In an interview at the Asia Blockchain Summit [Taiwan] with Jinse.com, the Founder of Litecoin and Managing Director of the Litecoin Foundation spoke about his reasons to sell a majority of his Litecoin possessions, multiple comparisons between Litecoin, Bitcoin and XRP, and more.
At the time when Charlie sold his Litecoins, questions were raised about him selling his coin at an all-time high. He also posted a clarification post countering all the casual accusations time-stamping all the selling prices, stating his average selling price at $205.
During the discussion, Lee also expressed a tremendous relief on selling Litecoins after contemplating his decision for a fortnight. One of the reasons why the computer scientist sold his Litecoins was that he prioritizes the progress and business adoption of his coin over market speculations and trading. This indicates that the Founder’s focus is more than ever on the development of Litecoin.
Regarding the Litecoin prices, Charlie does not concern himself with short-term gains and losses in the market. He further said that the past several months have seen the coin’s prices plunge fairly low, but the coin has done great in terms of partnerships, outreach and adoption by merchants.
This year, Litecoin has been added to many exchanges and micropayment businesses through its #PayWithLitecoin campaign. Recently, Litecoin partnered with TokenPay and WEG Bank, got listed on an American exchange targetting the youth called Robinhood, and adopted by businesses in the travel and tourism industry along with small pharmaceuticals.
Discussing other big cryptocurrencies such as Bitcoin, Charlie mentioned the coin to be the ‘digital gold’ against his Litecoin, which is believed to be the ‘digital silver’ among the community.
On Bitcoin being the gold coin, Charlie analyzed and compared it with the real world market value of gold. He stated that Bitcoin does not have storage issues, is easily transferable and is better than gold in many places. Moreover, on being if there can exist a ‘diamond’ in the cryptocurrency world, Charlie responded with a sarcasm on XRP. He said:
“There are many possibilities. …Ripple [*XRP] is somewhat like a diamond because its supply is also artificially controlled. And diamonds are actually advertising. …If you want to buy Ripple for marriage, it is very valuable, haha!”
Charlie’s recent Twitter posts indicate towards his picky attitude in buying the decentralization factor claimed by many cryptocurrencies. At the event of Stellar Lumens [XLM] taking over Litecoin to stand as the 6th largest cryptocurrency as per the market cap, Charlie had tweeted:
“Congrats to Stellar on passing Litecoin’s marketcap. That said, it really doesn’t make sense to compare marketcaps of coins that are “printed”, b/c they have an inflated marketcap. Maybe I’m old school, but I only care about decentralized mineable coins.”
He also posted an image of cryptocurrency rankings where XRP and Stellar were excluded, showing Litecoin on the 4th position.
Returning to Litecoin’s market performance based on Bitcoin’s value, he explained that Litecoin possessing a 10% market value of Bitcoin will mean a good performance, as it is the silver to Bitcoin’s gold. He believes that Bitcoin is the ‘king of cryptocurrencies’ that can be defeated or overtaken by none.