Re: Charlie Lee says Litecoin correction coming

Charlie Lee tweeted that he expects a Litecoin correction soon. Here is the tweet

"Ok, sorry to spoil the party, but I need to reign in the excitement a bit...

Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can't handle LTC dropping to $20, don't buy! "

Might be a good time to sell for profit before the correction. any thoughts?

So strange for him to come out and say that, perhaps he is shorting his own currency? Huh

I think a correction is a given but to such low levels I don't think so. Maybe to around $150.

Yeah I am planning to buy to if it reaches $150. I dont think he is shorting his own currency. He is probably trying to slow down the hype and wants an steady climb. If LTC kept going the way it was until now, a crash in the price and reputation would be most likely.

yes i really think you nailed it... coins that rise too fast and on excess hype have a hard time getting back on track... see what happened to Digibyte! it looked like it was going to be the real thing back in spring, it's tumbled and basically vanished since. even Neo is still suffering from too much hype around rebranding. so i agree with you: i also think Charlie Lee is just trying to protect its product.

It was more sarcasm than actual expectation, I'm sure he fully believes in his coin and you're probably right that he is just tempering expectations, I think perhaps a little over the top though, I guess prepare people for the worst but to suggest a 90% fall in price is pretty crazy. I'm guessing he doesn't have much faith on crypto not being in a big bubble right now!