Litecoin founder sold all his coins

Charlie Lee (Charlie Lee), a former technical director of Coinbase, sold all his savings in the Litecoin cryptocurrency (LTC), which he founded in 2011. Initially, the idea was to add gold (Bitcoin) with a kind of silver (Litecoin), with a lower price, simpler mining and transactions.

The motives for such an act Charlie Lee explained on Reddit . The main reason is a conflict of interest. The founder of cryptocurrency says that he is tired of the situation when everyone catches his every word and then blames him. Whatever he says, these words affect the price of a lightcoin. The price decreases or rises, and then charges of market manipulation begin. It got to the point that some accused that Charlie is doing this for mercenary purposes, because he himself is in a short position. All due to the fact that he, as the owner of the largest capital LTC, had too much influence.
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Charlie Lee says he always avoided buying or selling coins before or after important tweets. That is, he voluntarily fulfilled the requirements that are put forward to traditional insiders. However, the main demand was still violated - as an insider, he had no right to own and trade LTC coins.

Now it will be so.

“Over the past few days I have sold and donated all my LTCs. Litecoin had a very good impact on my financial condition, so I earned enough and no longer need my wealth to be tied to the success of the litecoin, writes Charlie Lee. - For the first time in more than six years, I no longer have a single coin that is not tied to a physical medium (I saved several pieces for collectible purposes). This is definitely a strange, but in a sense refreshing feeling. ”

The founder of the project reassured all investors and coin owners: “Do not worry. I am not leaving Litecoin and will continue to devote all my time to developing this project. The success of Litecoin will still be a reward for me, in a variety of different meanings, just not directly through the cost of cryptocurrency. Now I believe that this is the best way for me to continue overseeing the growth of Litecoin. ”

Charlie Lee asked him not to ask how many coins he had, how much he sold and at what price. He assured everyone that this volume constituted only a small part of the trading volume on the GDAX exchange - and its sales did not collapse the market (in the last 24 hours, the volume of world trade in lightcoins exceeded $ 2 billion, according to statistics from Coinmarketcap.com).

Note that over the past month no market collapse has occurred. Litecoin obediently rose after Bitcoin, and in the last seven days it ranged from $ 254 to $ 374 and from 0.0145 BTC to 0.2 BTC, in dollars and bitcoins, respectively.



After the publication of his post, Charlie Lee published an update in connection with the famous Bitcoin Cash fiasco, which was suspended on GDAX due to a sharp rise in price after adding BCH to the Coinbase listing. Charlie Lee says that even here he is accused of pumping the cost of BCH for his own benefit: “It looks like a hopeless situation,” he sadly remarks.

Note that at some point on GDAX, the price of BCH soared to $ 9,000. Bidding should resume today, December 20th.

At the moment, Litecoin takes the 5th place among all cryptocurrencies by capitalization, although it was once the second. Bitcoin ($ 281 billion) Etherium ($ 80 billion), Bitcoin Cash ($ 65 billion) and Ripple ($ 29 billion) are now located in front of him. Litecoin itself has a capitalization of $ 17,390,025,692. Thanks to a recent correction, the Bitcoin dominance index has returned to less than 50%. Unlike Bitcoin, Altcoins, on the contrary, have grown in recent days and are close to a total capitalization of $ 300 billion.

For all cryptocurrencies together with Bitcoin, the total capitalization is approximately $ 630 billion.



Considering Litecoin’s capitalization, it’s unlikely that Charlie Lee managed to sell more than a couple of hundred million dollars worth of coins. But even with such a relatively modest amount of its financial well-being, you really can not worry.

But he will still save his influence on the audience of investors in cryptocurrencies. Thanks to his work at Coinbase and Litecoin, he gained considerable prestige and 378,000 followers on Twitter. Surely they will still listen to his every word. Charlie Lee tweeted @SatoshiLite .

It should be noted that his brother Bobby is the founder of BTCChina, one of the largest cryptobirds in China, so an influential clan has formed here.

In 2017, Litecoin grew significantly stronger than Bitcoin. On January 1, the cost of LTC was only $ 4.36, that is, it has now grown about 75 times in less than a year.