Interview with Charlie Lee: It’s Impossible to Predict Where Bitcoin and Litecoin Will Go in the Short Term

Charlie Lee, the founder of Litecoin and previously working as a chief engineer at Coinbase, has recently started to take bold and unique steps in the cryptocurrency market.

Explaining that he sold all of the Litecoins he founded in December and donated them to charity, Leeand lastly, in his tweet last month, he stated that Litecoin should go through a separation and the market started a new phase. He stated that he needed a payment method.

As a speaker at the Blockchain Connect Conference , Lee made statements to the famous crypto money site Coin Telegraph. Lee made statements on many issues from Coincheck’s hacking incident to cryptocurrencies in general, from his thoughts on general life to what to watch out for in volatile markets such as cryptocurrencies.. Here is that interview:

Question: What are your first thoughts about the hack at Coincheck?

Charlie Lee: Obviously very I am shocked. Hacking such an exchange is a very bad thing.. It was not an event I expected, but one of the harsh realities of the market we are in is these events.

The liberal understanding of money, which is the basis of cryptocurrencies, can also have some negative consequences.. You have full control of your money. You rely on an online exchange to protect it; Unfortunately, they can easily lose money too.

Frankly, my personal opinion is that this will not be the last thing we hear about like this.. However, I can still say it’s one of the biggest hacks I’ve ever heard.. Because stolen NEM coins have a serious market volume.

As far as I know, &6-7 of all coins have fallen victim to hacking. Sometimes things like this happen. Sometimes hackers try to steal the coins to attack other systems.

We see cryptocurrencies like VeriCoinreturning the Blockchain back to its original state.. Or we see Ethereum giving back the stolen coins to their rights holders, as it did in the DAO hack.. Let’s see what happens this time, will the losers get their money?

Question: Do you think NEM will go to a forced bifurcation?

Charlie Lee: Can go. But that’s something I would never recommend Bitcoin or Litecoin. I wouldn’t want to do something like that to bring back the lost money.

The grassroots needs serious resistance to censorship.. If developers or companies themselves try to unilaterally reverse all transfers and transactions, where will you stop them?

I’m just guessing at the moment. I have no idea what they’re thinking right now. But of course the event is something bad and unlucky.. For the stock market, for the money, and for the people who hold the money.

[NOTE: Coincheck later announced that all lost money will be returned to the relevant people.. It is also on the agenda that hackers sent the money to different exchanges, but the NEM Foundation denies this event.. The situation is unclear at the moment.]

Question: So what you mean here is, “Okay, it’s unlucky, but if you consent to entrust your money to such third parties, you’re taking such a risk.”

Charlie Lee: Yes, that’s the nature of the business. You must be responsible for the safety of your money.. If you put that responsibility on another party, there’s not much you can do.. There are always such risks.

At the same time, I think such things happen more to centralized exchanges.. I hope we’ll have the chance to see decentralized exchanges unlike these exchanges in the future.

Question: Do you think crypto exchanges like Robinhood that have emerged in the recent past mean that cryptocurrency trading is in vogue?

Charlie Lee: Absolutely yes. It’s nice to see such developments.. Anything that makes it easy for people to buy and sell cryptocurrencies means very good things for our industry.. It is especially nice that this situation is featured in the mainstream media every day.

If we talk about Robinhood exchange, it is possible that they will support Litecoin in the near future.. This, of course, will certainly make it easier for an ordinary person to get this cryptocurrency.. There is no need to invest serious money.. Take a small amount and then use. Exchanges like this give you that chance.

This is something Coinbase has been doing for years.. That’s why I wanted to join there and help and contribute to its development.. My main goal has always been to facilitate the easy use of Bitcoin, Litecoin, Ripple, Ethereum or any crypto currency for ordinary people, mothers, fathers and seniors.

Question: So why did you leave Coinbase?

Charlie Lee: I made this kind of decision to better focus on Litecoin. I spend all my time developing Litecoin for now.

Question: But you sold all your coins.

Charlie Lee: Yes I sold it but now I am still trying with all my strength for the improvement and development of Litecoin. I sold my coins because of differences of opinion, not because I didn’t believe in the project.

Question: Do you agree with the view that full-time people working in the development of any cryptocurrency should not hold it?

Charlie Lee: Frankly no, I don’t think so. My situation is a little special.. I have a very serious social media power in my hands.. I’m in a position to decide Litecoin’s future, pricing and more. My influence on Litecoin is unbelievable. That’s why I always felt bad when marketing Litecoin on social media. I started to wonder if what I’m doing is not for the project but to increase the price of what I have.. I made such a sale decision because I did not want a financial gain to interfere with my business.. good thing i did. Because I can focus on my work better.

Question: Do you think someone can manipulate prices too much on Twitter?

Charlie Lee: I think it’s very seriously human nature. If you hear something and the frequency increases, or if you hear it from someone you trust, you can invest.

Question: What will this year bring about Bitcoin and Litecoin? What are your thoughts?

Charlie Lee: Believe me, it’s very, very hard to guess. So I don’t want to make any guesses. Last year, for example, Litecoin was $4 before the spike. While I was thinking to myself, I thought it would be great if we could find $30. I was saying, “My God, how wonderful, we will increase exactly 9 times”. We’re 10 times my thought. We went up to $ 300.

However, the decline of these increases is also very interesting.. For example, Bitcoin made 1200$ in 2013 and peaked at that time.. But then, in 2015, it suddenly came to $200. It has lost almost 80 percent of its value.. That’s why I said in my tweet last year that if you don’t have the patience to witness Litecoin drop to $20 and you won’t be able to hold it, don’t invest.

When I look at the stock market, the type of person who loses the most money is when the product price is high or I saw that there were people who took. Then the price goes down from what they bought, they have to sell it. ‘Cause they don’t wanna lose too much. Then they miss the rise because they sell low.

I don’t want to spoil the party, but I have to reduce the excitement.. Buying LTC is too risky. I expect us to stay in the bear market for at least a year or two. As the price dropped from $48 to $4. So you won’t be able to handle Litecoin’s drop to $20, it’s better not to buy it.” That’s why my tweet was misunderstood.

I wanted to draw attention to something different there.. Even though I have my role in Litecoin’s development, it could still go down. it’s so clear. It’s in the nature of the job. That’s why it’s not easy to invest in a market like this where prices are constantly increasing and decreasing.. That’s what I wanted to say. I can speak positively for the long term, but for the short term, no one knows what will happen.

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