Charlie Lee Believes he had to Quit Litecoin to Make it More Decentralized
Litecoin creator Charlie Lee expressed his intentions to make the digital currency a world decentralized cryptocurrency during an interview on Friday 27th. Charlie Lee stated that to make Litecoin better; he had to step down as its leader. He also stated that Bitcoin and Litecoin were working very closely claiming that the two coins are reinforcing each other and more to that they are used for different purposes. According to Lee the decentralized nature of Bitcoin is very good because its leader and creator is anonymous which is a key feature missed at Litecoin.
Lee stated that:
“Litecoin is considered more centralized because I am around meaning that it has a more centralized development tea with a more centralized foundation. I can move Litecoin towards my vision, and people will listen to me more because I created it.”
When he was asked if he ever considered moving away from the leadership of Litecoin Charlie Lee said that he had actually stepped away for some time two years ago during the time he was developing a better use of Bitcoin at Coinbase. He also argued that a truly decentralized digital currency should not have a leader controlling it. In his remarks: “For a digital currency to be really decentralized you can’t have a real leader controlling its operations. So to make Litecoin more decentralized in the long run I would step away.”
This current statement contradicts his statement in December after he sold all his Litecoin holding. During that time he stated that he would not quit but would devote himself to Litecoin: “Do not worry because I am not quitting Litecoin. I will not go away; I will spend all my time working for Litecoin. When the currency becomes successful, I will be rewarded in other ways but not through the direct ownership of the Coins.”
In another interview, Lee stated that he actually sold his coins because of conflict of interest and not because he did not believe in the project. He noted that selling the coins was his first move which he says was necessary towards making the coin more decentralized. He noted that too many people the decision did not feel right because it had several short-term impacts but still believes the decision was good for the long-term development of the coin.
“I believe the decision was right for long-run benefits, but it feels wrong for the short run when the price are below its all-time high. All in all, I believe moving forward the prices will back up then it will be evident that it was the right move.” He concluded.
Litecoin was founded in 2011 and hit its all-time high on December 19th, 2017 when it traded at 375 dollars before dropping to 125 dollars in February 2018. Currently, the coin is trading at 151 dollars and is still among the 10 largest cryptocurrencies by market cap.