Altcoins

Charlie Lee Thinks about Increasing Litecoin’s Max Supply

Charlie Lee Thinks about Increasing Litecoin's Max Supply

Litecoin was destined to be the next big cryptocurrency. However, things turned out ugly and it started spiraling in the last few months. Litecoin founder Charlie Lee spoke to co-founder of TenX Julian Hosp in a Youtube interview to clear a lot of the questions and what Litecoin has in store for the future.

The interview was only 35 minutes long, but it had content worth millions thanks to the various topics covered related to Litecoin and cryptocurrency in general.

Speaking about Bitcoin, Charlie Lee said that Litecoin still has an upper hand thanks to the cheaper transaction costs. Bitcoin Cash has also added to the split of Bitcoin’s brand loyalty which will result in Litecoin being more popular in the long run.

Charlie Lee has an open mind when it comes to decentralization for Litecoin. He believes that the people should run a decentralized currency.

“… for a currency to really be a worldwide decentralized currency, you can’t have a real leader, to make it more decentralized, eventually I will step away,” Lee said.

The most asked question of Lee’s decision of selling his Litecoin position in December when it was close to its all-time high, was replied back in regret. He believed that at that time it seemed to be the right decision due to conflict of interest however when analyzing it now, the timing seemed wrong.

“I still think it was the right move but I question whether — I think in the long run it was the right move but in the short-term while the price is down, below the all-time high, it just feels like it’s not the right decision,” Lee said.

The interview shared the notions that decentralized currencies like Bitcoin and Litecoin will win the battle in the long run.

As for Twitter trolls, Charlie Lee is more of a person who will block than sit down and defend himself aggressively to the thousands of trolls.

‘if you troll me, I will just block you,’ he commented.

The most important hint to be taken was the conversation about increasing the total supply of Litecoin, to which he mentioned that he had some thoughts.

“It’s hard to say what will happen when it starts reaching the limit. Right now, the coin is working, Bitcoin and Litecoin are working because the mining reward is paying for the security… When you rely on fees and if the fees aren’t enough because the block size is constrained, then what happens? The security will drop. Is it better to have some small inflation every year and have that fixed and have that pay for the security or can transaction fees pay for security?”

Some interesting hints, only time will tell if Charlie Lee will change the overall strategy of Litecoin!

Image Source: “Youtube”

 

Amrit Mirchandani,  A hustler, who believes there is a solution to every problem. A strong believer of Blockchain and a Cryptocurrency enthusiast!
Currently living in the Digital Hub of India, Pune and an extremely friendly and optimistic person. Born and raised in the beautiful island of Sri Lanka and have run businesses ranging from Agriculture to the Digital World. I have had crazy Experiences in Asian Busy towns like Mumbai and Kuala Lumpur to African nations such as Madagascar.

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