Well, Charlie Lee has seen enough.
The founder of Litecoin has now liquidated his entire Litecoin position according to a reddit post.
“In the past days, I have sold and donated all my LTC,” Lee said Wednesday, adding that “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.”
We believe you, Charlie. After all, it’s up a smooth 7,000% this year.
Now look, Charlie is claiming this has everything to do with wanting to avoid “conflicts of interest” when it comes to his tweets, but we’d be remiss if we didn’t remind you that this is the same Charlie Lee who warned people earlier this month that Litecoin could well fall to $20:
Right. If you can’t handle the bottom falling out, “don’t buy.” Or better yet, watch it rise 7,000% and then sell it all and get the hell out of dodge. Either or.
You’ll also note that Charlie would really appreciate it if you didn’t ask him “how many coins he sold or at what price.” In other words, don’t ask him how rich he now is.
What you can ask him though, is how he feels. “This is definitely a weird feeling, but also somehow refreshing,” he writes in the same reddit post.
Yes, it’s “weird” and “somehow refreshing.” “Weird” because it’s surreal to get rich on something that isn’t real and “refreshing” because it’s always nice to make enough money to buy a small country.
Read the full post below…
Over the past year, I try to stay away from price related tweets, but it’s hard because price is such an important aspect of Litecoin growth. 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.
For this reason, in the past days, I have sold and donated all my LTC. 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. (I do have a few of those as collectibles.) This is definitely a weird feeling, but also somehow refreshing. Don’t worry. I’m not quitting Litecoin. I will still spend all my time working on Litecoin. When Litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins. I now believe this is the best way for me to continue to oversee Litecoin’s growth.
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.
UPDATE: I wrote the above before the recent Bcash on GDAX/Coinbase fiasco. As you can see, some people even think I’m pumping Bcash for my personal benefit. It seems like I just can’t win.
"cashing out at the top? who said something about cashing out at the top?" pic.twitter.com/PsSB4qsyr0
— Walter White (@heisenbergrpt) December 20, 2017