Popular Silver Bug and Golden State Mint boss TruthNeverTold recently visited his YouTube channel to once again refer to the cryptocurrency market as little more than a Ponzi program. In particular, he claims that Litecoin and its founder Charlie Lee are prime examples of deceiving unsuspecting investors.
As Bitcoinist reported on December 20, 2017, Litecoin founder Charlie Lee “sold or donated” all of his Litecoin assets to avoid “conflicts of interest” due to its growth. Interestingly, Lee sold the tip of Litecoin’s unprecedented pump – something that TruthNeverTold sees as an obvious profitable exit from a Ponzi program that is nothing for anything.
States TruthNeverTold:
Everything was sold out upstairs. Good to Charlie Lee! Well done! But you’ve just proven that, as I’ve been saying since 2011, early adopters take something that has no intrinsic value. They set out to convey the perceived worth to an unsuspecting public, only to sell that illusion for something that has real value.
The YouTuber also questions Lee’s reasoning. The founder of Litecoin stated at the time:
Litecoin was very good for me financially, so I’m well enough that I no longer have to link my financial success to the success of Litecoin. […] For the first time in more than 6 years, I don’t have a single LTC that isn’t stored in a physical Litecoin.
For TruthNeverTold, Lee almost admitted he was paying off at the top of the bubble, selling cryptocurrency for fiat, and ensuring his long-term financial success.
Charlie Lee has since defended his actions as kind and well-intentioned. Despite the fact that the Litecoin 00 The market crashed significantly and has not recovered since Lee’s sale / donation. Lee claims his actions have no impact on the market.
I actually didn’t have that many Litecoins. My sales of Litecoins had no impact on the market itself, but the fact that I had Litecoins and people thought I could bring them to market was actually an issue.
Lee also believes Litecoin will bounce back at some point, stating:
I still think it was the right move, but I wonder if – I think in the long run it was the right move, but in the short term, while the price is below its all-time high, it just feels like it wouldn’t be the right decision. But I think when the price is back at its all-time high five years later, I think this will be the right move.
What do you think of Charlie Lee who sells all of his stake in Litecoin at the top? Do you think Litecoin and other cryptocurrencies are Ponzi schemes, or is TruthNeverTold just overreacting to a market bubble? Let us know what you think in the comments below!
Images courtesy of Shutterstock, YouTube.
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