Litecoin Founder Charlie Lee Claims He Isn’t To Be Blamed For Litecoin’s Decline
Litecoin (LTC) Founder Charlie Lee has been under scrutiny by many enthusiasts who challenges his controversial decision to sell his tokens at an average price of 200$. In an interview with Bloomberg, Lee clears his stand, claiming that he shouldn’t be blamed for the 90% fall of the token.
In the interview, Lee challenges the blamers that LTC’s sharp crash is due to a natural market trend. He adds that while he understands the need of others to blame him, but it is “silly” to blame him nonetheless:
“People lose money, and they want someone to blame, and they think for some reason I had inside information, and that’s silly. At the time when I sold, everyone thought it would go to $1,000.”
The creator of Litecoin has time and again clarified that he sold his token in order to avoid a conflict of interest when promoting his crypto. However, this action created an unintentional negative wave, that made the community feel that Lee has either disconnected from the project or has at least lost confidence in it:
“It definitely had some effect on people’s confidence in Litecoin, because people are used to traditional public companies… Unlike CEOs of public companies, I am not paid to increase the shares of the companies.
He created/discovered Litecoin via a series of modifications to the Bitcoin source code. Initially, the aim was to create a much faster and more efficient alternative, with cheaper fees. However, once he created LTC, Lee quit his job at Coinbase, to concentrate entirely on the development and promotion of his baby. While Lee does not own any of his own token currently, he still continue to endeavor for the betterment of Litecoin.
On the topic of the current market bear, Lee says that he is more focused on improving the technological side of his crypto rather than thinking about the current price fluctuations. He added that cryptocurrencies market is a tough field and a bearish streak observed in 2018, will only aid in cleaning the ecosystem of scams and worthless projects.
“My sense is that there will be a handful of cryptocurrencies that actually will be used as money. There’s obviously a lot of scams and currencies not useful at all, and those values will plummet. You are going to see some coins die, and the strong will survive.”
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