Charlie Lee: I Won’t Buy Back My Litecoin ‘At All’

Litecoin creator Charlie Lee is not planning to buy back the litecoins he sold “any time soon or at all” after he sold his entire holdings nine months ago. 


Buy The Slide

That was the response to a question during an appearance on CNBC August 27, during which Lee discussed Bitcoin 00 and Litecoin price 00 performance and adoption.

“For me, I sold because of a conflict of interest,” he told host Melissa Lee when she asked whether Litecoin’s current price of $58 represented a “buying opportunity.”

…I think it’s always good to buy on the way down to dollar cost average your buy-in; that’s what I would recommend people to do.

Lee had previously told the network that he thought investors should buy at least 1 bitcoin before Litecoin or any other cryptocurrency.

Tough Times For Litecoin

Lee caused a stir late last year when he announced he had sold his entire stake in his altcoin. Appearing to sell as LTC/USD hit all-time highs around $350, community commentators appeared to criticize his decision for threatening to spook markets and lose investors money.

Lee defended the decision at the time, additionally pledging to concentrate solely on Litecoin development.

“I’m not quitting Litecoin. I will still spend all my time working on Litecoin,” he wrote on Reddit at the time. “When Litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins.”

2018 has further proven to be a testing one for both Lee and Litecoin. As Bitcoinist reported this week, silverbug and Golden State Mint head TruthNeverTold became the latest party to cast scorn on the December sell-off, directly calling cryptocurrencies a “ponzi scheme.”

Prior to that, a partnership with TokenPay in July to purchase a share of a German bank sparked a fresh backlash stemming from TokenPay’s dubious reputation.

Nonetheless, the altcoin is not without its supporters, this week coming in the form of Blockstream CSO Samson Mow, who noted that together with Bitcoin it had represented the only safe long-term investment opportunity.

What do you think about Charlie Lee’s pledge not to buy back into LTC? Let us know in the comments below!


Images courtesy of shutterstock, Twitter, Bitcoinist archives

Source: Bitcoinist

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Litecoin is similar to Bitcoin, and in some ways a direct competitor. Like Bitcoin, Litecoin exists as a blockchain where participating nodes process transactions, and miners provide security and verification for each of those transactions. Litecoin was originally conceived and developed by Charlie Lee in 2011. For a period of time, Charlie was a Director of Engineering at Coinbase, having joined our team in 2013. Since its launch in 2011 Litecoin has seen steady adoption with an active community of traders, merchants, and developers. We believe Litecoin is here to stay and will continue to play an important role in cryptocurrency and digital asset development.
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