CRYPTO

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


The creator of Litcoin, Charlie Lee, continues to guide us through Memory Lane. For the first episode, he took us through Litecoin’s fair start. Considering the small number of projects that have been able to do it, it was a pretty big achievement. Today, for the second episode, we are going to cover the relationship of the project with the cryptocurrency exchange. Charlie Lee puts his heart in his sleeve for this, and tells a heartbreaking story that ends in betrayal. Can you feel the tension in the air?

Related Reading | Charlie Lee Predicts Bitcoin’s Rise as Bitcoin Cash Filter

This part of the story is about a long way of relationships, connections and credibility. It’s also about Charlie Lee’s resistance and willpower.

Before we get into the meat and potatoes of the story, though, a light description that shouldn’t be unreasonable.

Charlie Lee gives flowers to the Lightcoin logo makers

There aren’t too many stories in the logos, but it’s great that Lee gives credit where credit is due. The first and second show evolution:

And the last one is a simplification of the second:

That being said, let’s get back to the story.

LTC price chart for 10/09/2021 on Coinbase | Source: LTC/USD on TradingView.com

Lightcoin has a long hard way to exchange lists

This contradicts the title, however, in 2011 Litecoin was immediately listed on the now inactive BTC-e. The site was a pretty successful cryptocurrency exchange that the US Justice Department was insulted against for allegedly laundering funds from the Mount Gox hack, but that’s another story. About Litcoin, Charlie Lee told us that list, “Helped a lot because the miners had access to liquid very quickly. Litecoin quickly became one of the most popular currencies in BTC-e.

However, Lee “Much has been said about all the exchanges supporting LTC,“It listed the second Litcoin two years later. Bitfinex took a chance on the newcomer project.”It was a huge deal for Litcoin. This is the first major exchange to support LTC. ”

Then, Charlie Lee will remember how he tried to get the Bitstamp CEO to list them and he ignored him. Only to list the currency in 2017. That company only ended Litecoin support this year.

The Chinese exchange, however, listed Litcoin from the beginning. “From late 2012 to early 2013, 2 of China’s largest exchanges, Oakkin and Hubei, added support for LTC. It was huge.“A question arises, was Charlie Lee able to cast a shadow on these two exchanges?”The trading volume was also quite insane, but it is unclear how artificial it was.

Charlie Lee and Coinbase, a love story

So, in 2013, Charlie Lee resigned as the main developer of Lightcoin and left the job to Warren Togami. At the same time, he quit a high-paying job at Google because they were not interested in anything crypto-related. That’s when Coinbase came into the picture. Lee contacted them to see if they were interested in listing Litecoin and they hired him instead.

According to To Charlie Lee, “Coinbase was a hot startup and The Crypto Company that is making Bitcoin easier to use. I knew that if Bitcoin is not successful, then Litcoin is not going anywhere.“It’s a cold hard truth that everyone in Altcoins has to live to this day. In addition, Lee finally wanted to persuade Coinbase to support Litcoin. How could he not?”

The Chinese connection has been closed and the BTC, led by Charlie Lee’s brother, has listed the Chinese currency. “Even though it was huge news, did it take him so long?!,“Lee asks with a smile. Also notice that the banner he mentioned acts on Charlie and Bobby’s brother.

In 2015, there were rumors that the infamous Mt. The Gox exchange is going to list Litecoin. At the time, this was the place. Finally Charlie Lee The story confirms, “The rumors were actually true. I was talking to the CEO, Mark Carpel, almost every day in mid-2015.“However, the Mount Gox hack was unveiled before that plan was implemented. And all the hell went loose.”Insightfully, it was a blessing in disguise. ”

Then, as it happens, things get sour in Charlie Lee and Coinbase romance.

He referred to Brian Armstrong’s tweet: “Ripples, stars, and altcoins are all a delusion. Bitcoin is far ahead. We should focus on bitcoin and sidechain. ”What a great. What would current Brian Armstrong say about that statement?

However, in 2016 Lightcoin’s trading volume exploded on Chinese exchanges and Charlie Lee saw its opportunity. “This is when etherium began to grow. So I made a proposal to Brian and Fred Ehrsom to add LTC and ETH to Coinbase.“The thesis of the proposal was that since there was no easy way to buy, store and trade these currencies in the United States, it was.”Many unsatisfied demands.And Coinbase can make a lot of money.

Here it is: betrayal. Charlie Lee was heartbroken to accept the offer of two Coinbase executives, but only for Ethereum. “Although I went with the plan, it rubbed me wrong. Lightcoin was the most traded currency in the world at the time and was the # 2 currency in the marketcap.. Shortly afterwards, Lee took Coinbase’s three months to focus on his project.

Related Reading | Charlie Lee: An extraordinary interview

In the next episode, Litcoin’s story involves the implementation of Bitcoin and the controversial Seguit. We are going to discover that Charlie Lee and his team were instrumental in this task. How? Tune in to find out.

Featured Image by Executium on Unsplash - Charts by TradingView





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