Litecoin founder sells all his currencies due to accusations of working for his own benefit
Charlie Lee says that his influence on social networks and his role in the cryptographic ecosystem has led him to be accused of working only for his own benefit, for his personal enrichment. For this reason, he believes that the best way to continue supervising the development of his currency is not having any of these himself.
Yesterday, the founder of Litecoin, Charlie Lee, announced that he sold and donated all his litecoins.
The decision was due, according to Lee, to that he has received many accusations of working for his own benefit through the currency and thanks to his enormous influence on social networks: And every time I write on Twitter about the price of Litecoin or even just good or bad news, accuse me of doing it for personal benefit, “says the announcement made on Reddit.
Lee points out that it is the first time in 6 years that he does not have a single digital LTC. “This is definitely a strange feeling, but also somehow refreshing,” he says.
Near the end of the publication, the founder of Litecoin says he does not intend to abandon cryptocurrency, but will continue to occupy his time in its development.
When Litecoin succeeds, I will continue to be rewarded in many different ways, but not directly through the possession of coins. “
“Over the past year, I tried to avoid tweets related to prices, but it’s difficult because price is such an important aspect of Litecoin’s growth. And every time I write on Twitter about the price of Litecoin or even just good or bad news, they accuse me of doing it for personal gain. Some people even think that under the LTC! So, in a certain sense, it’s a conflict of interest for me to have LTC and tweet about it because I have a lot of influence. I have always refrained from buying / selling LTC before or after my main tweets, but this is something that only I know. And there will always be doubts about whether any of my actions was destined to increase my own personal wealth over the success of Litecoin and cryptocurrency in general.
For this reason, in recent days, I have sold and donated all my LTC. Litecoin has been very good for me financially, so I’m well enough not to have to link my financial success with Litecoin’s success. For the first time in more than 6 years, I no longer have a single LTC that is not stored in a physical Litecoin (I have some of those as collectables). This is definitely a strange feeling, but also somehow refreshing. Do not worry, I will not leave Litecoin. I will still spend all my time working at Litecoin. When Litecoin succeeds, I will continue to be rewarded in many different ways, but not directly through the possession of coins. Now I think this is the best way for me to continue monitoring the growth of Litecoin.
Please, do not ask me how many coins I sold or at what price. I can tell you that the amount of coins was a small percentage of the daily volume of GDAX and did not collide in the market.
UPDATE: I wrote the above before the recent Bcash fiasco on GDAX / Coinbase. As you can see, some people even believe that I am extracting Bcash for my personal benefit. It seems I can not win. ”
Lee’s statements do not seem to significantly affect the price of Litecoin, at least for now. According to MercadosDiarioBitcoin, the price of this currency fell 2.63% compared to yesterday and now stands at USD $ 327.13. Transactions have been made for USD $ 1.6 billion, being the sixth currency according to the number of transactions in the last 24 hours. There does not seem to be a massive outflow of customers.