The ongoing Litecoin [LTC] Summit saw a lot of speakers giving their insights on cryptocurrencies including Charlie Lee, the Founder of Litecoin, giving his perspective on the industry via live stream.
Charlie Lee went on to say that the main aim of the summit was to clear a lot of the FUD [Fear, uncertainty, doubt] that surrounds cryptocurrencies that drives early adopters away. Lee is famous for selling all of his Litecoin and creating a sensation on social media.
He stood firm on his decision by saying that “it would have sucked” if he didn’t sell. The Founder stated that the reason why he sold all of his holdings was that Litecoin was doing well at the time and the revenue he generated from the sales helped him focus fully on the development of Litecoin, rather than splitting his time with Coinbase. He said:
“Thank God I did what I did. Any other route and I would have to look for another job to manage my life.”
Lee further added that people need to hodl their coins and not sell as soon as there is a market crash. This, he said, would also enable people to spot market patterns and make better future investments. He went on to say that his main aim with the development of Litecoin was to make it better than all the other coins by implementing fair policies and enabling it to become a global currency. Charlie stated:
“Litecoin basically just fell into my lap. I am not much of a hardcore leader but my only vision was to make something that would have a lasting impact on the market and have fun while doing it.”
The Founder of Litecoin went on to talk about decentralized environments and the social media aspect of it all. Lee stated that with the rapid growth of the cryptosphere, a lot of people actually approach him to work with Litecoin. To this, his response was:
“I just tell people to contribute the best they can, however they can. If they have the core idea of making it a global currency, I’m good with that.”
Furthermore, Lee stated that people should use cryptocurrencies as they see fit and not by some written rule book. It is not the price that matters, but the usage and adoption that actually determines the success of any cryptocurrency, he added.
He also spoke about how 2017 was a distracting period after all the hardforks and the spectacular bull runs of the cryptocurrency market. Lee’s main focus was to ensure that people are aware of how crypto solves the “flawed existing fiat money of today.”
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