Charlie Lee, who sold all his Litecoin shares last year, said that he took this decision for the improvement of the Litecoin Foundation and to prevent conflicts of interest.
Lee said that Litecoin and Bitcoin work together to serve different requirements of use and emphasized that the two cryptocurrencies support each other. Underlining that the decentralized nature of Bitcoin is its key feature, Lee shared the following about the centralized structure of Litecoin:
“Litecon is becoming more centralized because it has a central development team and I am around it; thus it has a more centralized structure. Because I think that a worldwide decentralized currency must not have a leader controlling it, I think I will withdraw from the leadership in the future.”
On the coin sell realized in December 2017, Lee noted that the decision shortened Litecoin’s price in the short term, but it was a positive decision over the long run. Lee said that after the coin sell, he did not withdraw from the Litecoin leadership and that he would spare all his time to LTC, and he also added that when Litecoin is successful, one does not have to have coins in order to profit from these but there are many different ways to be profitable from this.
Founded in 2011 by former Google employee Charlie Lee, LTC, reached the all-time high of $ 375 on December 19, 2017, and then dropped to $ 125 USD on February 6, 2018, according to Coinmarketcap data. Despite fluctuations in the market, LTC still maintains its place among the top 10 cryptocurrencies.
With Litecoin introduced to be an alternative to Bitcoin, it was aimed at shortening the time-consuming process of Bitcoin and making Litecoin mining easier than BTC mining.