Charlie Lee appeals fate, Drifts to auction the bodily Litecoin Collectibles

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Arushi Dubey
Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

The creator of the virtual currency Litecoin, Charlie Lee is preparing to sell the bodily Litecoin and not the digital currency in an auction. He has liquidated his LTC portfolio by the end of the year 2017 and now preparing sell as he defines “unique collectibles” in an auction. These “unique collectibles” are more than bodily assets with labels signed by the Litecoin’s creator himself.

Lee explained this issue in the Discussion board of Bitcoin, he stated,

“I received some of my Lealana 25 LTC & 10 LTC money graded by ICG. The labels of this money are signed by me. There are a total of 5x 25 LTC money and 8x 10LTC money. I actually have not any plans to defend out to any extent extra of these. The 10 LTC is the main difficulty ones with the bump in the attend of the hologram.”

One of Lee’s physical Litecoin “Lealana” is bought by a self-declared Bitcoin fan at the Magical Crypto Convention in New York at the closing weekend. He declared this news on his twitter by tweeting,

“It is loaded with 10 LTC. There is a private key hid with a tamper-proof hologram on the obverse of the coin.”

Limited Supply of Litecoin (LTC): The creator of the LTC currency, Lee had let the LTC physical evaluated by an Independent Coin Graders, which provides a fair rating to the coins. The Graders provides the ratings on the basis of the features, conditions and how unique is the coin. Lee has only signed on the Limited physical coins, which is a factor to strengthen the value of those coins. As similarly, the virtual currency Litecoin also has limited provide in the market of around 84 million in comparison of 21 million Bitcoin.

The bidding value of the physical Litecoin collectibles at the auctions begins at 0.1 LTC and he is also allowing the buyers to pay in BTC. The auctions these coins will end on May 15, 2019.

Litecoin’s creator wants to make the cryptocurrency market to forget that he had solid his Litecoin portfolio at the highest value of approx $300 each coin and this happened before the crypto winter comes in and the prices decreased. He drifts towards these Litecoin collectibles because the virtual LTC portfolio has nothing.

On this issue, the Bitcoin Forum is not happy and one of the users stated,

“I am sorry but I think this auction is in poor taste. The guy made millions and had 1000’s and 1000’s of litecoins and sold them all at $300 and he has the audacity to sell these coins for his own profit? Donate the proceeds or something. I’m sorry, I don’t mean to be rude but this just doesn’t sit right with me.”

On this statement by the user of the Bitcoin Forum, Lee answered:

“Thanks for speaking your mind. I have donated a lot of money. The amount of money I will make from these coins pale in comparison to how much I have donated and will donate. So saying I will donate the proceeds is just virtue signaling. I made these signature coins not because to gouge people of more money. But I can see how it can come off this way. My goal was to actually create a unique collectible. I thought they turned out great. I think people on this forum will appreciate it.”

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