success to the success of LTC ", before explaining that he had donated / sold each currency.
Many took it the wrong way, with skeptics claiming that Lee had been exploited to sell the top and was trying to "get out" of the famous Bitcoin fork, however, the insider noted that he was not abandoning the development of Litecoin, far from in fact. Lee noted that he would "still spend everything" [his] work time on [project], "Adding that he will be rewarded in other ways for his work, rather than for pure financial gain.
Speaking with Bloomberg in an interview honored with his pioneering ad, Lee exclaimed that insider trading charges launched against him were groundless. He has declared:
People lose money and want someone to blame … And they think that for some reason I have internal information, and it's silly. By the time I sold, everyone thought he would go for $ 1,000.
However, some did not believe Lee's most recent rebuttal, as his announcement regarding liquidation took place on December 20, 2017, a day after LTC reached its all-time high of around $ 375. Regardless, Lee had another card to play, telling Bloomberg that he had sold his LTC holdings for a number of days, which fell to an average selling price of $ 200.
And again, Lee explained that he only did a double down in promoting the alternative of Bitcoin, pointing out that it is increasing the take-up of LTC by traders, rather than focusing specifically on the code. Although it hesitated to provide an exact update on adoption, the longtime cryptography advocate noted that he started recommending the HTC Exodus project, which supports LTC through the world's first blockchain-centric device.
Despite its efforts, however, the network statistics for the now eight most capitalized cryptocurrency have fallen until 2018. For the BitInfo data, the average number of Litecoin transactions peaked in January 2018 at 197,200, going down to just 23.100 today. Aaron Brown, a journalist at Bloomberg Opinion, said the declining transaction count may, in fact, be slightly attributed to Lee's decision to liquidate.
Brown, supporting his comment, noted:
It's okay for a pure investor to decide that something is not worth and sell without warning. But someone who continues to work in an industry while leading to zero financial exposure does not seem to look good. Not illegal, only less than candid.
Lee himself has acknowledged this fact, but still alludes to the fact that he really believes that his liquidation was logical. The head of Litecoin noted that "it certainly had a certain effect on the trust of people in Litecoin", adding later that it is not paid to increase the price of LTC, unlike "CEO of public companies".
Litecoin.org Image Title Image Courtesy of Marco Verch Via Flickr
