On the Sep. 30 episode of CoinDesk Highlight podcast, Litecoin creator Charlie Lee mirrored on his crypto journey. He defined why he bought all of his litecoins in 2017 (including nothing new to his previous statements) and emphasised his deep perception in Bitcoin. He admitted that creating Litecoin price him “a number of headache” and didn’t carry a lot cash. However did he say he regretted creating it?
Abstract
- Charlie Lee stated that he didn’t make some huge cash on Litecoin.
- He stated he would have suggested his youthful self to purchase Bitcoin, preserve it away, by no means promote, don’t do anything associated to crypto, and keep nameless.
- Some individuals noticed his message as one other signal that Lee doesn’t care about Litecoin, recalling how he bought his LTC holdings in 2017.
Did Lee say he regretted creating Litecoin?
Within the current episode of CoinDesk Highlight podcast, Lee mirrored on his curiosity in gold, crypto journey, days in Google, and, in fact, about Litecoin and Bitcoin, with the latter seemingly being Lee’s greater ardour.
On the finish of the episode, the host, Jennifer Sanasie, requested Lee what he would advise his youthful self. Lee’s reply was
“Purchase Bitcoin, retailer it away, don’t promote something, and don’t do anything associated to crypto, and simply sit on it and be nameless. That might be my recommendation […] Creating Litecoin didn’t actually make me extra money. It was a number of headache […] should you simply purchase Bitcoin, preserve it away, keep nameless, sit on it, don’t promote something, it’ll be higher off.”
A number of media shops that targeted on cryptocurrency shared the clip of Lee’s reply and claimed he regrets creating Litecoin. A number of the posts have been fairly deceptive. For example, ChainDesk Telegram channel put Lee’s phrases within the following approach:
“Litecoin’s Charlie Lee says he regrets creating it and desires he’d simply purchased Bitcoin.”
The publish gained over 13,000 views; nonetheless, it’s notably completely different from what Charlie Lee really stated on the podcast. Whereas Lee admits that creating Litecoin made his life tougher, he under no circumstances distances himself from his brainchild and retains on dedicating most of his time to Litecoin.
Throughout the identical podcast episode, he stated that as a director of the Litecoin Basis, he participates in weekly board conferences aimed toward furthering Litecoin’s adoption.
Launched in 2011 as a Bitcoin fork aimed toward rushing small transactions, Litecoin remains to be one of many high 30 cryptocurrencies by way of market capitalization. In August, public medical firm MEI Pharma introduced its Litecoin pivot. It acquired 110.4 million in LTC. Luxxfolio is one other instance of an organization seeing Litecoin as a strategic asset.
On Oct. 7, the Litecoin X account posted “Interested by altering my title to No Ragrets Coin.”
What Lee really regrets?
Nevertheless, answering the exact same query concerning the recommendation to a youthful self, Lee emphasised one other facet of his life that’s in all probability extra regrettable, reminiscent of launching Litecoin. It’s Lee’s lack of anonymity. He mirrored on this at size, admitting he envies Satoshi Nakamoto’s anonymity. He stated he hopes Satoshi remains to be alive and referred to his capacity to remain unknown as “type of highly effective.”
Explaining to Sanasie why anonymity appears so vital to Lee and why he finds it unlucky for him that he didn’t apply it to his life, Lee pointed to safety considerations:
“It’s vital as a result of nowadays you hear about a number of issues like kidnappings and different stuff like individuals getting the five-dollar wrench assault proper. It’s one thing that’s at all times on my thoughts.”
Why are some crypto followers offended at Lee?
Whereas Charlie Lee is a widely known particular person within the crypto neighborhood, his actions and views weren’t at all times a boon for the LTC bag holders. In 2017, he made headlines by promoting most of his Litecoin holdings.
Lee defined this resolution clearly: he noticed his LTC holdings as a battle of curiosity and bought them in order to not be influenced by worth actions whereas engaged on the tasks, saying information, and so forth. Right here’s how he put it within the Reddit publish:
“Over the previous 12 months, I attempt to steer clear of worth associated tweets, but it surely’s laborious as a result of worth is such an vital facet of Litecoin development. And every time I tweet about Litecoin worth and even simply good or bads information, I get accused of doing it for private profit. Some individuals 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.”
Many individuals disliked the transfer, considering Lee doesn’t care about Litecoin that a lot or that Lee really values Litecoin lower than fiat cash. One of many feedback to Lee’s Reddit publish reads:
“Should you don’t imagine in what you’re employed on sufficient to carry a stake of your private wealth in it then I battle to imagine in it too.”
Eight years later, some individuals nonetheless see Lee as a liar and a hypocrite regardless of all of his efforts to maintain Litecoin afloat.
Like Lee or not, he has a fairly distinct voice within the crypto area as he says issues about his mission which can be unthinkable for different founders and CEOs. Some individuals liken him to Musk, however Lee says that, in contrast to Musk, who’s targeted on rising Tesla’s share worth, Lee is concentrated on Litecoin adoption. The truth that his phrases didn’t sink Litecoin is a testomony to the Litecoin neighborhood’s energy and the Litecoin Basis’s effort.
