Charlie Lee (LTC), to Pomp: "I’m taking full credit for the price rise"

01 May, 2019 | Updated: 01 May, 2019
by Alberto Arnaldo
Interview
Charlie Lee (LTC), to Pomp: I’m taking full credit for the price rise

Anthony Pompliano, co-founder and partner at Morgan Creek Digital and well-known in the crypto space for his “Off the Chain” podcast, had Litecoin creator Charlie Lee as a guest to his show on the latest episode. He started the interview ready to rumble, stating that this time he was willing to take credit for the price rise since him and Pomp spoke for the last time, given that he gets the blame when prices go down.

Lee’s first encounter with BTC and crypto was in 2011, with the original Bitcoin whitepaper authored by Satoshi Nakamoto, and the Bitcoin.org forums. The irruption of Litecoin followed up not much later, in October 2011.

Back then, Lee would trade Bitcoin locally with people, meeting them up in places such as Starbucks or McDonalds shops, and that involved either waiting for about an hour so that confirmations would be fulfilled, or trusting people which in most cases were probably strangers.

That gave him the idea to create a faster (4 times according to Lee) currency than Bitcoin. Even though it appeared to bridge an apparent gap, Lee states that he created Litecoin for fun.

When referring to the moment of inception of Bitcoin, Lee admits believing that its survival chances were near to 0%. Questioned by Pompliano as to what are Bitcoin’s current chances of succeeding, Lee was quick to reply that “it has already succeeded […] it is the best form of money that human civilization has ever received, and I think it will become the world’s reserve currency”.

Some interesting insights came as well from the open questions part of the podcast, for example, in relation to block size. Lee mentioned that this is an issue due to inefficiencies inherent to decentralization, as the number of computers in the network that need to intervene in a transaction is very large, a downfall which comes with the benefit of censorship resistance, that, together with immutability, are the main strengths of Bitcoin according to Lee.

However, if block size was infinite or very large, with every transaction attaching the same fee it becomes unfair or inefficient for the whole network. That inefficiency is represented by Lee with the examples of large resolution cat photos being uploaded to blockchains such as BSV or Bitcoin Cash, which later have to be processed by the rest of the network, and as there are only a few nodes capable of doing such task, there is a high risk of centralization taking over.

There was also time on the interview for discussing topics such as aliens, which Lee appears to believe in out of sheer probability, given the dimensions and the unexplored state of the universe. Books were also part of the talk between Pomp and the founder of Litecoin, who, half-jokingly considered that the most important book he has ever read is Game of Thrones.

Other, more personal questions were also asked by Pompliano, according to his usual interview style which tends to delve into his counterpart’s biographies. Responding to his enquiries, Charlie Lee explained how he grew in Ivory Coast and then moved all the way from the West African country to the U.S.

He was already into computing and programming back in his birth country, thanks to an old Mac that his father got for him. That is the path which led him to study Computer Science in the M.I.T., and after worked for a couple startups before leaving for Google, which at the time, 2007, was just starting to become into the tech behemoth that it is nowadays.

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