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RE: Coinbase Launches BCH & Trades At $9,500? / Charlie Lee Sells All His LTC / Monero On Ledger Wallet
"Ultimately he says it’s a conflict of interest for him to hold LiteCoin and tweet about it since he has so much influence, being the creator and all."
This is seriously concerning that he would say this. It seems like he doesn't even understand the concept of conflict of interest. In fact, this is the exact opposite of conflict of interest, it's just more incentive for the project to succeed. It's like saying the owner of a company has a conflict of interest because he wants the company to succeed.
I almost can't believe he actually wrote that. It simply boggles the mind.
I wonder why he didn't sell it when it was $100. Waited till it was $330 then sold the lot and it's simply to "do the right thing"? I think not.
Why should he feel this way? I dont see Bill Gates selling all his shares for the sake of Microsoft because the company is growing.
Yes I agree. Very odd move. Unless he thought the price was going to drop because Bitcoin Cash is now more widely available and it's faster and cheaper than Bitcoin.
Next year this same time I believe litecoin could be in the 4000
Before Charlie sold and before Bitcoin was unable to solve its scaling problems and the answer to this, BitcoinCash appears, it would be with you! Now i`m not...
The thing is, he dumped when the price was high. He said he will dump some time ago and now people forgot all about it and the price went up. Together with Bitcoin Cash pumping, he used the momentum and puimped from LTC pool as well, effectively raising the BCH price and making LTC price fall. I am a bit puzzled why Litecoin did not drop as it could (should?). I have a theory about it and perhaps I can make a post about it. I am sure he is connected to Cooinbase and I know this wasn't because he felt like he needs to go out of "his own" coin. He did that for his own profit.
Lol, had exactly the same thought with bill gates
A conflict of interest is when your interests are negatively correlated to the interest of the entity or job you represent (in this case LTC). Charlie's interest were completely positively correlated with LTC and now they are not. In fact we no longer know what they are and his interests can, potentially, be against LTC. This excuse makes no sense. Maybe he's about to start a new crypto coin venture. Whenever a corporate CEO sells out his company shares in a massive exit, it is a bad sign.
If you believe that the face behind the coin needs to keep his stake in the game for it to succeed, you are missing the point of the movement. Charlie Lee is a visionary that understands that as long as he had an investment tied to the project, he would potentially hold back on risks vs rewards. He is also a firm believer in the decentralized nation of crypto. Everyone knows he created litecoin, so everyone thinks of him as the CEO or an ambassador. He saw litecoin as turning into another bcash and didn't want to be attached to the same sorts of conversations as Roger Ver. Litecoin will continue to grow with or without his holdings. That's the whole point of all of this after all. It's not anyone's business what he spends his money on. Didn't you buy your first bitcoin (now Monero, Verge or ZCash) to get away from people being able to monitor how you spend your money? Or just as an "investment" platform since it went mainstream. He doesn't owe anyone an explanation and I am sure litecoin will be just fine!
I never said "the face behind the coin needs to keep his stake in the game for it to succeed" or that he owes me an explanation. I'm not questioning his actions, I'm saying his explanation makes no sense. This is simply not a case of conflict of interest, as I said, and the fact that he said that it was is extremely concerning.
I see what you are saying about risks vs. rewards, but it cuts both ways - he could theoretically throw caution into the wind and try something super risky, because if it fails, it doesn't really matter to him that much.
He's not a close personal friend of mine, so I can't rebut other than what I read on his twitter feed, but litecoin seems to be very close to his heart from what I can tell. I don't think he will let any harm come to his baby. He never bad talks bitcoin either and knows where his coin stands in the marketcap listing as well. He is very humble, outspoken and blunt. He should be able to pull his litecoin out and make a profit from his work. I wasn't putting words in your mouth and didn't mean it to come off as such either. I was just inputting my opinion! Charlie Lee is free to do as he wishes with his money, and he shouldn't have to explain himself.
I agree 100%! I think it's great he can make (spendable) money from his work.
One of my all time favorite tweets from him. "If a single person's tweet can decline the price of an asset, it didn't deserve that price to begin with." He is humble and honest to a fault.
He is just a wise man....be also wise....
https://steemit.com/litecoin/@the.privatier/litecoin-i-consider-charlie-lee-as-a-wise-man
Well, it could be a conflict of interest or maybe he doesn't know if it will succeed.
Moving Now he has more money to make other companies prosper that have better technology.
It's him paying it forward.
NO economic interest with LTC, no obligation to devote his efforts to LTC.
He's free.
i means that he can focus only on LTC's developement and also that he can leave from LTC like when he leave from coinbase. that's all.