Charlie Lee Tempts Fate, Offloads Physical Litecoin Collectibles in Auction
By CCN: Charlie Lee is selling more Litecoin, but not of the digital variety. After liquidating his LTC portfolio at year-end 2017, the Litecoin creator is now auctioning off what he describes as “unique collectibles”. These are more than a dozen physical coins with labels that are signed by Charlie Lee himself. Lee stated on the Bitcoin Forum:
“I got some of my Lealana 25LTC & 10LTC coins graded by ICG. The labels of these coins are signed by me. There are a total of 5x 25LTC coins and 8x 10LTC coins. I have no plans to do any more of these. The 10LTC are the first issue ones with the bump in the back behind the hologram.”
A self-proclaimed “BTC enthusiast” purchased one of Lee’s Lealana Litecoin collectibles at last weekend’s Magical Crypto Conference in New York. He tweeted:
“It’s loaded with 10 LTC. There is a private key concealed with a tamper-proof hologram on the obverse of the coin.”
Snagged this beautiful, autographed 10 $LTC silver Lealana from @SatoshiLite at #MCC2019 this weekend. He’s got a few more autographed coins he’s auctioning off: https://t.co/GRSTXUyog3 pic.twitter.com/dxI015ATH4
— Nick Foley (@BookofNick) May 14, 2019
Litecoin’s Finite Supply
Lee had the coins assessed by Independent Coin Graders, which assigns an objective rating to the coin based on features such as condition and uniqueness. Similar to the cryptocurrency, Charlie Lee has only signed a finite amount, which in and of itself bolsters the value. Litecoin the cryptocurrency has a finite supply of 84 million coins vs. bitcoin’s 21 million.
Bidding for the Litecoin collectibles starts at 0.1 LTC and he is also accepting payments in BTC. The auction ends on May 15.
And the Hits Just Keep on Coming
Lee has seemingly been trying to make the crypto ecosystem forget that he solid his Litecoin portfolio at the peak price of approximately $300 per coin. That was just before the bottom fell out in the bitcoin price and crypto winter set in.
Now that his digital LTC portfolio is empty, he’s moved on to the collectible version. This didn’t rest well with everyone on the Bitcoin Forum, with one user quipping:
“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.”
“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 I want 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.”
No matter how hard he tries, Charlie Lee keeps bumping into the crypto PR machine that – when it comes to Litecoin – never seems to quit.