Litecoin Founder Still Criticized 1 Year After Liquidating LTC

[PRIBO247]

One year after the big crypto boom,
founder of Litecoin Charlie Lee is
reportedly continuing to focus on
increasing the usage of Litecoin .
However, some in the crypto community
have pointed out that Lee is still
benefitting from the pay that he chose to
sell all of his LTC holdings at the height
of the boom.

When Lee decided to sell off his LTC
public, he explained that the reason for
divesting had to do with avoiding what
referred to as a “conflict of
interest.”However, critics within and
without the space have alleged that
Charlie planned to cash out at the height
of the frenzy and make a profit all
along.

However, Lee told Bloomberg that this
kind of criticism is all par for the course,
adding that he sold at a time when it
was widely believed that Litecoin would
continue to increase in value. “People
lose money and they want someone to
blame,” he explained. “And they think
for some reason I had inside
information, and that’s silly. At the time
when I sold, everyone thought it would
go to $1,000.”

Perhaps Lee’s gains wouldn’t sting quite
so much if the loss of Litecoin’s value
wasn’t quite so severe–the value of a
single Litecoin has declined roughly 90
percent since the end of 2017. Lee
announced the sale of his LTC assets on
December 20th of last year, one day
before LTC hit its all-time high of $375 a
pop. These days, a single LTC is trading
for about $30.

However, Lee did tweet that his
Litecoins weren’t sold at peak price–
instead, they were liquidated in three
trades, with each LTC being sold off for
around $200.

Lee also addressed the criticism in an
interview with Finance Magnates earlier
this year. “A lot of people think that by
not having any coins, I no longer have
‘skin in the game,’ and that because of
that, I won’t be incentivized to work on
and improve Litecoin,” he said.

However, “from my point of view, that’s
totally not true because Litecoin is kind
of like my baby. I want Litecoin to
succeed more than anyone else in the
world, even though I don’t own any
Litecoins. It’s kind of like my legacy.”

If Lee does indeed want Litecoin to
succeed more than anyone, he may have
reason for concern besides Litecoin’s
falling price. Bloomberg reported that
usage of Litecoin has also heavily fallen
off since the beginning of the year.
According to BitInfoCharts. Litecoin was
running nearly 200,000 transactions
daily at its height; now, it runs roughly
20,000 daily.

Bloomberg reported that Lee’s plans for
moving forward include getting more
merchants to adopt the use of Litecoin.
However, the massive decline in price in
addition to the failure of the Litepay
initiative earlier this year may make
Litecoin a tough sell.

https://www.financemagnates.com/cryptocurrency/news/