Well-liked silverbug and Golden State Mint head TruthNeverTold lately took to his YouTube channel to as soon as once more name out the cryptocurrency market as little greater than a Ponzi scheme. Particularly, he claims that Litecoin and its founder, Charlie Lee, are prime examples of duping unsuspecting buyers.
As Bitcoinist reported on December 20, 2017, Litecoin founder Charlie Lee “bought or donated” his complete Litecoin wealth to keep away from “conflicts of curiosity” arising from its progress. Curiously, Lee bought the very prime of Litecoin’s unprecedented pump — one thing which TruthNeverTold views as an apparent profit-taking exit from a nothing-for-something Ponzi scheme.
He bought out the whole lot on the prime. Good on Charlie Lee! Nice job! However you simply proved the truth that, as I’ve been saying since 2011, early adopters take one thing that has no intrinsic worth, they set about constructing the perceived worth to an unsuspecting public, solely to promote that phantasm for one thing that has actual worth.
The YouTuber additionally takes concern with Lee’s reasoning. The Litecoin founder defined, on the time:
Litecoin has been superb for me financially, so I’m effectively off sufficient that I not have to tie my monetary success to Litecoin’s success. […] For the primary time in 6+ years, I not personal a single LTC that’s not saved in a bodily Litecoin.
For TruthNeverTold, Lee all however admitted that he cashed out on the prime of the bubble, promoting cryptocurrency for fiat and making certain his long-term monetary success.
Charlie Lee has since defended his actions as benign and well-intentioned. Even if the Litecoin zerozero market crashed considerably and by no means recovered because the level of Lee’s sale/donation, Lee claims his actions has no impact available on the market, stating: