In a very audacious move, Charlie Lee, the founder of Litecoin, announced in a Reddit post this morning that he sold all his LTC stake.
According to that post, Lee saw an increased pressure related to his own personal opinions:
[...] whenever I tweet about Litecoin price or even just good or bads news, I get accused of doing it for personal benefit. Some people even think I short LTC! So in a sense, it is conflict of interest for me to hold LTC and tweet about it because I have so much influence.
Apart from a few physical collectibles, Lee sold all its stake, feeling a little bit "weird":
For this reason, in the past days, I have sold and donated all my LTC. Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success. For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin. (I do have a few of those as collectibles.) This is definitely a weird feeling, but also somehow refreshing.
That's definitely an interesting move and it somehow walks in the footsteps of another audacious move I wrote about, the pineapple fund.
In the same announcement, Lee also stated that he's not abandoning Litecoin.
At the moment of writing, LTC, which is often compared to BTC, "as silver to the gold", was trading at $316, and had a total market cap of over $17 billion.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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I think this may have negative impact on the LTC price...
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that's debatable
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Interesting.
So the gambler in me says now might be a good time to buy some litecoin.
The man who doesn't want to be smacked over the head by his wife for losing a wad of cash, says don't buy it.
but what is even more interesting is the comments. Looking below (or above?) it seems no-one believes his reasoning.
It seems no-one can believe that someone who created something, and by his own admission, has done really, really well out of it, can step back and see the big picture. That he can see past his own greed and decide to do something that will help his creation flourish, without gaining financially from it.
Why is that so hard to believe?
Are we all so cynical?
Or is it a case that we cannot imagine ourselves giving up the ability to harvest more money, even when we have more than enough? And so this is a reflection of our own insatiable greed reflected on someone else.
I guess only time will tell.
I am a trusting person by nature, and until he proves himself false, i will believe that he has done what he has done for the reasons he has done them. He deserves that much respect at least, does he not?
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Quite Sensitive Person i guess. The reason behind selling off his all LTC assets can't be merely what he stated as 'Conflict of interests'. Being a Stake Holder or Crypto-Founder; He is far ahead of being affected by them so called 'allegation for the LTC price alterations'. I agree with @tesaganewton, he may be pulling out a stunt here. Well only time can tell what really is the reason. Even after selling all of his assets...He had made 7600% gain from his assets.
P.S. The price of LTC is to look for in coming days, atleast we can see whether his presence or absence or even influence does have any effect on LTC.
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This news is very affected
I do not know the reason he left selling all his share do you have news
Done Upvote
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I love lite coin
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@dragosroua,
Want to see what's his new project :D Sometimes he might be thinking about something new!
Cheers~
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Hm - but that's what people can do to a person. Pressuring into doing something that he/she doesn't really want.
Sad to see the creator of litecoin sell all of his stakes - but maybe he'd like to shift some of his portfolio into STEEM now .. :D
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Damn who does this really...or he might be pulling out the stunt of Steve Jobs(when he was fired from his won company).
I have a feeling he will come back with time,just like Steve Jobs did!
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Interesting decision he made. It could affect Litecoin negatively however I dont think it will .
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thanks for the info
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Who is he kidding, he is most likely still holding lots of litecoin. It's not logical for him to sell all when the price just began rising :)
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Charlie Lee is becoming a true leader in the industry. Leading by example and by virtue. I strongly support his decision.
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I don't understand the conflict really... how much of the $17 MS did he own?
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yes it's a bold move by charlie Lee. The good thing is that Mr Lee is not going to abandoning Lite coin. Strange news after getting a market cap of 17 billion Dollar. who knows what next. nice sharing @dragosroua
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Charlie... a courageous move. Good on you! And thanks @dragosroua for the heads up!
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Love to read your writing. Let me share your blog host Mr @dragosroua
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I remember Charlie Lee sold many LTC at 20 cents, and then you know what happened.
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This is quite scary for Litecoin investors. What becomes of Litecoin now?
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Is it a an act of integrity or something done because of pressure from the audience? I can't understand it. And why are people saying that Roger Ver can never do this? LTC is fine coin with all the attributes to be in top 5. It's a well deserved position and personally I see it in top 3 in the first quarter of 2018.
Thanks for the update @dragosroua. Gave it a shout-out.
Steem On!
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He has the habit of flip-flopping on his tweets confusing his investors, so good in a way...
But the move casts doubt on the coin with the founder liquidating.
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Maybe he could help me with @solarcoach ?
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maybe, who knows? :)
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That's a very big move from lee
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sure...conflict of interest :)
https://steemit.com/litecoin/@the.privatier/litecoin-i-consider-charlie-lee-as-a-wise-man
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with this move it might fall isn't it
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he stood to his ground if we see from his point of view not an easy decision to make
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he is a genius of a mind will come up with something unique who knows
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This test is for Lee and litecoin. I'm sure they will cope)))
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