Litecoin founder sells all his Litecoins

Charlie Lee released the code for the crypto-currency Litecoin in 2011 and has since been working to make the currency known and successful. Especially in the past few months, the price has increased dramatically in the shadow of the success of the more popular Bitcoin. On one day in December, the value of the currency doubled. Since the beginning of the year, the price of a Litecoin has increased by a factor of 75.

In a posting on the social network Reddit, the San Francisco software engineer has now announced that he has no litecoin (LTC) for the first time in more than six years. Only a few symbolic real coins - embossed collectibles containing the access code to a virtual LTC - he still had. The course explosion at Bitcoin has not only surprised many, but also the second series to Ethereum and Litecoin just took an undreamed of soaring. It was a little weird when Litecoin creator Charlie Lee warned Twitter that Litecoins are extremely risky and he expects significant setbacks in the coming years. The founder, who is called Twitter only after the mysterious Bitcoin inventor Satoshi Nakamoto "SatoshiLite", moved from Google into the crypto industry. His currency should be leaner - a transaction is faster and consumes less energy. By mid-December, Bitcoin had around 15x the market capitalization of Litecoin.

He made the decision to sell in order to avoid a conflict of interest. As a founder, he had such a strong influence on the currency with his tweets or statements that he was subject to a personal motive in many statements. So there had been assumptions, he would put on falling courses of Litecoins. One and a half weeks ago, for example, Lee had warned that the price of Litecoin could also fall drastically.

In the Reddit post about the sale, Lee does not say how many Litecoin he has sold and at what price and asks not to ask. However, it was a small part of the daily trading volume and his trade had "not crashed the market".

A Litecoin is currently worth about 332 USD, 4.6 percent less than the day before. Tuesday's high is $ 375, and the entire currency has a market capitalization of $ 18 billion. By comparison, the largest cryptocurrency Bitcoin is currently around $ 290 billion.

Lee emphasized that his sale did not mean a loss of confidence in the currency. "I will continue to use all my working hours to work on Litecoin," he writes. "If Litecoin succeeds, I will continue to benefit in many ways, but no longer in possession of coins." That was a crazy feeling, but also refreshing.


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