Litecoin Creator Charlie Lee and Silverbug Crypto YouTuber are Beefing over LTC Ponzi Scheme
The Litecoin By Charlie Lee Is Being Considered A Ponzi Scheme, According To Silverbug YouTuber
The famous Silverbug YouTuber of the TruthNeverTold channel recently called out on the crypto market as being a little bit more than just a Ponzi scheme. In particular, he claims Charlie Lee the founder of the Litecoin token, is an excellent example of the duping that is taking place to the unsuspected investors in the market.
In December 2017, the Bitcoinist went ahead to report that the Charlie Lee had either sold or donated the entire Litecoin wealth that he had, all in the name of avoiding conflict of interest that was arising from the token growth. It is very interesting to find out that Lee went ahead to sell the very top of the unprecedented pump of the Litecoin.
And from this, it is something the TruthNeverTold channel strongly believes to be an apparent profit taking exit from the Ponzi scheme that was running.
A Few Statements To Note
According to a statement from the TruthNeverTold channel, the founder went ahead to sell out everything; thus, proving the fact the YouTuber has been trying to say since the year 2011. He went ahead to say that the early adopters in the market take items that have no intrinsic value, but they will go ahead and set about the perceived value to the unsuspected public, only for them to sell this illusion for an item that will offer real value.
He also goes ahead to take an issue on the reason used by Lee.
At the time, the Litecoin founder explained that the token has been an excellent asset for him financially. And from this, he feels that he is well off enough that he doesn’t need to tie his growing financial success to the success of the token. He continues to say that it is the very first time in six years that he does not own even a single LTC that has not been stored in a physical Litecoin.
According to TruthNeverTold, Lee admitted that he went ahead to cash out while still at the top of the bubble, that is selling the crypto-coin in return for fiat which will help in ensuring the founder's long-term success.
Charlie Lee Goes On To Defend His Actions
Since he was called out, Lee has defended his actions as being well intentional and also benign to the success of the coin. It is all despite the fact that the market went ahead to crash substantially and was not able to recover since Lee’s donation or sale, but he continues to say that his current actions do not affect the market.
He goes ahead to state that he didn’t have as many tokens, thus selling of his coins didn’t affect the market. Instead, the fact that he had Litecoin's at the time investors started to think that he was going to dump it all in the market, making it the main issue.
He also believes that the coin will eventually bounce back, and he firmly believes that his actions were in the right direction when we look at it long term. But looking at the short term aspect, it feels like the decision might not have been the best especially with the prices going down. But he thinks moving forward when the prices are finally back to the all-time high that his actions were in the right move.