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 financial system. This clip is excerpted from a video printed 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)
For the total transcript go to: https://rvtv.io/2RCNua8
MIKE GREEN: And so, are you ambivalent between the thought of another forex within the type of
gold versus Bitcoin? Or Litecoin? Or is it do you see the necessity for an digital model due to 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 thing 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 retailer 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 at all times take a look at once I take a look at this concept that it is a greater
forex, there is a college of thought that claims currencies are concerning the effectivity 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 related to the benefit and
facilitation of transactions. But there’s a second position, which is the position of the state, which has a monopoly
no less than below present constructs on violence and the enforcement of contracts because it pertains to these currencies.
How do you concentrate 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 management of cash. Money is only a means
the place individuals can switch and retailer worth. There’s no motive why the state must have management over it.
I’ve solely lately have we do we now have just like the idea of fiat forex the place the state has management over it?
For all through historical past, we have at all times used issues like gold and silver as actual cash, as methods to switch
and retailer worth. And I believe Bitcoin will assist us get again to that higher means of individuals utilizing cash.