Charlie Lee to sell his Litecoins

Let's check how this news affected the price of "digital silver"
20 December 2017   1564

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

Litecoin to Join Forces with Beam

MimbleWimble technology can be theoretically integrated into Litecoin
08 February 2019   237

Representatives of the Litecoin Foundation together with the developers of Beam  cryptocurrency are exploring the possibility of integrating MimbleWimble technology into Litecoin.

We have started exploration towards adding privacy and fungibility to Litecoin by allowing on-chain conversion of regular LTC into a Mimblewimble variant of LTC and vice versa. Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality.

Beam Team

It is noted that further results of cooperation of the company will be reported in their official blogs.

Worth reminding, in January Charlie Lee reported on implementation of confidental transactions in Litecoin.