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Charlie Lee Expresses Interest in Monero (XMR)

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Lee Monero coin

Charlie Lee developed Litecoin in 2011 and is a longtime supporter of Bitcoin and Litecoin (LTC). However, he stirred a lot of controversy in January when he spoke about selling all of his LTC holdings.

But as Lee noted, “There’s no need for me to have a financial stake in it. A financial stake doesn’t really add that much, to be honest. I’m actually working harder right now than I worked previously on Litecoin: back when I had my LTC, I was spending most my time on Coinbase.”

At the same time, he’s showing interest in Monero (XMR).

“There aren’t that many projects in my mind that are working towards that “sound money” aspect of things. Bitcoin is obviously the soundest form of money around, and Litecoin, I would say, is the second soundest. Another project that I’m interested in as Monero: I think a bit of privacy and fungibility is something that’s missing from Bitcoin and LTC, and it’s very much needed.”

Charlie Lee and his latest interest

Monero is a privacy token.

Lee likes the fungibility and privacy features of this token. He also believes that these features are lacking when it comes to both LTC and Bitcoin.

People are so protective of their data these days that privacy tokens are becoming more and more popular. Over time, most tokens link transactions back to certain public addresses. This makes it a lot easier to make links to who owns certain addresses and how much they are transacting. Privacy tokens create a shield barrier which makes it almost impossible for different transactions to link with one another.  Lee showed interest in different types of privacy features and projects. In January he spoke about Litecoin and Monero working together. More recently in a Twitter poll, his followers voted in favor of additional anonymity features to be brought to Litecoin.

The future for Monero

The main focus of Monero is to alleviate the number of crypto jacking attacks within the community. Furthermore, with the rapid growth of the cryptocurrency sector in 2017, there was a massive increase in the number of attacks.  Attackers will normally mine Monero tokens with software which drains the CPU of their victims. The Monero team are actively doing everything they can to stop this from happening. Whether they succeed or not, time will tell.

 

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