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    Litecoin Don't Trust, Verify: A word on supporting Litecoin businesses and applications

    March 27, 2018

    Litecoin Don't Trust, Verify: A word on supporting Litecoin businesses and applications

    Don't Trust, Verify: A word on supporting Litecoin businesses and applications

    Posted: 26 Mar 2018 04:32 PM PDT

    Many of you were skeptical about Litepay. You were right.

    It's time we got back to the fundamentals of blockchain.

    "Don't Trust, Verify"

    The point of a blockchain is to remove trust in a transaction. You don't need a 3rd party to confirm whether your transaction went through. In this way blockchain tech is a peer to peer currency. The reason for this is that trust can be easily built, leveraged, abused, and manipulated.

    We now urge people to question everything. Don't take news at face value.

    As for the Litecoin Foundation, its employees, or its volunteers, every business we retweet is not an endorsement nor an indication that we have thoroughly reviewed their business model. We're just excited about different people adding LTC support. But we will also be more cautious about what we retweet.

    If litecoin were a business, we would micromanage every part of this. But as it is an open-sourced project, anyone body can build on top of Litecoin. Unfortunately, this may include bad actors sometimes.

    So please be cautious, wary, and think critically. It is much better to verify the legitimacy of businesses yourselves rather than to trust our word on it.

    edit1: This post isn't in regards to Litepay as it was a unique and unfortunate situation that the LF invested in. Also, this was not written with Litepal in mind. But the following information is relevant.

     

    Update on Litepal

    First of all, I wanted to thank u/Mogwai56 for first bringing this to my attention. Also another LTC supporte (retracted by request) from twitter helped me a lot.

    I do not enjoy sharing this information. But I feel like I must in good faith towards the community.

    • Here is proof tying edin to the hacker profile Cod3ing. It is a cease and desist letter from Edin to a Glen D. Pearl to stop using various iterations of Edin and Cod3ing.
    • This is Cod3ings hacker profile. It has a very low reputation.
    • This hacker profile has been associated with "illegal malware sales" according to allegations by a person called backopy, the moderator/admin of HackForums. Admittedly this is a bit of hearsay but is consistent with Cod3ing's low reputation.
    • This is a recording between Cod3ing and Shadow about Cod3ing taking down some sort of hacker forum. It gives you an inside look into what appears to be beef between two hackers. One line that sticks out to be is "You're really good at social engineering."
    • The next bit of information speaks to his behavior. If he is 21, it means he was very young. Something to consider.He signed an NDA but then consequently broke it after being refused a position at Crissic. This is SkylarM CEO of Crissic tying edin to the experience.

    Based on the information above, make your own conclusions about Litepal. Edin is also welcome to share his story or explain himself.

     

    edit2 Edin's response to mogwai in another thread:

    Mogwai56, Edin here again. LitePal does not currently have any paid employees, we're a startup with no third party investment or funding, this was something we clarified to a few users through Twitter; I'm not sure if I can find the specific messages sent but they are definitely somewhere there.

    We have two other people, not including myself involved with the development of LitePal in some capacity.

    LitePal has never made any false promises, when we first came out with our idea, we did so with a timeline of launching in Q2 to Q3, we were very clear about this. You can see the explanation above as to why we changed our schedule around.

    I greatly and sincerely apologize for not being more transparent about some of my personal history, people can and do change. I genuinely have the best interests of the community at heart and I want LitePal to provide a means for merchants and buyers alike to transact using Bitcoin and Litecoin; my specialisation and interests in cybersecurity will allow LitePal as a company to protect our digital assets using the latest in cutting-edge technology, which is paramount for companies in the cryptocurrency space.

    I'm unfortunately not in a position to make any further comments on your findings or accusations, however, I would be very happy to answer any and all other questions you may have about LitePal.

    https://www.reddit.com/r/litecoin/comments/87d0fh/first_litepay_now_litepal_satoshilites_big/dwcc0nj/

    submitted by /u/ecurrencyhodler
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    Lets be honest. If we want LTC is succeed, we need to STOP putting Charlie on a fucking pedestal.

    Posted: 26 Mar 2018 08:48 PM PDT

    As days go by, its getting more apparent that the guy is all over the place, from walking out,to being a general dick, to now Litepay failure( at-least hyping a failed venture)

    Lets give him what he wanted( when he sold his coins)

    That he not have any weight or voice to litecoin and its development.

    We are obsessed with pseudo figures and want a "god like" figure to make litecoin successful.

    The community is more powerful than one hyped up ass.

    Don't care if i am down-voted by the fan boys. Its time to be strong as a community and let this guy go.

    . All successful leaders have calm demeanor, clear vision for the product and do their due diligence before hyping up a major initiative/product

    He is not a leader, never was and never will be. If you hold even 0.1 LTC you have a bigger voice than the guy who sold everything and sits on a beach and tells us how to run the community.

    submitted by /u/Waitwhonow
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    @BtcpayServer: Hey #Litecoin community, you got screwed by @LitePayInc ? Come join us on BTCPay. - We might say "shitcoin" and bully you, but at the end of the day bitcoiners have principles and won't do the kind of shit done by @LitePayInc. - BTCPay is open to altcoins, as long as we can bully.

    Posted: 27 Mar 2018 06:36 AM PDT

    @JackMallers: ��

    Posted: 27 Mar 2018 06:33 AM PDT

    We should stop nonproductive troll posts against Litecoin Devs and Founders.

    Posted: 27 Mar 2018 10:43 AM PDT

    There seems to be a lot of spam like troll posts saying that we need to cut ties with Charlie and that our Devs and LTCfoundation founders have made a unacceptable mistake with Litepay.

    Let me remind you that everyone of these people care about and have done more for Litecoin then you have (unless you are the previously mentioned party, if so Thank You). Litepay was an effort to help the community, it didn't work out and the community took a minor hit.

    Litecoin is a better stronger more usable coin than it was last year. If you invested in the coin because you believe in its real world uses you should be happy we are getting closer everyday. If you invested in it because you are waiting to sell it for a USD profit, you missed the point and I think we would appreciated if you sold.

    submitted by /u/henryanderson12
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    On the Future of the Litecoin Community

    Posted: 27 Mar 2018 08:47 AM PDT

    So Litepay went tits up, and sure enough people are tripping over themselves to say "I told you so," and jumping on every opportunity to admonish and condescend to the Litecoin Foundation... for the crime of drawing attention to a third-party business that failed.

    Fair enough... nobody knew anything about Litepay. There was very, very little substantial information out there. It was just as likely to be a scam as it was to be a moonwalk. So you guessed right. Congratulations.

    So now it's chic to say, "What have we learned? Let's all look before we leap. Trust no one. We can't let this happen again." The thing is, in the past few weeks one hot topic on this forum was that Litecoin had adopted the role of a testnet for Bitcoin. That's been a big draw to Litecoin for a while now, since Segwit came around at least. And the big issue here is...

    A testnet can NOT be risk-averse

    What did we lose from Litepay? We look a little stupid, sure. The Litecoin Foundation lost some money, but did anyone from the community give anything? Not really, least of all the folks claiming they saw this coming. All in all, we didn't have Litepay before, and now we still don't. Whoop-de-doo.

    There are big changes coming down the road. Additions to the Litecoin protocol that will completely alter the way it works. That is to say, risky changes. And we've taken on the role of the community that says, "Bring it on, we'll test 'er out. We're jumping in with both feet."

    This community doesn't have the luxury of becoming sheepish about change. Of doubting and holding at arm's length everyone who wants to partner with Litecoin. Of bickering and forking over every little tweak to the network protocol. There's already a coin that does that. It's called Bitcoin. You may have heard of it.

     

    This is Litecoin. This is a coin for pioneers, not pilgrims. If you're the type of person who called foul on Litepay, who turns back at the first sign of choppy waters, I think it's in your best interest to reconsider whether or not Litecoin is really something you want to involve yourself in.

    Because sooner rather than later, we'll adopt the hot new change that everyone else is arguing over, and it won't go well. It won't be like Litepay, where we look stupid and talk to each other like children. People are going to lose money. It might break the whole network. It's going to be a shitshow.

    And if you can't handle that, you need to figure out why that's going to happen, and whether or not you want to stick around for it. Because that's what Litecoin is all about.

    Don't let our memes be dreams

    The chikun will arise. If you think this is bad, you haven't seen nothin' yet. Buckle up, get your game face on, stop feeling sorry for yourself, and look forward. Because that's where the interesting part is.

     

    There were lots of failed missions to the moon. But somehow, we never ran out of astronauts. Be brave, folks. It's what we came here to do.

    submitted by /u/RedRage04
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    The Lite Podcast with Alex Bosworth: Litecoin as a First Class Citizen on the Lightning Network (53:47)

    Posted: 27 Mar 2018 08:47 AM PDT

    Bringing Litecoin to Streamers With CoinTippy!

    Posted: 27 Mar 2018 10:54 AM PDT

    The Ultimate Guide to replacing Lite Pay with a functional no-fee LTC system, in one GIF.

    Posted: 27 Mar 2018 11:52 AM PDT

    Why Are People Even Hyped About Litepal When There's Already Several TRUSTED Payment Processors?

    Posted: 26 Mar 2018 10:34 PM PDT

    I could understand why people were exited for Litepay; granted they were promising working debit cards at the time. But in my eyes Litepal is just another payment processor (if it's even legit/not a scam)...why are there people on here hyping it up as some sort of game changer? Lol.

    submitted by /u/Jakeith
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    Maybe...ABRApay now? Why not?

    Posted: 27 Mar 2018 10:12 AM PDT

    We all agree that ABRA's CEO is the best front man we have seen associated with LTC - probably ever. He needs a new project now that phase 1 launch of Abra was successful. Why not fill the void that Litepay left. Abrapay has a good marketing ring to it.

    submitted by /u/danpolage
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    Elizabeth Stark mentions Litecoin twice recently at Blockstack 2018 Conference

    Posted: 26 Mar 2018 08:37 PM PDT

    Litecoin Deposit Confirmed But Not Credited On Binance

    Posted: 27 Mar 2018 05:39 AM PDT

    Hi I have a question. Last night over 8 hours ago I deposited LTC to Binance account. The transaction was confirmed on the blockchain and in the transaction history of Binance but LTC was not credited to my account. Binance said it's aware of the problem and working on it. Anyone else having this issue with Binance? They did not provide an explanation and I am concerned about making future deposits.

    submitted by /u/RoseM2018
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    Why does LTC pursue these dodgy startups when larger banks are already inches away from making "LitePay" a reality?

    Posted: 27 Mar 2018 04:39 AM PDT

    Hi guys. Although I know my CS research (I teach it at uni) I certainly would not call myself an expert in cryptocurrencies. Yet, I can't help but think that the litecoin community has been chasing the wrong bull for a while now in regards to getting easy LTC payments established.

    A few weeks ago I downloaded an app called Revolut, where I 1. can swap pounds/euros/etc. for LTC for a fee of 2% or so with the click of a button and, 2. Using the same app get a prepaid credit card, with which I can pay flexibly from any of the fiat currencies.

    Now all that would need to be added there is 3) an option to automatically deduct payments from my LTC reserve instead of, say, my GBP reserve.

    I could imagine that the Revolut team is already contemplating this, and it surely seems to be the easiest step of the three.

    So I'm thinking that, instead of chasing startups and clinging to Charlie, perhaps it would make more sense to start chasing the peeps at Revolut to bring LTC credit cards into reality?

    I wonder what you all think of this...

    P.S. Last but not least, at least Revolut is breaking even these days (https://www.independent.co.uk/news/business/indyventure/revolut-uk-fintech-app-only-digital-bank-break-even-profit-a8228836.html), so it seems far more likely that they will stick around for the foreseeable future...

    submitted by /u/notaboutme
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    Project Idea #1: python wrapper for Litecoin API

    Posted: 27 Mar 2018 10:35 AM PDT

    Since I can't find any python API for litecoin, I decided to write one. What do you guys think about this idea? Would be useful? Any useful resource you can point me to so get started? I'm installing litecoin core for now as the first step.

    submitted by /u/mdgart
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    First LitePay now LitePal. SatoshiLite's 'big' announcements are falling like flies.

    Posted: 26 Mar 2018 02:45 PM PDT

    SatoshiLite posted today that LitePay was no more. However, there is a more interesting story hidden in the comments regarding LitePal.

    LitePal, due to launch on March 31st, are touted to be a zero fee merchant processor. Charlie Lee listed them as such in his tweet in February. However, the business registration number (ABN 57 857 821 358) on the bottom of their website (litepal.io) lists them as one Edin Jusupovic, a sole/trader operating from a residential address in Sydney (link below). Like most scam websites, the links to the Privacy Policy and Terms lead nowhere. It then transpires that Edin, who used to operate under dasace.com, is a 21 year old with a history of selling cyphers (malware) on hacker forums and the dark web. He can be found on twitter at @oasace (one letter different from his previous web address.)

    Here is a link to the tweet which has a pic with the accusation: https://twitter.com/gedigan/status/977140517636100097

    For SatoshiLite to say in his tweet today that he will be doing better due diligence on his associations in the future and then a few minutes later claim LitePal are doing good work is somewhat farcical.

    So, I´m taking bets. What percentage of the rest of Charlie Lee's list will also fail or prove to be scams?

    The Founder Website: litepal.io Business Register: https://abr.business.gov.au/SearchByAbnHistory.aspx?SearchText=57+857+821+358 https://connectonline.asic.gov.au/RegistrySearch/faces/landing/bySearchId.jspx?searchId=624339439&searchIdType=BUSN&_adf.ctrl-state=uam4b8cuo_4 LinkedIn: https://www.linkedin.com/in/ACoAABcn5G8BI0WP5zVkwclwc1pyZJeVOzM95T4 Twitter: https://twitter.com/oasace

    submitted by /u/Mogwai56
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    Litepay incorporated as a business on Februrary 1st,2018

    Posted: 27 Mar 2018 12:16 PM PDT

    Ken Asare is an exit scammer

    Posted: 27 Mar 2018 05:04 AM PDT

    After the failed launch on the 26th of February, we all knew with certainty that LitePay Inc was not a legitimate company and that Ken Asare was an incompetent amateur. But what troubles me is all the personal information he collected from merchant registrations.

    submitted by /u/litecoinmatters
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    Only real community I'm apart of... I have ZERO experience.

    Posted: 27 Mar 2018 07:05 AM PDT

    I've grown a massive amount of interest in the blockchain tech over the last couple of months but I have zero developing skills. Could some of you direct me what to learn first and if there is any courses you could recommend. Thanks!

    ** Edit : A part *

    submitted by /u/xxmatty87xx
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    Today is a sad day...

    Posted: 26 Mar 2018 07:03 PM PDT

    I'm disappointed, and sad, even if I expected this it still hurt. This is also the day I choose to do something more then read this subreddit and look at the CMC, today I offered to help the litecoin foundation if they need my skills, to build an official payment app for this amazing technology. Hopefully, they respond and accept my help, if not I will do something by myself, to help. Litecoin is not a corporation, it's not a brand, it's not a startup with a CEO, Litecoin is us, and if we fail, Litecoin will fail. And today we failed, but I feel stronger then ever.

    submitted by /u/mdgart
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    Does anyone know "WHO" is buying Litepay?

    Posted: 27 Mar 2018 02:54 AM PDT

    I know everyone has jumped on this Litepay news yesterday but I thought we all accepted weeks ago that Litepay wasn't going to happen.

    On the other hand... I noticed the company is not being closed down, its being sold. Which could mean a number of different things (depending on who is buying it)

    Is there a named buyer??

    submitted by /u/D1pkk
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    Imported Private Key to Litecoin Core, rescanned and said 'null'. Now what??

    Posted: 27 Mar 2018 06:25 AM PDT

    Have followed the instructions for importing my private ket to Litecoin Core on Mac OSX, which I did and it rescanned. Now it says null. How can I tell if it has been imported? Can you rescan?

    submitted by /u/br3nnie
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    Charlie Lee, Litecoin Foundation Apologize After LitePay Vanishes

    Posted: 26 Mar 2018 06:40 PM PDT
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