Summary of the 10 year ups and downs of Litecoin – special section
It’s great that Charlie Lee has decided to write another chapter in Litecoin history. It turned out that he returned to his job at Coinbase after that. Is the company giving more support to LTC during this period? Also, at one point Lee sold all of his LTC. What is your reason for this? How do you plan? And above all: Has the plan been implemented?
Charlie Lee – The creator of Litecoin
Charlie Lee and Coinbase: Episode 2
After successfully activating SegWit on Litecoin, Lee returned to his job at Coinbase in 2016. Once a pioneer, this time he works from home. Here, too, Charlie Lee tried “because of the successful start of Ethereum” to get Litecoin listed on Coinbase.
“Brian reluctantly agrees to only start in the GDAX.”
GDAX stands for Global Digital Asset Exchange, the predecessor of Coinbase Pro.
But things didn’t go as Lee had hoped. Because there is no launch event.
“I don’t know, for some reason Brian & Fred refused to start completely on GDAX and Coinbase as they did at ETH.” Although Charlie Lee helped shape the launch of ETH, this is the coin the company makes money with. Worse still, “Fred refused to let Coinbase hold an LTC and because of a conflict of interest.” That may be why Charlie Lee is still wondering today. In addition, the conflict of interest ties in with today’s main story.
Since the exchange had no LTC liquidity, Charlie had to “personally borrow his LTC from Coinbase”. As the picture below shows, LTC was the fourth largest coin at the time. It “almost fits in with ETH and LTC, not even on Coinbase”. Is this a personal attack or a conflict of interest?
The source: Charlie Lee
“This is the state of crypto trading one month before it starts. Litecoin is not a small coin. It comes in 4th with a trading volume almost the same as ETH, but LTC isn’t even on Coinbase. So I am extremely frustrated and I feel frustrated.
Litecoin is easy to start on both GDAX and Coinbase. In fact, it was even easier because we had to have a successful launch plan. Basically, Coinbase goes to great lengths to cripple Litecoin adoption and doesn’t even hold LTC to pay the miners’ fees. ”
So Charlie stepped back. The company asked him to stay for a while to make the transition easier. A few months later, without losing anything, Lee fired one final shot trying to get Litecoin listed on Coinbase’s main website. Amazingly, Brian Armstrong agreed.
“So many times I wanted to give up my wish to see the LTC launch on Coinbase’s main page until I made my last attempt in April. At that time, GDAX had a block due to SegWit signals. A huge amount of transactions. So I sent Brian a tough reminder tweet.
“LTC trading volume on GDAX exceeds $ 10 million. Brian, I think it’s time people just buy LTC with Fiat on Coinbase. What do you mean? “” Let’s do it. ”
These are definitely not staged tweets and replies. I really didn’t think Brian would answer, but I was overjoyed to see that he agreed with me.
So I immediately put the Coinbase team together to launch Litecoin. I didn’t even speak to Brian after his Twitter response. ”
Litecoin officially launched on Coinbase in May, and Lee left the company on June 9th.
“Today is my last day at Coinbase! I will miss the time with you all. I will focus more on Litecoin. Big moon! ”
This “nod” brings extremely successful results. Lee estimates Litecoin raised Coinbase over $ 100 million in that first year.
“Brian even emailed me apologizing for what I went through. He agrees that adding Litecoin to Coinbase is very lucrative. ”Though it happened, on the subject Twitter Charlie still remembers the old story and makes fun of her weaknesses:
“I think you can blame me for turning Coinbase into the shitty coin casino it is today.”
Sell all LTC
In late 2017, Charlie Lee sold all of its LTC when the price was at the top of the market. In his series of tweets, he didn’t mention a conflict of interest, but that was the rationale he used at the time. Currently, Lee says he doesn’t have that much LTC due to the show launch. You have to mine and buy your stake just like everyone else. He also called:
“Almost every second altcoin has a huge amount of premine. Even the ETH has 70% premine coins. ”
According to the founder, he has set himself a goal:
1. Remove the fear of hoarding satoshi.
2. Make Litecoin more decentralized.
3. Motivation / incentive adjustment for the introduction of Litecoin vs. LTC price increase.
The move was controversial at the time. It was believed that the captain had left the ship. However, Charlie Lee led the project for 4 years and focused on the launch of Litecoin but “not the price of LTC”. Since then, they have launched LTCpay, “a self-hosted merchant processing service,” and Litecoin-powered credit cards. In addition, they organized the “Global Litecoin Summit” in September 2018.
They also sponsored a UFC night and became the “Official Cryptocurrency of the Miami Dolphins” for a while in 2019. Towards the end of 2020, PayPal announced the support of Litecoin.
“PayPal did not contact me in advance. In fact, there is no reason for it! Litecoin is, after all, a decentralized cryptocurrency. To be honest, I’m very happy that this is happening. ”
Charlie Lee’s new project for Litecoin is the alternative. This new feature is almost ready:
“The Code is currently being reviewed and we are in the process of making it public. Once released, it will take some time to activate. ”Lee expects this to happen in early 2022.
The author ended Litecoin’s 10 year history on two lines tweet Kind regards:
“All of the intentions and purposes associated with Litecoin persist. I can’t stop it and I know Litecoin will outlive me. The last 10 years have been a wild ride. We’re going into the next 10 years.
It’s amazing what Satoshi Nakamoto created. I am honored to play a small role in all of this. ”
Congratulations on the 10th anniversary of Litecoin!
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
At home at home
According to Newsbtc