Skip to main content

Know Why the Founder of Litecoin Charlie Lee Sold and Donated All His Coins


Litecoin is a crytocurrency and an open source software project founded by Charlie Lee in October 2011. Although a fork of Bitcon Core, Litecoin is different from Bitcoin in various ways. It has a faster processing speed but is slightly more expensive.
Charlie Lee, a former Google employee, is a computer science engineer from MIT. He worked with Coinbase after Google before creating his own cryptocurrency.
Charlie Lee has always been in the news, but this time it is because he “sold and donated” all his litecoins. Although the exact amount is not disclosed, it is reportedly donated mainly to the LTC Foundation which will likely help in the growth of Litecoin.
People have reacted to this news in quite different ways, with some appreciating the move while others speculating why he did it. Charlie Lee tweeted that he is glad about the fact that people are not overreacting.
Lee seemingly set aside some doubts by tweeting that one cannot compare him to a CEO who sold all his shares. For him, it seems, it is not much about the money, and he is still very much a part of Litecoin.
So Lee has certainly not quit Litecoin. According to his tweet, since he is the founder, Litecoin is like his kid, and “he is more invested in it than someone holding 1mm LTC.” (Source: Charlie Lee, Twitter, December 21, 2017) He also stated that he is financially well off and does not relate his success with that of Litecoin’s. (Litecoin price, tweets, and conflict of interest, Reddit, December 21, 2017)
One thing is clear- Lee has not made this move for his personal benefit. Whatever the reason may be, the good part is that he continues to work on Litecoin and its growth, and he believes he would be rewarded in various ways rather than just owning the coins.
Lee’s move also does not have anything to do with the insider trading investigations by Coinbase. Allegedly, Bitcoin Cash prices hit an astronomical value after some information leak by an insider. And with this, Lee could sell BCH at $5,000, which was much higher then the market price.
The sudden surge in Bitcoin cash prices may have raised the suspicion of an insider leak, but this is far from proven, and Lee has denied any link to the matter.
Luckily the news did not seem to have a huge impact, and surely Litecoin is not here to crash. On December 20, for a while the value fell to $314 from around $366 on December 19. But it regained momentum and as of today it is around $332.
We are sure that both Litecoin and Lee are here to stay and grow, although in different ways.
Source: www.profitconfidential.com

Comments

Post a Comment

Popular posts from this blog

Ripple (XRP) Cryptocurrency To The Moon Today

Crytocurrencies are the next big thing in the global economy and there are several virtual coins such as Bitcoin Cash, Ehtereum, Ripple, Litecoin and more. All those following the cryptocurrency market are becoming more and more interested in Ripple. Could it be the next best thing happening in the crypto space? Buy some Ripple today Or at least that is what some are planning of doing, even before it gets listed in Coinbase. Those who are novice at this have to know that they can get XRP through exchanges using Binance, Bitfinex, Coinone or Kraken. Ripple’s parent company locked 55 billion XRP at the beginning of December, on the 8 th  of December and by the 15 th  exchanges (cex.io) listed XRP price at around $1.57. A price surge happened due to loyal Ripple disciples. Now, the value of the XRP is closer to $0.922, meaning there has been a 620% increase from the first price surge. CNN believes it is one of the best cryptocurrency so far CNN has named Ripple ...
Post a Comment
Read more

Get ready for a 2018 cryptocurrency crime wave

With bitcoin recently pushing past the $19,000 level ( despite crashing hard on Friday)  and a slew of other cryptocurrencies like ethereum, litecoin and Ripple making rapid price gains in its wake, it’s never been a more bullish time for digital currency investors. But there is always a price to be paid for such success and in this case cryptocurrency’s massive surge in popularity is likely to trigger an epic wave of crime.   Already on December 4th, the  SEC announced  it shut down an initial coin offering (ICO) for allegedly defrauding investors of $15 million. However, while fraud is an inherent risk of cryptocurrency, as wallets, exchanges and ICOs all take place with little to no legal or regulatory oversight, it is hacking which presents a far more serious threat for investors because it is so widespread and so difficult for the average person to avoid.   Hacking has been a recurring problem for this industry from the very beginning. In fac...
Post a Comment
Read more

GTBANK Reportedly Experimenting With Crypto In Nigeria

One of Nigeria's biggest banks, the GTBank has reportedly expanded into  experimentation with cryptocurrencies. Users of the 737 mobile service may have seen GT coins being credited when transactions are made. The 737 service is already one of the most extensive  mobile banking solutions effective in the country, as GT Bank aims to add another layer of  functionality to their payment gateway. The GTBank has already participated in a number of crypto technology conferences being part of the CBN group. Currently, the coins are being distributed when users make transactions using the 737 mobile service. It is predicted the coins being tested may allow the bank to develop the technology further to facilitate business transactions too rather than focusing on personal use. This comes as the GTBank have also delved into blockchain and crypto technology previously. Used as a basis for their GT Tokens, the technology was used essentially as a form of identity verificatio...
Post a Comment
Read more