Wallet App TenX recently held a live cryptocurrency interview session with Litecoin founder Charlie Lee. He said that Bitcoin Cash bears a few similarities with Litecoin. The only difference is that BCH wants to dethrone Bitcoin, which Lee thinks is the “wrong approach” and that “it’s having [a] hard time doing that”.
When asked about the centralized nature of Litecoin, Lee agreed that Bitcoin was more decentralized. “Litecoin is more centralized because I’m around, so it has a more centralized development team, has more centralized foundation. I can steer litecoins towards my vision, and people will listen to me because I created it,” said Lee. He elaborated that if governments or officials were to force him to put an end to LTC, it could easily happen.
Charlie Lee also talked about stepping down from his position, “I kind of stepped away for a little bit two years ago when I was focused on Google and Coinbase.” Lee worked on improving the transaction speed of Bitcoin but when he realized that Litecoin was becoming more feasible, he eventually left Coinbase.
For a currency to really be a worldwide decentralized currency, you can’t have a real leader who’s trying to control things, so to make it more decentralized, eventually I would step away.
Lee sold all of his LTC in Dec. 2017, which he calls the first step in making sure LTC becomes more decentralized. While he truly believes it was the right thing to do, he does question the decision sometimes. “I think in the long run it was right. The short term while the price is down like below the all-time high, it just feels like it’s not the right decision, but I think that moving forward like five years down the road, when prices back up (unclear) then it would be feel like that would be right move,” said Lee.