Re <<Once BTC collapse, China will be severely affected>>
... define what constitute 'severely' in context of natural-scale-appropriate china, and make me laugh harder.
Re <<The Chinese government will intercede to quiet things down not to give them a bad name and show the government is in control>>
... to outfit that is in control, hardly need to show nature of control via vertical / horizontal / brightness / volume crypto. For the few holding bags of bitcoin, the majority would back the government is noting, "tough luck".
Re <<By them the Chinese government would have had the Proof of Concept of crypto completed>>
... i believe all governments shall introduce own crypto, as well as block-chain everything tangible and intangible w/i own domain, and arrive at some agreement that links disparate block-chains to each other for enhanced tracking and taxing. Unclear why except for naivety anyone such as yourself would nitpick at the Chinese government as opposed to any other governments. You do not for a moment believe that any government is inherently more aware of block-chain / crypto than any other government, do you?
Re <<The costs will be costs of doing business>>
... you meant of course the profit of doing business, given that china is the largest domain for mining bitcoin, and therefore largest distributor / seller of bitcoin, and selling is presumably profitable until not, by which time the return on invested capital (comprised of otherwise wasted energy and useless computing power) shall be clearly positive.
In the mean time, if I were to divine the world as you do, i would intone that the referenced ethnic chinese guy charlie lee "would be severely affected when Litecoin crashes" :0))))))))
yeah, cry charlie a river.
Please note, charlie has a sense of humour as I do, and mentioned satoshi, "Satoshi Nakamoto, your move"
BW, have you looked up Keyser Soze?
:0)))))))
zerohedge.com
Litecoin Founder Cashes Out, Sells Entire Stake After 9,300% Rally
Charlie Lee, the creator of the world’s fifth-biggest cryptocurrency, Litecoin, announced shortly after midnight that he was cashing in his profits after a torrid, 9,300% rally in the past 12 months. In a post on reddit, the San Francisco-based software engineer who founded litecoin in 2013, said that he sold and donated all of his holdings over the past few days.
"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. For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin" Lee said in the post.
Lee explained that his liquidation was aimed at preventing a “conflict of interest” when the creator of what is known as "Bitcoin Silver" makes comments on twitter about the digital currency - something he tends to do with chronic zeal - that could influence its price, he said. That said, Lee declined to comment in the post on how many coins he sold or at what price, and asked readers to please "don’t ask me how many coins I sold or at what price. I can tell you that the amount of coins was a small percentage of GDAX’s daily volume and it did not crash the market."
Litecoin, which was trading at $3.67 on December 20, 2016, and $4.40 at the start of the year, has climbed 9,300% in the past 12 month. It tumbled on Wednesday, following most digital currencies lower after a flash crash in bitcoin after Coinbase announced it would finally transact in Bitcoin Cash which led to a brief avalanche of selling as traders repositioned.
However, Lee insisted in his post that his sale wasn’t a sign that he has lost faith in the cryptocurrency: “I will still spend all my time working on litecoin,” he said. “When litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins.”
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 wrote.
His full post below:
Litecoin price, tweets, and conflict of interest self
Over the past year, I try to stay away from price related tweets, but it’s hard because price is such an important aspect of Litecoin growth. And whenever I tweet about Litecoin price or even just good or bads news, I get accused of doing it for personal benefit. Some people even think I short LTC! So in a sense, it is conflict of interest for me to hold LTC and tweet about it because I have so much influence. I have always refrained from buying/selling LTC before or after my major tweets, but this is something only I know. And there will always be a doubt on whether any of my actions were to further my own personal wealth above the success of Litecoin and crypto-currency in general.
For this reason, in the past days, I have sold and donated all my LTC. 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. For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin. (I do have a few of those as collectibles.) This is definitely a weird feeling, but also somehow refreshing. Don’t worry. I’m not quitting Litecoin. I will still spend all my time working on Litecoin. When Litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins. I now believe this is the best way for me to continue to oversee Litecoin’s growth.
Please don’t ask me how many coins I sold or at what price. I can tell you that the amount of coins was a small percentage of GDAX’s daily volume and it did not crash the market.
UPDATE: I wrote the above before the recent Bcash on GDAX/Coinbase fiasco. As you can see, some people even think I’m pumping Bcash for my personal benefit. It seems like I just can’t win.
On Wednesday morning, Lee was busy on twitter where he had dozens of posts defending his sale:
This is not business for me. It's my life. I'm dedicated to Litecoin.
— Charlie Lee [LTC] (@SatoshiLite) 7:38 PM - Dec 20, 2017
He also responded to a question by Mike Novogratz whether "@SatoshiLite selling all his $ltc is bullish or bearish? If @VitalikButerin or @ethereumJoseph sold all of their $eth I’d be worried."
I think it's extremely bullish!
— Charlie Lee [LTC] (@SatoshiLite) 8:59 PM - Dec 20, 2017
In a sense he is right, as there is no more whale overhang that can be sold at a moment's notice.
He left off with a challenge to Satoshi Nakamoto, the creator of bitcoin, to do the same:
Satoshi Nakamoto, your move. t.co
— Charlie Lee [LTC] (@SatoshiLite) 4:16 PM - Dec 20, 2017 |
