Posted 2 years ago | by Ben Armstrong

Litecoin Leaked Chat Between Charlie Lee & Franklyn Richards

Authentic Chat Transcripts

A leaked chat in the LTChasnodev Telegram group between Charlie Lee & Franklyn Richards has caused an uproar in the Litecoin community. This comes as many people are concerned about the lack of development with Litecoin. The Litecoin Github commits have been virtually zero for some time now as seen in the screenshot below:

0 IVCoONF41fI7B2H0 Is Litecoin Dead?

In the transcript, Richards (goes by Franklyn in the chat transcript) implores Charlie Lee to hire some Bitcoin developers to help with developing Litecoin. The two main issues that were discussed regarding development were fungibility and implementing the MimbleWimble protocol in order to make transactions private. Exploring and developing these two things have been something Litecoin has publicly pledged to do.

In the chat, a member (Chris) is upset about a recent campaign to try to get donations given to the Litecoin Foundation to hire the needed devs. The tweet can be seen below:

Franklyn responds by saying that he also is upset with the appearance of the campaign due to the fact that Litecoin has been spending multiple six figure transactions (alluding to Miami Dolphins partnership). He says that "Priorities are pretty wrong and gives a poor image."

It's pretty clear this was a passive aggressive shot at Charlie Lee. Franklyn would go on to say much more about how he had warned against favoring marketing over development.

Counter to his low key public persona, when Lee entered the chat he was actually quite feisty and fiery. Here is his first message:

Charlie Lee: Franklyn, please stop. The foundation has not spent any amounts of money on partnerships. Stop creating FUD. I have corrected you time and time again in our private chats. Why are you publicly creating FUD now? I’m extremely disappointed.

Their dialogue continued as Franklyn and Charlie try to hash out their differences:

Franklyn
It is your money in the foundations name and image.
CL
20:36
Charlie Lee
Every single dime that was spent on partnership came from my own pockets with Xinxi and a few others here (Chris and Teletan) pitching in for the Dolphins partnership. Like @null22 said, you can’t create good crypto code by throwing money at it. If I can, I would have.
F
20:36
Franklyn
Nothing changes in private we have the same cycles and arguments. You tell the people here what we have done for development or for profenional level integration of the network
CL
20:37
Charlie Lee
You speak as if we are grossly misusing foundation money. Stop speading FUD
F
20:37
Franklyn
We can hire developers sponsor people to work on the tech who have the skills
20:37
its 100% your money i am advising that it looks bad as we are seen to be doing nothing else
20:38
i have no power over you or Xinxi if you want to throw money at sports games then i wont stop you
20:39
what is the foundation anyway charlie? its you no one else
CL
20:39
Charlie Lee
In reply to this message
if that’s really the case then mind as well pack up and go home
F
20:39
Franklyn
you have the money and the authority, i suggest plans andtry to steer the project to a business side and each time its grassroots but you on top
20:40
Wheres thrasher? have you heard from him since he appears to be ignoring our messages about dev updates
20:43
If we cant fix code issues then why are we begging for money on twitter?
CL
20:47
Charlie Lee
In reply to this message
we’re not begging for money. People have asked how they can contribute money towards coding, so we are providing a way
20:48
If people want to donate, we have a place for them to.
F
20:58
Franklyn
That donation address only exists because i had to have an arguemnt in the slack about how it effects our image to not been seen to focus on development. Read the above messages from those who have contibuted to the foundation. It looks weak, you spend so much on sports and when it comes to this the community are expected to pay.
IG
21:01
Ilir Gashi
In reply to this message
John BMV, do you need to forward anything to him?
CL
21:03
Charlie Lee
In reply to this message
No one said the community is expected to pay. It seems like the expectation is that BECAUSE you fought so hard to put out this donation address. I don’t get it
F
21:07
Franklyn
I never wanted a donation address because of how it effects the foundations image.
CL
21:08
Charlie Lee
In reply to this message
Well, it wasn’t my idea. It came from the community because people want to donate to us. There were a few reddit threads and people wanted us to generate an address.
A
21:09
Aztek_btc
In reply to this message
Yeah I'm the same, we had a donation address for @crypto, after 7 months of not a single tip I took them down
21:09
In reply to this message
I think donating to a team like litecoin is different
21:09
Because they directly benefit
CL
21:14
Charlie Lee
I honestly don’t care about what people think of the foundation. We do our best to help litecoin via development and adoption. We make no promises and don’t owe anyone anything. CT/MW development will come in time. We get most of our developments from Bitcoin. And that’s perfectly fine. Litecoin works today. If we have 0 improvements from now on, it doesn’t diminish the fact that Litecoin works very well as money. I personally think adoption is much more important than core protocol devlopment today. We need more people to know about LTC. We need better and easier to use wallets. We need more merchants accepting LTC. So things like Spedn supporting LTC, partnerships with Dolphins, work on LoafWallet and new lightning wallets is more important than adding fungibility to Litecoin. Yes, fungibility is important as I’ve said in my tweets. But that’s a long term goal. People want an update today because they care about pumping the price. I don’t care about that.

The full transcript of the chat can be found HERE. The may also be obtained by going to the LTChasnodev Telegram group.

A video put out by the CryptosRUs Youtube channel did a great job of explaining all of the dialogue between Lee & Richards among others. CryptosRUs was also able gain confirmation from Charlie Lee himself that the chat was indeed real seen in the below screenshots:

ltc1 Is Litecoin Dead?ltc2 Is Litecoin Dead?

 

Who is Franklyn Richards & Why is He Angry?

You may have never heard of Franklyn Richards, but he is a very important man in the Litecoin world. He is the founding director of the Litecoin Foundation, he runs Litecoin.com, & he is the COO of Zulu Republic. Zulu Republic is a company that has developed a suite of products for Litecoin.

There is a very obvious reason why most people have not heard of him in spite of his importance to Litecoin. He doesn't like social media... particularly Twitter. He would rather work on actual products in the background. If it relates to business then he is interested in it.

As seen in the chat, Richards wants to see much more development with Litecoin instead of marketing. One could argue that the Litecoin symbol shown recently at the Miami Dolphins preseason game versus the Atlanta Falcons was absolutely huge.

While UFC events that Litecoin has sponsored in the past are large, nothing can beat NFL games in America. While the image shown at the game has gone viral in the crypto world, once the regular season starts the publicity for Litecoin could be huge.

miami dolphins hard rock stadium litecoin

 

And yet Richards wants to diminish this partnership by telling Lee "if you want to throw money at sports games then i wont stop you." The wording here is quite telling. It's very close to the term "sportsball" that is used sarcastically by people who are extremely uninterested in sports.

There is clearly a difference in ideals between Lee and Richards. Richards wants to focus on development. Lee wants to focus on marketing and adoption. It's unclear if this split will grow to be a great divide.

But what good is a great product if no one has ever heard of it?

In the transcripts, Lee points out that Litecoin has already established itself as a viable cryptocurrency. In fact, since the 2017 bull run & subsequent market crash, Litecoin has outperformed many other major coins in the top 20. It has outperformed ETH, XRP, BCH, EOS, ADA, XMR, XLM, TRX, XTZ, & DASH. And an argument can be made that many of the ones who have performed better are not comparable due to being an exchange coin, a new coin, or a stablecoin.

Screen Shot 2019 08 10 at 6.32.16 PM Is Litecoin Dead?

Lee seems to be on track here and would expect the Litecoin community to stand by him. Richards points out that he has continually been going in a cycle with Lee regarding the question of whether marketing or development is more important. It may be time for Richards to remove himself from the cycle because when compared to other cryptocurrencies, there is a lot more Litecoin is doing right than wrong.

About Ben Armstrong

ef4f73e9ddeb61becab57469962fa946?s=90&d=blank&r=g Is Litecoin Dead?Ben Armstrong is a YouTuber, podcaster, crypto enthusiast, & creator of BitBoyCrypto.com. Better known as BitBoy Crypto, he works hard to educate and inform the crypto community.

Ben has been involved with the world of cryptocurrency since 2012 when he first invested in Bitcoin. He used Charlie Shrem's BitInstant & lost Bitcoin in the Mt. Gox hack.

In 2018, Ben decided to go "full-time crypto" and focus all of his time and energy into expanding the reach of crypto.

If you have any questions or comments please feel free to email him at BitBoy@BitBoyCrypto.com or contact him on Twitter @BitBoy_Crypto.