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Charlie Lee, Creator of Litecoin, Goes to Wuhan on July 2 to Thank Miners and Mining Pools for Supporting Segwit on Litecoin

meetup Wuhan

It’s been three weeks since Charlie Lee left Coinbase to focus on the Litecoin development. And the low key software engineer has been tweeting welcome news about Litecoin from its being listed on Coinbase and Bitstamp to its adding new technical features. (Note: Charlie didn’t mention anything about Amazon’s adding Litecoin. The Amazon news is from Reddit).  

And on July 2, Charlie went to Wuhan to meet litecoiners and miners from all over China. The meetup is interpreted by the media to boost morale and sustain litecoin momentum. If anything, Charlie has successfully inspired litecoiners’ confidence as LTC price increased from 270 yuan to 320 yuan overnight. Will 2017 be the year of Chikun? In this series, Charlie shares his insights about Segwit, LN and ICOs.

Four years ago, when you joined Coinbase, you said that there were no companies supporting LTC. And people like your parents didn’t know how to buy it. So you think the timing was not good to focus on the Litecoin development. But now you left Coinbase, does this mean you believe it’s time for Litecoin to shine, especially considering Bitcoin is in its civil war?

The activation of Segwit is a turning point in the course of Litecoin development. When I first heard of Segwit last year, I took a three-month leave and focused on studying the technical upgrade. Later I chose to work part time at Coinbase, so I could work to make others realize the benefits of Segwit. It was no easy to convince of miners and mining pools supporting Segwit, but it was worth it. Litecoin price has been going up, Coinbase and Bitstamp are listing litecoin. I am confident that more merchants and companies will realize the real value of Litecoin. It’s time for Litecoin to shine.

I can see that you are very confident about the future of Litecoin. And certainly LTC has achieved a lot in the past 6 years. It’s market cap has reached over 2 billion USD, but sceptics say LTC is just the testbed of BTC and once SegWit is activated on BTC, there will be no room for LTC. What do you think of it?

I always believe it’s not a game of winner takes it all. Bitcoin is the almost-perfect coin to me. It’s like gold, a good store of value. It’s the most secure and most decentralized coin, but it wouldn’t be the coin for all as the fees are high. It’s both costly for the whole Bitcoin network to confirm a transaction of 1,000 BTC and a transaction of 1 BTC. That’s why I created Litecoin and defined it as Bitcoin’s silver. I want it to be widely used for small amount transactions in real life, like buying a cup of coffee. People like choices.

Bitcoin has yet to activate Segwit because of political reasons, not because it’s unnecessarily complicated as many have claimed. I hope Segwit can be added on BTC, so in the future, it could add lightening network. It would overshadow litecoin at the very beginning, but given time, it’s good for both BTC and LTC.

It seems to me that you are trying to make Bitcoin and Litecoin rise or fall as one. Even the LN is trying to “bind” BTC and LTC together. Why do you insist LN when off chain solutions are not welcomed by many?

Litecoin only takes 2.5 minutes to generate a block. It’s fast, but when it comes to payment in real life, that’s a big problem. Let’s say, when you are buying a cup of coffee, the merchant cannot wait for 2.5 minutes for you to pay. But if LN is built on top of Litecoin, it enables instant payment. LN is a must-be if Litecoin wants to be widely used in everyday life. Plus, if a merchant only accepts BTC and all you get is LTC, then through a LN exchange node, you can exchange your LTC into BTC and pay the merchant instantly.

I said this before, Bitcoin is a city full of residents, cars and everything, and Litecoin is a city next to it with well-developed infrastructure, but it is surprisingly empty. If Bitcoin can move on from the current scaling deadlock and build LN on top of it, together with LTC LN, they could solve the world’s transaction needs. It’s a win-win outcome.

Let’s suppose all technical features and upgrades are added on LTC by the end of 2017, and more stores accept ltc as a means of payment, more ltc ATMs are available in many cities. Will LTC be top 3 or even top 2 among all the cryptocurrencies by the end of this year?

Litecoin is always the top 2 to me. I know there are more than 900 cryptocurrencies, some are valuable like Monero and Decred, but many are sheer products of successful marketing. They are speculation, not valuable coins. I know the price of LTC has been kind of discouraging, but I don’t actually care about it. Given time, I expect more people will realize the real value of it and we will get want we want.

I know you don’t care the price, but believe me many litecoiners do and they complain that there is no media hype about Litecoin. You hear people talk about Bitcoin all the time, but that’s a whole different story when it comes to LTC. Since you said you are committed to Litecoin, does the word “committed” indicate that you would push yourself even harder and force yourself to go out and meet more people like investors?

I think I’ll mainly focus on the development part, Litecoin community member PZ has been working on the marketing stuff. He started a foundation in the Cayman Island focusing on the marketing with Litecoin miners and mining pools. He told me there are many volunteers in China who translate my tweets and post them on Weibo. Some help us make “LTC to the Moon” T-shirts and organize meetups. They have been very helpful. If possible, I will keep updating my Weibo account and learn more about Chinese litecoiners.

I’m sure the LTC community will be happy to hear you put it that way.  My last question is that last week, you tweeted something about ICO, saying there is a huge bubble. Are you always so negative about it?

Actually I invested in Ethereum in 2014. I have known Vitalik for years and I think he is very talented. But later when the Ethereum network went through a hard fork, I sort of lost my faith in it. I just don’t think it’s right to do that, so I sold out all of my ETH.

As the evolution of crowd raising, ICOs could help startups to grow fast in the early stage. But it lacks investor protections and at least 50% of ICO projects are scams. I expect that the government will step in. And when the bubble pops, a large portion of investors will suffer huge losses, which is also bad for the image of ETH.

When talking with Charlie Lee, I feel that he is a simple technical guy who just want to focus on his brainchild and drive technical innovation. As the cryptocurrency world is growing exponentially, bitcoin and altcoins newbies tend to be blinded by the current hype pulled over their eyes. In the long run, however, when regulations are imposed, there will be no room for scams and people will make a brand new “most valuable coins list”.

PS: At the meeting, the Litecoin Foundation China received the biggest single donation of 500,000 USD.

 

 

COMMENTS(40)

  • bossmanishere
    3 months ago bossmanishere

    “Amazon will accept Litecoin as a means of payment” /u/coblee did you actually say that?

    • coblee
      3 months ago coblee

      I didn’t mention Amazon at all, so I don’t know where they got that. I also didn’t saying anything about cars and cities, so they must have got that from my vision blog post. Weird

  • TimsKillerRabbit
    3 months ago TimsKillerRabbit

    No he didn’t… https://twitter.com/SatoshiLite/status/881859938045140994

  • loonsky
    3 months ago loonsky

    Holy $hit!
    more than 530.000 Dollar Donations!

    “PS: At the meeting, the Litecoin Foundation received many donations for Litecoin development, and the biggest single donation is 500,000 USD.”
    Plus 666 LTC

  • coblee
    3 months ago coblee

    I didn’t mention Amazon at all, so I don’t know where they got that. Weird

  • BitcoinAllBot
    3 months ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

  • waphou
    3 months ago waphou

    You said it on your vision with LTC and BTC. What ever it is we all know LTC will go pass 50$ today as soon it break 48 or 50 line, you will see it jump to 75$ and 100$ by the end of this week. About Amazon as long you can get Litecoin add in eGifter we dont really care just Amazon. And please coblee get eGifter to accept Litecoin. You will see Litecoin hit the moon. We believe in you.

  • gabrieldov
    3 months ago gabrieldov

    Lot of girls in China are into Litecoin from this pic. Very nice. Like Regular Coke and Lite Coke, girls will always opt for the Lite version.

  • crypto_loco
    3 months ago crypto_loco

    OMG this is going to raise some eyebrows on certain communities

  • andonevris
    3 months ago andonevris

    They should be thanking him, the coins they’re mining are now worth 10x what they were.

  • Lloydie1
    3 months ago Lloydie1

    Why doesn’t core just use litecoin? And leave Bitcoin alone? They’ve got everything they want in litecoin. Just switch over enmass.

  • losh11
    3 months ago losh11

    This is not correct. Let me get /u/xinxi to explain it for you.

  • bmwwallace
    3 months ago bmwwallace

    You guys are doing an incredible job! I never thought a currency could compete with bitcoin, and as for segwit, I think it is just so promising! Keep up the fantastic work! We are all behind you!

  • TimsKillerRabbit
    3 months ago TimsKillerRabbit

    We don’t all know that. You think that. You seriously think one man is going to be able to get everyone to all of a sudden start accepting LTC? It needs a well thought out PR campaign to get people on board.

  • mrbearbear
    3 months ago mrbearbear

    Because if they did, it’ll still become an issue again with hashrate and bitmain. Right before the segwit activation, bitmain suddenly had a huge leap in hashpower to block it. It wasn’t until the sit-down that they were able to come to an agreement.
    Leaving Bitcoin won’t solve the issue if the group causing the issue is already there.

  • Gristledorf
    3 months ago Gristledorf

    Let’s see:

    No one knows who they are, not even here among the Litecoin community
    They have no agenda we know of
    They have hijacked the name “Litecoin Foundation”, but #1 again
    They want money

    Seems legit.

  • sQtWLgK
    3 months ago sQtWLgK

    Great, go ahead: Run BIP148 and you will activate Segwit as soon as August 28th. Then Bitcoin users and the dozens of Litecoin users will be able to use it.

  • Randymarsh13
    3 months ago Randymarsh13

    Meet the PR team… https://twitter.com/SatoshiLite/status/881549288831991808

  • jhonnyrambo1
    3 months ago jhonnyrambo1

    I think you mentioned “lambo” specifically.

  • sana128
    3 months ago sana128

    Did u say dozens ?

  • kaiwanxiaode
    3 months ago kaiwanxiaode

    Because first and foremost they want to make money?

  • sQtWLgK
    3 months ago sQtWLgK

    Literally

  • stevev916
    3 months ago stevev916

    alt-coins are shitcoins… except LTC. its like bitcoins lil bro.

  • asraniel
    3 months ago asraniel

    Newbie. Why is that?

  • crypto_loco
    3 months ago crypto_loco

    BTC is in a civil war for 2 years because of segwit, and Charlie pulled it off in a few months and he’s even mates with the same miners that are blocking SW on BTC.

  • pildoughboy
    3 months ago pildoughboy

    Vertcoin is a bitcoin/litecoin copy that’s ASIC resistant so the miners are more distributed among GPU miners.

    hopefully bitcoin will get segwit sometime in the next few months, but in the meantime we have smaller networks developing these upgrades.

  • losh11
    3 months ago losh11

    Mostly looks like BTCC employees to me. I don’t know much about the Chinese market’s gender divide for ComSci, but it looks a lot better than the US/UK.

  • xcheater3161
    3 months ago xcheater3161

    What ever it is we all know LTC will go pass 50$ today as soon it break 48 or 50 line, you will see it jump to 75$ and 100$ by the end of this week.

    Downvoted for being delusional…. Stop spreading false information please…

  • evilgrinz
    3 months ago evilgrinz

    He’s a good dude, I support both coins, gold and silver.

  • Lloydie1
    3 months ago Lloydie1

    Sadly you’re right

  • Lloydie1
    3 months ago Lloydie1

    They’ve already got segwit on litecoin! Its not like staying on Bitcoin will make bitmain go away. I think core is the real issue because they always just want things their way and they’re not prepared to compromise whereas we saw Charlie Lee and the litecoin miners make a compromise.

  • bitsteiner
    3 months ago bitsteiner

    PoW coins with a significant network effect are no competition, they could complement each other. With malleability fixed we will be able to exchange BTC vs. LTC trustless & p2p. LTC could function like a small denomination of BTC.

  • hawaiizach
    3 months ago hawaiizach

    Doesn’t segwit hurt decentralization? I heard it’s been backed by major banking institutions as a means of more control. That being said, all I ever see on Reddit is people praising or hating on one side and never actually giving reasons – so to figure out this stuff myself has been fairly difficult.

  • mycall
    3 months ago mycall

    Maybe Chinese girls are smarter 😉

  • notcoolenoughnow
    3 months ago notcoolenoughnow

    charlie had to have this article corrected. he did not talk about amazon.

  • pazdan
    3 months ago pazdan

    this was pretty high up on r/bitcoin a few days ago, probably where they got it from https://www.reddit.com/r/litecoin/comments/6kd5bp/amazon_accepting_bitcoin_within_months_and/

  • tapunan
    3 months ago tapunan

    Keep up the good work. The best thing I like with Litecoin is that there’s a proper sense of direction and unity from everyone involved – miners, users, developers.

  • waphou
    3 months ago waphou

    dude we reach 50$ who is Delusional now. 11 hours ago you think delusional lol xD

  • xinxi
    3 months ago xinxi

    No. The 500K USD is for a “foundation” been created by a Chinese guy called PZ who tried to register a for profit company for the foundation that Charlie, I, and PZ would be running and got discovered and rejected by me and that’s also the reason why I registered the current litecoin foundation myself as a nonprofit organisation in Singapore. Also, that’s the reason why we decided not to let PZ be a director of the foundation I registered.

    To be honest, I have no idea about the legal status of the “foundation” been registered by PZ. Is it still a for profit company that has a bunch of shareholders who can take money out of it legally as dividends and has no requirement for publishing any financial statements? Also, I’ve no idea about its mission and intended purpose. I just hope they will be ethical and will do some goods for Litecoin or at least does not hurt it.

  • xcheater3161
    3 months ago xcheater3161

    Thinking it’s gonna be $100 by the end of this week is being delusional.

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