Charlie Lee: Don’t worry; I’ll leave Litecoin (LTC)

Litecoin founder Charlie Lee has reiterated that a time will come when he will eventually have to leave LTC. This comes a few days after revealing that maybe leaving the coin he founded would give it a better chance at becoming more decentralized.

And now it seems Lee has a vague timeline of when he is likely to step away from a project he founded and which he appears to hold dear. He revealed this eventuality in a response to a direct question by one of his followers on Twitter. The Litecoin enthusiast posted this message to Charlie:

“Some rumors said your leaving Ltc, is it true?”

His reply was short and on point. The former Coinbase engineer responded that he will eventually have to leave. But it wasn’t happening now or tomorrow. This would probably be in about ten plus years. He then asked everybody not to get worried.

The theme of Coblee (as he is known by some), leaving LTC has been an on and off thing since he sold all of his LTC coins back in December 2017. Though he gave his explanation (which makes sense but is questioned due to the timing), the matter has become some sort of sticking point for him. That’s the same thing that made him revisit the matter last week; in a bid to clear it once more.

He sounded like he was upset by how things are for the coin at the moment. However, the Litecoin core creator does believe that the coin will hit new highs again and he is determined to see that happen before he walks. That, to him, involves making the crypto more decentralized than it is at the moment.

In his desire to see Litecoin become more decentralized, the Litecoin creator envisions more control by users, thinking along the lines of having them run their own nodes. The experienced Lee sees this as a way forward for the altcoin, tweeting about it days after an interview in which he suggested Litecoin might be a bit more centralized because of his presence.

Revisiting the issue and his view that he’d like to see the crypto more decentralized, Lee posted an analogous message about nodes, watches and time. He said:

“Running your own node is like having your own watch. You use it to tell time without relying on others. (e.g. miners) If everyone has their own watch, actual time can only change if everyone agrees to change it. (e.g. DST) Time is only useful when everyone is on the same time.”

Whether this is among the steps that would make LTC regain its position and value remains to be seen. What’s for sure is that the coin that is mostly thought of as the second most recognizable after bitcoin, has been having some bad time of late. It would do with any form of positive news to see its value rally again.

In other news, Charlie Lee has waded into the controversy surrounding Bitcoin Cash. After it was revealed that more than 600 BTC users were suing and its founder Roger Ver, Lee has dismissed the suit. He termed it stupid; suggesting that Roger Ver and had not committed any illegality by misleading users into buying BCH believing it was BTC. Tweeting moments ago, Lee said:

“Although I think it’s wrong for people to claim that Bitcoin Cash is Bitcoin or for Roger and to mislead users with stuff like “Bitcoin (BCH)” and “Bitcoin Core”, I do not think it’s anything illegal. So this lawsuit is stupid IMO.”

Many have viewed this as irresponsible of the Litecoin founder who’s on record for dismissing Bitcoin Cash and Litecoin Cash as scammy coins. It’s even more interesting because it could indirectly lead to LTC negativity and impact on prices. For crypto enthusiasts, it’s common knowledge that minor events can greatly affect price movements. If Lee’s words are taken as support for Roger Ver and, then anything could happen.

In the meantime, the price of Litecoin (LTC) continued to look for a bullish momentum as it traded above the $155 level for the first time in weeks. The expected growth now hinges on what direction the various recent partnerships steer it. TenX and Wirex are projects that could elevate the coin towards more usability and boost market prices.

Crypto Destroyer

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