It’s nice that the founder determined to offer us yet another chapter of Litecoin‘s story. Let’s tie up free ends and wrap this entire collection 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 bought 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 Historical past. Half Two: Exchanges + Betrayal
Study 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 Change.
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.” Regardless that 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 as a consequence of battle of curiosity.” Which, if you concentrate on it, is likely to be the explanation Charlie Lee is searching for. In addition to, a battle of curiosity serves as a hyperlink to in the present day’s fundamental story.
Because the trade had no Litecoin liquidity, Charlie “needed to personally lend Coinbase my very own LTC.” As the next chart reveals, 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 will 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 mainly 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 couple 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 instantly, 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 Could. On June ninth, Lee left the corporate for good.
At the moment’s my final day at @coinbase! I’ll miss working with you all.
I’ll 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 yr. “Mind even emailed to apologize for what I needed to undergo. He agreed that including Litecoin was tremendous profitable for Coinbase.” Regardless that 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 in the present day.” Savage!
LTC value 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 bought all of his Litecoin. On the market high. Within the thread, he doesn’t point out a battle of curiosity, however that was the explanation he wielded on the time. These days, Lee says that due to the honest launch, he didn’t have that a lot LTC. He needed to mine and purchase his share, like all people else. He additionally 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 targets:
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Take away the concern of a Satoshi stash
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Make Litecoin extra decentralized
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Align my motivation/incentive to Litecoin adoption versus LTC value rise
On the time, the transfer was controversial, to say the least. Individuals assumed the captain was abandoning the ship. On the market high. Nevertheless, Charlie Lee has spent 4 years main the mission, targeted on Litecoin adoption and “not on the value of LTC.” Since then, they launched LTCpay, “a self-hosted service provider processing service,” and bank card backed by Litecoin. And so they hosted a “World Litecoin Summit” in September 2018.
Plus, they sponsored a UFC night time and turned “the Official Cryptocurrency of the Miami Dolphins.” for some time in 2019. By the tip of 2020, PayPal introduced Litecoin assist. “PayPal didn’t attain out to me beforehand. Precise there’s no cause they wanted to! Litecoin is a decentralized cryptocurrency in spite of everything. It was actually very satisfying to see this occur.“
Associated Studying | Charlie Lee Sums Up Litecoin ‘s 10 Years Historical past. Half Three: SegWit Intro
Charlie Lee’s new mission for Litecoin is fungibility. Learn all about it on this thread. This new function is nearly executed,”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 creator 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
