After Litecoin Founder Charlie Lee Sold All His Litecoin
Over these days, the breaking news in the cryptocurrency circle is that Charlie Lee, the creator of the world’s fifth-biggest cryptocurrency, Litecoin, unexpectedly “sold and donated” all of his litecoin on Wednesday this week. “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” Lee said in the post.
Lee explained that his liquidation was aimed at preventing a “conflict of interest” as some people claim he could manipulate the price of Litecoin, and asked readers to please “don’t ask me how many coins I sold or at what price. I can tell you that the amount of coins was a small percentage of GDAX’s daily volume and it did not crash the market.”
The news soon got spread and triggered heated discussion both at home and abroad.
In China, his weibo soon intrigued heated discussion and comments received were roughly in two camps, with some supporting and adoring him, while some being quite mean, among which the top ones are:
“Despicable, hypocritical, fake-faced bitch, yes, it’s all about YOU [vomit] [vomit] [vomit] What you did can easily sent you to jail in USA. shilling Ltc just to sell high for profits=typical market manipulation=shame on you [vomit].”
“Charlie Lee is a tough MAN, people who have only money in eye may ridicule him cashing high for profit, the same as people say Zuckerberg’s avoiding tax for him donating 99% of his property. Ugly minds have ugly views. That’s OK. But these are for sure: 1. Litecoin will definitely keep rising and rising to a high price. 2. Lee’s gonna have a better life, making lots of money in other ways other than Litecoin. 3. More and More people who make a big fortune from cryptocurrency will do charity and invest for the future development of blockchain.”
“You make contribution means you can do whatever you want? You save life once means you can be a rapist? Advocate people go-long but short it personally, despicable you! // (reply to his comment) @ Pan Zhibiao kevin: Cash in for high? So what?! Charlie is the most devoted person of Litecoin, don’t be so mean! He deserves no one’s scold! //@Bitcoinsky: Regarding price influence, Lee is not the first one, but he’s definitely the only one who’s double-faced!”
“Litecoin’s truly decentralized”
“Bitcoin and Litecoin are truly decentralized. Mining Monopoly’ BCH is in fact centralized, I’ll buy no BCH till mining monopoly’s leaving”-Reply: “No one cares about your buying or not!”
“Cash in at high price with so nice words in public, ‘good for you’!”
- It is no doubt a good time to sell. Litecoin’s price has seen some significant upward momentum this month. It hit an all-time high of $375.29 on Tuesday, and has risen more than 7,000 percent since the start of this year.
- And this news surely caused doubt to some supporters who are holding LTC now so they may dump theirs, and got caught by those opponents. Typically in finance, a founder selling out his stake is a very bad indicator for his perception of future performance, though he has talked about it in the post, it cannot stop people from being panic. But it might be a good news to others as well and see it as an opportunity to buy more. Anyway, he stated that he’s not quitting Litecoin and will still spend his time working on it, so what happened then in the following days.
According to the data above from Okex.com, the price of Litecoin indeed decreased in following days with the current price being $293.43, Lee’s move may have an impact on the price volatility but the fact is Bitcoin together with other cryptocurrency is also going a little bit down in these days.
So, what do you think about Lee’s move?