Charlie Lee aka Satoshi Lite, the creator of Litecoin, could quite possibly be the most underrated person in the crypto-community for his genuine and honest character. However, more importantly, he is respected for his accurate forecasts about the cryptocurrency market, especially about Litecoin.
Back in 2017, when cryptocurrencies gained wide-spread notoriety and caught the eye of mainstream media, Charlie Lee supported SegWit when the whole of the community was against it. There were massive FUDs surrounding SegWit and how cryptocurrencies obtained via SegWit transactions were similar to “anyone-can-spend” coins.
Alan Silbert, in an effort to eradicate this FUD, posted on Twitter a $1 million SegWit bounty to prove that SegWit coins were “anyone can spend”.
The bounty was also announced on Reddit:
However, nobody could prove the FUD right and Bitcoin eventually integrated SegWit and the bounty was taken back. Lee also tweeted that he was the one who put up the bounty on September 30, 2017.
A Twitter user, AT, commented:
“It was you all along!!? Talk about putting the money where your mouth is!”
To this, Lee replied:
“Well, I wouldn’t risk a $200MM (at that time) currency with a risky upgrade if I didn’t believe in it myself.”
Lee made a smart bet, betting against SegWit2X, which was a proposed hard fork for Bitcoin by Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith, and Erik Voorhees. The fork was supposed to take place on November 16, 2017.
Lee, in a Twitter post, posted a 1:1 trade to trade his SegWit2X 250 BTC for a non-SegWit2X 250 BTC. This trade was placed for the hard fork supporters Jeff Garzik, Erik Voorhees, and Barry Silbert.
The fork fell through due to lack of consensus among the community members and Charlie Lee triumphed once again.
The third amazing prediction by Charlie Lee was when Litecoin was doing very well in the bull market of 2017. Lee said that sometimes the price of a cryptocurrency shoots higher than the actual or fair price. He even sold all his holdings in Litecoin in December 2017 just to satisfy the rumors and comments.
On December 11, 2017, a few days before the all-time high of 2017, Lee voiced his concerns about Litecoin’s bull run.
Litecoin, on December 14, 2018, reached a low of $22.84, just $2 above what Lee predicted almost a year ago.
Most people who were holding Litecoin then were really agitated and distraught with Lee posting something which could negatively affect the prices.
A Twitter user, Crypto Capital, commented:
“Why would you say this… just why.. this the typa shit that would actually make the price fall ffs.”
“If one tweet calls the price to fall, then it doesn’t deserve that price in the first place.”
Another user, Frosty commented:
“Would a Google CEO come out and say don’t buy GOGL because it is risky and can go down 80%?”
Lee replied Frosty:
“Thanks God I’m not CEO!”
While some people were upset about him tweeting about prices, some were really appreciating him for the heads-up.
A user, Vato Gogotishvili, commented:
“Just sold my entire holding of LTC! Thanks for being honest. I wouldn’t sell otherwise”
American Michael tweeted:
“Not ONE person asked you Charlie WHY you expect a “multi-year bear market”, a term most have no idea what that is. But I’ll ask: Why? Especially with the CBOE/CME/NASDAC involvement & the fact these are on everyone’s radar screens?? I get consolidation, but bear market?!?”
Lee explained American Michael in a subsequent tweet saying:
“When crypto goes up too fast, it overshoots its real value. So a bear market to consolidate is normal. How long and how large is anyone’s guess.”
Lee even went as far to add a tweet of a surprised and flabbergasted crypto-enthusiast to his twitter moments section, The Crypto Monk.
Charlie Lee in another separate prediction said that the “flippening” ie, Ethereum [ETH] overtaking Bitcoin [BTC], wouldn’t happen, but “flappening” i.e., Litecoin overtaking Bitcoin Cash [BCH] would happen by the end of the year. Lee made this prediction on February 25, 2018.
The prediction came true as the bear year approaches the end, and Litecoin did indeed overtake Bitcoin Cash on December 14.
Back in September 2017, Lee sat down for a friendly discussion with Roger Ver, known for his promotion of Bitcoin Cash and more commonly known as Bitcoin Jesus. The discussion turned into a debate and ranged from ‘if Bitcoin does have intrinsic value?’ to ‘advantages of the Lightning Network [LN] over Bitcoin Cash’.
Ver went on a limb and bet against Lee, saying that less than 1,000 merchants would be using LN in 18 months. The bet took place during the blockchain cruise in the first week of September 2018.
Roger Ver stated:
“I’ll bet you that in 18 months from now, there will be less than a thousand merchants of the world excepting lighting network payments for for physical goods.”
Lee gladly accepted the bet and the terms were set that if Lee lost the bet, then he would have to wear a Bitcoin Cash shirt and do a video about it. Furthermore, Ver said that if he lost the bet, then he would wear a shirt of Lee’s choice and make a video about it.
Sure enough, the LN adoptions sky-rocketed and is yet to cross over 1,000 merchants with Coingate, a popular cryptocurrency exchange, launching its own LN for Litecoin. Lee posted a tweet about it on December 13 saying:
“Even Litecoin will soon have more than 1,000 merchants accepting LN payments! Thanks @CoinGatecom!”
Coingate tweeted that LN will be up and running soon enough on the same day.
The Lightning Network has not yet been rolled out for Litecoin, but the CoinGate team is finalizing plans to do so.
In its official blog, CoinGate posted:
“Cryptocurrency payment gateway CoinGate introduces Lightning Network payment processing for merchants. Over 4,000 businesses actively accepting Bitcoin through the CoinGate platform will immediately gain access to Lightning payments without any additional efforts.”
To summarize, Lee has always had investors’ best interests at his heart and unlike what most people believe, Lee has been very accurate with his predictions when it comes to cryptocurrency market and above all, a humble human being.
The post Litecoin [LTC]’s Charlie Lee and why betting against him is a mistake even the best could make appeared first on AMBCrypto.