CRYPTO

Charlie Lee highlights Litcoin’s 10-year history. Part Five: Conflict of Interest


It’s great that the founder decided to give us another chapter in the story of Litcoin. Let’s tie the loose edges and wrap this whole series with a bow on top. As it turns out, Charlie Lee is back in his job at Coinbase. Was the company even more helpful at this point? Plus, as we warned you last, at one point Lee sold all his LTC. What was the reason for him to do so? Did he have any plans? And, more importantly, has the plan worked?

Related Reading | Charlie Lee highlights Litcoin’s 10-year history. The second part: exchange + betrayal

Learn these and much more in the concluding chapter of this legendary story.

Charlie Lee vs. Coinbase, Round Two

Successfully after Activating SegWit In Litcoin, Lee returned to his job at Coinbase. Ever a pioneer, this time he worked from home. The year was 2016. Again, “Given how successful the Etherium launch was, ”Charlie Lee tried to get Litecoin is listed on Coinbase. “Brian reluctantly agreed to turn to GDAX only. Coinbase Pro, the predecessor of GDAX, is the Global Digital Asset Exchange.

The launch did not go as Lee expected. Because There was no launch. “For reasons unknown to me, Brian and Fred refused to fully launch on GDAX and Coinbase as we did with ETH.Although Charlie Lee helped design the launch of ETH, which was a money-maker for the company. To make matters worse, “Fred refused to let Coinbase keep any LTC and because of conflict of interest.“Which, if you think about it, could be the reason you’re looking for Charlie Lee. And that serves as a link to today’s original story.

Since Litcoin had no liquidity in exchange, Charlie “Personally Coinbase had to lend me my own LTC.“The chart below shows that Lightcoin was the # 4 currency at the time. It is.”Almost combined Ethereum and LTC were not even in Coinbase.Was it a personal attack or a conflict of interest?

So, Charlie resigned. The company told him to stay for a while to make the passage easier. A few months later, with nothing to lose, Lee tried his last shot to get Lightcoin listed on Coinbase’s main site. Surprisingly, Brian Armstrong agreed.

Litecoin was officially launched on Coinbase in May. On June 9, Lee left the company for good.

The move was extremely successful. Lee estimates that Litecoin made Coinbase through 100M That first year. “The brain even emailed me to apologize for what I had to do. He agrees that adding Lightcoin is extremely profitable for Coinbase.Although it happened, Charlie went to his Twitter thread Jagular. “I think you can blame me for turning Coinbase into a sh * tcoin casino which today. “Barbarian!”

LTC price chart for 10/15/2021 on Exmo | Source: LTC/USD on TradingView.com

The founder sells all his litcoins

That’s the story you’ve been waiting for. At the end of 2017 2017, Charlie Lee sold all his litcoin. At the top of the market. In the thread, he did not mention the conflict of interest, but this is why he acted at the time. This time, Lee said, because of that Fair launch, He didn’t have so much. He had to buy my shares like everyone else. And thatAlmost all other altcoin had a huge premium. Even Ethereum had 70% coin primed.

According to the founder, these were his motives:

  1. Take away the fear of Satoshi Stash

  2. Make Litecoin more decentralized

  3. Align my motivation to accept LTC price vs. Litecoin

At the time, the move was controversial, to say the least. People assumed the captain was leaving the ship. At the top of the market. However, Charlie Lee has led the project for four years, focusing on accepting lightcoins andNot at the price of LTC. ”Since then, they have launched LTCpay,A self-hosted merchant processing service,And credit cards supported by Litecoin. And they hosted a “Global Litcoin Summit” in September 2018.

Plus, they Sponsored by a UFC Night and DoneThe official cryptocurrency of the Miami Dolphins.2019 for some time in 2019. Towards the end of 2020, PayPal has announced Litcoin Support “PayPal has not reached me before. In fact, they have no reason! Litecoin is, above all, a decentralized cryptocurrency. It was really satisfying to see that happen.

Related Reading | Charlie Lee highlights Litcoin’s 10-year history. Part Three: Segvit Intro

Charlie Lee’s new project for Litcoin is Fungus. Read all about it In this thread. This is the new feature Almost finished, ”The code is currently being audited, and we are very close to publishing it. After release, it will take some time to become active. ”Lee hopes it will happen in early 2022.

The author ends his epic thread with these two heartwarming tweets.

Congratulations on your tenth anniversary, Litcoin!

Featured Image: Litecoin 10 years from this tweet | Charts by TradingView





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