Charlie Lee

So I joined Coinbase in 2013.

I mean, even before joining Google, I've done commodities trading.

I understand the concept of gold and why that's valuable and how that's good money versus fiat currency today.

So I've always known that.

And when I saw Bitcoin, I realized it's like a better version of gold.

The only difference is there's no physical form of it.

And because of that, people complain that there's no intrinsic value.

But from what I can tell, it's actually just a better version of gold.

It's gold where you can send instantaneously from one place to the other side of the world for low fees.

Even today, $10, that's extremely low compared to if you want to send an ounce of gold from here to China, that's going to cost you a lot more than $10.

So I see just basically Bitcoin being like a super competitive version of gold and Litecoin I want to position as like as silver.

Yeah.

What drove me, I actually created Litecoin just for fun, kind of just wanted to play around with it.

But I've kind of suspected all along that Bitcoin, there won't be just one cryptocurrency, that Bitcoin, it's a kind of inevitable that the fees will go up because in order to stay decentralized,

Bitcoin has to kind of err on the side of being decentralized, having smaller blocks and having higher fees than to go to other kind of the other route, which is to have large blocks, but having a more centralized.

So if Bitcoin wants, it's kind of like you have to choose as the block rewards go down, you can't have the cake and eat it too.

Initially, people were

um were spoiled where fees were low transactions were fast blocks were empty and bitcoin kind of satisfied both needs and that's because of the block rewards the block rewards were something that were the miners were getting for free kind of and that will reduce over time initially it was 50 bitcoins per block and now it's only 12.5 bitcoins is that because there's a set amount of bitcoin available and that's why as demand goes up the price will go up there's a set supply

Yeah, there's a set supply and it's kind of, my analogy for that, it's kind of like stock options.

Initially, the company can give out a lot of stock options to their early employees.