Charlie Lee sells ALL his LTC + Bitcoin Cash scandal
Huge news in cryptocurrency today as Charlie Lee, founder of Litecoin, announced on reddit that he has sold all of his holdings in LTC. While the price of LTC has dropped on the news, Bitcoin Cash (BCH) is soaring amid scandal. Is it time to buy the dip or start looking for the exits? Tell me what you think in the comments.
Subscribe to my newsletter: http://eepurl.com/cknIZr
http://twitter.com/lifttheveil411
https://www.youtube.com/channel/UC_rHIryFaY1d9Tt46SQE8tQ
▶️ DTube
▶️ IPFS
Buy low
But but but...my Mommy came down into the basement and told me it would be different this time...she would never lie to me...
LTC is open source software that can be developed and improved upon by anybody who feels like taking on the task. The network will either accept your update as useful, or reject it. In fact, there's a whole host of developers working on it as we speak. If LTC investors were only in it because of Charlie Lee's development capabilities, then I guess thank God he hasn't been hit by a bus.
Fact of the matter is: crypto is young. Just a baby. As time goes on, more and more developers will commit their time and resources to LTC if the market sees the LTC technology as useful. And in an environment with near-perfect competition, like the crypto space, I'm sure LTC will always be right there, given that it's perfectly suited to solve many of BTC's future challenges.
Too many crypto investors are fickle and over-reactionary. Unfortuntely, I doubt the people who sold even bothered to read his reddit post, explaining his reasoning.
https://www.reddit.com/r/litecoin/comments/7kzw6q/litecoin_price_tweets_and_conflict_of_interest/
None of us can comprehend the type of scrutiny he has been under as the sole litecoin founder. Perhaps this even explains why Bitcoin founder Satoshi Nakamoto has remained anonymous to this day.
Yours is one of the more thoughtful comments I've read by far today. I've been investing and following crypto since the early days (Mt Gox and pre- litecoin and pre- BitcoinMarket.com) and if there's one thing I've noticed its the extremely over-reactive, near conspiracy theory level crap that so many people spew out once they're invested in anything crypto.
BTC, crypto and internet tokens in general as we know it now aren't anywhere near being the finished products many geeks and 'day traders' make it out to be. The truth is, anyone invested in crypto who isn't producing anything useful or contributing to its existence, e.g. providing services, or writing code is mostly gambling.
it's really incredible. Why would he do something like that?
He sold high to buy low. He is most likely already buying and making his litecoin bag even larger.
The price action has gotten a little parabolic on the cryptos...
So much is happening in the world of crypto. Just within the last 2 months BTC got near an almost impossible to predict 20,000 which tells a lot about its viability to make people aware of the technology and potential while affecting wall streets views on crypto. Lees sell off point probably comes as he will move on to more viable, stronger and faster cryptos come. I admit its too early to leave LTC but you always wonder if he knows something about ALL currencies as a whole and him staking his place. One thing we do know is he is not greedy
How much litecoin did he had?
now let's see what.