Charlie Lee sums up the 10-year history of Litecoin. Second part: exchanges + betrayal

Litecoin creator Charlie Lee continues to guide us through memory lane. For the first part, he took us through Litecoin fair launch. Considering the small number of projects that have managed to do this, it is quite a big achievement. Today, for the second part, we will cover the project’s relationship with cryptocurrency exchanges. Charlie Lee wears his heart on his sleeve for this one and tells a heartfelt story that ends in treason. Can you feel the emotion in the air?

Related reading | Charlie Lee Predicts Litecoin Resurgence As Bitcoin Cash Staggers

This part of the story is about relationships, connections, and the long road to credibility. It’s also about Charlie Lee’s stamina and willpower.

Before getting into the meat and potatoes of the story, however, a slight detail that should not go unnoticed.

Charlie Lee Gives Flowers to Litecoin Logo Creators

There’s not much history in the logos, but it’s great that Charlie Lee gives credit where he deserves it. The first and second show evolution:

And the last one is a simplification of the second:

With that said, let’s go back to the story.

LTC price chart for 10/09/2021 on Coinbase | Source: LTC/USD on TradingView.com

Litecoin’s long hard road to listing trading

This contradicts the title, but, in 2011, Litecoin was immediately listed in the defunct BTC-e. The site was a fairly successful cryptocurrency exchange that fell out of favor when the US Department of Justice accused them of laundering funds from the Mt. Gox hack, but that’s another story. Regarding Litecoin, Charlie Lee tells us that the listing, “It helped a lot as the miners had access to liquidity fairly quickly. Litecoin quickly became one of the most popular currencies on BTC-e.

However, although Lee “I pretty much talked to every exchange to back LTC,It was two years later that the second included Litecoin. Bitfinex took a chance on the nascent project “This was a great deal for Litecoin. It is the first major exchange to support LTC. “

So Charlie Lee remembers how he tried to get the Bitstamp CEO to list them and laughed at him. Just to include the coin in 2017. The same happened with BitPay, which ended up supporting Litecoin just this year.

However, Chinese exchanges listed Litecoin from the beginning. “Sometime in late 2012 to early 2013, two of China’s largest exchanges, Okcoin and Huobi, added support for LTC. That was huge.“A question arises, did Charlie Lee have to cast a shadow over those two exchanges so hard? “The trading volume was pretty crazy too, but it’s unclear how much of that was made.

Charlie Lee and Coinbase, a love story

So in 2013 Charlie Lee resigns as the lead developer of Litecoin and leaves the job to Warren Togami. At the same time, he leaves a high-paying job at Google because they weren’t interested in anything related to cryptocurrencies. That’s when Coinbase comes into the picture. Read contact them to see if they are interested in listing Litecoin and end up hiring it.

According to Charlie Lee, “Coinbase was the startup and crypto company that makes Bitcoin easy to use. He knew that if Bitcoin was unsuccessful, Litecoin would not go anywhere either.“A cold and hard truth that all Altcoins have to live with to this day. On top of that, Lee wanted to eventually convince Coinbase to support Litecoin. How could I not?

The Chinese connection paid off and BTC China, led by Charlie Lee’s brother, included the coin. “Although it was great news, why did it take so long?!,Lee asks hilariously. Also notice that the banner you mention plays on the fact that Charlie and Bobby are brothers.

In 2015, there were rumors that the infamous Mt. Gox exchange was going to include Litecoin. At the time, this was THE place to be. Charlie Lee finally confirm the story, “The rumors were really true. I was talking to the CEO, Mark Karpelès almost daily in mid-2015.However, the Mt. Gox hack was exposed before those plans materialized. And all hell broke loose. “In hindsight it was a blessing in disguise. “

Then, it turns out, things turned ugly in the Charlie Lee-Coinbase romance.

Brian Armstrong’s tweet he refers to reads: “Ripple, Stellar and Altcoins are a distraction. Bitcoin is too far ahead. We should focus on bitcoins and sidechains. “Wow. What would present-day Brian Armstrong say about that statement?

Regardless, in 2016 Litecoin’s trading volume soared on Chinese exchanges and Charlie Lee saw his opportunity. “This was also when Ethereum was starting to grow. So I prepared a proposal for Brian and Fred Ehrsam to add both LTC and ETH to Coinbase.“The thesis of the proposal was that since people in the US did not have an easy way to buy, store and exchange those currencies, there were”a lot of unsatisfied demand.And Coinbase could make a lot of money.

Here it is: treason. The two Coinbase executives broke Charlie Lee’s heart by accepting the proposal, but only for Ethereum. “Although I followed the plan, it bothered me. Litecoin had a much higher global trade volume at the time and was the nth currency. 2 in marketcap.. “A little later, Lee took three months from Coinbase to focus on his project.

Related reading | CHARLIE LEE: A RARE INTERVIEW

In the next episode, the history of Litecoin is intertwined with that of Bitcoin and the controversial implementation of Segwit. We will find that Charlie Lee and his team were instrumental in this. How? Tune in to find out.

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