Charlie Lee Sums Up Litecoin’s 10 Years History. Part Five: Conflict Of Interest

It’s nice that the founder determined to present us yet one more chapter of Litecoin‘s story. Let’s tie up free ends and wrap this entire sequence with a bow on high. Because it seems, Charlie Lee returned to his job at Coinbase. Was the corporate extra supportive this time round? Plus, as we warned you final time, at one level Lee offered all of his LTC. What have been his causes to try this? Did he have a plan? And, extra importantly, did the plan work? 

Associated Studying | Charlie Lee Sums Up Litecoin’s 10 Years History. Part Two: Exchanges + Betrayal

Be taught all of that and extra within the concluding chapter of this legendary saga.

Charlie Lee Vs. Coinbase, Spherical Two

After efficiently activating SegWit on Litecoin, Lee returned to his job at Coinbase. Ever the pioneer, this time round he labored from dwelling. The yr was 2016. As soon as once more, “given how profitable the Ethereum launch was,” Charlie Lee tried to get Litecoin listed on Coinbase. “Brian reluctantly agreed to launch on GDAX solely.” The predecessor to Coinbase Professional, GDAX stands for World Digital Asset Trade.

The launch didn’t go as Lee hoped. As a result of there was no launch. “For causes unknown to me, Brian & Fred refused to do a full launch on GDAX & Coinbase like we did with ETH.” Though Charlie Lee helped design ETH’s launch, which was a moneymaker for the corporate. To make issues worse, “Fred had refused to let Coinbase maintain any LTC and because of battle of curiosity.” Which, if you consider it, may be the rationale Charlie Lee is in search of. In addition to, a battle of curiosity serves as a hyperlink to as we speak’s fundamental story.

Because the alternate had no Litecoin liquidity, Charlie “needed to personally lend Coinbase my very own LTC.” As the next chart exhibits, Litecoin was the #4 coin on the time. It “nearly matched Etheruem’s and LTC wasn’t even on Coinbase.” Was this a private assault or does the battle of curiosity narrative rings true to you?

It could have been straightforward to launch on each GDAX and Coinbase. Truly, it will have been simpler since we have already got a profitable launch plan to observe. Coinbase principally needed to exit of the best way to cripple the Litecoin launch and never even maintain any LTC to pay for miner charges.

— Charlie Lee (@SatoshiLite) October 12, 2021

So, Charlie resigned. The corporate requested him to remain some time to ease the transition. A number of months later, with nothing to lose, Lee shot his final shot to attempt to get Litecoin listed on Coinbase’s fundamental website. Surprisingly, Brian Armstrong agreed. 

This was positively not a staged tweet and reply. I really did not count on Brian to answer in any respect, however I used to be extraordinarily glad to see him agree with me.

So straight away, I gathered the group collectively at Coinbase to launch Litecoin. I did not even discuss to Brian after his Twitter reply.

— Charlie Lee (@SatoshiLite) October 12, 2021

Litecoin formally launched on Coinbase in Might. On June ninth, Lee left the corporate for good.

Right this moment’s my final day at @coinbase! I’ll miss working with you all.

I will shift my focus to Litecoin now. To the moon! 😁 pic.twitter.com/Ys9dZwtTFO

— Charlie Lee (@SatoshiLite) June 10, 2017

The transfer was extraordinarily profitable. Lee estimates that Litecoin made Coinbase over $100M by way of that first year. “Mind even emailed to apologize for what I needed to undergo. He agreed that including Litecoin was tremendous profitable for Coinbase.” Though that occurred, in his Twitter thread Charlie went for the jugular. “I assume you may blame me for turning Coinbase right into a sh*tcoin on line casino that it’s as we speak.” Savage!

LTC worth chart for 10/15/2021 on Exmo | Supply: LTC/USD on TradingView.com

The Founder Sells All Of His Litecoin

The story you have been ready for. On the finish of 2017, Charlie Lee offered all of his Litecoin. On the market high. Within the thread, he doesn’t point out a battle of curiosity, however that was the rationale he wielded on the time. These days, Lee says that due to the fair launch, he didn’t have that a lot LTC. He needed to mine and purchase his share, like everyone else. He also says that “Just about each different altcoin had an enormous premine. Even Ethereum had like 70% cash premined.”

Based on the founder, these have been his goals:

1. Take away the concern of a Satoshi stash

2. Make Litecoin extra decentralized

3. Align my motivation/incentive to Litecoin adoption versus LTC worth rise

On the time, the transfer was controversial, to say the least. Individuals assumed the captain was abandoning the ship. On the market high. Nonetheless, Charlie Lee has spent 4 years main the undertaking, centered on Litecoin adoption and “not on the worth of LTC.” Since then, they launched LTCpay, “a self-hosted service provider processing service,” and bank card backed by Litecoin. They usually hosted a “World Litecoin Summit” in September 2018. 

Plus, they sponsored a UFC night time and became “the Official Cryptocurrency of the Miami Dolphins.” for some time in 2019. By the tip of 2020, PayPal announced Litecoin help. “PayPal didn’t attain out to me beforehand. Precise there’s no purpose they wanted to! Litecoin is a decentralized cryptocurrency in any case. It was truthfully very satisfying to see this occur.“

Associated Studying | Charlie Lee Sums Up Litecoin ‘s 10 Years History. Part Three: SegWit Intro

Charlie Lee’s new undertaking for Litecoin is fungibility. Learn all about it in this thread. This new characteristic is almost done,”The code is being audited proper now, and we’re very near releasing it. After launch, it is going to take a while for it to be activated.” Lee expects this to occur in early 2022.

The writer completed his epic thread with these two heartfelt tweets.

The blockchain for all intents and functions is alive. I can’t shut it down and I do know Litecoin will outlive me. These 10 years have been a wild journey. Here is to 10 extra. 🥂

It is superb what Satoshi Nakamoto has created. I’m privileged to have performed a tiny half in all of this. pic.twitter.com/1Zks4QzZbU

— Charlie Lee (@SatoshiLite) October 12, 2021

Congratulations in your tenth anniversary, Litecoin!

Featured Picture: Litecoin 10 years from this tweet | Charts by TradingView