Charlie Lee to sell his Litecoins

Let's check how this news affected the price of "digital silver"
20 December 2017   1087

The founder of the Litecoin, Charlie Lee, said that he had sold all his coins because he did not want to be accused of personally influencing the price fluctuations. The corresponding statement was made on Reddit

As Charlie writes, over the past year he has tried not to write tweets that are related to the price of crypto currency, but this in itself is quite difficult because price is a very important aspect of the growth of Litecoin.

And whenever I tweet about Litecoin price or even just good or bads news, I get accused of doing it for personal benefit. Some people even think I short LTC! So in a sense, it is conflict of interest for me to hold LTC and tweet about it because I have so much influence.

Charlie Lee

Creator of Litecoin

He also insists that he always refrained from buying or selling LTC before or after he published important tweets. However, says Charlie Lee, there will always be doubts as to whether his actions are aimed at personal enrichment to the detriment of Litecoin's success and crypto-currency in general.

For this reason, in the past days, I have sold and donated all my LTC. 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. For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin. (I do have a few of those as collectibles.) 

Charlie Lee

Creator of Litecoin

 At the same time, he emphasizes that he does not leave Litecoin and will continue to devote all his time to this work. He also refused to disclose the exact amount of coins sold, assuring that this amount is only a small percentage of the daily volume on the GDAX exchange (about $ 550 million) and the sale did not lead to a collapse of the market.

Litecoin Price

Let's figure out, what influence this news have on the LTC price. 

Litecoin Price Chart
Litecoin Price Chart

Litecoin lost about 8% in last 24h, but still gained about 6% for 7 days. At the moment of press, these are the main market parameters:

  • Average Price $330,37
  • 24h Volume $2 083 310 000
  • Market Cap $17 968 140 070

Lite.IM Beta to be Released

Lite.IM will allow users to interact with Litecoin blockchain using text commands through a special API-system
09 August 2018   340

Developers of the Zulu Republic blockchain project presented Lite.IM software that allows users to make transactions in the Litecoin network using SMS messages and the Telegram messenger.

Zulu Republic is convinced that Telegram is the safest messenger and provides all the necessary opportunities for testing the concept before launching SMS payments.

Representatives of the project emphasize that a lot of people live in countries with limited access to the Internet, under conditions of strict censorship by political regimes, without access to financial services. In addition, 64% of the world's population owns mobile phones, but only 33% have smartphones. This is the reason why Zulu Republic is convinced of the need to link SMS messages and Litecoin blockchain, not relying on the availability of the Internet.

By opening the world of cryptocurrency to these underserved and vulnerable populations, we aim to provide a degree of financial agency, autonomy, and (perhaps most importantly) security that they’ve been denied up until now.

Zulu Republic

Lite.IM will allow users to interact with Litecoin blockchain using text commands through a special API-system. At the moment the community already has the opportunity to use Telegram-bot to check balances and send Litecoin to LTC-addresses or e-mail. The solution is written on JavaScript. More info is available at GitHub.

The creator of "digital silver" Charlie Lee is convinced that the bear market allows us to focus on developing solutions for mass adoption of technology.