Li Qiwei had long seen that the status of Bitcoin was difficult to be incited and replaced, so he used this propaganda strategy to bind Litecoin and Bitcoin. His judgment is correct. With the skyrocketing bitcoin, Litecoe followed closely, opening a gap with other altcoins trying to challenge Bitcoin. At the same time, the altcoins that claimed to replace Bitcoin, such as the domain name currency, dotcoin, etc., slowly disappeared.
When we mention the name Li Qiwei, everyone will think of "Lite coins" and "successful escape." Few people can remember that he worked at Coinbase, and few people can think of his brother Li Qiyuan.
The currency circle may be moving at the speed of light. As long as a person no longer appears in the media's sight for half a year, this person seems to have disappeared from people's memory. We can only reproduce the history of that year through debris.
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From Africa to the United States: ordinary Silicon Valley programmers
Both Li Qiwei and Li Qiyuan are American Chinese, and their parents are Chinese. But unlike ordinary Chinese descendants, they were born in Africa.
In the 1960s, due to international strategic considerations, China provided a large amount of material and financial assistance to Africa. Along with these materials and money, they arrived in Africa and there were a large number of aid workers from China. Li Qiwei’s father was one of the members who went to Africa at that time.
Li Qiwei’s father has lived in Africa for a long time. During this time, Li Qiwei was born near the Ivory Coast on the south coast of West Africa. If the Li family has been staying in Africa, waiting for them may be another fate. History did not give him this fate. At the age of 13, he and his brother Li Qiyuan moved to the United States with their parents.
The two brothers of Li’s family are very competitive. Although thousands of miles have come to the United States, and the language is not the same, but the two brothers are very prominent in their studies, and have shown a good talent in the field of computers. After immigrating to the United States, Li Qiwei attended a five-year book at Lawrenceville School. He was admitted to the Massachusetts Institute of Technology with his talent and hard work, and he obtained a bachelor's and master's degree in computer science in only five years. Bachelor of Science. His brother Li Qiyuan graduated from Stanford University, the top CS professional in the United States, and went to Yahoo as an engineer when Yahoo was at its peak.
After graduating from MIT, Li Qiwei worked as a software engineer and a four-year senior software engineer at Kana Communications and Guidewire Software. In September 2007, Li Qiwei joined Google. In the five years of Google, Li Qiwei has served as a software engineer for YouTube Mobile, Chrome OS and Play Games.
For Chinese families who immigrate to the United States, it is already satisfying to have such a result. If you don't step into the cryptocurrency circle, Li Qiyuan and Li Qiwei's life trajectory may be to do technology in Silicon Valley and then retire from similar positions. This is the usual life path of Chinese Americans in the United States. However, like the founder of Polychain, Li Qiwei’s life has been compromised because of a website.
Silk Road: the origin of the cryptocurrency
In April 2011, Li Qiwei saw an article about Bitcoin on the Silk Road website. Since Li Qiwei had previously been involved in gold trading, this thing similar to the concept of "electronic gold" immediately attracted his attention. He immediately began to study why Silkroad only accepts bitcoin and began to use his own computer to dig bitcoin. Soon after, he got in touch with Bitcoin's core developer Mike Hearz and bought him a BTC (there was no formal legal currency purchase channel at the time).
As a senior software engineer, Li Qiwei is obviously not satisfied with the purchase and excavation of Bitcoin. He imagined that Nakamoto would create a system of his own. But his idea at the time was very immature. He can only feel that the characteristics of Bitcoin can be counted as gold in digital currency, but in the long run it is not suitable for small payments. However, his technical experience and sensitivity to economics are not enough to support him to abandon the existing currency and re-create a digital currency. In that case, the best way he can think of is to clone the existing currency and make some modifications on this basis.
So, after hearing about bitcoin for 5 months, in September 2011, Li Qiwei’s first chain, Fairbix, was born. Fairbix was cloned from Tenebrix, but the developer pre-digs before the release. Coupled with the client's software error, it is vulnerable to 51% of the power attack, making Fairbix fail for dozens of days.
Li Qiwei did not give up. He quickly learned the lesson, and the Litecoin was born every other month. Like Fairbix, Litecoin also cloned the code for other projects at the beginning, but this time it was cloned bitcoin.
The most powerful marketing: Wright Silver
Litecoin is a typical "cotton currency".
Litecoin cloned the Bitcoin core code and made some modifications and adjustments. The difference between Bitcoin and Bitcoin is mainly reflected in three points:
- The total amount of Bitcoin is fixed at 21 million, and the total amount of Litecoin is fixed at 84 million, four times that of Bitcoin.
- The average transaction confirmation time for the Bitcoin network is about 10 minutes, and the average transaction confirmation time for Litecoin is about 2.5 minutes, which is one quarter of Bitcoin.
- Bitcoin uses the SHA-256 algorithm, and Litecoin uses the Scrypt algorithm. The SHA-256 algorithm is generally considered to be more complex than the Scrypt algorithm, but Scrypt is designed to be more CPU- and GPU-based.
On October 8, 2011, the Wright coin creation block was born.
If we look at the contemporary "cotton currency", we will find that the Litecoin can survive to the present and maintain such a high value, which can be called a legend. Between 2011 and 2013, there were many projects that copied the Bitcoin code and made some changes based on Bitcoin. There are thousands of such digital currencies. However, as time passed, these currencies gradually drowned in the ocean of cryptocurrency.
Why is this happening? This is absolutely related to Li Qiwei's personal judgment.
Many altcoins have advocated that they will replace Bitcoin. We can't judge whether the Litecoin had this idea at the time, but for a long time, Li Qiwei has always said that the currency he wants to create is only a supplement to Bitcoin, just as silver is a supplement to gold. He said that Bitcoin is gold, Litecoin is silver, Bitcoin is used for large payments, and Litecoin is used for daily transactions. The two are complementary but not the one who destroys.
The slogan "Bit Gold, Wright Silver" is deeply rooted in the hearts of the people. Li Qiwei had long seen that the status of Bitcoin was difficult to be incited and replaced, so he used this propaganda strategy to bind Litecoin and Bitcoin.
From a technical perspective, Litecoin has always given the impression of a bitcoin test field. Techniques that bring about major changes are often tested on Litecoin, and if proven to work, a high probability will be applied to Bitcoin. This technical system relationship has deepened people's recognition of the "Wright Silver" image and the binding of Bitcoin.
Li Qiwei’s judgment is correct. With the skyrocketing bitcoin, Litecoe followed closely, opening a gap with other altcoins trying to challenge Bitcoin. At the same time, the altcoins that claimed to replace Bitcoin, such as the domain name currency, dotcoin, etc., slowly disappeared.
All in blockchain : Join Coinbase
In 2013, the cryptocurrency began a big pull. Li Qiwei finally decided to resign from Google's work and shift his focus to the digital currency field. When Coinbase threw an olive branch to him, Li Qiwei became the third employee of Coinbase as a technical manager.
His brother, Li Qiyuan, made the same decision in a similar period of time. He even indulged the currency even a few months earlier than his brother. In April 2013, Li Qiyuan joined the prestigious Bitcoin China (BTCC) as CEO and partner. At the time, Li Qiwei was still watching the situation. But in the end, in this special year of 2013, both brothers joined the cryptocurrency exchange at the top. At that time they were no longer teenagers.
It is worth mentioning that Bitcoin China was once the world's second largest exchange, China's largest exchange, after the Japanese exchange Mt.Gox. Although Li Qiwei is famous for Litecoin, in the background of the time, Li Qiyuan’s choice was better than his brother. As for the decline of BTCC in the future, it is another matter.
Li Qiwei spent four years at Coinbase, witnessing the growth of Coinbase from a small workshop of several people to one of the best towering trees in the industry. He was the technical president from the technical manager and finally chose to leave in 2017.
It seems that people tend to jump around when they are bullish. The last time was in 2013, Li Qiwei jumped from Google to Coinbase, because that bull market made him see the potential and hope of the industry; in 2017, the rise of cryptocurrencies such as Ethereum saw him see new hopes. Choose to leave and focus on the Litecoin he founded.
Interestingly, just before the month he left (May 2017), Coinbase announced support for Litecoin. After the news came out, the price of Litecoin rose by more than 10%. It is difficult to judge whether Coinbase's online Litecoin is related to Li Qiwei's position in the company. Before the on-line Litecoin, Coinbase only supports two currencies, namely Bitcoin and Ethereum.
At the beginning of 2018, Li Qiwei was accused of going through the position to launch Litecoin on Coinbase, raising the price of the currency and possibly conducting insider trading. Li Qiwei denied this. With the departure of Li Qiwei, this conspiracy theory gradually became an unsolved case.
King of escape
If Nakamoto and V God are remembered because they are similar to spiritual leaders, then Li Qiwei is remembered to be somewhat similar to Sun Yuchen, that is, they are very good at marketing, but also good at escaping. Of course, from the temperament point of view, Li Qiwei and Sun Yuchen are completely two kinds of people.
Li Qiwei has several very famous predictions. Once it was predicted that the price of the currency would rise after 9·4, and once in December 2017, the price of bitcoin was the most outrageous “market is dangerous”. However, with the behavior of his brother Li Qiyuan at the time, such predictions are even more interesting.
After the introduction of the September 4th New Deal, bitcoin prices have plummeted, and the currency circle has been stunned for a while. On September 14, 2017 (China time), Li Qiwei forwarded on Twitter that Adamant Capital founder Tuur Demeester bought Bitcoin and said that "bitcoin prices have reached the bottom." On the same day, Bitcoin China, where Li Qiyuan was located, announced the closure of the new user registration channel and stopped all transactions on September 30. That is indeed the worst time for the currency. After that, due to the net out of the net, the price of Bitcoin gradually stabilized and opened up all the way.
On December 12, 2017, Li Qiwei claimed that the purchase of Litecoin is extremely dangerous, and it is expected that there will be a big bear market coming. Just like the original, the price of coins will drop by as much as 90%. He also expects this time to fall to around $20.
This prediction gave Li Qiwei the title of "King of the Escape". He said in a consistent manner, emptied all the Litecoin in his hand at the high point. At that point in time, the behavior of the two brothers was so similar: Li Qiwei sold off his long-held Litecoin assets; at this time, his brother’s exchange business was in the process of sale.
As it turned out, the Litecoin eventually fell to around $20, and in this position opened the Jedi rebound, and once soared to nearly $100. Li Qiwei’s precise prophecy made people once suspect that he was manipulating the market.
Afterwards, Li Qiwei expressed regret in the interview and said that he would try to avoid buying and selling Litecoin before and after the promotion, so as not to be considered as the price of the Litecoin.
Interestingly, since winning the title of “King of the King of Escape”, Li Qiwei’s remarks on the judgment of currency prices have become less and less, and comments on technology and events have increased. With the continuous development of the cryptocurrency industry, Li Qiwei has gradually matured.
.Brief Bio on Charlie Lee — The Litecoin Creator.https: //medium.com/the-mission/brief-bio-on-charlie-lee-the-litecoin-creator-bb9e8df7e8fb
.Is Charlie Lee (Litecoin Creator) actually Satoshi Nakamoto (Bitcoin Inventor)? .https: //steemit.com/litecoin/@renaissanceman/is-charlie-lee-ltc-creator-actually-satoshi-nakamoto-btc -inventor
.Charlie Lee Talks About Bitcoin's Ten Years; He Was Introduced to It by Silk Road.https: //bitcoinexchangeguide.com/dark-web-marketplace-silk-road-was-charlie-lee-of-litecoins-ltc -first-introduction-to-bitcoin/
.CHARLIE LEE BIO.https: //www.worldcryptoindex.com/creators/charlie-lee/
. Mysterious MIT Litecoin Project: Coblee is Satoshi Nakamoto? .https: //www.tradingview.com/chart/LTCBTC/4Vx8QAZd-Mysterious-MIT-Litecoin-Project-Coblee-is-Satoshi-Nakamoto/
.Coinbase Insider Trading: Litecoin Edition.https: //medium.com/@bitfinexed/coinbase-insider-trading-litecoin-edition-be64ead3facc
.Dark Web Marketplace Silk Road Was Charlie Lee of Litecoin's (LTC) First Introduction To Bitcoin.https: //bitcoinexchangeguide.com/dark-web-marketplace-silk-road-was-charlie-lee-of-litecoins- Ltc-first-introduction-to-bitcoin/
.Charlie Lee (computer scientist).https: //en.wikipedia.org/wiki/Charlie_Lee_(computer_scientist)
Author: hydrogen 3
Edit: Carbon 14