Charlie Lee, the previous director of engineering at Coinbase, is promoting virtually all of his holdings in Litecoin (LTC), the cryptocurrency that he based in 2011.
Lee defined in a put up on Reddit that he’s promoting all of his LTC cash — bar plenty of bodily cash he retains as collectibles — to keep away from the battle of curiosity that comes along with his affect and place as LTC founder.
Due to his time at Coinbase and LTC, Lee is considered a key influencer within the crypto area and he has collected greater than 378,000 followers on Twitter, the place his deal with is @SatoshiLite. Whereas he stated he has stayed away from tweeting about LTC costs instantly, he acknowledged his tweets have been criticized in some quarters as manipulating the worth regardless of no matter his finest curiosity. Lee readily admits that his place represented a battle of curiosity, therefore the unload.
“Every time I tweet about Litecoin worth and even simply good or bads information, I get accused of doing it for private profit. Some folks even suppose I quick LTC! So in a way, it’s battle of curiosity for me to carry LTC and tweet about it as a result of I’ve a lot affect. I’ve all the time kept away from shopping for/promoting LTC earlier than or after my main tweets, however that is one thing solely I do know. And there’ll all the time be a doubt on whether or not any of my actions have been to additional my very own private wealth above the success of Litecoin and crypto-currency typically,” Lee wrote.
We don’t know what number of LTC that Lee held, and had bought, however now he stated he’s centered on creating the cryptocurrency itself.
“That is positively a bizarre feeling, but additionally one way or the other refreshing. Don’t fear. I’m not quitting Litecoin. I’ll nonetheless spend all my time engaged on Litecoin. When Litecoin succeeds, I’ll nonetheless be rewarded in a lot of other ways, simply indirectly through possession of cash. I now consider that is the easiest way for me to proceed to supervise Litecoin’s development,” he added.
Notice that Lee’s brother — Bobby — is the founding father of China’s largest trade BTCChina, so that is positively a robust crypto household.
Like Bitcoin, Ether and others, Litecoin’s worth has grown explosively this yr.
It’s the world’s fifth bigger cryptocurrency, in line with Coinmarketcap.com, with a complete ‘market cap’ of greater than $18 billion. It’s worth, on the time of writing, is $330.14 per coin, up greater than 75X from simply $four.36 on January 1, 2017.
Buying and selling volumes of the coin have additionally reached unprecedented ranges on the tail finish of 2017, as indicated within the backside graph within the chart beneath. The final 24 hours noticed over $2 billion in LTC traded, in line with Coinmarketcap.com.
Whereas it has change into a car for creating wealth, Litecoin’s unique goal was to change into the silver to bitcoin’s gold. It was additionally designed to be simpler to mine and cheaper to transact than bitcoin within the hope that these options may make it a cryptocurrency used for buying and selling and real-world use sooner or later.
Put up up to date to appropriate the full worth of Litecoin
Notice: Jon owns a small quantity of cryptocurrency. Sufficient to achieve an understanding, not sufficient to alter a life.
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