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Charlie Lee Sums Up Litecoin’s 10 Years Historical past. Half Two: Exchanges + Betrayal

The creator of Litecoin, Charlie Lee, continues to information us by reminiscence lane. For half one, he took us by Litecoin’s fair launch. Contemplating the small variety of tasks which have managed to try this, it was a reasonably large achievement. At the moment, for half two, we’re going to cowl the undertaking’s relation with cryptocurrency exchanges. Charlie Lee wears his coronary heart on his sleeve for this one, and tells a heartfelt story that results in betrayal. Can you are feeling the thrill within the air?

Associated Studying | Charlie Lee Predicts Resurgence of Litecoin as Bitcoin Cash Falters

This a part of the story is all about relationships, connections, and the lengthy highway to credibility. It’s additionally about Charlie Lee’s resistance and willpower.

Earlier than we get into the meat and potatoes of the story, although, a light-weight element that shouldn’t go unnoticed.

Charlie Lee Offers Flowers To The Litecoin Brand Creators

There’s not a lot story to the logos, but it surely’s cool that Lee provides credit score the place credit score is due. The primary and the second present evolution:

And the ultimate one is a simplification of the second:

That being stated, let’s get again to the story.

LTC worth chart for 10/09/2021 on Coinbase | Supply: LTC/USD on TradingView.com

Litecoin’s Lengthy Onerous Street To Change Listings

This contradicts the title, however, in 2011 Litecoin was instantly listed within the now-defunct BTC-e. The location was a reasonably profitable cryptocurrency alternate that fell into shame when the US Justice Division accused them of laundering funds from the Mt. Gox hack, however that’s one other story. Concerning Litecoin, Charlie Lee tells us that the itemizing, “helped loads as miners had entry to liquidity fairly rapidly. Litecoin rapidly change into probably the most in style coin on BTC-e.

Nevertheless, though Lee “just about talked to all of the exchanges to help LTC,” it was two years later that the second listed Litecoin. Bitfinex took an opportunity on the nascent undertaking, “This was an enormous deal for Litecoin. It’s the primary main alternate to help LTC.”

Then, Charlie Lee bear in mind how he tried to get the CEO of Bitstamp to checklist them and he ignored him. Solely to checklist the coin in 2017. The identical factor occurred with BitPay. That firm ended up supporting Litecoin solely this yr. 

The Chinese language exchanges, although, listed Litecoin from the start. “Someday late 2012 to early 2013, 2 of the most important exchanges in China, Okcoin and Huobi, added help for LTC. That was enormous.” A query arises, did Charlie Lee should throw shade at these two exchanges this difficult? “The buying and selling quantity was additionally fairly loopy, however unclear how a lot of that was fabricated.

Charlie Lee And Coinbase, A Love Story

So, in 2013 Charlie Lee steps down as Litecoin’s lead developer and leaves the job to Warren Togami. On the identical time, he leaves a high-paying job at Google as a result of they weren’t thinking about something crypto-related. That’s when Coinbase will get into the image. Lee contacts them to see in the event that they’re thinking about itemizing Litecoin and so they find yourself hiring him as an alternative.

In accordance to Charlie Lee, “Coinbase was the recent startup and THE crypto firm that’s making Bitcoin straightforward to make use of. I knew that if Bitcoin didn’t succeed, Litecoin wasn’t going anyplace both.” A chilly laborious reality that the entire Altcoins should stay with to this present day. In addition to that, Lee wished to finally persuade Coinbase to help Litecoin. How may he not?

The Chinese language connection paid off and the BTC China, lead by Charlie Lee’s brother, listed the coin. “Though it was an enormous information, what took him so lengthy?!,” asks Lee hilariously. Additionally discover that the banner that he mentions performs on the truth that Charlie and Bobby are brothers. 

In 2015, there have been rumors that the notorious Mt. Gox alternate was going to checklist Litecoin. On the time, this was THE place to be. Charlie Lee lastly confirms the story, “The rumors have been truly true. I used to be speaking to the CEO, Mark Karpelès virtually every day in mid 2015.” Nevertheless, the Mt. Gox hack was uncovered earlier than they materialized these plans. And all hell broke free. “In hindsight, it was a blessing in disguise.”

Then, because it occurs, issues turned bitter within the Charlie Lee and Coinbase romance.

The Brian Armstrong tweet he refers to says: “Ripple, Stellar, and Altcoins are all a distraction. Bitcoin is means too far forward. We ought to be targeted on bitcoin and sidechains.” Wow. What would the Brian Armstrong of the current say about that assertion?

Anyway, in 2016 Litecoin’s buying and selling quantity was exploding within the Chinese language exchanges and Charlie Lee noticed his alternative. “This was additionally when Ethereum was beginning to get huge. So I put collectively a proposal to Brian and Fred Ehrsam so as to add each LTC and ETH to Coinbase.” The proposal’s thesis was that, since folks within the US had no straightforward means to purchase, retailer, and commerce these cash, there was “quite a lot of unhappy demand.” And Coinbase may make some huge cash. 

Right here it’s: betrayal. The 2 Coinbase executives broke Charlie Lee’s coronary heart by accepting the proposal, however just for Ethereum. “Though I went together with the plan, it sort of rubbed me the improper means. Litecoin had a a lot larger international commerce quantity on the time and was the #2 coin in marketcap.” A short time later, Lee took three months of Coinbase to concentrate on his undertaking.

Associated Studying | CHARLIE LEE: AN UNCOMMON INTERVIEW

Within the subsequent episode, Litecoin’s story intertwines with Bitcoin’s and the controversial Segwit implementation. We’re going to find that Charlie Lee and his workforce have been instrumental on this. How? Tune in to seek out out. 

 

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