Charlie Lee

Creator of Litecoin. Cryptocurrency Enthusiast. Ex-Director of Engineering at Coinbase. Managing Director of the Litecoin Foundation. Active since 2010.

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Charlie Lee’s Litecoin Prediction Comes True as LTC Rises Above BCH and BSV Tokens to 7th Spot

Litecoin Rises Above BCH and BSV Tokens to Seventh Position, Fulfilling Creator’s Prediction The cryptocurrency market is a fluctuating place, though the top 10 cryptocurrencies by market cap often maintain the same order, even as their prices change. However, that isn’t always the case. In a surprising move, Litecoin has overtaken both Bitcoin SV and Bitcoin Cash, as of about five hours ago on December 15th. Previously, based on data from CoinMarketCap, the order of these coins was as follows: 7. Bitcoin Cash 8. Bitcoin SV 9. Litecoin As the prices and market cap changed, Litecoin first assumed position #8 in the rankings, pushing Bitcoin SV down to #9. Soon after, Litecoin moved up to #7, while Bitcoin Cash was moved down to #8. Clearly, Litecoin creator Charlie Lee was excited, posting to Twitter, “Who needs TV when you’ve got cryptotainment?” The flappening of these coins is reminiscent of a tweet that Lee posted on February 25th, around the same time that Ethereum boomed. Back then, many believed that Ethereum was strong enough to beat out Bitcoin for the top position, but Lee denied this potential outcome, which wasn’t surprising as he was skeptical of Ethereum in the first place. Instead, he believed that Litecoin had the potential to rise above Bitcoin Cash. The community joined together and launched a data aggregator, which was titled “Flappening.watch.” For much of the year, Bitcoin Cash remained above Litecoin, but it finally crossed above them on Friday. At that point, BCH went below their support point, while LTC continued to recover from their low price. According to data from Flappening.watch, LTC exceeded BCH’s market cap by $5 billion, and boasted almost four times more active addresses, and almost four times higher daily transactions. Still, the current positions of the coins could easily be temporary. Both Bitcoin Cash and Litecoin are constantly undergoing changes that can make them rise higher than one another. As of 10:05am PST, Litecoin is holding on to that #7 spot, and is trading at $23.57 with a market cap of $1,404,310,529. It has risen by 2.54% in the last 24 hours. Bitcoin Cash is still at #8 with a market cap of $1,344,637,608, trading at $76.78 after a 6.4% loss. Bitcoin SV is also maintaining their spot at #9, thought it has lost 11.3% in the last 24 hours. As a result, it is trading at $66.23, and has a present market cap of $1,159,794,488.
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Litecoin [LTC] creator Charlie Lee’s ‘Flappening’ prediction materializes; LTC overtakes BCH to become seventh-largest token

The cryptocurrency market is undergoing changes with respect to cryptocurrencies’ standing almost every day. Yesterday, Litecoin [LTC] took over Bitcoin SV [BSV] and moved to the eighth position. Later in the day, Litecoin [LTC] crossed Bitcoin Cash [BCH], to rank seventh on the CoinMarketList. Charlie Lee, the creator of Litecoin expressed his joy of overtaking BCH by retweeting a gif doing rounds on Twitter. Lee tweeted: Who needs TV when you’ve got cryptotainment? https://t.co/PN23ZzlBf9 pic.twitter.com/mJIpmjlE2F — Jameson Lopp (@lopp) December 15, 2018 The flappening refers to a previous tweet by the creator of LTC that dates back to February 25. Lee tweeted: Source: Twitter In early 2018, when Ethereum boomed, many speculated it to overtake the biggest cryptocurrency Bitcoin [BTC]. However, Lee, the Ethereum skeptic denied the possibility and instead, said that his cryptocurrency, LTC, could overtake Bitcoin Cash [BCH]. The Litecoin community responded to Lee by launching an LTC vs BCH data aggregator called Flappening.watch, which was in line with Lee’s ‘Flappening’. They also used Lee’s mascot, a chicken in an armor. Even though BCH was way ahead of LTC for most of the year, it ultimately crossed BCH on Friday. Lee had also tweeted about merchants accepting Lightning network payment. He tweeted saying: “Even Litecoin will soon have more than 1000 merchants accepting LN payments! Thanks @CoinGatecom!” On Friday, BCH started to surrender and fell below its support point. Meanwhile, LTC started recovering and bounced off its lowest $22.5 standing. Lee pointed at his prediction and took to Twitter to share his joy with a tweet which contained three emojis, a chicken, flying dollar bill and a rocket added to a gif. Flappening.watch reported LTC to have registered a market cap of $5 billion higher than that of BCH and had 384% more active addresses, 340% higher daily transactions, and 288% more in trading volume. CoinMarketCap reflected this change in the standings of the two coins with LTC on the seventh position. At the time of reporting, LTC was valued at $24.08 with a market cap of $1.4 billion and grew by 2.27% within 24 hours. The coin registered a 24-hour trade volume of $328 million. The coin recorded a growth on 0.04% over an hour, at the time of press. However, LTC and BCH are playing the game of power and are constantly undergoing changes, which is impacting their standings on cryptocurrency list. As on December 15, the coin plunged and was back to the eighth position, yet ahead of BSV. The coin recorded an overall fall of 6.09% at the time of reporting. The post Litecoin [LTC] creator Charlie Lee’s ‘Flappening’ prediction materializes; LTC overtakes BCH to become seventh-largest token appeared first on AMBCrypto.
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Litecoin Beats Bitcoin Cash and Bitcoin SV to 7th Position as Charlie Lee Predicted

Back in February, Litecoin creator, Charlie Lee predicted that Litecoin will flip the Bitcoin Cash and it has finally happened. Meanwhile, Litecoin adoption is going to take a huge boost as the addition on the CoinGate platform will make it available to over 1000 merchants. Litecoin in Action Litecoin has gone ahead and beat the Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (SV) to the 7th position. With a market cap of $1.4 billion, the 7th largest cryptocurrency is currently trading at $23.83 with 24 hours gains of 0.87 percent. It is currently managing the daily trading volume of $320 million. Source, Coinmarketcap A week back, Litecoin has been on the 9th position below BCH, BSV, and EOS. However, LTC has beaten all these cryptos as Litecoin creator Charlie Lee has predicted. Back in February, this year, Lee has Tweeted, People are excited with this flappening as one Litecoin enthusiast shared this interesting Tweet, Litecoin: $1,343,900,000.00 Bitcoin Cash: $1,400,643,926.00 🔥Flappening: 96%🔥 to celebrate the inevitable here is a gif @SatoshiLite @DaddyCool1991@cryptolili @I_Make_Lemonade@NickSzabo4 @iamjosephyoung @bensemchee @codeyvargas_ @Excellion @APompliano @cryptorecruitr @rallyqt pic.twitter.com/U9FmTbm3XO — johnkim⚡️Chief Evangelist 🌎 #IgnitetheFireLTC🔥 (@johnkim77) December 14, 2018 Bitcoin maximalist, WhalePanda also congratulated Charlie Lee on this flappening, In the past one month, Litecoin has dropped from $43 to the $22 in tandem with Bitcoin and just like the majority of the crypto market. At the moment, Litecoin is down more than 93 percent from its all-time high. Source, Coinmarketcap Apart from seeing action in the market, Litecoin adoption is also going to get a swift kick as Charlie Lee shared, “Even Litecoin will soon have more than 1000 merchants accepting LN payments!  Thanks CoinGatecom!” CoinGate recently announced that Litecoin will be soon live on its platform, @litecoin community, we bear some exciting news! Our #Litecoin #LightningNetwork is ready to be deployed and will soon be live on CoinGate! Keep up with the news as we’re getting closer! Here’s a little sneak peek @LTCFoundation @SatoshiLite @starkness! pic.twitter.com/QahcnFlYc5 — CoinGate (@CoinGatecom) December 13, 2018 The post Litecoin Beats Bitcoin Cash and Bitcoin SV to 7th Position as Charlie Lee Predicted appeared first on Coingape.
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Litecoin’s Charlie Lee is Disappointed with the Bitcoin Cash (BCH) Hash War Fork

Charlie Lee, the creator of Litecoin recently sat down for a talk on the latest episode of Magical Crypto Friends with Samson Mow, Riccardo Spagni and WhalePanda. They discussed the latest development in the crypto ecosystem including the BCH hard fork that resulted in the formation of BCHABC(now simply known as BCH) and BSV. The Bitcoin Cash ABC community and project are led by the Bitcoin Cash evangelist, Roger Ver and the co-founder of Bitmain, Jihan Wu. Miners supporting BCHABC include BTC.com, Antpool, and Bitcoin.com. This version of BCH aims to preserve the original functionality and vision of the Bitcoin Cash network and currently preserves the block size of 32MB. However, because the hard fork is technically an upgrade, there are some improvements. Bitcoin Cash SV is supported and led by Craig Wright, dubbed “Fake Satoshi.” The miners supporting his vision include Coingeek and Bitcoin.org. The changes to Bitcoin Cash in this hard forked chain are far more dramatic than BCHABC’s changes. For one thing, block size has quadrupled from 32MB to 128MB. As well, changes to the protocol have been made to ease the transition to smart contracts on the BCHSV network. Basically, the blockchain that receives the greatest amount of hash power (mining power) will become more secure with a longer blockchain. The network that fails to gain the majority of hash power will lose momentum and the miners will move on to mine the more successful and longer blockchain. This, according to Charlie Lee was pretty disappointing. They even highlighted the centralized nature of Bitcoin Cash ABC. This was triggered by their checkpoint feature. The checkpoint demands formation of the first Bitcoin Cash ABC block as a new protocol rule. Any chain without this block would be considered invalid by the Bitcoin ABC software client. This has the consequence that rival miners will be unable to override the complete Bitcoin Cash ABC chain. This notably is one of the possible threats in a “hash war.” According to the people on the panel Satoshi would have never approved of such a thing. Riccardo Spagni, the lead developer of Monero said: “Monero still has checkpoints hard-coded checkpoints up to certain block ID. you know I mean I don’t think fundamentally is an issue with, that especially when you’re young, but I mean it needs to be done with a view to removing it that the issue here not checkpointing per se. it’s more this whole like large relay prevention thing which is dumb idea longitude” To this Lee added: “So basically like I think the whole the whole point of this decentralized consensus is based on this simple fact that anyone can spin up a node and know that they will be on the right chain right they don’t have to trust anyone.” The panelists spoke about other various topics too in their insightful discussion. You can watch the entire episode on:
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Crypto Bear Market is So Bad That an ICO is Day Trading its Holdings

Every day, the crypto market is on the verge of entering darker territory, and as prices continue to plunge, many cryptocurrencies have become the victims of sudden sell-offs. An initial coin offering (ICO) called Substratum has even taken to day trading its present ether holdings to make up for potential losses. In a YouTube video, a figure named Justin from the Substratum network announces that the company is opening the doors to a token swap set to begin on Monday, December 17. The smart contracts for the company will begin then and batch transactions will start happening over the Ethereum network. Old Crypto Becomes New Crypto Prior to this date, executives will be moving any remaining Ethereum tokens in their crowdsale wallet over to a new wallet. If a person’s tokens are on Binance, the switch will be occurring natively through the exchange. Thus, customers will not need to worry. If a customer’s tokens are locked up in a wallet for an airdrop, they too will not need to take any steps. The move from the present wallet to the new wallet will occur on its own time. All older tokens will become frozen and unusable while the new tokens will be transferred into customers’ wallets. The company is also moving from two decimal places to 18 decimal places, which representatives claim will make transactions faster and more efficient. The smart contract has been fully audited by Quantstamp; furthermore, 120 million old tokens have been burned thus far. They will not be coming over through the transfer but will rather disappear into what Justin calls “the ether.” These tokens are set to disappear completely. The transfer will not be done within a set timeframe. The transfer is indefinite and will last until all customers’ wallets have received their new tokens. Predicting What the Future Holds Substratum now has a full-time trader on staff, who has suggested that Ethereum is going to be continually tested over the coming months. The bear market is not letting up and he has stated that Ethereum could fall to as low as $60. Executives are not necessarily looking to cash out. Instead, they will be trading only a portion of the Ethereum they possess, which they claim will give them the chance to “trade up” and potentially earn a little revenue before the crypto market falls any further. Once the market becomes bullish again, Justin claims in the video that Substratum will be in a better place and will be able to create newer (and better) products. Do you foresee the market getting even worse before it gets better? Post your comments below. Image courtesy of Shuttershock The post Crypto Bear Market is So Bad That an ICO is Day Trading its Holdings appeared first on Live Bitcoin News.
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States Take Cryptocurrency Regulation Into Their Own Hands As US Federal Government Focuses On Blockchain

States Take Regulation Of Cryptocurrency In Their Own Hands, As US Federal Government Focuses On Blockchain Technology The regulation of cryptocurrency has been an ongoing problem for the United States (US). They have managed to outline particular processes involved with blockchain technology and have many trials that examine the way that it works in their industries. However, the fact that even government authorities have different classifications for the same token groups makes it hard to know how to handle them. As a result of the confusion, any states are working to become the friendliest places for cryptocurrency. Ohio even made an announcement recently that they would allow their residents to cover taxes with the use of crypto payments. In the meantime, the authorities are still in a state of confusion with defining and regulating the assets that clearly are in demand for residents. The ones making the most noise about the lack of organization of the federal policies aren’t stakeholders or even enthusiasts; these concerns also involve academics. Carol Goforth, a professor at the University of Arkansas, recently noted that there are presently four different regulators within the federal government that oversee how digital assets are dealt with, from their categorization to their issuance, and further. These four entities are the: Commodity Futures Trading Commission (CFTC) Securities and Exchange Commission (SEC) Financial Crimes Enforcement Network (FinCEN) Internal Revenue Service (IRS) The CFTC sees crypto assets as commodities, though the IRS shares a similar view in calling them property. The FinCen, which is run by the Treasury Department, regulates them with the same rules as fiat currency, but the SEC sees them much differently as securities. Professor Goforth expressed her skepticism that the regulatory entities would work together anytime soon, leading her to encourage the coordination between them for a more nuanced approach. As she puts it, her version of the rules would force the federal government to deal with each cryptocurrency as it is introduced, specifically identifying them by their functionality and the motivations of users. This is a path that at least one instance shows is happening within the federal regulators. The CFTC publicly requested details on the functionality of Ether and the Ethereum Network on December 11th. The document has 25 different questions that deal with the platforms purpose, functionality, scalability, and more. However, the effort to address a single asset by the CFTC isn’t necessarily a sign that the industry is turning towards the idea that the professor had in mind. None of the other regulators have taking this move and are holding on to the regulatory measures that they already have in line. Still, there’s always a chance that congressional legislators will make some changes in their framework. Darren Soto and Ted Budd, who are both US Representatives, brought in two bills on December 6th that will help with the improvement of regulatory framework and reduce the risk of price manipulation. These bills are called the Virtual Currency Consumer Protection Act of 2018 and the U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018, respectively. These two bills offer specific regulatory changes that could be made for the process to be smoother for exchanges, users, and everyone else involved. The first bill discusses that many situations that can arise in the market for price manipulation. The other requests an in-depth study that aims to improve the “burdensome regulations that may inhibit innovation.” Warren Davidson, the representative of Ohio, spoke at a conference in Cleveland where he noted his intent to bring in a new bill that would create a new asset class for tokens. As such, the regulation of initial coin offerings (ICOs) would become significantly less difficult. A week later, Davidson suggested a crowdfunding event to help with the creation of the US-Mexico border wall, which would include the use of blockchain and “wall coins.” Even though there appears to be a significant lack of clear regulations regarding cryptocurrency, blockchain technology is already being applied to daily operations. The use of this ledger with supply chain logistics is easily its biggest application, and federal authorities are looking to use it for food safety as well, especially considering the recent E. coli outbreak. The Department of Homeland Security announced their intention to use the technology as a way to protect their own activities. Their three subsidiaries are working together for a clear record of documentation that will help with fraud, counterfeiting, and forgery. The defense authorities for the federal government recently established an app that would help the members of the armed forced to learn how to use blockchain technology for the supply chain as well.
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Bitcoin Supporter Says Crypto is Unconfiscatable as Long as It’s Not in Regulated Exchanges

Bitcoin has many different features, but one of the most important is the fact that users are the real owners of their funds as long as they keep their private keys. However, when users have their funds stored in exchanges, Bitcoin can be confiscated. During a Q&A session during a Tampa Meetup, he said that Bitcoin being non confiscatable applies to exchanges that are not regulated. In general, centralized virtual currency exchanges are not a safe place where to store funds. The company behind the exchange is able to manage the funds as it considers, block some accounts and even experience security issues. If Bitcoin wants to remain non confiscatable, the best what a person can do is to store them in cold storage wallets. No one is able to move the funds from there unless they have the private keys. At the same time, he said that Bitcoin does not have just a single price because there are different markets listing it. He compared the price of Bitcoin (BTC) with Apple stock explaining that Apple’s stock price is determined by supply and demand in just one place. He has also talked about Bitcoin ETF and the fact that to have a stable price of Bitcoin everything needs to sit in one place. He went on saying that having all the BTC in one place is a risk even when it creates a more stable market. For example, he emphasized the fact that if all the BTC are located in just one exchange, hackers might focus only on it. Furthermore, the US government would also have the possibility to confiscate the BTC that users own or trade them. There are several crypto platforms that are regulated, including exchanges such as Coinbase or Gemini. Governments would be able to confiscate the funds that users have on these exchanges, thus deleting one of Bitcoin’s main characteristics. Moreover, he said that Bitcoin being under the control of governments is not positive for the space. A lot of people would completely lose the faith in the popular virtual currency. This is exactly what Satoshi Nakamoto was trying to avoid when it created Bitcoin.
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Hong Kong Businessmen Targeted by Bitcoin Bomb Threats After Recent USA and Canada Attempts

There have been many different ways to steal funds from individuals in the cryptocurrency market. However, a new methodology has been applied in Hong Kong and other countries such as the United States. According to a recent report released by the South China Morning Post, businessmen in Hong Kong are being targeted by criminals that want to steal Bitcoin from them. These scammers try to steal Bitcoins from victims by threatening them that they will receive a bomb if they don’t send Bitcoins in the time span the scammers provide. One of the affected individuals is Michael Gazeley, the CEO of Network Box. He received a message in his business email with this Bitcoin bomb threat. Furthermore, he said that he had to pay $20,000 if he wanted to avoid receiving a bomb in his office. Gazeley said to the news outlet: “This looks like the third wave of blackmail emails plaguing the world in the past few years… I have never seen something like this, which sounds like cyberterrorism, in my 20-year career in cybersecurity.” Nevertheless, he was 99.99% sure that the message was not worth. Indeed, he mentioned that the email had some typo mistakes and the grammar used was not exactly good. That shows that the main intention is to take a few bucks from some individuals rather than really bombing an office. Hong Kong authorities did not provide further information about this issue, thus it is not possible to know the exact number of companies affected by these threats. This is not the first time that there are Bitcoin bomb threats around the world. A few days ago, as reported by NBC New York. Hoax bomb threats spread asking users to pay in Bitcoin. The New York Police Department (NYPD) informed on Twitter that there was an email circulating that contained a threat asking for a Bitcoin payment. However, they say that they did not find any devices in some of the places where the threat arrived. Please be advised – there is an email being circulated containing a bomb threat asking for bitcoin payment. While this email has been sent to numerous locations, searches have been conducted and NO DEVICES have been found. pic.twitter.com/7omOs13Z7Q — NYPD NEWS (@NYPDnews) December 13, 2018 The NYPD went on explaining that the threats are meant to cause disruption and/or obtain money in a fast way. Although the police will be responding to the calls made by the community, they believe that the threats are likely ‘not credible.’ This is not the first time that there are scammers trying to steal Bitcoin and other virtual currencies from users. Earlier this year, scammers on Twitter were asking for Bitcoin and ETH deposits using fake accounts that stole famous people’s identities.
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