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Litecoin Founder Net Worth

Litecoin Founder Charlie Lee Has Sold All Of His Ltc

Litecoin Founder Charlie Lee Has Sold All Of His Ltc

Charlie Lee, the former director of engineering at Coinbase, is selling almost all of his holdings in Litecoin (LTC), the cryptocurrency that he founded in 2011. Lee explained in a post on Reddit that he is selling all of his LTC coins bar a number of physical coins he keeps as collectibles to avoid the conflict of interest that comes with his influence and position as LTC founder. Thanks to his time at Coinbase and LTC,Lee is regarded as a key influencer in the crypto space and he has accumulated more than 378,000 followers on Twitter, where his handle is @SatoshiLite . While he said he has stayed away from tweeting about LTC prices directly, he acknowledged his tweets have been criticized in some quarters as manipulating the price despite whatever his best interest. Lee readily admits that his position represented a conflict of interest, hence the unload. Whenever I tweet about Litecoin price or even just good or bad news, I get accused of doing it for personal benefit. Some people even think I short LTC! So in a sense, it is conflict of interest for me to hold LTC and tweet about it because I have so much influence. I have always refrained from buying/selling LTC before or after my major tweets, but this is something only I know. And there will always be a doubt on whether any of my actions were to further my own personal wealth above the success of Litecoin and crypto-currency in general, Lee wrote . We dont know how many LTC that Lee held, and had sold, but now he said he is focused on developing the cryptocurrency itself. This is definitely a weird feeling, but also somehow refreshing. Dont worry. Im not quitting Litecoin. I will still spend all my time working on Litecoin. When Litecoin succeeds, I will still be rewarded in lots of different ways, just not direc Continue reading >>

Litecoin Founder Charlie Lee Says Hes Sold All His Holdings In The Cryptocurrency

Litecoin Founder Charlie Lee Says Hes Sold All His Holdings In The Cryptocurrency

Litecoin founder Charlie Lee says hes sold all his holdings in the cryptocurrency Charlie Lee, who founded litecoin in 2011, "sold and donated" all of his litecoin tokens over the past few days. The litecoin creator said there was a "conflict of interest" with him holding litecoin. The creator of litecoin has sold off all of his holdings in the cryptocurrency he created. Charlie Lee, who founded litecoin in 2011, said on Reddit Wednesday that he had "sold and donated" all of his litecoin tokens over the past few days except for some physical ones he keeps as "collectibles." Lee said he is sometimes accused of talking about the price of the digital currency on Twitter for "personal benefit." "Some people even think I short LTC (litecoin)!" he said. "So in a sense, it is conflict of interest for me to hold LTC and tweet about it because I have so much influence." He added: "I have always refrained from buying/selling LTC before or after my major tweets, but this is something only I know. And there will always be a doubt on whether any of my actions were to further my own personal wealth above the success of litecoin and cryptocurrency in general." Last week, Lee told CNBC he doesn't like to speculate on price moves because he is "always wrong." "If I tell you it's going to go up and it doesn't, you'll be upset," he said in an interview. Continue reading >>

Coinbase Is A Crypto Juggernaut, And Its Founder Is Almost A Billionaire

Coinbase Is A Crypto Juggernaut, And Its Founder Is Almost A Billionaire

Coinbase Is A Crypto Juggernaut, And Its Founder Is Almost A Billionaire This story appears in the February 28, 2018 issue of Forbes. Subscribe Crypto Net Worth: $900 million-$1 billion* Brian Armstrong/Photographer: Michael Short/Bloomberg If this is a gold rush, Armstrong, 35, is the guy making the big money selling the pans. He founded Coinbase, the nerve center and most popular entry point for cryptocurrency trading in the U.S., in 2012. There are two main parts to the business: a brokerage side, where retail customers can buy Bitcoin, Bitcoin Cash, Ether and Litecoin using a bank account, and an exchange, where big traders can make bids and offers on cryptocurrencies. The company has gone through some growing pains. There have been outages and a legal battle that it lost with the Internal Revenue Service, which successfully demanded customer records so the government could figure out the capital gains owed by Coinbase's customers. But through it all Coinbase's customer base has continued to surge and the company has continued to charge fees that are high, at least by traditional brokerage standards. In August, Coinbase raised $100 million at a valuation of $1.6 billion from six firms, including the prestigious Greylock Partners. The company offered a share buyback, and almost no employees took it--a nearly unprecedented situation in Silicon Valley. Smart move: A month later, Coinbase told its investors that it was on track to generating $600 million in annual revenue at its current pace. As Bitcoin mania continued, Coinbase became the most downloaded iPhone app in the U.S., and its monthly unique users grew to 4.3 million, according to Verto Analytics. Coinbase generated $1 billion of revenue in 2017. What's even more remarkable are its pretax margins, which excee Continue reading >>

Litecoins Charlie Lee Quits Coinbase, Receives $12,000 Donation

Litecoins Charlie Lee Quits Coinbase, Receives $12,000 Donation

Litecoins Charlie Lee Quits Coinbase, Receives $12,000 Donation Litecoin creator Charlie Lee has started his full-time work on Litecoin celebrating a $12,000 donation. A $12,000 donation has accompanied Litecoin creator Charlie Lee leaving Coinbase to work on his creation full-time. After Lee announced he was stepping down from Coinbase duties to dedicate himself to Litecoin development, his Litecoin Foundation received a donation of 438 LTC - around $12,000 at Tuesdays rates. The donor, known by his handle JoeyBTC, made himself known following a Twitter request. you guys are very welcome! keep up the good work Litecoin proceeded to come down from circling $35 per coin as Bitcoin itself slumped, with Lees optimistic announcement having little effect on investor opinion. Today's my last day at @coinbase ! I will miss working with you all. I'm going to shift my focus to Litecoin now. To the moon! pic.twitter.com/Ys9dZwtTFO Charlie Lee (@SatoshiLite) June 10, 2017 The move is the first major event for the Litecoin community since SegWit activation caused a giant price rise in May. While a long time ago in terms of 2017s cryptocurrency price action, Litecoin just six weeks ago was the star of altcoin markets, regularly outperforming other top 10 assets and bucking downward trends. Responses to Lee on Twitter were therefore keen to forecast a new surge upwards in a market currently dominated by Ethereum (ETH). Last week, Trezor became the first Litecoin hardware wallet to support SegWit. Continue reading >>

Is This Why Charlie Lee Sold His Litecoin?

Is This Why Charlie Lee Sold His Litecoin?

Is This Why Charlie Lee Sold His Litecoin? The news broke yesterday morning that Litecoin developer and outspoken founder, Charlie Lee, sold or donated all of his liquid Litecoin holdings. This prompted a big sell-off in the cryptocurrency markets, putting on pause the bounce off of the previous nights bottom below $16000 for Bitcoin. This comes in the wake of Coinbase adding Bitcoin Cash (BCH) to its stable of coins available for purchase, which also sent shockwaves through the markets. In his post on reddit, Lee explained that he felt his ownership stake was actually a burden on Litecoins development as a real-world medium of exchange: And whenever I tweet about Litecoin price or even just good or bads news, I get accused of doing it for personal benefit. Some people even think I short LTC! So in a sense, it is conflict of interest for me to hold LTC and tweet about it because I have so much influence. I have always refrained from buying/selling LTC before or after my major tweets, but this is something only I know. And there will always be a doubt on whether any of my actions were to further my own personal wealth above the success of Litecoin and crypto-currency in general. The market reacted negatively to the news but only for a short time. Litecoin under Lees direction has been setting itself up as the day-to-day cryptocurrency. One that is easy to use, cheap, fast and easy to pay with. But, as a commenter on the Zerohedge article on this event pointed out, quite astutely: It was requested from Facebook to do it so that he cant be accused of personal interest, decision bias with regards to the LTC ecosystem development. Facebook is preparing the big announcement that they will introduce support for Litecoin as payment channel. Digital currency exchange startup Co Continue reading >>

Litecoin - Wikipedia

Litecoin - Wikipedia

Litecoin (LTC or [1] ) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license . [2] Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. [2] [3] While inspired by, and in most regards technically nearly identical to Bitcoin (BTC), Litecoin has some minor technical differences compared to Bitcoin and other major cryptocurrencies. Limited release ( geometric series , rate halves every 4 years reaching a final total of 84 million LTC) Increasing difficulty per every 2016 blocks produced. Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a former Google employee. [4] The Litecoin network went live on October 13, 2011. [5] It was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm ( scrypt , instead of SHA-256 ), and a slightly modified GUI . [6] During the month of November 2013, the aggregate value of Litecoin experienced massive growth which included a 100% leap within 24 hours. [7] Litecoin reached a $1 billion market capitalization in November 2013. [8] By late November 2017, its market capitalization was US$4,600,081,733 ($85.18 per coin). [9] [10] In May 2017, Litecoin became the first of the top-5 (by market cap) cryptocurrencies to adopt Segregated Witness . [11] Later in May of the same year, the first Lightning Network transaction was completed through Litecoin, transferring 0.00000001 LTC from Zrich to San Francisco in under one second. [12] Litecoin is different in some ways from Bitcoin . The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin's 10 mi Continue reading >>

Litecoin Founder Charlie Lee: Were Targeted Toward Payments

Litecoin Founder Charlie Lee: Were Targeted Toward Payments

John Stewart April 3, 2018 Competitive Strategies , Credit Cards , Debit Cards , Digital Currency , Pricing , Transaction Processing Lately, the cryptocurrency craze has raised any number of questions, but probably the most pressing one for the payments business is whether any of these hundreds of tokens can ever succeed as an actual payment device. But while fluctuating trading values plague all of the digital currencies, one stands out as having been created specifically to buy things from merchants. Were targeted toward payments, Charlie Lee, the inventor of Litecoin, tells Digital Transactions News. In fact, Lee predicts 90% of online and brick-and-mortar merchants will be accepting cryptocurrency within 10 years, and Litecoin will be leading that charge. A coin like Litecoin can do a better job at it, he says. Lee: Its not easy competing with credit cards and debit cards. The reason, he says, is that transactions on the Litecoin network are faster and cheaper in comparison to the number-one digital currency by market value, Bitcoin. For example, transactions on the Litecoin blockchain can be confirmed in two-and-a-half minutes, he says, compared with 10 minutes for Bitcoin. As of Tuesday morning, the median transaction fee for consumers spending Litecoin was a nickel, compared to 12 cents for Bitcoin, according to Bitinfocharts.com. At nearly $126 per coin, Litecoin had a market value of just over $7 billion, ranking it fifth among the cryptos after Bitcoin, Ether, Ripple, and Bitcoin Cash. Litecoin enthusiasts include Eric Brown, founder and chief executive of Aliant Payment Systems , a Fort Lauderdale, Fla.-based independent sales organization. Last month, Aliant added Litecoin to a crypto menu that includes Bitcoin and Ether. Its cheaper for consumers and faste Continue reading >>

Litecoin Founder Lee: I Sold 100% Of My Litecoin Holdings

Litecoin Founder Lee: I Sold 100% Of My Litecoin Holdings

Litecoin Founder Lee: I Sold 100% Of My Litecoin Holdings Wilma Woo December 20, 2017 5:00 pm Litecoin creator Charlie Lee has sold or donated his entire Litecoin wealth to avoid conflicts of interest arising from its growth. Six Years On, Only Physical Litecoins Remain In a Reddit post today, Lee made the surprising admission after what he described as accusations he was engaged in various activities for personal benefit. For this reason, in the past days, I have sold and donated all my LTC. Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoins success. []For the first time in 6+ years, I no longer own a single LTC thats not stored in a physical Litecoin. Satoshi Nakamoto, your move. Charlie Lee [LTC] (@SatoshiLite) December 20, 2017 Lees creation has surged in value as part of a cross-altcoin investment run that has seen multiple assets break startling new all-time price highs. At press time, 1 LTC traded at around $327 on major markets, marking an annual increase which has outperformed even Bitcoins push into the mainstream. Lee had quit his position as US exchange Coinbase several months previously to concentrate fully on Litecoin development and confirmed he would continue in this capacity going forward despite divesting himself of his holdings. Dont worry. Im not quitting Litecoin, he reassured Redditors. I will still spend all my time working on Litecoin. When Litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins. I now believe this is the best way for me to continue to oversee Litecoins growth. While refusing to reveal how many coins he had sold and donated, Lee observed the total value was a small percentage of GDAXs daily Continue reading >>

A $100 Worth Of Litecoin A Year Ago Is Worth $30,000 Today

A $100 Worth Of Litecoin A Year Ago Is Worth $30,000 Today

A $100 Worth Of Litecoin A Year Ago Is Worth $30,000 Today Welcome to The Not-So Private Parts where technology & privacy collide The silver to Bitcoin's gold also has novelty physical coins Last month, we subjected readers to a hindsight lament: How you should have spent $100 at the beginning of 2013 . Using the Forbes time travel machine, we went back to last January and dropped Benjamins on a slew of investments , including gold, Google and Bitcoin. We thought the best choice was Bitcoin, which was worth 50 times as much by year end, but we were wrong. The best way to spend a c-note on January 1, 2013 was on competing cryptocurrency Litecoin. Worth seven cents then, its value increased along with Bitcoin's, reaching $23 by December, or 328 times its initial value. That means a $100 investment in Litecoin last year would be worth $30,000 now. Litecoin is one of many alternative cryptocurrencies -- or altcoins -- that have popped up in Bitcoin's wake. The creators of at least 70 different altcoins took Bitcoin's source code and tweaked it. They created BBQCoin and Coinye -- much to Kanye West's disapproval -- and Dogecoin -- based on a meme -- and Stalwartbucks -- as a journalistic exercise from Business Insider . The Washington Post's Timothy Lee has a nice explainer on why people are creating these. Some are serious; some are not. But that's the thing that makes people so skeptical about digital currencies: they're pretty easy to create out of thin air. They remain as valuable as thin air until people invest faith in them, by loading code onto their computers and participating in their networks, or by spending actual money to buy them. The Forbes E-book On Bitcoin Secret Money: Living on Bitcoin in the Real World, by Forbes staff writer Kashmir Hill, can be bought i Continue reading >>

Is Charlie Lee (litecoin Creator) Actually Satoshi Nakamoto (bitcoin Inventor)?

Is Charlie Lee (litecoin Creator) Actually Satoshi Nakamoto (bitcoin Inventor)?

A man that is not Satoshi and a man that could be. If you've ever browsed TradingView.com , then you've seen the charts that people post about cryptocurrency. If you've shuffled through them long enough you've inevitably seen the occasional chart that doesn't actually include any Technical Analysis, but instead, contains some sort of rambling conspiracy, like this one I found yesterday evening. Now, for the people that don't know who Charlie is, Charlie Lee (aka coblee , SatoshiLite ) worked for various companies and then Google after graduating from college in 1999. While working for Google Charlie worked on ChromeOS, Youtube, and Google Play Games. Charlie must have always had an interest in cryptocurrency because in 2011 he created Litecoin . Litecoin is the third oldest still-living cryptocurrency being younger than only two others, Bitcoin and Namecoin . You should already know about Satoshi Nakamoto, the name used by the unknown inventor of bitcoin. Nobody knows who he really is/was. Satoshi claimed to be a man living in Japan, born on April 5th, 1975. In mid 2010 Satoshi handed off the source code repository and network alert key to Gavin Andresen and transferred the original domains to various others in the Bitcoin Community. The author of this chart, MonocoleDundee, brought up a few points (and a conspiracy that would shake cryptocurrency to it's core) that made me scratch my head. The first thing he points out is probably the most intriguing fact we have. This Litecoin MIT countdown timer suddenly appeared yesterday on the official MIT website. It claims to be announcing a new technology on August 1st of 2017. LTC developers love their mystery. I won't even get into the juicy fact that this date is the same date that has been suggested for the USAF of Bitcoin Continue reading >>

Litecoin Founder Charlie Lee Dumps His Coin Stash But Claims He Will Stay With Company

Litecoin Founder Charlie Lee Dumps His Coin Stash But Claims He Will Stay With Company

Charlie Lee, the founder of Litecoin, has unloaded his stash of the digital currency. posted on Reddit early Wednesday that he has sold and donated all of his Litecoins. He said he would keep a few as collectibles. Lee, a former Google employee who created Litecoin in 2011, claims he made the move not to unload the coin, but to avoid perceptions that he was pumping its value in an oblique manner via recent posts about bitcoins prie surge. It bothers me that people would think that of me, Lee said in an interview with the New York Post.This is not me abandoning ship. If anything, Im more committed than ever. This just removes the distraction. Thanks to a recent surge, Litecoin is trading over the $300 per single coin mark. It languished for most of the year in the $20s, but Lee recently said he would try to mount a publicity campaign on its benefits. Litecoin being successful makes me happy, Lee said. Its a greater reward than just money. He declined to mention his net worth in light of the Litecoin sale. The coin has increased in value more than 8,000 percent this year. Continue reading >>

Bitcoin Creator Satoshi Nakamoto Is Among The 50 Richest People

Bitcoin Creator Satoshi Nakamoto Is Among The 50 Richest People

Join our community of 10 000 traders on Hacked.com for just $39 per month. Satoshi Nakamoto, a person or a group who founded bitcoin in 2009 by mining the genesis block, has become one of the 50 richest people in the world with a net worth of $19.4 billion. For many years, bitcoins mined by Satoshi Nakamoto have remained unspent, all 980,000 of it. If the price of bitcoin continues to increase exponentially in the mid to long-term, Satoshi could become the most valuable individual or organization globally. Currently, Satoshi Nakamoto is listed behind Lauren Powell Jobs of Apple and Disney, Paul Allen of Microsoft, and Stefan Persson of H&M on the Forbes billionaires list and is the 44th richest person. Earlier this week, Standpoint Research founder Ronnie Moas predicted the price of bitcoin to surpass $400,000 in the long-term. Moas noted that the adoption rate of bitcoin as a premier store of value and currency is increasing rapidly and with the entrance of institutional investors into the market, the value of bitcoin will surge further in the coming years. A $400,000 price per bitcoin would place the market valuation of bitcoin at exactly $8.4 billion, a market cap that is $1.4 trillion larger than that of gold. At $400,000 per bitcoin, the net worth of Satoshi would increase to $392 billion. If Satoshi is an individual, that would produce the first individual to surpass $100 billion in net worth. In the past, the mainstream media criticized the so-called whale problem in bitcoin, given that a small group of individuals own the majority of the cryptocurrencys supply. In the bitcoin market, whales are often referred to early-stage investors who have purchased large amounts of bitcoin in its early days. Some of the whale investors include the Winklevoss twins, who have Continue reading >>

Litecoin Founder 'sold And Donated' His Holdings In The Cryptocurrency

Litecoin Founder 'sold And Donated' His Holdings In The Cryptocurrency

Litecoin Founder 'Sold And Donated' His Holdings In The Cryptocurrency By Rakesh Sharma | Updated December 20, 2017 11:00 AM EST What's the Difference between Bitcoin and Ripple? The founder of Litecoin, Charlie Lee, has divested himself of his entire holdings in the cryptocurrency. (See also: What is LitecoinAnd How Does It Work? ) In a post on online forum Reddit, Lee, who created the cryptocurrency in 2011, announced that he had sold and donated his holdings in LTC. For the first time in 6+ years, I no longer own a single LTC thats not stored in a physical Litecoin, he wrote. Lee attributed his decision to remove the conflict of interest that arises from his public statements regarding Litecoins price movements. (See also: Could LitecoinBe A Better Investment Than Bitcoin? ) For example, he appeared on CNBC just as Litecoins price began its run-up to doubling its value in two days. Lee also tweeted out a warning about the cryptocurrencys recent price rise. But it did not have any effect on Litecoins prices, as the cryptocurrency shot up by 90% during that time period. I have always refrained from buying/selling LTC before or after my major tweets, but this something only I know, Lee wrote in his Reddit post, adding that doubt would always remain whether his actions were to further his personal wealth over Litecoin and cryptocurrencies. (See also: LitecoinFounder Calls For Caution ). Litecoin was launched as the silver to bitcoins gold. Lees vision is that of a cryptocurrency for use in daily transactions, as opposed to bitcoin, which is a store of value. In his interviews, Lee has said that it will be many years before his vision comes to fruition. But that hasn't stopped investors and traders from trying to profit off the digital currency. Litecoins price has skyro Continue reading >>

Why Charlie Lee Sold All His Litecoin And What It Means For Bitcoin And Litecoin Investors

Why Charlie Lee Sold All His Litecoin And What It Means For Bitcoin And Litecoin Investors

Home Cryptocurrency Litecoin Why Charlie Lee Sold All His Litecoin and What It Means for Bitcoin and Litecoin Investors Why Charlie Lee Sold All His Litecoin and What It Means for Bitcoin and Litecoin Investors Mukta Samtani, MBA, PhD Profit Confidential 2017-12-22T07:52:31Z 2017-12-22 07:52:31 litecoin litecoin price forecast ltc ltc price prediction charlie lee bitcoin litecoin investor A Litecoin price crash will not be the result of Charlie Lee's actions as he wants to totally focus on the project and not be distracted by volatile prices. Litecoin [caption id="attachment_109071" align="alignleft" width="300"] flickr.com/BTC Keychain[/caption]The latest Litecoin news has stirred a hornets nest in the crypto world and the media. There is a never-ending barrage of comments on social media and especially Reddit, where Charlie Lee posted an elaborate explanation of why he sold and donated all his holdings in LTC.Lee explained that he had to resort to this move as it was a conflict of interest for him to hold LTC and tweet about it because he had so much influence. People keep suspecting that his actions benefited him financially and this is something which he disagrees with completely. (Source: " Litecoin price, tweets, and conflict of interest ," Reddit, December 20, 2017.)Although Charlie Lees net worth may not have been much impacted by this move, it really does not matter as he himself says that he is in a comfortable cash position. What matters is what this means for Litecoin and other cryptocurrencies like Bitcoin.The answer to the question "Will Litecoin crash?" remains the same: Nobody knows. The Litecoin price did not crash following Lee selling off his holdings. In future, if there is a sudden loss of value, it will be due to the impact of the cryptocurrency s Continue reading >>

Litecoin Creator Charlie Lee Sells Entire Ltc Holding - Business Insider

Litecoin Creator Charlie Lee Sells Entire Ltc Holding - Business Insider

A vertical stack of three evenly spaced horizontal lines. * Copyright 2018 Business Insider Inc. All rights reserved. Registration on or use of this site constitutes acceptance of our Litecoin founder Charlie Lee said in Reddit post he has sold his entire holding of the cryptocurrency. Lee pins his decision on criticism that his Twitter posts about the currency were attempts at personal enrichment. Lee says he will remain involved in litecoin and cryptocurrencies more broadly. LONDON The creator of one of the largest alternative cryptocurrencies has exited his entire stake in the digital currency, citing a "conflict of interest." Charlie Lee announced in a Reddit post on Wednesday that he had "sold and donated" all of his litecoin holdings over recent days. He said the move was motivated by criticism from people that he was trying to influence the price of litecoin with his tweets. Lee wrote: "Whenever I tweet about Litecoin price or even just good or bad news, I get accused of doing it for personal benefit. Some people even think I short LTC! So in a sense, it is [sic] conflict of interest for me to hold LTC and tweet about it because I have so much influence." Lee, a former Google and Coinbase employee, created litecoin in 2011 as a quicker and cheaper alternative to bitcoin. As of Wednesday morning, it is the fifth largest cryptocurrency with a market capitalization of over $17 billion, according to CoinMarketCap.com . "Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin's success," Lee said in his Reddit post. Lee didn't disclose how many litecoins he had sold at what price but said his actions had not affected the price of the asset. Litecoin is down over 6% against the dollar at 10. Continue reading >>

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