Litecoin (LTC) Creator Charlie Lee: It’s Really Hard to Kill a Decentralized Cryptocurrency
Litecoin (LTC) creator Charlie Lee shares his thoughts on the future of crypto in an interview with SFOX, a Y Combinator-backed cryptocurrency exchange founded by Akbar Thobhani, the former head of growth and business development at Airbnb.
Despite governments, regulators, naysayers, skeptics and markets, Lee affirms the organic strength of cryptocurrencies and why they’ll survive, technologically speaking.
“It’s actually really hard to kill a decentralized cryptocurrency: if there are one or two people supporting it, then it will survive. I think for a few years around 2013/2014, Litecoin was pretty stale, and I was focused on Bitcoin – this was when I was working at Coinbase, so I wasn’t really paying too much attention to Litecoin or trying to make sure that it was doing well. But Litecoin managed to do pretty well, and it came back strong.”
In the interview, Lee talks about what it’s like to be the public face of a decentralized cryptocurrency and why it can be problematic. Although he’ll never be able to have the anonymity of Satoshi, the unknown creator Bitcoin, Lee says he’ll eventually have to step away from Litecoin completely – but not for years, once Litecoin has gone mainstream and has fulfilled its vision as an everyday payment method. Lee’s departure at that point in time would be in support of Litecoin’s resilience and strength, highlighting how a decentralized network can optimally perform without an authority, central figure or dictator.
Remarking on Bitcoin’s lack of an identifiable creator, Lee says,
“I think that, for good reason, Satoshi remained anonymous and kind of left the project. In hindsight, I should have done the same thing. I mean, being a public face for a decentralized cryptocurrency is kind of an oxymoron.”
“Obviously, Litecoin is more centralized than Bitcoin....