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wilslaw

Charlie Lee: ‘To make Litecoin more decentralized, eventually I would step away’

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Litecoin's Creator and former director of engineering at Coinbase cryptocurrency exchange Charlie Lee, in an interview with TenX on Friday, 27th April, expressed his intention to make the altcoin a global decentralized cryptocurrency. He also claimed that that goal would require him to eventually “step down” as Litecoin’s leader.

In the interview, Lee suggested that Litecoin and Bitcoin(BTC) are “working close together,” claiming that both coins are mutually supporting each other and are used for several purposes. He also stressed Bitcoin’s decentralized nature, made possible by its anonymous creator as its key feature, which Litecoin lacks.

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Litecoin is more centralized because I’m around, so it has a more centralized development team, has more centralized foundation. I can steer Litecoins towards my vision, and people will listen to me because I created it.

 

 Lee also argued that, a unique decentralized coin shouldn’t have a leader who controls it.

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For a currency to really be … a worldwide decentralized currency, you can't have ... a real leader who's trying to control things, so to make it more decentralized, eventually I would step away.”

 

The statement evidently contradicts what Lee said back in December 2017, when he promised not to “quit” and to fully commit himself to Litecoin after he sold all his Litecoin holdings when the crypto market peaked:

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“Don’t worry. I’m not quitting Litecoins. 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.”

 

Later, Lee confirmed his statement during an interview with Cointelegraph on 2nd Feb, claiming he sold all his Litecoin due to “conflicts of interest” and not because he had no belief in the project.”

 Litecoin founder also accepted that his decision to sell his litecoin really feels like it was a wrong move citing the short-term negative effects. Nonetheless, he still believes that he made “the right move, which will benefit him in the long-term.

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I think in the long run it was right. The short term while the price is down like below the all-time high, it just feels like it’s not the right decision, but I think that moving forward like five years down the road, when prices back up (unclear) then it would be feel like that would be right move.

 

LTC was founded by Lee back in 2011, It hit its highest value of all time($375) on 19th Dec, 2017 and later declined in value to as low as $125 on 6th Feb, 2018. Today, it is still one of the top 10 cryptocurrencies by market cap. Litecoin currently trades at $151.

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I somehow agree with him but first he really needs to push Litecoin into the mainstream otherwise people will lose confidence.

Leaving project behind means you're done with it.   Trust will be gone.

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I was going over his tweets recently and as I saw he was really rude to others. Applying this to leadership to a project like litecoin, I don't see a possibility for litecoin to succeed. Just my thoughts. 🙄

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