Skip to content
  • Home Home Home, current page.
  • Moments Moments Moments, current page.

Saved searches

  • Remove
  • In this conversation
    Verified accountProtected Tweets @
Suggested users
  • Verified accountProtected Tweets @
  • Verified accountProtected Tweets @
  • Language: English
    • Bahasa Indonesia
    • Bahasa Melayu
    • Català
    • Čeština
    • Dansk
    • Deutsch
    • English UK
    • Español
    • Filipino
    • Français
    • Hrvatski
    • Italiano
    • Magyar
    • Nederlands
    • Norsk
    • Polski
    • Português
    • Română
    • Slovenčina
    • Suomi
    • Svenska
    • Tiếng Việt
    • Türkçe
    • Ελληνικά
    • Български език
    • Русский
    • Српски
    • Українська мова
    • עִבְרִית
    • العربية
    • فارسی
    • मराठी
    • हिन्दी
    • বাংলা
    • ગુજરાતી
    • தமிழ்
    • ಕನ್ನಡ
    • ภาษาไทย
    • 한국어
    • 日本語
    • 简体中文
    • 繁體中文
  • Have an account? Log in
    Have an account?
    · Forgot password?

    New to Twitter?
    Sign up
SatoshiLite's profile
Charlie Lee
Charlie Lee
Charlie Lee
Verified account
@SatoshiLite

Tweets

Charlie LeeVerified account

@SatoshiLite

Creator of Litecoin. Cryptocurrency Enthusiast. Ex-Director of Engineering at Coinbase. Managing Director of the Litecoin Foundation.

💡🌕.y.at
Joined April 2008

Tweets

  • © 2022 Twitter
  • About
  • Help Center
  • Terms
  • Privacy policy
  • Cookies
  • Ads info
Dismiss
Previous
Next

Go to a person's profile

Saved searches

  • Remove
  • In this conversation
    Verified accountProtected Tweets @
Suggested users
  • Verified accountProtected Tweets @
  • Verified accountProtected Tweets @

Promote this Tweet

Block

  • Tweet with a location

    You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more

    Your lists

    Create a new list


    Under 100 characters, optional

    Privacy

    Copy link to Tweet

    Embed this Tweet

    Embed this Video

    Add this Tweet to your website by copying the code below. Learn more

    Add this video to your website by copying the code below. Learn more

    Hmm, there was a problem reaching the server.

    By embedding Twitter content in your website or app, you are agreeing to the Twitter Developer Agreement and Developer Policy.

    Preview

    Why you're seeing this ad

    Log in to Twitter

    · Forgot password?
    Don't have an account? Sign up »

    Sign up for Twitter

    Not on Twitter? Sign up, tune into the things you care about, and get updates as they happen.

    Sign up
    Have an account? Log in »

    Two-way (sending and receiving) short codes:

    Country Code For customers of
    United States 40404 (any)
    Canada 21212 (any)
    United Kingdom 86444 Vodafone, Orange, 3, O2
    Brazil 40404 Nextel, TIM
    Haiti 40404 Digicel, Voila
    Ireland 51210 Vodafone, O2
    India 53000 Bharti Airtel, Videocon, Reliance
    Indonesia 89887 AXIS, 3, Telkomsel, Indosat, XL Axiata
    Italy 4880804 Wind
    3424486444 Vodafone
    » See SMS short codes for other countries

    Confirmation

     

    Welcome home!

    This timeline is where you’ll spend most of your time, getting instant updates about what matters to you.

    Tweets not working for you?

    Hover over the profile pic and click the Following button to unfollow any account.

    Say a lot with a little

    When you see a Tweet you love, tap the heart — it lets the person who wrote it know you shared the love.

    Spread the word

    The fastest way to share someone else’s Tweet with your followers is with a Retweet. Tap the icon to send it instantly.

    Join the conversation

    Add your thoughts about any Tweet with a Reply. Find a topic you’re passionate about, and jump right in.

    Learn the latest

    Get instant insight into what people are talking about now.

    Get more of what you love

    Follow more accounts to get instant updates about topics you care about.

    Find what's happening

    See the latest conversations about any topic instantly.

    Never miss a Moment

    Catch up instantly on the best stories happening as they unfold.

    Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

    As we are approaching the 10th anniversary of Litecoin, I figured it's a good time to do a long Twitter 🧵 on the history of Litecoin from my perspective. My memory of events can be hazy at times, so for those mentioned, feel free to add or correct anything I say. Here goes...

    10:03 AM - 7 Oct 2021
    • 970 Retweets
    • 3,515 Likes
    • hoang le AlanSon Patricia Vazquez mehdiabbasiashjerdi Sachin Pundir Rajasekhar Sam Daryadel Creative Monkey #NFT Art Gallery Gajab
    1 reply 970 retweets 3,515 likes
      1. New conversation
      2. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        The first altcoin to Bitcoin is actually Namecoin. It used the same mining algorithm as Bitcoin, sha256d. After Namecoin came about a dozen other altcoins: Ixcoin, Iocoin, Solidcoin, Tenebrix, etc. This was all before Litecoin was launched. Every one of these coins are now dead.

        1 reply 58 retweets 520 likes
        Show this thread
      3. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        These altcoins experimented on different things like faster block times and different mining algorithm. Bitcoin at the time was predominantly mined by GPUs. Tenebrix brought back CPU mining with Scrypt. This is actually very important because miners are the coin's first users.

        1 reply 36 retweets 403 likes
        Show this thread
      4. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        And it's important for anyone to be able to easily mine the coin. If your miner base is large, your user base is large. And those are the users that will actively push for adoption and help make the coin succeed. The problem though with these altcoins was fairness.

        1 reply 33 retweets 396 likes
        Show this thread
      5. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        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 without much work. You get things like creators bribing exchanges for listing.

        1 reply 39 retweets 398 likes
        Show this thread
      6. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        Since the coins were just printed out of thin air, it's cheap to collude with exchanges to pump the coin. We've seen that happen with ICOs in 2017. If a coin was not premined, you get things like ninja mining. That's when a coin is released silently to friends and family.

        1 reply 31 retweets 406 likes
        Show this thread
      7. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        And it might be released without the source code or with only Windows binary. That way, a small number of users get to profit early on. This was the landscape of altcoins before Litecoin. So what I tried to do with Litecoin was to change all of that. Fairness was crucial.

        1 reply 36 retweets 454 likes
        Show this thread
      8. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        I basically took everything that's good from these altcoins (speed, CPU mining) and did a fair launch. And that's why Litecoin succeeded where others failed. The name Litecoin came to me pretty quickly. I thought of something like an Elitecoin first. Then Litecoin jumped out.

        1 reply 36 retweets 516 likes
        Show this thread
      9. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        The best part was that all the domains were available. So on 10/4/11, I bought them all on GoDaddy. What a great move in hindsight. So now, we don't have something like http://litecoin.com  promoting Litecoin Cash instead of Litecoin. $38.85 well spent! 😂pic.twitter.com/ur0ckkHMsh

        1 reply 37 retweets 580 likes
        Show this thread
      10. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        I worked on the code for a few days. To be honest, Litecoin was not hard to code up. The hardest part was actually to create the genesis block. Satoshi never documented how he did it and the code to do that was not checked in with the Bitcoin source code.

        1 reply 34 retweets 427 likes
        Show this thread
      11. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        So I had to do some reverse engineering and managed to create the genesis block on 10/7/11 https://blockchair.com/litecoin/block/0 … What a lot of people didn't know is that I put the headline of Steve Job's death in the genesis hash. This proves that the genesis block was created after 10/5/11.pic.twitter.com/Zn7tnRBgUM

        1 reply 51 retweets 527 likes
        Show this thread
      12. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        On 10/8/11, I announced Litecoin to http://bitcointalk.org . BitcoinTalk is basically the only place that people chatted about Bitcoin. No one used reddit, Twitter, Facebook. The code was available for anyone to download and compile. So they can check the code to make sure.pic.twitter.com/JJbF1QhhHL

        1 reply 25 retweets 333 likes
        Show this thread
      13. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        Here's the launch thread: https://bitcointalk.org/index.php?topic=47417.0 … Binaries were also available for those that trusted me and didn't know how to compile the code for themselves. People were able to immediately mine on testnet to make sure everything works on their system. This is very important.

        1 reply 22 retweets 307 likes
        Show this thread
      14. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        That way everyone can be prepared to mine at launch. So the launch would be fair. To accomplish this, I of course had to share the genesis block with everyone. But I can't just do that because people can mine a long chain in private from that genesis block.

        1 reply 19 retweets 287 likes
        Show this thread
      15. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        At launch, if they release that long chain, it will become the longest chain and they would win all those early blocks. So what I did was to lock in a block after the genesis block. I mined block 2 and 3 and hard coded those hashes in the code but I withheld a couple parameters.

        1 reply 23 retweets 281 likes
        Show this thread
      16. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        Without those 2 parameters, one cannot start mining on the mainnet, but they can easily mine on testnet. So I lied, there was a 2 block premine of 100 coins. 😂 The genesis coins cannot be spent. Then I did a poll on what time we should launch the coin: https://bitcointalk.org/index.php?topic=47418.0 …pic.twitter.com/AuXkqMB4QT

        1 reply 22 retweets 317 likes
        Show this thread
      17. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        I did everything I could think of to make this as fair as possible. As you can see, the winning time was not what I voted on. It actually was a very inconvenient time for me! But crowd (albeit very small) has spoken. So I prepared everything for to launch at that time.

        1 reply 19 retweets 318 likes
        Show this thread
      18. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        Over the next few days, I did everything to help people get their system set up. A few minutes before the actual launch time, I posted this. Of course this was a link to Rick Astley's video. I had to. 😁pic.twitter.com/isJIRPhEDv

        1 reply 25 retweets 354 likes
        Show this thread
      19. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        At launch, I posted the config paramters that were needed to mine on mainnet. All everyone had to do was paste that into their litecoin config file, restart their client, and they will be happily mining real LTC. Of course, there was a mad rush of people mining LTC at the start.pic.twitter.com/ZyUcQ1UEe3

        1 reply 19 retweets 285 likes
        Show this thread
      20. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        There was quite a bit of chain orphaning as the difficulty was set a bit low. There was no way for me to predict how successful the launch was going to be. I myself only managed to get a handful of blocks. People for the most part were very happy with how the launch went.

        1 reply 20 retweets 310 likes
        Show this thread
      21. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        I think I managed to pull off the fairest launch of any coin. And that is one of the biggest reasons why Litecoin succeeded. Surprisingly, very very few coins copied Litecoin's launch. Ok, that's it for now. I will tweet more later about what happened between launch and now.

        1 reply 56 retweets 540 likes
        Show this thread
      22. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        I forgot to mention that I chose Litecoin because Litecoin is the lighter version of Bitcoin. It's faster, cheaper, and easier to use. And we got to see a young & unknown (at the time) @VitalikButerin hating on the name. I prefer Litecoin over Etherium. Wait, is it Ethereum? 😂pic.twitter.com/kCLUUNbiel

        1 reply 51 retweets 511 likes
        Show this thread
      23. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        The original logo was inspired by this image. Cool image but it didn't translate well into a good looking logo. https://bitcointalk.org/index.php?topic=47417.msg585829#msg585829 … But we did get some cool acrylic Litecoin collectible made by Mike Caldwell (@casascius), make of Casascius physical bitcoin.pic.twitter.com/cU8B9xzIQC

        1 reply 22 retweets 275 likes
        Show this thread
      24. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        The second logo was designed by @mjbmetals. I still like that quite a lot. It looks well next to that Bitcoin logo. https://bitcointalk.org/index.php?topic=140642.0 …pic.twitter.com/Uy5qpl8JUP

        1 reply 24 retweets 301 likes
        Show this thread
      25. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        And the current logo is designed by Robbie Coleman (@robertfcoleman) and his team. Of course being decentralized, there are many other logos that people have created and used. Some are pretty wacky. And people can use whatever logo they want and I can't do anything about it. 😂pic.twitter.com/M7FgBcGPum

        1 reply 24 retweets 296 likes
        Show this thread
      26. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        Soon after the launch, Litecoin was added to BTC-e. That helped a lot as miners had access to liquidity pretty quickly. Litecoin quickly become one of the most popular coin on BTC-e. The BTC-e chat/troll box was one of the most innovative thing at the time. Many have copied it.pic.twitter.com/Aq97pG2IqD

        1 reply 18 retweets 254 likes
        Show this thread
      27. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        From 2011 to 2013, I spent a lot of time supporting Litecoin's early growth and pushed for adoption wherever I can. I pretty much talked to all the exchanges to support LTC. I realized that liquidity is super important for a coin. Without liquidity, you can't do anything.

        1 reply 23 retweets 303 likes
        Show this thread
      28. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        Merchants and merchant processors can't accept a coin if there's no liquidity. Because they have to cash out to fiat when they accept the cryptocurrency, lack of liquidity makes it hard to sell the coin without moving the price too much.

        1 reply 20 retweets 257 likes
        Show this thread
      29. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        In May of 2013, Bitfinex launched support for Litecoin. https://www.financemagnates.com/cryptocurrency/trading/bitfinex-launches-litecoin-trading/ … This was a huge deal for Litecoin. It’s the first major exchange to support LTC.

        1 reply 22 retweets 265 likes
        Show this thread
      30. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        At the Bitcoin 2013 conference, I remember attending a talk by Bitstamp Co-Founder and CEO Nejc Kodrič( @nejc_kodric). During the Q&A after the talk, I asked him if Bitstamp will add Litecoin. I think he just chuckled and went to the next question.

        1 reply 19 retweets 256 likes
        Show this thread
      31. Charlie Lee‏Verified account @SatoshiLite 7 Oct 2021

        I remember thinking to myself that one day they will add Litecoin. And it will be because it was the right business decision for them to add LTC. And that did happen but 4 years later in June of 2017:https://blog.bitstamp.net/post/let-there-be-litecoin …

        1 reply 22 retweets 324 likes
        Show this thread
      32. Show replies

    Loading seems to be taking a while.

    Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.

      Promoted Tweet

      false

      • © 2022 Twitter
      • About
      • Help Center
      • Terms
      • Privacy policy
      • Cookies
      • Ads info