The creator of Litecoin, Charlie Lee, is ready to celebrate the coin’s 10th anniversary. What better way to do it than by giving the public the oral history of Litecoin. Of course, that’s a figure of speech. Since it’s 2021, he gave us that “oral history” through a Twitter thread. And what a thread it is. It takes us back to the very beginning of the cryptocurrency space and, using documentation and images, lets us in on the secrets, the inner jokes, and the wholesomeness of times past. Related Reading | Led By Litecoin, Mid-Cap Altcoins Bleed With Bitcoin In this first installment, Charlie Lee will cover the most crucial part of the story: Litecoin’s fair launch. Buckle up people, it’s going to be a wild ride! Charlie Lee On Altcoin’s Prehistory A lot of projects saw the light of day after Bitcoin and before Litecoin. He names: Namecoin. Ixcoin Iocoin Solidcoin Tenebrix And somberly declares, “Every one of these coins are now dead.” According to Charlie Lee, the reason for their demise was a lack of fairness. “Most of these altcoins have a huge premine. Tenebrix for example had 7 million coins premined. That means the creator has incentives to pump the coin to a high price so he/she can profit massively without much work.” Most of these altcoins have a huge premine. Tenebrix for example had 7 million coins premined. That means the the creator has incentives to pump the coin to a high price so he/she can profit massively ...
