Open Letter to Charlie Lee: Kill the Litecoin, Start the Crypto Healing
Your “Litecoin Foundation” website re-directs a visitor to its “shop” where you are selling truly a world-changing, un-banked poor of the world supporting nonsense like “Fresh Charlie Champion T-Shirt” (for $28.50 – $30.50). Truth to be told, the “Foundation” is not only selling Charlie the “Champion” shirts, but also those glorious “HODL” socks. One can almost hear the fiat economy crumbling under the weight of such an innovative approach to global trade. Alas, those socks seems a bit of a far cry from the Litcoin’s “About” section that claims: “With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.” Perhaps Bosh is entering the socks business and DELL would partner with Charlie T-shirts commerce to substantiate your “substantial industry support” hefty claim? (Not that you felt a need to share who’s “supporting” you so the website does not say anything about it at all. But let us put nitpicking and cheap jokes aside.)
The Sewer Stinks — HELP IT HEAL!!
Deadcoins curated list lists almost a thousand dead “coins”. The Gold Rush is over and it had been for quite some time. (We wrote about it two years ago in the Bitcoin Price Galloping Delusions article and again, also about two years ago in the Bitcoin Frenzy: We’re All Wolfs of Wall Street Now article) Keeping the illusion alive amounts to a deliberate fraud for many people would lose a lot of money “hodling” both your socks and many of the dead in the water utterly nonsensical coins.
There have been two key developments that have killed the insane gold rush that have spawned so many scams after its promising beginnings. We wrote about the first one, stating: “Kiss of death for the crypto currencies’ childish notions about moons and woons and Lamborghinis galore was smacked on unsuspected Bitcoin communities on Sunday, December 17, 2017, a fatal day on which the Bitcoin features started to trade on the CME. Remember, the ‘CME Group is the world’s leading and most diverse derivatives marketplace – handling 3 billion contracts worth approximately $1 quadrillion annually.’ Do you remember what was the day Bitcoin has reached all-time high of $19,783.21? It was December 17, 2017, that very same day on which the Financial Crime Cartel entered the crypto currencies world,” we also wrote in an article published several months ago.
The second key moment was of your own making, the day you explained in a post on Reddit that you are selling / or have sold / all of your LTC coins. That was only days after the Financial Crime Cartel entered the crypto currencies world on the December of 2017. You knew what you’re doing, we tip our collective hats to you, you left at the peak as a true master of trading.
Alas, since than several serious failures have shown us that it’s not only that you left on the peak price but that it marked the beginning of the end for your Litecoin (LTC) coin and your Litecoin Foundation. We’re here listing only a few, in no particular order:
– there are almost no developments in the LTC. Yes, you can talk otherwise but the Github does not lie
– Litepay ceased all operations. The blog post /announcement-on-litepay/, from your own tweet is now a 404 error
– TenX payment integration also fell apart
– The “Charlie the Champion” & “HODL socks” selling Litecoin Foundation is in a deep financial hole, “after accounting for expenditures such as advertising, marketing, staff costs and taxes, the Foundation made a net loss of $281,630.”
Truly, Charlie, what is the point of keeping this charade artificially alive?
Killing Litecoin would start a new Crypto Era
The sole, the ONLY reason for so many coins still existing like a mirage, Litecoin included, is trading on so many “crypto exchanges.” Wash trades, fake volume, insane 125x margin trades, bots trading… you name it… are polluting what once was a great idea, the Bitcoin as P2P cash payment system. Moreover, your Litecoin was, after all, just a clone, a simple Bitcoin fork, it’s not that you have invested a genius into something new, on the contrary, LTC is technically almost identical to Bitcoin, so it’s not like you’d be losing your brain-child.
Instead you’d be killing an utterly useless copy.
By doing that you’d send waves across the crypto world, you would shake the ridiculously inflated number of “exchanges” and would point to the crypto’s main problem of today: it is being artificially kept alive in such great numbers (of coins, of exchanges…) as something innovative while the truth is that only a handful projects are offering any hope the idea that would truly change the world is still possible.
You’ve changed your life, riding the Bitcoin’s wave and are now a multimillionaire. You still have a voice and some respect so now is your turn to help changing the world by starting so sorely needed, great clean-up of ridiculously useless at best or truly scam projects at worst.