Connect with us

Cryptocurrency

Charlie Lee Slams ‘Silly’ Investors for Not Holding Onto Litecoin

Charlie Lee Slams ‘Silly’ Investors for Not Holding Onto Litecoin

Charlie Lee Slams ‘Silly’ Investors for Not Holding Onto LitecoinThe Litecoin creator continues to defend his decision to sell all of his LTC. | Source: FlickrBy CCN: Crypto investors should do as Charlie Lee says, not as he does. The Litecoin creator was featured as a guest on Laura Shin’s Unchained podcast, where he defended his decision to liquidate the holdings of the cryptocurrency that he spawned, Litecoin (LTC).Lee, who is a Google alum, is a highly respected individual in the crypto community and his contribution to the ecosystem can’t be denied, as evidenced by a coin that has muscled its way into the six biggest cryptocurrencies. His decision to sell the cryptocurrency at year-end 2017 near the peak was simply bad PR. He doesn’t want investors to copy his strategy.“If you’re not holding onto Litecoin because I don’t have any, then your reason for holding and using Litecoin is just silly to begin with.”His intentions behind selling were admirable. After some of his Twitter followers accused him of “trying to pump the Litecoin price” and questioned his motives, he liquidated in the spirit of decentralization. Lee sold in three rounds with the final batch of LTC priced at around $350. He did so with the expectation that the announcement wouldn’t rock the markets considering the sale was already complete by that time.What he failed to consider, however, is that people would accuse him of not having “skin in the game” after he sold the cryptocurrency whose traits he imagined. It’s almost like not rearing your own kid in your house. While Lee has sweat equity in Litecoin, there is no better marketing for any coin including LTC than experiencing the ride alongside other investors.Listen to #Litecoin creator, Charlie Lee talk about his vision for the coin and how he responds to criticism: “If you’re not holding onto Litecoin because I don’t have any, then your reason for holding and using Litecoin is just silly to begin with.” https://t.co/T6Y5IFq4JQ— Laura Shin (@laurashin) April 23, 2019Charlie Lee Is a Trend SetterDespite his distance from the cryptocurrency, Litecoin has been a trend-setter. The LTC price has more than doubled since year-end 2018, arguably putting the final nail in the crypto bear market. If Charlie Lee is able to steer the project in a direction that is so well received by the crypto community, imagine what he could accomplish if he would just replenish his Litecoin holdings.The Litecoin price has more than doubled since year-end 2018. | Source: CoinMarketCapBitcoin’s Early DaysLee might have sold his Litecoin for personal reasons, but it wasn’t because he couldn’t take the heat of volatile prices. He first invested in bitcoin when it was trading at $30 and then saw the coin plummet to $2 within a year. He didn’t panic and stayed in the game because he recognized that bitcoin’s fundamentals didn’t change.“The price drop was because it was overhyped at the beginning,” he said.Lee continued mining bitcoin and “playing around with it.” Now he advises investors:“The key is to not put everything in, right? Don’t invest more than you can afford to lose.”Silver to Bitcoin’s GoldIt’s no coincidence that Litecoin has become known as the digital silver to bitcoin’s gold. Charlie Lee set out for the cryptocurrency to be used that way when he launched it. This explains features like cheaper fees so that people could use LTC for micro-transactions, for example.When Lee launched Litecoin, bitcoin’s market cap was only $100 million. Today BTC’s market cap is $99 billion and Litecoin’s is nearly $5 billion. Even Lee didn’t expect that to happen when he launched Litecoin as a “side project.” Now TD Ameritrade is trialing Litecoin on its brokerage program. Not too shabby for a side gig.Just saw that TD Ameritrade is testing both BTC and LTC trading on its brokerage platform. 😲 🚀 pic.twitter.com/TVo39oECeH— Charlie Lee [LTC⚡] (@SatoshiLite) April 23, 2019 About The AuthorGerelyn TerzoGerelyn is a fintech and cryptocurrency journalist who started her career writing about traditional finance/Wall Street. She has been reporting on financial services for the past 15-plus years. In full disclosure, she holds bitcoin (BTC).
Source

Continue Reading
Advertisement
Loading...
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Cryptocurrency

Hackers made $32K in 7 weeks by fixing bugs in cryptocurrency projects

Hackers made $32K in 7 weeks by fixing bugs in cryptocurrency projects

In the past seven weeks, white hat hackers earned at least $32,150 by fixing security flaws in popular cryptocurrency and blockchain platforms like TRON, Brave, EOS and Coinbase.
According to data reviewed by Hard Fork, 15 blockchain-related firms have paid rewards to security researchers between March 28 and May 16, split across 30 publicly-released bug reports.

Omise, the software firm behind cryptocurrency OmiseGo, fielded the most fixes (six). Blockchain-powered prediction market Augur disclosed three reports, as did Brave Software, makers of the Brave browser, which features its own native token.

Projects adjust their HackerOne rewards to the severity the discovered security flaws. Whilst the majority of Omise’s reports were only worth around $100 each, other payments in the past seven weeks were much higher.
Block.one, the firm behind the EOS “blockchain,” rewarded one hacker with $10,000 for a single fix, as did budding network Aeternity.
TRON also paid $3,100 to the researcher who realized the network was susceptible to being flooded with malicious smart contracts, which would have brought its blockchain to a screeching halt.
The amount of hackers who prefer to fix security issues seems to be remaining steady — but sometimes they can make off with much bigger amounts exploiting vulnerabilities themselves.
Indeed, cryptocurrency exchange Binance revealed attackers had successfully stolen 7,000 BTC (then $40 million, now $55 million) from its own wallets last week.
Coincidentally, Binance runs its own bug bounty program with a maximum reward of $100,000 for the most critical of vulnerabilities. The Binance hacker remains at large.

Published May 20, 2019 — 15:21 UTC

Source

Continue Reading

Cryptocurrency

ABN AMRO signs on Accenture and ING Bank for its blockchain inventory platform

ABN AMRO signs on Accenture and ING Bank for its blockchain inventory platform

Despite abandoning plans to build its own Bitcoin wallet, ABN AMRO is not quite done with blockchain tech.
The Dutch banking giant has announced plans to launch a decentralized trade inventory platform in collaboration with Accenture and ING Bank, according to a press release (spotted by CoinDesk).

Codenamed Forcefield, the project will employ Internet-of-Things (IoT) devices to provide “real-time insight into trade inventories.” ABN AMRO claims the platform’s monitoring features “will lead to more secure physical handling processes and a reduction of costs.”
Upon launch, the project will focus on “refined metals,” but “functionality will be expanded across other dry bulk commodities” in the future.
In addition to ING and Accenture, a number of other companies – including Anglo American, CMST International, Hartree Partners, Macquarie, Mercuria, and OCBC Bank – have also signed a memorandum of understanding to join Forcefield.
Back in January, ABN AMRO teased plans to develop its own cryptocurrency wallet, called Wallie. But as Hard Fork reported, the bank has now ditched Wallie as cryptocurrencies are still “too risky.”
“We have approached all the people who have shown interest,” ABN AMRO press officer Jarco de Swart told Hard Fork. “We have concluded that cryptocurrencies because of their unregulated nature are at the moment too risky assets [sic] for our clients to invest in.”
ABN AMRO and ING are hardly the only banks looking to get in on the blockchain hype. Indeed, leading banks – including Barclays and HSBC – reportedly poured $50 million into a blockchain-based digital cash system, expected to launch in 2020.

Published May 20, 2019 — 15:00 UTC

Source

Continue Reading

Crypto Live Prices

  • USD
  • EUR
  • GPB
  • AUD
  • JPY
Advertisement
Loading...
Advertisement
Advertisement

Trending

Copyright © 2018 Crypto141.com