After Charlie Lee, the founder of Litecoin has sold all his LTC, he shows a lot of interest in Monero. As one of the most important figures in the development of blockchain technology, the community already has its eyes and ears open. Does Lee suddenly see more potential in another crypto currency or are there other reasons behind his decision to sell Litecoin? All news about this at CoinHero!
#Litecoin Inventor Charlie Lee Sells All His Litecoin for Conflict of Interest Reasonings https://t.co/u2UZCJx31J
– Blockchain News (@OnlyBlockchain) December 20, 2017
Lee sells his Litecoin tokens
The founder of Litecoin has sold all his tokens from LTC, but motivates the community to continue investing in Litecoin. As a reason for this he says that he was too influenced by the price of the crypto currency and that he can better develop the technology behind it if he has no financial success with it. This seems controversial to many, but the visionary seems certain of his cause. In a recent interview with SFOX, Lee said that Litecoin was his baby and he wanted to see how the project would be successful. If this were the case, he would be satisfied with the pride and glory he has gained through his work.
He says he spends all his time developing blockchain technology and his time is more valuable than money. Since he sold his tokens, he’s been working even harder on the project. While he had previously spent more time on the websites of stock exchanges and brokers, he is now fully focused because Litecoin’s price is no longer important to him.
Litecoin’s Charlie Lee Says He Is Interested in Monero (XMR) https://t.co/Hsjqp1xIj2 pic.twitter.com/ph5lx29g1Q
– Satoshi Nakamoto Blog (@Satoshi10617093) October 14, 2018
Monero as a promising project
Lee is not only involved in the processing of Litecoin. As the inventor of the smaller, faster version of Bitcoin, he has his fingers in various projects in the game and his opinion counts. As a particularly interesting project, he sees the crypto currency Monero, which is currently also one of the strongest virtual currencies in the world. At the moment Monero is not offered by many Exchanges and Brokers, but it should only be a matter of time until our test winner eToro [Insert internal eToro review page here] offers the coin.
Monero stands for security and privacy and is a promising candidate in Lee’s eyes. And Lee has no problem criticizing his own project. So he said in the interview that exactly these aspects are missing in Bitcoin and Litecoin and that they should take Monero as a role model. Despite these positive features, the crypto currency has suffered some losses in recent days – Monero’s exchange rate fell by more than 5% last week. Also the founder of Monero, Ricardo Spangi, already expressed himself positively to Litecoin. So he joked in a tweet about working with Charlie Lee. Lee responded to his friendly message by saying that he too would consider a future cooperation with Monero possible. In it he described Litecoin and Monero as two of the best “non-scam coins”, i.e. genuine crypto currencies without fraudulent intentions.
And the peaceful, almost amicable interaction of the two competitors also pleases the community. The tweets were split a thousand times. Spangi and Lee both belong to the community “Magical Crypto Friends”, so their team spirit is not surprising. In this community there are mainly like-minded developers who want to share their ideas with each other.
Charlie Lee has sold his Litecoin tokens and now seems to be freer than ever. He is still concentrating on the further development of Litecoin, but no longer feels guided by thoughts of financial success. So he can rave about Monero without any problems, without feeling competitive pressure – and that’s how it should be!