Litecoin’s Charlie Lee Would Eventually ‘Step Away’
Charlie Lee, the creator, and founder of Litecoin (LTC) has announced his intent to make the crypto coin a global cryptocurrency in an interview with TenX given on Friday, April 27. He also stated that such objective would require him to sooner or later “step away” from his position as leader at Litecoin.
In the interview, Lee indicated that Litecoin and Bitcoin (BTC) are “working close together,” stating that the coins are mutually supporting each other and have different use cases. Lee emphasizes the decentralized nature of Bitcoin which is its key feature, which is absent at Litecoin.
“Litecoin is more centralized because I’m around, so it has a more centralized development team, has more centralized foundation. I can steer litecoins towards my vision, and people will listen to me because I created it.”
Co-founder Julian Hosp of crypto wallet TenX asked Lee if he has ever thought of stepping down from his position, the Litecoin founder responded that he actually “stepped away for a little bit two years ago” when he was in charge development of a Bitcoin’s use at Coinbase. Lee stated that a true decentralized coin should be controlled by a leader.
“For a currency to really be … a worldwide decentralized currency, you can’t have … a real leader who’s trying to control things, so to make it more decentralized, eventually I would step away.”
But this statement actually I sin contradiction with what Lee said in December 2017, when he assured that he would “quit” and that he would completely dedicate himself to Litecoin after he sold all his Litecoin holdings at when the crypto market was at its peak:
“Don’t worry. I’m not quitting Litecoin. I will still spend all my time working on Litecoin. When Litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins.”
Afterward, Lee changed his statement in an interview with Cointelegraph on Feb. 2, saying he sold all litecoins due to “conflicts of interest” and not because he “didn’t believe in the project.”
As Lee admitted, this was “definitely the first step” in what he considered to be an ultimate necessary measures. “I think eventually I had to step away,” said Lee.
The LTC founder also disclosed that his decision of selling his litecoins “just [felt] like it [was] not the right,” stating that this will lead to short-term effects. Nevertheless, Lee still is certain that he made “the right move, but in the long-term.”
“I think in the long run it was right. The short-term while the price is down like below the all-time high, it just feels like it’s not the right decision, but I think that moving forward like five years down the road, when prices back up (unclear) then it would be feel like that would be right move.”
Established in 2011, LTC reached its all-time high of $375 on Dec. 19, 2017, and later experienced a drop that made its value reach $125 on Feb. 6, 2018, according to Coinmarketcap data. In spite of market fluctuations, the LTC coin is still among the top 10 cryptos.