Category Archives: Charlie Lee

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Litecoin’s Charlie Lee Makes Case for Overcoming Crypto Adoption Hurdles

Litecoin's Charlie Lee Makes Case for Overcoming Crypto Adoption Hurdles

Litecoin founder Charlie Lee has recently added his views on the industry’s status quo, suggesting that both volatility and storage are key areas hampering a more widespread adoption of digital currency.

The one-time Coinbase Engineering Manager and Director of Engineering turned Litecoin Guru claims that there is clearly a Catch-22 scenario hampering cryptocurrency’s volatility, although Bitcoin is currently experiencing a long run holding its own. Lee sees the volatility of crypto markets and its usability showing a clear correlation, suggesting:

“Because crypto prices are so volatile, it’s hard for people to actually use it, meaning adoption is hampered. Volatility is kind of a chicken and the egg type scenario. Once there is adoption, volatility will decrease, meaning more adoption.”

The upside to this, Lee argues, is at least the tendency for startups to work on new projects without the perpetual focus on cryptocurrency prices, which he feels distracts for the process of focussing on further development within the industry.

Lee sees storage as another key issue with many investors turning to exchanges to store their digital assets, many of which have been subjected to well-publicized hacks, further damaging user confidence. Also, a recent study from Kaspersky revealed that only in the second quarter of 2018, cybercriminals scooped USD 2.3 million via crypto phishing during initial coin offerings. None of this engenders confidence, particularly in inviting new users.

The Litecoin founder views the current bear market with a degree of optimism, maintaining that investors have far more certainty that the market will come back than during the last bear market, when there seemed little hope for an upturn in market fortunes. With a note of realism, Lee sees another year passing with more sell-offs before a turnaround, although he admits predicting the cryptocurrency market is a thankless task. Lee’s last word on where the market should be going:

“Next is supporting crypto companies with bank accounts. Then, lastly, you want to add crypto wallets, along with storing fiat in normal accounts for crypto companies. What would be cool is allowing people to store US dollars at a bank and cryptocurrencies too.”

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John McAfee Tweets to Sooth the Souls of Nervous Investors

Controversial investor and software guru took to Twitter this week to calm the jangling nerves of Bitcoin investors after a tumultuous week left the flagship cryptocurrency hovering above USD 4,000.

Investors may ask “why listen to John McAfee?” but they might just take a look at a recent study which revealed that the 73-year-old tech veteran was found to be the most influential figure in terms of trustworthiness when it comes to handing out trading advice. In second place, the study placed Ethereum founder Vitalik Buterin, followed by Litecoin creator Charlie Lee.

In his latest tweet, McAfee makes an analogy to the bear market and winter, arguing that a “glorious spring” is around the corner, attributing the current market disruption to confusion. He points out that investors are joining the market daily, regardless of current trends and blames the current market turmoil on institutions who took “absolutely unenforceable measures to allay their fears.”

Market forces will “burn out” in time, McAfee suggests and encourages the global cryptocurrency community to stick with cryptocurrencies in the long term, echoing the views of Blockstream’s CEO Bobby Lee, who suggested that Bitcoin could still threaten USD 3,000, but long-term, feels it will overtake gold:

“This bear market might last another 18+ months, until the next block reward halving. That’s a long time for everyone except true believers. Enough time to scare away all of the weak long positions.”

Lee certainly has an ally in venture capital partner Lou Kerner from CryptoOracle who sees gold eventually being surpassed by Bitcoin. He compared the current market instability to the early 2000 dot com burst but makes an analogy to strong coins such as Bitcoin and Ethereum and companies such as Amazon who survived the bubble and emerged to become giant players in today’s tech markets. Kerner calls Bitcoin “the greatest store of value ever created.”

As to the recent drop in values, Kerner argues that “crypto has been so weak because [for] most of it there is no underlying value outside of confidence.”

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TokenPay Gives Litecoin Foundation 9.9% Stake in Germany’s WEG Bank

Cryptocurrency payment service TokenPay purchased a 9.9% stake in Germany’s WEG Bank, and gifted a 9.9% stake to the Litecoin Foundation to forge a partnership. In return for the stake, the Litecoin Foundation agreed to provide technology and marketing expertise for TokenPay’s blockchain initiatives including the TPAY cryptocurrency, eFin decentralized exchange, TokenSuisse asset management, WEG Bank’s FinTech platform, and a multi-signature transaction engine.

Charlie Lee, founder of Litecoin and director of the Litecoin Foundation, says, “This partnership is a huge win-win for both Litecoin and TokenPay. I’m looking forward to integrating Litecoin with the WEG Bank AG and all the various services it has to offer, to make it simple for anyone to buy and use Litecoin. I’m also excited about Litecoin’s support in TokenPay’s eFin decentralized exchange.”

The CEO of WEG Bank, Matthias von Hauff, says, “The partnership with innovative institutions such as TokenPay and Litecoin might at first come unexpectedly for a very conservative institution like us. But we have thoroughly and diligently examined the prospects of a common future, and we became convinced that the future of banking will make adoption of such modern payment methods inevitable. We are therefore proud to have teamed up with the best in the field.”

Under German law, no entity can buy more than a 9.9% share in a bank without regulatory approval. If TokenPay receives approval they plan on buying up all the shares of WEG Bank. This is a big if, since it would probably be the first time in history that a cryptocurrency firm purchased an entire bank, and would be major positive news for the crypto world. They want to keep the Litecoin Foundation on board as a strategic partner, so the Litecoin Foundation would keep its stake even if TokenPay takes over WEG Bank.

Due to its partnerships with the Litecoin Foundation, WEG Bank and Verge, TokenPay is expecting to get several hundred thousand customers when it releases its crypto debit cards. Indeed, the fact that TokenPay has a large share in a bank sets the foundation for an ideal fiat to crypto exchange service for cryptocurrency traders. Oftentimes, centralized actions by banks are the biggest hindrance to trading crypto for fiat, but since TokenPay now owns a part of WEG Bank, it is likely it won’t face much banking problems.


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Litecoin Payment Merchant LitePay to Cease Operations

After roughly a month of being in business, merchant processing platform LitePay from the Litecoin Foundation has abruptly ceased operations, having officially begun on 1 February 2018.

Internal disputes

With just over a month of operations and little to zero functional integration, the announcement still came as quite of a surprise; Keith Yong, director of operations, wrote a statement on the Litecoin Foundation blog:

“We wanted to inform you that a couple of days ago, the Litecoin Foundation was contacted by Kenneth Asare, CEO of LitePay, informing us that he has ceased all operations and is preparing to sell the company.”

 He continued:

“Prior to that, the foundation had approached Kenneth regarding his less than transparent nature with the company…”

Yong went on to explain that Kenneth Asare had been unable to give the Litecoin Foundation any proof of where the money was being spent and added that there were further complications.

Regret over hype

LitePay planned to offer LitePay Debit Cards which would have been capable of automatically exchanging Litecoin (LTC) into any fiat currency in the world, a simple tool enabling global transactions at the tap of a button. It had also been developed to enable LTC payments for retail, billing, donations and e-commerce.

The announcements of the coming LitePay release provided LTC with a few price boosts on the market, and naturally, the price has been in decline since the bad news.

Despite the setback, the Litecoin team remains optimistic. Yong further wrote in the announcement:

“Litecoin was doing perfectly fine before the promise of LitePay and will continue to do so.  The ecosystem is far bigger than one company and is continually growing with support from many others with market-ready products joining the space and fulfilling their promises to make it easier for the world to use Litecoin.”

Litecoin creator Charlie Lee also chimed in on the matter, apologizing over Twitter for creating too much hype:

“Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs. I am sorry for having hyped up this company and vow to do better due diligence in the future.”

But for now, at least, cryptocurrency and Litecoin fans may have to wait a while longer before an LTC payment solution is in place. It’s not to say that LitePay is entirely off the cards as Asare could decide to sell the project to a capable company with a strong development team.



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