Is This Why Charlie Lee Sold His Litecoin?

Authored by Tom Luongo,
The news broke yesterday morning that Litecoin developer and outspoken founder, Charlie Lee, sold or donated all of his liquid Litecoin holdings. This prompted a big sell-off in the cryptocurrency markets, putting on pause the bounce off of the previous night’s bottom below $16000 for Bitcoin.
This comes in the wake of Coinbase adding Bitcoin Cash (BCH) to its stable of coins available for purchase, which also sent shockwaves through the markets.
In his post on reddit, Lee explained that he felt his ownership stake was actually a burden on Litecoin’s development as a real-world medium of exchange:
And whenever I tweet about Litecoin price or even just good or bads news, I get accused of doing it for personal benefit. Some people even think I short LTC! So in a sense, it is conflict of interest for me to hold LTC and tweet about it because I have so much influence. I have always refrained from buying/selling LTC before or after my major tweets, but this is something only I know. And there will always be a doubt on whether any of my actions were to further my own personal wealth above the success of Litecoin and crypto-currency in general.
The market reacted negatively to the news but only for a short time. Litecoin under Lee’s direction has been setting itself up as the day-to-day cryptocurrency. One that is easy to use, cheap, fast and easy to pay with.

This post was published at Zero Hedge on Dec 21, 2017.

Litecoin Founder Cashes Out, Sells Entire Stake After 9,300% Rally

Charlie Lee, the creator of the world’s fifth-biggest cryptocurrency, Litecoin, announced shortly after midnight that he was cashing in his profits after a torrid, 9,300% rally in the past 12 months. In a post on reddit, the San Francisco-based software engineer who founded litecoin in 2013, said that he sold and donated all of his holdings over the past few days.
“Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success. For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin” Lee said in the post.
Lee explained that his liquidation was aimed at preventing a ‘conflict of interest’ when the creator of what is known as “Bitcoin Silver” makes comments on twitter about the digital currency – something he tends to do with chronic zeal – that could influence its price, he said. That said, Lee declined to comment in the post on how many coins he sold or at what price, and asked readers to please “don’t ask me how many coins I sold or at what price. I can tell you that the amount of coins was a small percentage of GDAX’s daily volume and it did not crash the market.”

This post was published at Zero Hedge on Dec 20, 2017.

Jamie Dimon Bets Trump Will Last Only One Term As President

In an October 2017 interview, Jamie Dimon famously lambasted Bitcoin as a ‘fraud’ and the people who bought it as ‘stupid’ which, temporarily, halted the ascent in the Bitcoin price. It also led to much heated debate in the mainstream media and much anger across the crypto community. In a just as incendiary follow up, Dimon sat down for another interview, this time as ‘The Economic Club of Chicago’.
We wondered whether he would confirm recent reports that JPMorgan Chase would buy and sell Bitcoin futures for clients after the upcoming launch on the CME. Sadly, he wasn’t pressed on this question. Instead, he had some striking comments about the longevity of Trump’s Presidency, as Reuters reports.
Jamie Dimon, chief executive officer of JPMorgan Chase & Co, on Wednesday said he expects to see a new U. S. president in 2021 and advised the Democratic party to come up with a ‘pro-free enterprise’ agenda for jobs and economic growth instead. Asked at a luncheon hosted by The Economic Club of Chicago how many years Republican President Donald Trump will be in office, Dimon said, ‘If I had to bet, I’d bet three and half. But the Democrats have to come up with a reasonable candidate … or Trump will win again.’
Dimon, who in the past has described himself as ‘barely’ a Democrat, has been going to Washington more often since the 2016 elections to lobby lawmakers on issues including changes in corporate taxes, immigration policies and mortgage finance.

This post was published at Zero Hedge on Nov 23, 2017.

To Satisfy Soaring Bitcoin Demand, China’s Exchanges Find A Loophole

It’s been nearly two months since Chinese cryptocurrency exchanges were abruptly shuttered by local regulators, part of President Xi Jinping’s ongoing crackdown on capital outflows and potentially embarrassing or destabilizing market forces in the weeks ahead of last month’s National Party Congress. But now that China’s new president emperor has cemented his grip on power by installing political allies on the Politburo and successfully lobbying to have his name enshrined in China’s Constitution, the exchanges are taking tenative steps to figure out if it’s safe to do business in China again, and what constraints would apply to their operations going forward.
And while providing an online exchange for fiat-to-digital currency transactions is still expressly prohibited, a couple of the country’s biggest exchanges are rolling out an OTC model that resembles the popular peer-to-peer bitcoin trading website Local Bitcoins, and which will “also support fiat currency transactions.”
Here’s CoinDesk:
Some of China’s top bitcoin exchanges are now shifting to the over-the-counter (OTC) market in the wake of a crackdown by regulators in the country. In announcements made on Oct. 31, both OKEx and Huobi Pro said they will introduce peer-to-peer trading platforms that support fiat currency transactions, including the Chinese yuan, as an alternative for the country’s domestic cryptocurrency investors.
Based in Hong Kong, the two exchanges had previously provided solely crypto-to-crypto trading since being founded by their respective parent exchanges, Beijing-headquartered OKCoin and Huobi. They will now pivot toward a combination of the existing structure and the direct, peer-to-peer model.

This post was published at Zero Hedge on Nov 4, 2017.

Bitcoin In An Illusionary Age

It is altogether fitting that crypto currencies, in particular Bitcoin, have witnessed a meteoric rise in this illusionary age.
Not only has their monetary value gone to dizzying heights, but they are now being touted as the destroyer of the current, crumbling monetary order and the next paradigm upon which a new money and banking system will emerge.
In an era where sacrifice, hard work, loyalty, ingenuity, tradition, and independent thought are considered anathemas, while affirmative action, sloth, effeminacy, office seeking, and something-for-nothing schemes are endemic in every walk of life, it is not surprising that non-tangible, computer-generated currencies would become a ‘natural’ feature of such a world.
While it has always been a haven for charlatans, traitors, cheats, thieves, liars, and serial adulterers, contemporary political life has become even more of a sham. The most glaring example of politics’ utter corruption can be seen in the recent departed chief executive officer of the US. Unless one abandons all critical thinking, Obummer was unqualified to be president because of the obvious fact that he was not born on American soil. Not only did this disqualify him, but his educational and professional backgrounds have not been verified. Neither his collegiate records nor his supposed teaching career at the University of Chicago Law School have ever been exposed to public scrutiny. From the few utterances he has made about his supposed specialty – constitutional law – it appears that he has only a rudimentary knowledge of the subject.

This post was published at Zero Hedge on Aug 21, 2017.