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    Litecoin Litepay Announcement

    March 26, 2018

    Litecoin Litepay Announcement

    Litepay Announcement

    Posted: 26 Mar 2018 06:07 AM PDT

    Lessons to be learned from the failure of Litepay and the direction of Litecoin

    Posted: 26 Mar 2018 07:01 AM PDT

    Much to the surprise (NOT) of the Litecoin community, Litepay has ceased operations.

    From the beginning, it was apparent to many of us that Litepay was not all that it was cracked up to be. The website was lacking in information and looked to be something that a 10 year old could design in 5 minutes. There was essentially no information about the CEO, Kenneth Asare, aside from a picture I found of him at a low tier law school orientation from 2012. There was a dearth of updates on social media, including their twitter page. There was no transparency whatsoever. To me, it was obvious that Litepay was a scam at worst, and a business with no potential to succeed at best.

    Yet even despite this, prominent members of the Litecoin community were advertising them and promoting their product as a revolution and a huge step in the mass adoption of Litecoin.

    I had asked Xinxi and Charlie Lee what kind of due diligence they performed in regards to Litepay despite all the red flags. Charlie had said that Litecoin is bigger than Litepay and that the possible failure of Litepay would not effect the long term success of Litecoin. However, I disagree.

    Now that Litepay is fresh in people's minds, it will be that much more difficult for future merchants to trust anything any future Litecoin-related businesses. To me, it seems that Litepal is going about things the right way. They seem to be much more of a legitimate business (although there are some concerns there too). However, it's going to be that much harder for them to succeed because now everyone is assuming that they will be another Litepay.

    So basically, the point of this post is that I implore the leaders of Litecoin to PLEASE do your due diligence before you promote products. Every Litecoin related failure adds up, and makes it that much harder for the legitimate businesses to succeed.

    I still respect Charlie Lee tremendously as a visionary and for his technical mind, although his business sense is clearly lacking. And as much as he may deny it, that business sense/experience is very important in terms of the future growth of Litecoin. Luckily, we have someone like Bill Barhydt in our corner, who is able to go on mainstream financial shows and talk about crypto in a manner that is easy to digest, yet technical as well.

    I see this as a bump in the road, but as the Litecoin Foundation mentioned in their messsage concerning Litepay, I hope they take a good look at their practices and learn from this mistake.

    Thanks everybody.

    submitted by /u/portisfan
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    I used the equivalent of 0.16394414 LTC to purchase some food (Venezuela)

    Posted: 26 Mar 2018 09:26 AM PDT

    Hello, this is a follow up from this thread

    https://www.reddit.com/r/litecoin/comments/81z3us/see_how_much_is_0004125_ltc_in_bolivares_honest/

    Some people from this great community helped me donating some LTC without asking for it (I'm so grateful), I just wanted to explain the situation here and make people aware. I went to the supermarket and made some purchases

    https://imgur.com/gh5Rar6

    Cheese, potatoes, ground beef, bread, milk, pork, sweetpotatoes and onions

    You can understand how bad is the situation here in Venezuela and how a little money can make the difference here.

    Of course I couldn't use the LTC to pay directly, I had to change it to USD and then to Bs. (Bolivares).

    In Bs. it is around 6,000,000.00 (LOL), well until June when they will knock off 3 zeroes and it would be 6,000.00 Bs.

    submitted by /u/WorkingLime
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    Merchants, you can already accept Litecoin with OPEN SOURCE BtcPay Server. We are pretty much exactly what LitePay tried to develop.

    Posted: 26 Mar 2018 11:20 AM PDT

    DISCLAIMER: I am participating in BtcPayServer development, so I am obviously little biased. That said, there is no money for me (it's open source project) and am both coding and writing this because I believe in crypto and want to help it's adoption.

    I wanted to reach out to ANY merchant that signed up for Litepay and was disappointed by today's announcement. If you have a shop and want to accept LTC like right away, then just visit our Github page for video instructions on how to get started: https://github.com/btcpayserver/btcpayserver

    We are FULLY supporting Litecoin (LTC). For example, we are right now in process of publicly testing Lightning Network payments for BOTH BTC and LTC. Since it's community project there is already network of merchants using BtcPay and if you join our Slack they can help you / answer questions if you are stuck on anything.

    Also, I'm here in next few hours in case anyone has any questions. If there is anything us developing BtcPayServer can do to better support Litecoin community - just say it.

    submitted by /u/codeoverwhelming
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    LitePal launching on April fools day

    Posted: 26 Mar 2018 03:11 AM PDT

    Litecoin (LTC) Smart Contracts Could Be Seeing a Surge With the Use of Abra App

    Posted: 25 Mar 2018 06:14 PM PDT

    Bitcoin, Ethereum And Litecoin Are The Most Popular Cryptocurrency Investments Among Millennials

    Posted: 26 Mar 2018 09:34 AM PDT

    Abra App - Why This Is So Significant For Litecoin

    Posted: 25 Mar 2018 08:29 PM PDT

    Just found my old Wallet.dat file...

    Posted: 26 Mar 2018 08:44 AM PDT

    EDIT: I Think I did it! I copied that wallet.dat file to the roaming>Litecoin folder where I've downloaded my new client, and now when I open Litecoin Core I see the transactions on the right!!!

    I assume once the blockchains update, my wallet balance will show those transactions on the right? I had it to about 2 years to go when I closed the client, and when I opened it again (now with the transactions showing) It went back to 5 years... Any way I can keep my client from having to reset every time?

    submitted by /u/HollerinScholar
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    How Litecoin Can Achieve Extraordinary, Unimaginable Success with Blockstack Or Something Like It

    Posted: 26 Mar 2018 02:52 AM PDT

    Listening to talks from Andreas, Elizabeth Stark, Blockstack, and other credible sources, I now fully stand by the idea that "crypto" is much more than what 99% of newcomers see it as and don't yet know exactly whats unfolding.

    Fact: We are in a moment of rebuilding the internet in the coolest way imaginable. It'll have everything our present-day internet has, but with value (money) actually as the foundation, native to its core. Websites, apps and companies will be linked to the Bitcoin network. Likes, and shares will equate to money earned, but much larger than that, the internet will mostly become the global monetary system. As opposed to today's internet that was built disconnected and needing middle men like PayPal, and Western Union to function within the 100 year old money system. What we are working towards building is an internet where Bitcoin serves as the basis for the connected world economy. No need for banks, in fact, they may end up needing Bitcoin once all is said and done.

    Not to get too long winded, but for Litecoin to become a juggernaut success, it also eventually needs to be open to the idea of building apps, websites, companies on its additional coming layers, like what Blockstack is doing with Bitcoin and what Microsoft recently mentioned in their blog, using Litecoin as a foundation of an ID system. Projects like Rootstock and Blockstack are exciting, but its also important that we continue looking to the cutting edge happening in this space and open to incorporating the best open source projects into this project we all love. I personally see Litecoin as a sleeping giant with massive potential to be part of this next wave of this global paradigm shift. Its very exciting what we are apart of here guys. Lots of potential to alter the course of history in a good way.

    submitted by /u/phreak303
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    Litepay ceases operations, setback to Litecoin adoption

    Posted: 26 Mar 2018 09:37 AM PDT

    Litepay fails, so...Litecoin is on sale, then?

    Posted: 26 Mar 2018 12:02 PM PDT

    I think I'll hodl. Yes, Litepay will leave a bad taste in the mouths of people looking for short term, but I believe in the long-term viability of the project.

    submitted by /u/electricraypdx
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    FYI my LoafWallet updated and I recovered my funds

    Posted: 26 Mar 2018 11:52 AM PDT

    Be very sure you have your 12 word key and it is written down correctly. The first thing you have to do is recover your old wallet funds.

    P.S. now you can feel rich because you can set it to display in photons. 1 LTC = 1,000,000 Photons

    submitted by /u/RabbotTheRobot
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    Litepal-let's see exactly what we know

    Posted: 26 Mar 2018 10:23 AM PDT

    From the site https://litepal.io/ (no available info on the domain owner…):

    "Safe Bleeding edge security to encrypt and guard your transactions against any type of intrusion."

    "Fast Complete a Bitcoin or Litecoin transaction in as little as 60 seconds, from start to finish."

    "Seamless A powerful, streamlined, seamless experience for everyone, try it for yourself now."

    "Synergistic Compatible with most major eCommerce platforms, plugins included. The synergy really is real."

    Exactly 59 words in 9 lines that say absolutely nothing. NADA. Using reassurances keywords: "safe", "fast"' & probably the holy grail of all crypto coins: "Synergistic… Compatible with most major eCommerce platforms "

    yep HODL or not we still want to use them here and there.

    Next on the site we have the best generic photos available to date and some more reassurances BS That's it…so fellow litecoiners BE SMART BE AWARE and STAY SAFE.

    You think they are legit? prove it, 100% absolute proof or don't waste your time nor hype it.

    submitted by /u/Bit74
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    Smart Contracts To Be Implemented On The Litecoin Network

    Posted: 26 Mar 2018 11:10 AM PDT

    Gemini Exchange may add Bitcoin Cash and Litecoin Soon

    Posted: 25 Mar 2018 06:39 PM PDT

    Litecoin is now supported by Guarda Multicurrency Web Wallet! Manage your LTC staying in the full control of your private keys!

    Posted: 26 Mar 2018 06:51 AM PDT

    I thought we knew litepay wasn't coming but litepal was being launched?

    Posted: 26 Mar 2018 11:15 AM PDT

    I thought we knew litepay was dead a while ago but we were looking forward to litepal launch in coming days or am I all mixed up?

    submitted by /u/Evolutiondd
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    I Almost Sold Out Today

    Posted: 26 Mar 2018 12:25 PM PDT

    2018's been a hard year for cryptos, I got in the game pretty early and have been hodling for almost a year now. I was there when Ethereum went to $0.20 USD last June, when Bitcoin broke $20,000 USD, and when Litecoin had those insane gains in December. But these past few months have killed me. I've lost over 50% of my crypto portfolio (~ $1 million USD) since the beginning of the year and these 10%+ dips every other week aren't helping my confidence in cryptos. I'm a broke college student who works 2 jobs and cashing out my crypto wallets would allow me to pay off my college, get a nice apartment in the city, and pay off the remainder of my parents' house. And today after waking up and seeing this dip I came so close to selling every single crypto I had and cashing out all my wallets completely. But then I realized... WE ARE TILL THE MOON. I won't sell till we get there, I'm not going to check Reddit, Coinbase, or anything crypto related until the end of 2018. Remember my friends HODL TO THE MOON. Have faith, I'll see you guys in December. Good luck!

    submitted by /u/cryptofate
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    Interesting social prank! What if you receive a salary in cryptocurrency?

    Posted: 26 Mar 2018 12:09 PM PDT

    Mar 26 2018 Crypto Market Report - Contains Litecoin

    Posted: 26 Mar 2018 12:05 PM PDT

    CoinSheet - March 26, 2018 (Daily Cryptocurrency Newsletter)

    Posted: 26 Mar 2018 09:29 AM PDT

    Dogecoin liteshibe here. Requesting help from Litecoin chickuns to spread the message of freedom

    Posted: 26 Mar 2018 11:29 AM PDT

    I just completed Slovak translation on Transifex. Can someone include it in litecoin.org ?

    Posted: 26 Mar 2018 04:13 AM PDT
    Read more
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