iBankCoin
CAPS LOCK IS CRUISE CONTROL FOR AWESOME
Joined May 7, 2012
163 Blog Posts

Charlie Lee, LTC Founder, Sells Everything

Charlie Lee AKA @SatoshiLite, the founder of Litecoin, is in the news today saying he has sold all of his LTC due to potential conflicts of interest. In typical Crypto nerd fashion he wrote a Reddit post about it. Reddit is garbage but here’s the link¬†and a screenshot from last week where Mr Lee said he does not like to talk about price.

I’m sure the timing of this has nothing to do with the fact LTC has gone from under $4 to over $300 in the past NINE MONTHS. That would be speculating right?

LTC is down 10% on the day. Do you see anyone writing letters to the SEC about it?

Charlie is a smart guy. He gets abused frequently and has mostly been above the fray of personal insults. LTC is also very closely tied to BTC. They are the “Gold and Silver” of Crypto.

I don’t begrudge Charlie his success. I admire he’s always been very transparent. I cover this because I believe it’s noteworthy in the crypto space.

If the CEO of your favorite company sold all his stock what would you think?

 

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8 comments

  1. sarcrilege

    These guys are insiders cashing out. First dominoes. This is dotcom at warp speed. The entire cycle may play out in a fraction of dotcom timeframe. Just try not to blink!

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  2. Dr. Fly

    Major red flag. While he might not know the value of Litecoin himself, his profit motive is gone with the crypto and his days there could be limited.

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  3. og

    Surprised LTC has not dropped more on this news?

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    • Baby Huey

      Except was it ever a viable asset to being with? Or just cheaper than BTC? If you believe in a company and the CEO sells out.. it’s cause for concern. If it’s this.. he’s just cashing in and maybe you think it will keep going because there’s more assets available? I mean the CEO of nothing cashing out is meh to speculators.

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  4. Tonka

    LMFAO what would happen if a CEO dumped all his stock?!?

    I can only think of one CEO to ever dump all their stock while still being CEO of a major company. Dick Fuld did it in order to pick up a few pennies before Lehman hit $0.

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  5. Baby Huey

    LTC was just a cheaper coin on the easiest place on earth to buy.. Coinbase. If you are speculating and not such which to buy.. I still think BTC is the best bet. What I’ve seen for the other 2 are pure speculation and cheaper methods to buy and then transfer to other assets if you can’t get verified on another exchange.

    BCH is awesome. Even at the current price, there’s so many people waiting to buy and simply can’t.. who know where it will be in 3 years.

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  6. Jake

    He stated he sold it all because it was a conflict of interest since he tweets about it and promotes it all the time. Now he can focus on development vs price movement. Does anyone actually believe this fool? Either way he now has a few hundred million in fiat currency. I thought the whole reason to be in coins was to get away from fiat. This is a massive bubble and when it collapses it will take down mom and pops across the US who have opened 10m coinbase accounts over the past few years and hold a fraction of a bitcoin each.

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