Litecoin founder Charlie Lee sells his holdings in the cryptocurrency

Oumal

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Quote from: AK47- on December 21, 2017, 06:47:01 AM

This step from Charlie Shrem was quite strange. Why would he want to spread a negative news for his coin and dumping all at one go. But more strange was the fact that market didn't get much affected. Yesterday there was 20% decline but it is up again and hovering back again over 0.019 BTC where I expected a massive dump taking LTC to 0.01 at least. That is completely opposite to how market works. Even I wasn't able to make any sense of this news and what will be the future impact on LTC.

He just got tired and decided to rest. Has every right to do
Next year, he will gather his thoughts and return

Red-Apple

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Quote from: bitcoinbox on December 21, 2017, 06:41:54 AM

Very surprising news .. and unexpected. Apparently he is going to give a big part of it to the Litecoin Foundation.
If this news is true, I don't understand why he takes the risk to crash Litecoin in making the info public?

it seems like he has already sold his coins a while ago and then released the information. and he seems to think that this action of his is not going to cause any kind of crash.

but it is very surprising, i agree. specially because it seems weird that he says he has sold all his coins! that may be alarming to some and they may also think about doing the same.

kryptqnick

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Quote from: reypinioco on December 21, 2017, 03:26:29 AM

Its only a marketing strategy he wants you to sell our LTCs so he can buy it back with cheaper price,i heard some rumors that he will join Roger ver's team i hope he wont do that BCash is manipulated.

Yes, that must be it. He wrote in his Twitter before that he believes ltc awaits a big correction and that he asks people not to buy it now unless they are okay if it goes down to $20. Perhaps he even truly believes in that, not just tries to manipulate the market. It's rational to sell on high prices, even if you created the coin. Everyone wants profit.
Moreover, as said in the article, Charlie ensures that the sold amount is very small in comparison with daily trading volume, so the market will not crash because of that. I think he's a good guy and he doesn't want people to lose money, so encourages them to sell now, since it would be profitable for lots of people now.

AK47-

sr. member

Activity: 644

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This step from Charlie Shrem was quite strange. Why would he want to spread a negative news for his coin and dumping all at one go. But more strange was the fact that market didn't get much affected. Yesterday there was 20% decline but it is up again and hovering back again over 0.019 BTC where I expected a massive dump taking LTC to 0.01 at least. That is completely opposite to how market works. Even I wasn't able to make any sense of this news and what will be the future impact on LTC.

bitcoinbox

sr. member

Activity: 675

Merit: 254

So far so good

Very surprising news .. and unexpected. Apparently he is going to give a big part of it to the Litecoin Foundation.
If this news is true, I don't understand why he takes the risk to crash Litecoin in making the info public?

TTITA

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So much of the FUD news that has changed the price of Altcoin is getting worse, I still don't believe this is true or not. If this was happen then Charlie Lee's step is an unreasonable decision.

Quote from: reypinioco on December 21, 2017, 03:26:29 AM

Its only a marketing strategy he wants you to sell our LTCs so he can buy it back with cheaper price,i heard some rumors that he will join Roger ver's team i hope he wont do that BCash is manipulated.

Since Roger Ver's wgroup has been shake BCH for a moment the pump it again. Seems now crypto has been separate into grouping manipulation.

Oumal

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Quote from: CryptoBuds on December 21, 2017, 05:41:46 AM

This act would seriously influence on the market. What if he knows some insights about the grand correction which will take place tomorrow/next week/next month?

Correction will always be, the weak hands will release its currency, the rest will go on
Look at the overall trend
Intraday trading is risky, you can lose a lot

hdclover

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Nobody knows why he sold all of his coins. Many think he sold just because he can give more interest on the project but I haven't seen someone who sells their coin for this reason. In the end it'll be interepted as 'litecoin founder sold all of his coins because he doesn't believes in it'

BitNaija

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Be that as it may, to divest from a business you formed can imply 2 things from my opinion. Either you have seen another project that has much interest and you cannot combine both or loss of confidence on the project.

talkbitcoin

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All I know is that I know nothing.

this is a weird announcement in my opinion because of many reasons.

i can see why he would say he has sold all of his LTC. as the article also mentions. but also it may be out of fear of being targeted. having a lot of something that is worth $4 is nothing but having a lot of the same thing that goes to nearly $400 can put you at risk.

also i don't get why "all". a developer in my opinion needs to have some stake in his own creation. having some LTC means the LTC developer believes in what he has created.

Oumal

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Quote from: bmv143 on December 21, 2017, 03:47:20 AM

it turns out that if he sells all his coins, does it mean that the LTC will fall in price in many ways?

It doesn't mean anything, LTC and so will live and will not disappear
BTC can live without its Creator, and LTC will not be able to?
Just think about how many people invested in this system

IamAltcoinfan

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homt.net

Yes its good to take profit while market is really in bullish trend i sold some of my holding and converted to bitcoin and ethereum . I am not selling bitcoin or ethereum in near future . But charlie lee stands doesn't effect the market.

CryptoBuds

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HODL

This act would seriously influence on the market. What if he knows some insights about the grand correction which will take place tomorrow/next week/next month?

sourish

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This move has truly triggered a wave of doubt and uncertainty. Charlie’s opinions and views have a great impact on the Litecoin community and the larger cryptocurrency ecosystem. Just Like he was able to garner support for an upgrade called SegWit. According to him his influence and reach are the reasons behind This decision to sell his Litecoins. And so far it seems to be true.

Herlina

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Charlie decided to sell it because of potential conflicts of interest and he promises not to leave Litecoin I believe it but I think he is too naive
Hopefully Charlie can prove his devotion to Litecoin

eldub

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He will buy back in after Litecoin crashes and pump it up again. Short term it is a negative for Litecoin.

Visin

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Quote from: reypinioco on December 21, 2017, 03:26:29 AM

Its only a marketing strategy he wants you to sell our LTCs so he can buy it back with cheaper price,i heard some rumors that he will join Roger ver's team i hope he wont do that BCash is manipulated.

It is a marketing scheme though he still might have coins somewhere...the news will write anything while recieving no valid information.

thedec4

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I think he's probably made enough from the coin. So wants to sell it and just see how its future goes. Rather than looking at it and watching the price fluctuate from highs to lows.

boyjackyou

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Quote from: reypinioco on December 21, 2017, 03:26:29 AM

Its only a marketing strategy he wants you to sell our LTCs so he can buy it back with cheaper price,i heard some rumors that he will join Roger ver's team i hope he wont do that BCash is manipulated.

i agree with you its just his strategy to manipulate the newbies to sell their LTCs and after that he will take profits.

pao_de_lo

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Litecoin is a copy of Bitcoin. No innovation. Litecoin copies the code in the test phase and publishes it.

Charlie Lee spreads lies (FUD) about competing projects.

https://bitcointalksearch.org/topic/sorry-me-but-it-very-important-information-about-litecoin-ltc-2009251

Topic: Litecoin founder Charlie Lee sells his holdings in the cryptocurrency (Read 212 times)