Litecoin founder sells all his litecoins, cites 'conflict of interest'
Litecoin founder Charlie Lee has announced in a Reddit post that he had sold all litecoins he owned. The decision to divest in the cryptocurrency that he founded was taken as there is a ‘conflict of interest for [him] to hold LTC’.
“For this reason, in the past days, I have sold and donated all my LTC (litecoin). 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,” Lee said in the post.
Lee said that he usually refrains from posting price-related tweets but it is hard not to in the current scenario. The price of litecoin has tripled in this month alone.
“And whenever I tweet about litecoin price or even just good or bad news, I get accused of doing it for personal benefit. Some people even think I short LTC!” he said.
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Here's the full post:
Litecoin price, tweets, and conflict of interest from litecoin
For the first time in over six years, Lee will have no litecoins in his wallets. He, however, has kept a few litecoins in physical form “as collectibles”.
The former Coinbase employee said that he was not quitting litecoin and will keep working on his brainchild.
“I will still spend all my time working on litecoin. When litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins. I now believe this is the best way for me to continue to oversee litecoin’s growth,” Lee added.
Explainer: What is bitcoin and how does it work?
It is not common for a founder of a cryptocurrency to divest and announce publically. Ethereum founder Vitalik Buterin is still invested in Ether and owns a significant amount of the cryptocurrency. Though, the founder of bitcoin, mysterious Satoshi has still not come into public view.
Many of the fellow users of Reddit and Twitter, however, doubted Lee's decision and said that his divestment reflects zero-confidence in litecoin’s future prospects.
“Typically in finance, a founder selling out his stake is a very BAD indicator for his perception of future performance. I was planning on expanding my litecoin position prior to this even with bitcoin cash coming on Coinbase, not anymore,” a Reddit user wrote on Lee’s post.
Lee also denied that he had any relation to the alleged insider trading of bitcoin cash at Coinbase.
"To those saying I bought BCH with insider news, please stop. I had no info. I sold all the BCH (bitcoin cash) I can the moment it was tradable on exchanges. And j just sold my 2 stuck BCH on Coinbase at USD 5000 each. Good riddance!" Lee wrote in a Twitter post.
To those saying I bought BCH with insider news, please stop. I had no info. I sold all the BCH I can the moment it was tradable on exchanges. And j just sold my 2 stuck BCH on Coinbase at $5000 each. Good riddance!
— Charlie Lee [LTC] (@SatoshiLite) December 20, 2017
“For this reason, in the past days, I have sold and donated all my LTC (litecoin). 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,” Lee said in the post.
Lee said that he usually refrains from posting price-related tweets but it is hard not to in the current scenario. The price of litecoin has tripled in this month alone.
“And whenever I tweet about litecoin price or even just good or bad news, I get accused of doing it for personal benefit. Some people even think I short LTC!” he said.
RELATED NEWS
BSNL to start 4G services from Kerala in January
News Live: You may soon fly in a Made in India aircraft
Jio to now offer cashback up to Rs 3,300 on Rs 399 recharge
Here's the full post:
Litecoin price, tweets, and conflict of interest from litecoin
For the first time in over six years, Lee will have no litecoins in his wallets. He, however, has kept a few litecoins in physical form “as collectibles”.
The former Coinbase employee said that he was not quitting litecoin and will keep working on his brainchild.
“I will still spend all my time working on litecoin. When litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins. I now believe this is the best way for me to continue to oversee litecoin’s growth,” Lee added.
Explainer: What is bitcoin and how does it work?
It is not common for a founder of a cryptocurrency to divest and announce publically. Ethereum founder Vitalik Buterin is still invested in Ether and owns a significant amount of the cryptocurrency. Though, the founder of bitcoin, mysterious Satoshi has still not come into public view.
Many of the fellow users of Reddit and Twitter, however, doubted Lee's decision and said that his divestment reflects zero-confidence in litecoin’s future prospects.
“Typically in finance, a founder selling out his stake is a very BAD indicator for his perception of future performance. I was planning on expanding my litecoin position prior to this even with bitcoin cash coming on Coinbase, not anymore,” a Reddit user wrote on Lee’s post.
Lee also denied that he had any relation to the alleged insider trading of bitcoin cash at Coinbase.
"To those saying I bought BCH with insider news, please stop. I had no info. I sold all the BCH (bitcoin cash) I can the moment it was tradable on exchanges. And j just sold my 2 stuck BCH on Coinbase at USD 5000 each. Good riddance!" Lee wrote in a Twitter post.
To those saying I bought BCH with insider news, please stop. I had no info. I sold all the BCH I can the moment it was tradable on exchanges. And j just sold my 2 stuck BCH on Coinbase at $5000 each. Good riddance!
— Charlie Lee [LTC] (@SatoshiLite) December 20, 2017
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