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Charlie Lee Sums Up Litecoin’s 10 Years History. Part Two: Exchanges + Betrayal

The creator of Litecoin, Charlie Lee, continues to information us via reminiscence lane. For half one, he took us via Litecoin’s truthful launch. Considering the small variety of initiatives which have managed to try this, it was a fairly large achievement. Today, for half two, we’re going to cowl the challenge’s relation with cryptocurrency exchanges. Charlie Lee wears his coronary heart on his sleeve for this one, and tells a heartfelt story that leads to betrayal. Can you’re feeling the thrill within the air?

Related Reading | 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.

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

Charlie Lee Gives Flowers To The Litecoin Logo 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 first and the second present evolution:

And the ultimate one is a simplification of the second:

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

LTCUSD price chart for 10/09/2021 - TradingView

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

Litecoin’s Long Hard Road To Exchange Listings

This contradicts the title, however, in 2011 Litecoin was instantly listed within the now-defunct BTC-e. The website was a fairly profitable cryptocurrency change that fell into shame when the US Justice Department accused them of laundering funds from the Mt. Gox hack, however that’s one other story. Regarding Litecoin, Charlie Lee tells us that the itemizing, “helped a lot as miners had access to liquidity pretty quickly. Litecoin quickly become one of the most popular coin on BTC-e.

However, although Lee “pretty much talked to all the exchanges to support LTC,” it was two years later that the second listed Litecoin. Bitfinex took an opportunity on the nascent challenge, “This was a huge deal for Litecoin. It’s the first major exchange to support LTC.”

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

The Chinese exchanges, although, listed Litecoin from the start. “Sometime late 2012 to early 2013, 2 of the largest exchanges in China, Okcoin and Huobi, added support for LTC. That was huge.” A query arises, did Charlie Lee have to throw shade at these two exchanges this tough? (*10*)

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. At the identical time, he leaves a high-paying job at Google as a result of they weren’t all in favour of something crypto-related. That’s when Coinbase will get into the image. Lee contacts them to see if they’re all in favour of itemizing Litecoin and they find yourself hiring him as an alternative.

According to Charlie Lee, “Coinbase was the hot startup and THE crypto company that is making Bitcoin easy to use. I knew that if Bitcoin didn’t succeed, Litecoin wasn’t going anywhere either.” A chilly exhausting reality that the entire Altcoins have to dwell with to today. Besides that, Lee needed to ultimately persuade Coinbase to help Litecoin. How might he not?

The Chinese connection paid off and the BTC China, lead by Charlie Lee’s brother, listed the coin. “Although it was a huge news, what took him so long?!,” asks Lee hilariously. Also 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 change was going to listing Litecoin. At the time, this was THE place to be. Charlie Lee lastly confirms the story, “The rumors were actually true. I was talking to the CEO, Mark Karpelès almost on a daily basis in mid 2015.” However, the Mt. Gox hack was uncovered earlier than they materialized these plans. And all hell broke unfastened. “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 way too far ahead. We should be focused 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 exchanges and Charlie Lee noticed his alternative. “This was also when Ethereum was starting to get big. So I put together a proposal to Brian and Fred Ehrsam to add both LTC and ETH to Coinbase.” The proposal’s thesis was that, since folks within the US had no straightforward manner to purchase, retailer, and commerce these cash, there was “a lot of unsatisfied demand.” And Coinbase might make some huge cash. 

Here it is: betrayal. The two Coinbase executives broke Charlie Lee’s coronary heart by accepting the proposal, however just for Ethereum. “Although I went along with the plan, it kind of rubbed me the wrong way. Litecoin had a much higher global trade volume at the time and was the #2 coin in marketcap.” A short time later, Lee took three months of Coinbase to deal with his challenge.

Related Reading | CHARLIE LEE: AN UNCOMMON INTERVIEW

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

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