Charlie Lee: Litecoin is already a success

24 Apr, 2019 | Updated: 24 Apr, 2019
by Will Heasman
Charlie Lee: Litecoin is already a success

Speaking on a recent episode of the Unchained podcast, Creator of Litecoin, Charlie Lee, outlined why Litecoin is already successful, as well as why he stands by his decision to sell his entire stake in Litecoin.

While some may believe that most cryptocurrencies including Litecoin (LTC) have a fair way to go before they can be classified as an outright “success” Charlie Lee feels differently, believing that LTC has in fact ‘made it.’

Speaking to Laura Shin on the Unchained Podcast, Lee relays his belief that LTC has, in his mind, already surpassed its on of its ultimate goals: becoming a medium of exchange, stating, in a rather self-deprecating way that he didn’t really expect it to go anywhere, even going as far as to say that he neglected it for a few years.

However, Lee says that while in many respects this means LTC is successful, he continues to suggest what true success would mean:

"The general idea is just to have more and more places that you can spend Bitcoin and Litecoin. For it to be truly successful you have to be able to spend it anywhere."

Lee was an early investor of Bitcoin, buying at $30, and having to go through the relative pain of watching it fall all the way to $2. However, with a great deal of resolve, Lee held on, simply stating that “the fundamentals didn’t change," and therefore a turnaround was inevitable.

Lee also spoke about his early attraction to mining, starting out with just four GPU cards mining. Lee also attempted to launch a rival to Bitcoin, which ultimately failed, subsequently leading to the creation Litecoin, as a supplement to Bitcoin, rather than a competitor:

"One of the things I saw It being was silver to Bitcoin’s gold. I’d seen throughout history people using more than one currency, in the case of gold and silver. I saw Litecoin being a cheaper version of Bitcoin where fees would be less and people could potentially use it for more things."

Lee also addressed the divisive act of selling his stake in LTC, first by discussing how he sold it, relaying that he dumped it all on Coinbase Pro, adding that it wasn’t enough to crash the market, let alone the exchange. 

Chart provided by Tradingview

He also addressed his detractors, who believe Litecoin is worthless due to Lee’s lack of stake, which, in their minds, leave him incentivized to make LTC a success.

His response, was as simple as it was biting:

"If you’re not holding onto Litecoin because I don’t have any, then your reason for holding and using Litecoin is just silly to begin with."

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