Charlie Lee sums up Litecoin’s 10 year history. Part Five: Conflict of Interest

It’s great that the founder decided to give us another chapter in Litecoin history. Let’s tie up loose ends and wrap this whole series over them with a bow. As it turned out, Charlie Lee was returning to his job at Coinbase. Was the company more supportive this time? Also, as we warned you last time, Lee sold all of his LTC at one point or another. What were his reasons for that? Did he have a plan? Most importantly, did the plan work?

Related reading | Charlie Lee sums up Litecoin’s 10 year history. Second part: exchange + betrayal

You will find out all this and more in the final chapter of this legendary saga.

Charlie Lee vs. Coin Base, Round Two

After successful Activation of SegWit on Litecoin, Lee returned to his job at Coinbase. Always the pioneer, this time he worked from home. The year was 2016. Once again “given the success of the Ethereum launch”Charlie tried to get Lee Litecoin listed on Coinbase. “Brian reluctantly agreed to only start in GDAX. “GDAX, the predecessor of Coinbase Pro, stands for Global Digital Asset Exchange.

The start didn’t go as Lee had hoped. because there was no start. “For reasons unknown to me, Brian & Fred refused to do a full launch on GDAX & Coinbase as we did at ETH.“Although Charlie Lee helped create the introduction of ETH, which was a money-maker for the company. Worsen the situation, “Fred had refused to let Coinbase hold an LTC due to a conflict of interest.“Which, when you think about it, could be the reason Charlie Lee is looking for. In addition, a conflict of interest serves as the link to today’s main story.

Since the exchange had no Litecoin liquidity, Charlie has “had to borrow my own LTC to Coinbase personally.“As the following graphic shows, Litecoin was number 4 of the coin at the time. It “almost matched Etheruem and LTC wasn’t even on Coinbase.“Was that a personal attack or does the conflict of interest narrative sound true?

It would have been easy to get started on both GDAX and Coinbase. Actually it would have been easier as we already have a successful launch plan. Coinbase basically had to do whatever it takes to cripple the Litecoin launch and not even hold LTC to pay the miner fees.

– Charlie Lee (@SatoshiLite) October 12, 2021

So Charlie quit. The company asked him to stay for a while to make the transition easier. A few months later, without losing anything, Lee shot his final shot trying to get Litecoin listed on Coinbase’s main page. Surprisingly, Brian Armstrong agreed.

This was definitely not a staged tweet or response. I didn’t really expect Brian to answer at all, but I was very glad to see that he agreed with me.

So I immediately gathered the Coinbase team to launch Litecoin. I didn’t even speak to Brian after his Twitter response.

– Charlie Lee (@SatoshiLite) October 12, 2021

Litecoin was officially launched on Coinbase in May. On June 9th, Lee left the company for good.

Today is my last day at @coinbase! I will miss working with you all.

I will now shift my focus to Litecoin. To the moon!

– Charlie Lee (@SatoshiLite) June 10, 2017

The move was extremely successful. Lee estimates that Litecoin Coinbase made over $ 100 million the first year. “Brain even emailed me apologizing for what I had to go through. He agreed that adding Litecoin was very lucrative for Coinbase.“Even though that happened, Charlie got caught on his Twitter thread the carotid artery. “I think you can blame me for turning Coinbase into a sh * tcoin casino that it is today. “Wild!

LTC price chart for 10/15/2021 on Exmo | Source: LTC / USD on

The founder sells all of his Litecoin

The story you’ve been waiting for. At the end of 2017, Charlie Lee sold all of his Litecoin. At the top of the market. In the thread he doesn’t mention a conflict of interest, but that was the reason he was exercising at the time. These days Lee says that because of the start of the fair, he didn’t have that much LTC. He had to mine and buy his stake like everyone else. He says that tooPretty much every other altcoin had a huge premine. Even Ethereum had about 70% coins pre-mined.

According to the founder, these were his goals:

  1. Remove the fear of a satoshi hiding place

  2. Make Litecoin more decentralized

  3. Align my motivation / incentive for launching Litecoin against the rise in LTC price

At the time, the move was controversial, to say the least. People assumed the captain was going to leave the ship. At the top of the market. However, Charlie Lee spent four years leading the project and focusing on the launch of Litecoin and “not on the price of LTC“They have since launched LTCpay.”a self-hosted merchant processing service,“And a Litecoin supported credit card. And in September 2018 they organized a “Global Litecoin Summit”.

Besides, they are sponsored a UFC Night and becamethe official cryptocurrency of the Miami Dolphins.“For a while in 2019. By the end of 2020 PayPal announces Litecoin Support. “PayPal did not contact me before. Actually there is no reason for it! Litecoin is, after all, a decentralized cryptocurrency. It was frankly very satisfying to see this.

Related reading | Charlie Lee sums up Litecoin’s 10 year history. Part 3: SegWit introduction

Charlie Lee’s new project for Litecoin is fungibility. read all about it in this thread. This new feature is almost finishedThe code is currently being reviewed and we are about to release it. Once published, it will take some time to activate. ”Lee expects this to happen in early 2022.

The author ended his epic thread with these two heartfelt tweets.

The blockchain for all intents and purposes is alive. I can’t shut it down and I know Litecoin will outlive me. Those 10 years have been a wild ride. Here are 10 more. 🥂

It’s amazing what Satoshi Nakamoto created. I am privileged to have played a small part in all of this.

– Charlie Lee (@SatoshiLite) October 12, 2021

Congratulations on your 10th anniversary, Litecoin!

Featured image: Litecoin 10 years after this tweet | TradingView charts

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