Official Bitcoin Thread

After 75-fold Rally, Cryptocurrency Founder Sells His Coins

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http://www.scmp.com/tech/article/21...al&utm_source=twitter.com&utm_campaign=buffer

Charlie Lee, Creator of Litecoin, Has Sold and Donated All of His Holdings Over the Past Few Days
PUBLISHED : Thursday, 21 December, 2017, 9:08am
UPDATED : Thursday, 21 December, 2017, 9:22am

Charlie Lee, creator of the world’s fifth-biggest cryptocurrency, cashed in during a 75-fold rally this year.

The San Francisco-based software engineer whose litecoin was founded in 2011 “sold and donated” all of his holdings over the past few days, he said in a Reddit post. The disposal was aimed at preventing a “conflict of interest” when Lee makes comments on social media about the digital currency that could influence its price, he said.

“Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to litecoin’s success,” Lee said. “For the first time in six+ years, I no longer own a single LTC” other than a few collector’s coins.

Lee declined to comment in the post on how many coins he sold or at what price, but noted that the amount was a small percentage of daily volume and “did not crash the market.”

The news for litecoin investors “is positive because it allows him to speak freely on social platforms,” said Michael Kazley co-founder of Crescent Crypto Asset Management, a US passive digital-asset fund. “On the other hand it’s also negative, because it’s hard to evaluate his go-forward financial incentives.”

Lee said litecoin’s price may now take a “short-term dip due to people losing faith thinking that I’ve lost faith,” Lee said in emailed answers to questions from Bloomberg. Ultimately though, the move will be good for the token long-term, he said.

Litecoin dropped about 4 per cent to $319 at 1:02pm in New York, according to prices on Bloomberg. The coin is still up about 75-fold since the end of 2016, according to coinmarketcap.com prices. The market value was $17.5 billion. It slumped on Wednesday with several of the biggest digital currencies lower after a string of news stories involving hacking and interventions by regulators. Lee insisted that his sale wasn’t a sign that he has lost faith in the cryptocurrency.

“I’m still working on litecoin full time,” Lee said via email. “That hasn’t changed. If anything, I will be more focused and less distracted by price.”

And how does it feel to take profits on a high from the crypto boom that has been described as the biggest financial bubble of all time? “Weird” but also “somehow refreshing,” Lee said in the Reddit blog post.
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marmourjr said:
When CB pulled that stunt for BCH my homeboy brought at $6K :lol: Saw him yesterday. All he could do was laugh. He tried to sell at $8K but CB crashes.

I made a good amount off BCH from the first buy..made about $2.5K yesterday.

Yesterday 2nd buy. Smh. Listening to my BF, hyping me up about BCH and stating it’s going to blow in one day like that CB $8K stunt.

Love Live BCH. I’m holding. It’s going to rise again. :lol:

Just Hodl. Don’t get emotional. You’ll take a bigger lost.

This a cycle. You have to take the good with the bad. The wins with the lost. The Bull with the Bear.


Sorry TEAM XVG, I sold...it was one of my biggest payout. I brought in at satoshi digits. :lol:

Took it and moved it over to GRS.
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What's your next sub 1c coin? :nerd: lol
 
mr highness said:
You panicking :rofl: you'll regret selling your BCH. This is all a cycle, there will be dips, but then a large increase. Use Gdax to sell your BCH.

My other boy's going crazy, like he needs that money to catch up and pay for child support. I guess the Bitcoin/Alt coin game ain't for everyone.
Click to expand...

I’m not panicking at all lol

I play around with day trading alts. So not being able to send my profits of bch back to bittrex to play with is ridiculous to me.

If your bank said you couldnt send someone YOUR money be you’d be tight. Coinbase disabling buy/sells defeats the purpose of crypto in my opinion.
 
That’s why I’m either all out or all in by Jan 21

Today bitcoin is 15.5
Eth 790
Litecoin 300

Both eth and Ltc been holding their value

What happens if prices go high let’s say in 5 days 20k 1200 500 and coinbase doesn’t let me sell hell na that’s shady
 
Why does it take so long to transfer funds to coinbase. I’m trying to drop 5k on ripple before it hits the exchange, but man it’s
Frustrating. Xrp is the way to go I feel like. Just hoping it dips under a buck when I do cop
 
bronconation24 said:
Why does it take so long to transfer funds to coinbase. I’m trying to drop 5k on ripple before it hits the exchange, but man it’s
Frustrating. Xrp is the way to go I feel like. Just hoping it dips under a buck when I do cop
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you're not the only one trying to transfer funds to CB, it usually takes 3-5 days
 
tupac003 said:
Officials won't let a man look for $135 million in bitcoin he threw away

James Howells, an IT worker living in the United Kingdom, knows exactly where his misplaced 7,500 bitcoins are but the city council where he lives won't let him retrieve them. They say it's against the law.

According to a report published in The Telegraph, Howells began mining bitcoin on his personal laptop in 2009. In 2013, though, "after I had stopped mining, the laptop I had used was broken into parts and sold on eBay," Howells tells The Telegraph.

He kept the drive he used to collect the bitcoins, "so if bitcoin did become valuable one day, I would still have the coins I mined."

But, while cleaning his home in 2013, he mistakenly put it into a waste bin at his local landfill site in Newport, South Wales, where it got buried.

Now, with bitcoin's value hovering just above $17,000 Wednesday, according to digital-currency website CoinDesk, Howells' 7,500 lost bitcoins are worth more than $127 million. CoinDesk's Bitcoin Price Index tracks prices from digital currency exchanges Bitfinex, Bitstamp, Coinbase and itBit.

More than four years' worth of garbage have poured into the dump since his mistake, which would make any recovery effort a significant undertaking. "A modern landfill is a complex engineering project and digging one up brings up all sorts of environmental issues, such as dangerous gasses and potential landfill fires," Howells says. "It's a big, expensive and risky project."

He wants to try, regardless, but the Newport City Council won't allow it.

In an interview with tech website Wired, a council spokesperson said their offices have been "contacted in the past about the possibility of retrieving a piece of IT hardware said to contain bitcoins," but digging up, storing and treating the waste could cause a "huge environmental impact on the surrounding area."

The landfill reportedly contains about 350,000 tons of waste and 50,000 more tons are added every year.

"It is likely that the hardware would have suffered significant galvanic corrosion due to the presence of landfill leachates and gases," officials pointed out. Even if the drive is recovered, it may not work after being exposed to weighty and possibly toxic waste for so long.

Plus, the operation, which could require specialty-construction vehicles, might cost millions. And while Howells has the "financial backing in place" to fund such an effort, according to Wired, he needs permission: The landfill is not open to the public and trespassing would be considered a criminal offense.

The fact that files containing bitcoin can be lost is one reason to perhaps be wary of cryptocurrencies. There are other causes for concern as well: Some experts fear it could be outlawed, note it's hard to value accurately and say buying it is more gambling than investing.

Still, many believe the positives outweigh the negatives. Even Howells still tracks bitcoin's price, he tells Wired, "but that's not because I'm obsessed with the price because of my lost coins. I have multiple tickers running with prices in different fiat currencies," not just in bitcoin.

And if Howells does recover his bitcoins, he'll probably cash some in. "Who knows for sure?" he says. "I probably would have sold 30 or 40 percent in 2013 to invest in property and other cryptocurrencies."

With the value of bitcoin continuing to rise, some speculate that eventually Howells' lost coins will be worth a fortune and the city council will be obligated to allow a search.

"And obviously," Howells says, "they would get a nice percentage as a gift or donation."
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humble bribing
 
Yo is this binance app legit?

It’s not on the App Store... it’s a link from their website..

I don’t know if I want to install this. Anyone using it?
 
In on LTC and XRP (much smaller amt of XRP). Yall like XVG, ICX, POWR or SC more for a next step in diversification? Or putting more on ripple?
 
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