Charlie Lee's Crypto Portfolio
Charlie Lee, inventor of the Litecoin cryptocurrency, spoke in late February about the Nano project, calling it a “pretty elegant” solution, noting that he himself has several tokens. Despite the fact that in December of last year Lee sold and donated all the Litecoins that belonged to him so that he could not be accused of manipulating the price, he continues to openly discuss other projects and invests in them. Read on to find out what cryptocurrencies the well-known crypto entrepreneur is invested in, which of them he considers promising, and which of them he calls a scam.
On February 28, Charlie Lee published a tweet in which he positively assessed the characteristics of the new project called Nano, as a result of which the exchange rate of the cryptocurrency increased from $13.56 to $17.19 in a day:
The Nano project (XRB) was launched last year on March 7, instead of the RaiBlocks cryptocurrency. The Nano platform has a unique architecture, where each account has its own blockchain. Nano features a wide range of tools for working with cryptocurrency assets, provides instant transactions and high throughput, and is a convenient tool for conducting P2P operations with zero fees.
For the first time Charlie Lee wrote about the anonymous cryptocurrency Monero in January 2017:
A year later, at the end of January 2018, the founder of Litecoin and the creator of Monero, Riccardo Spagni, announced the possible cooperation of two projects in atomic swaps between the blockchains of two cryptocurrencies as a way of exchanging cryptocurrencies without intermediaries.
Monero (XMR) is a secure, untraceable, anonymous cryptocurrency, based on the CryptoNote application layer protocol. The coin was launched on April 18, 2014, as a result of the fork of the Bytecoin network, the first anonymous cryptocurrency in the world. Monero allows users to make confidential transactions and resist possible government attempts at regulation. Monero is in the top 10 cryptocurrency list with a market capitalization of more than $5.5 billion, ranking tenth in the list.
Decred is another coin the creator of “crypto silver” believes in. In February 2017, Lee published a series of tweets about what criteria are included in his list of assessments for the potential of a cryptocurrency. In addition to Bitcoin, Ethereum, and Monero, he named Decred as one of the strongest cryptocurrencies, noting that a strong team is working on it:
In September of the same year, the first ever atomic swap was carried out between the Litecoin and Decred blockchains. The exchange of 1.337 LTC to 2.4066 DCR occurred on the blockchains of the cryptocurrencies.
The Decred platform (DCR) seeks to solve the problem of managing the blockchain with the help of consensus voting by users. It is based on the principles of Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithms. The project’s cryptocurrency, in turn, is a fully autonomous medium of exchange.
After the Bitcoin network’s hard fork, as a result of which the new cryptocurrency Bitcoin Cash appeared in August 2017, the crypto community was divided into two camps of those who supported the fork, calling the new cryptocurrency the real Bitcoin, and those who remained loyal to the original version of the first global cryptocurrency. Charlie Lee did not support such a substitution of concepts, noting that there is only one Bitcoin, and it is not Bitcoin Cash. Moreover, publicly addressing Roger Ver—the fervent proponent of the fork—Lee asked him not to confuse new users:
Also, Lee accused the Bitcoin Cash developers of copying his own cryptocurrency, just under the Bitcoin name:
Also, making a forecast for 2018, Lee suggested that before the end of the year, Litecoin will bypass Bitcoin Cash in terms of market capitalization:
Bitcoin Cash was launched on August 1, 2017, as a solution to the scalability problem of the Bitcoin network. In the Bitcoin Cash blockchain, the block size is increased to 8MB, there is protection against repetition and deletion of transactions, and the blockchain system provides a new type of transaction with additional functions.
Tether is issued by Tether Limited, a company founded in Hong Kong in 2015, and is positioned as a simplified and safe way of converting fiat money into cryptocurrency. According to the company, the cryptocurrency is fully backed by foreign exchange assets held in the reserve of a bank trust in Taiwan.
This statement, however, is not believed by all the crypto market participants, especially in light of news about the rapid increase in USDT supply. From January to November 2017, the number of USDT tokens increased by 3,400%. Charlie Lee suggested that an increase in the number of USDT tokens in the market affected the growth of Bitcoin during this period and asked for an audit of the company:
Later, in January 2018, Lee added:
Thus, we observe a self-fulfilling prophecy as “People afraid of price crashing, sell their coins, and cause the price to actually crash.” Charlie Lee noted that, in his opinion, the best way out of the current situation is to hold a cryptocurrency and buy it at low levels.
In February of this year, the crypto market was swept with information that the Litecoin network is planning a fork, resulting in a new Litecoin Cash crypto, by analogy with a hard fork of the Bitcoin network and that of Bitcoin Cash. Charlie Lee, however, immediately warned the community that neither he nor his team is engaged in a hard fork, and most likely this is the work of fraudsters:
Later, Lee added:
The Litecoin Cash fork was held on February 19 on the block 1,371,111. The developers of the project argue that the new cryptocurrency will become more promising and will have advantages for both users and miners, unlike the original cryptocurrency.
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