Why Litecoin is Silver & Bitcoin is Gold (w/ Charlie Lee)

Charlie Lee, creator of Litecoin, joins Michael Green of Thiel Macro to talk about how his background led him to digital currencies. Lee sees bitcoin as a better form of gold, and litecoin as the equivalent of silver in a new digital monetary system. This clip is excerpted from a video published on Real Vision on June 22, 2019 entitled “Behind the Creation of Litecoin.”

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About The Creators of Crypto:
What is the future of money? Pioneers in the cryptocurrency space share their views on what opportunities and risks lie ahead in the brave new world of money.

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Why Litecoin is Silver & Bitcoin is Gold (w/ Charlie Lee)
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Transcript:
For the full transcript visit: https://rvtv.io/2RCNua8
MIKE GREEN: And so, are you ambivalent between the idea of an alternative currency in the form of
gold versus Bitcoin? Or Litecoin? Or is it do you see the need for an electronic version because of the
challenges of gold, transactions, et cetera?
CHARLIE LEE: Yeah, definitely. Gold is great. Government can’t devalue it. It’s fixed supply. But the
problem is their storage cost. And then, if you want to transfer it, it’s not easy to transfer gold cross country,
across borders. But something like Bitcoin and Litecoin, it has pretty much all the good properties of gold
except it’s not physical, and then you can store it cheaply, and you can transfer it cheaply. It’s just a better
form of gold.
MIKE GREEN: So, one of the challenges that I always look at when I look at this idea that it’s a better
currency, there’s a school of thought that says currencies are about the efficiency or the ease of use, which
definitely crypto and even arguments behind things like electronic gold or gold script, et cetera. By and
large, attempt to address certainly our credit based system is much more associated with the ease and
facilitation of transactions. But there is a second role, which is the role of the state, which has a monopoly
at least under current constructs on violence and the enforcement of contracts as it relates to those currencies.
How do you think about crypto addressing those dynamics and the transition process, in which the state
will ultimately have to forfeit that monopoly?
CHARLIE LEE: From my point of view, I don’t think the state needs control of money. Money is just a way
where people can transfer and store value. There’s no reason why the state needs to have control over it.
I’ve only recently have we do we have like the concept of fiat currency where the state has control over it?
For throughout history, we’ve always used things like gold and silver as real money, as ways to transfer
and store value. And I think Bitcoin will help us get back to that better way of people using money.

Why Litecoin is Silver & Bitcoin is Gold (w/ Charlie Lee)

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Kane Dane