Litecoin (LTC) founder Charlie Lee spoke about the influences behind his decision to sell LTC holdings. It seems that based on his allegations the media managed to promote themselves by taking ‘spicy’ details from the statements.
During the San Francisco Litecoin Summit held between 14 and 15 September 2018, Charlie Lee, one of the famous crypto personalities in this industry and the author behind blockchain-based project Litecoin, disclosed some hidden motivational aspects that led him to sell his LTC shares.
Everything is alright, till we have a look at the crypto-based news portals that decided to promote themselves
on the back of the statements made by the crypto leader:
“At the LTC Summit, I briefly addressed the motivation behind selling my LTC holdings. However, bad journalism is rampant in crypto, and now there’s a sensational headline created out of a partial quote from me,” claimed Charlie Lee.
As stated by Lee, the media took the most “appealing” details from his speech and worked them out in a way that attracts more readers.
“I said half-jokingly that it’s good that I did what I did or else I might need to find another job and can’t work full-time on Litecoin (not to mention help fund the Litecoin Foundation). Of course, that’s the only point this journalist picked up on and took no time to bash me.”
While continuing his talks, Charlie Lee revealed the motivation behind the decision to sell his shares of Litecoin, pointing out that his intention was to focus mainly on the adoption rather than the price.
He pointed out that:
“re: conflict of interest, I sold my LTC holdings so I could focus on adoption and not price, as those 2 are not always correlated. Litecoin is my baby, so I don’t need monetary incentive to want it to succeed.”
“Finally, a bit about hodling. The term came from a bitcointalk forum user who refused to sell when the market is crashing. To hodl means to not panic sell when prices are down. Selling during a bull market does not contradict the advice of hodling.”