Litecoin

Charlie Lee Sums Up Litecoin’s 10 Years Historical past. Half 5: Battle Of Curiosity

It’s nice that the founder determined to present us yet another chapter of Litecoin‘s story. Let’s tie up free ends and wrap this entire collection with a bow on prime. Because it seems, Charlie Lee returned to his job at Coinbase. Was the corporate extra supportive this time round? Plus, as we warned you final time, at one level Lee offered all of his LTC. What have been his causes to do this? Did he have a plan? And, extra importantly, did the plan work? 

Associated Studying | Charlie Lee Sums Up Litecoin’s 10 Years Historical past. Half Two: Exchanges + Betrayal

Be taught all of that and extra within the concluding chapter of this legendary saga.

Charlie Lee Vs. Coinbase, Spherical Two

After efficiently activating SegWit on Litecoin, Lee returned to his job at Coinbase. Ever the pioneer, this time round he labored from dwelling. The yr was 2016. As soon as once more, “given how profitable the Ethereum launch was,” Charlie Lee tried to get Litecoin listed on Coinbase. “Brian reluctantly agreed to launch on GDAX solely.” The predecessor to Coinbase Professional, GDAX stands for World Digital Asset Alternate.

The launch didn’t go as Lee hoped. As a result of there was no launch. “For causes unknown to me, Brian & Fred refused to do a full launch on GDAX & Coinbase like we did with ETH.” Despite the fact that Charlie Lee helped design ETH’s launch, which was a moneymaker for the corporate. To make issues worse, “Fred had refused to let Coinbase maintain any LTC and attributable to battle of curiosity.” Which, if you concentrate on it, is perhaps the explanation Charlie Lee is in search of. Apart from, a battle of curiosity serves as a hyperlink to in the present day’s important story.

Because the change had no Litecoin liquidity, Charlie “needed to personally lend Coinbase my very own LTC.” As the next chart exhibits, Litecoin was the #4 coin on the time. It “virtually matched Etheruem’s and LTC wasn’t even on Coinbase.” Was this a private assault or does the battle of curiosity narrative rings true to you?

So, Charlie resigned. The corporate requested him to remain some time to ease the transition. Just a few months later, with nothing to lose, Lee shot his final shot to attempt to get Litecoin listed on Coinbase’s important website. Surprisingly, Brian Armstrong agreed. 

Litecoin formally launched on Coinbase in Might. On June ninth, Lee left the corporate for good.

The transfer was extraordinarily profitable. Lee estimates that Litecoin made Coinbase over $100M by that first yr. “Mind even emailed to apologize for what I needed to undergo. He agreed that including Litecoin was tremendous profitable for Coinbase.” Despite the fact that that occurred, in his Twitter thread Charlie went for the jugular. “I suppose you may blame me for turning Coinbase right into a sh*tcoin on line casino that it’s in the present day.” Savage!

LTC worth chart for 10/15/2021 on Exmo | Supply: LTC/USD on TradingView.com

The Founder Sells All Of His Litecoin

The story you have been ready for. On the finish of 2017, Charlie Lee offered all of his Litecoin. On the market prime. Within the thread, he doesn’t point out a battle of curiosity, however that was the explanation he wielded on the time. These days, Lee says that due to the truthful launch, he didn’t have that a lot LTC. He needed to mine and purchase his share, like everyone else. He additionally says that “Just about each different altcoin had an enormous premine. Even Ethereum had like 70% cash premined.

In keeping with the founder, these have been his targets:

  1. Take away the concern of a Satoshi stash

  2. Make Litecoin extra decentralized

  3. Align my motivation/incentive to Litecoin adoption versus LTC worth rise

On the time, the transfer was controversial, to say the least. Folks assumed the captain was abandoning the ship. On the market prime. Nevertheless, Charlie Lee has spent 4 years main the challenge, targeted on Litecoin adoption and “not on the worth of LTC.” Since then, they launched LTCpay, “a self-hosted service provider processing service,” and bank card backed by Litecoin. They usually hosted a “World Litecoin Summit” in September 2018. 

Plus, they sponsored a UFC evening and turnedthe Official Cryptocurrency of the Miami Dolphins.” for some time in 2019. By the top of 2020, PayPal introduced Litecoin assist. “PayPal didn’t attain out to me beforehand. Precise there’s no purpose they wanted to! Litecoin is a decentralized cryptocurrency in any case. It was truthfully very satisfying to see this occur.

Associated Studying | Charlie Lee Sums Up Litecoin ‘s 10 Years Historical past. Half Three: SegWit Intro

Charlie Lee’s new challenge for Litecoin is fungibility. Learn all about it on this thread. This new function is virtually achieved,”The code is being audited proper now, and we’re very near releasing it. After launch, it should take a while for it to be activated.” Lee expects this to occur in early 2022.

The creator completed his epic thread with these two heartfelt tweets.

Congratulations in your tenth anniversary, Litecoin!

Featured Picture: Litecoin 10 years from this tweet | Charts by TradingView

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