Charlie Lee, creator of Litecoin, joins Michael Green of Thiel Macro to speak about how his background led him to digital currencies. Lee sees bitcoin as a greater type of gold, and litecoin because the equal of silver in a brand new digital business system. This clip is excerpted from a video written on Real Vision on June 22, 2019 entitled "Behind the Creation of Litecoin."
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Why Litecoin is Silver & Bitcoin is Gold (w/ Charlie Lee)
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Transcript:
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MIKE GREEN: And so, are you unsure between the thought of other forex inside the type of
gold versus Bitcoin? Or Litecoin? Or is it do you see the requirement for an digital model ascribable the
challenges of gold, transactions, et cetera?
CHARLIE LEE: Yeah, positively. Gold is nice. Government cannot devalue it. It's mounted provide. But the
downside is their storage value. And then, if you wish to switch it, it isn't straightforward to switch gold cross nation,
throughout borders. But one affair like Bitcoin and Litecoin, it has just about all the great properties of gold
besides it isn't bodily, after which you'll be able to retail merchant it cheaply, and you may switch it cheaply. It's only a higher
type of gold.
MIKE GREEN: So, one of many challenges that I in the to the last degree multiplication have a look at once I have a look at this construct that it is a greater
forex, there is a college of thought that claims currencies are concerning the effectiveness or the benefit of use, which
positively crypto and even arguments behind issues like digital gold or gold script, et cetera. By and
massive, try to deal with actually our credit score primarily based system is way more associated the benefit and
facilitation of transactions. But there's a second position, which is the position of the state, which has a monopoly
no to a small degree below present constructs on violence and the enforcement of contracts because it pertains to these currencies.
How do you focus on crypto addressing these dynamics and the transition course of, through which the state
will finally need to forfeit that monopoly?
CHARLIE LEE: From my standpoint, I do not assume the state wants direction of cash. Money is only a means
the place individuals can switch and retail merchant worth. There's no motive why the state must have direction over it.
I've only recently have we do we now have just like the idea of fiat forex the place the state has direction over it?
For all through historical past, we have in the to the last degree multiplication used issues like gold and silver as actual cash, as methods to switch
and retail merchant worth. And I believe Bitcoin will assist us get again thereto higher means of individuals utilizing cash.
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