Charlie Lee, Litecoin founder, recently in an interview spoke lot about selling his complete stake of his own cryptocurrency. He spoke for long in a YouTube interview with Julian Hosp, the co-founder of TenX today at earlier.
The founder of Litecoin, the 9th largest cryptocurrency, spoke lot in a YouTube interview concerning LTC and crypto world.
Charlie lee started his interview with the direction and vision for Litecoin’s topic, says that he was working with Bitcoin. Since, bitcoin is secured and censorship resistant cryptocurrency, he says it is costlier than Litecoin. Later on, he moved telling Bitcoin Cash saying that the fork as being “pretty silly” and essentially attacking Bitcoin’s brand.
Further, Lee he started addressing decentralization and trade-offs that would take his cryptocurrency to become a truly decentralized.
“… For a currency to really be a worldwide decentralized currency, you can’t have a real leader, to make it more decentralized, eventually I will step away”.
While conversation was heading towards Lee selling his own LTC position close to the all-time high coins. At that moment he stated a ‘conflict of interest’. Also he has some regret about the timings as he says:
“I still think it was the right move but I question whether — I think in the long run it was the right move but in the short-term while the price is down, below the all-time high, it just feels like it’s not the right decision”.
On the comparison based Lee and Hosp addressed the crypto future and as Lee said centralized digital coins are more inevitable whereas decentralized currencies like Bitcoin and Litecoin was superior.
Moreover, the interesting part of whole interview was when Lee started talking about consensus algorithm, PoS and total supply. Initially, he says, for the BTC and LTC projects PoW sustains a secured network that currently available. He added:
“It’s hard to say what will happen when it starts reaching the limit. Right now, the coin is working, Bitcoin and Litecoin are working because the mining reward is paying for the security… When you rely on fees and if the fees aren’t enough because the block size is constrained, then what happens? The security will drop. Is it better to have some small inflation every year and have that fixed and have that pay for the security or can transaction fees pay for security?”
Although, as Hosp compelled Charlie Lee for a strong feeling on the issue. He said, unless there is a really good reason to change it, then just let it be.
The ninth largest cryptocurrency, Litecoin was found in 2011 and the to adopt crypto projects including Bitcoin’s inception. At the press time, Litecoin was trading at $149.03 USD.
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Image Source: Charlie Lee