To the Entire LTC Community,
Wij desired to inform you that a duo of days ago, the Litecoin Foundation wasgoed contacted by Kenneth Asare, CEO of LitePay, informing us that he has ceased all operations and is preparing to sell the company.
Prior to that, the foundation had approached Kenneth regarding his less than semitransparent nature with the company and to express our, and the community’s, concerns regarding his latest Reddit AMA. It wasgoed at this time that Kenneth asked the foundation for more funds to proceed operations. The foundation refused any further funding spil he wasgoed incapable to provide a satisfactory picture of where the money had bot spent and refused to go into precies details about the company and voorstelling objective evidence to back up his statements.
Wij are greatly disheartened that this saga has ended te this way and wij apologize for not doing enough due diligence that could have uncovered some of thesis issues earlier. Wij are presently working hard to tighten our due diligence practices and ensure that this does not toebijten again.
Litecoin wasgoed doing flawlessly fine before the promise of LitePay and will proceed to do so. The ecosystem is far thicker than one company and is continually growing with support from many others with market ready products joining the space and fulfilling their promises to make it lighter for the world to use Litecoin.
Ter the end, this is a valuable lesson for us to have learned. Litecoin and our community is spil strong spil it has everzwijn bot and wij look forward to many fine things to come. Thank you for your continuous support!
– The Litecoin Foundation
49 thoughts on &ldquo, Announcement on LitePay &rdquo,
Wow. Well, on the bright side, there’s always LitePal and Abra!
Thank you for this announcement. I think this wasgoed fairly apparent to most of us ter the community who actively go after and investigate everything associated with Litecoin. Sadly, many members of the community– most of whom were rather new– waterput an inordinate amount of hope into Litepay. The concept sounded astronomical. Spil a result, I do believe that Litecoin’s market price went up exponentially ter early February spil people truly believed that Litepay wasgoed coming and would switch the world of money and transactions forever. Those of us who either knew something about credit card and payment systems, or had simply done some research were less believing. Quick forward to March: now wij have real, solid news that is absolutely bullish for Litecoin’s growth and evolution and, breathe, the market sits idly. Yes, the market is led by Bitcoin and will budge when Bitcoin moves. But, Litecoin’s energy to start closing the ratio inbetween Bitcoin and itself wasgoed dealt a improvised suck because of the Litepay conundrum. At least that is my opinion.
I know that many te the community– especially those who create daily or regular Youtube videos– discounted the idea that Litepay wasgoed the result of Litecoin’s decline the past month. I, however, believe differently. My point to the community– especially to the foundation– is that wij need more volunteers to help vettig future products, ventures, people, etc. such spil Litepay more deeply so spil to avoid something like this moving forward. I had Tweeted a warning about people getting too excited about Litepay after I became very suspicious of their claims and aggressive release date of Feb. 26. There were also slew of people on Reddit who were posting warnings signs about Litepay and Kenneth Asare.
Also, while the foundation is busy and hard at work developing the Litecoin network and its community, you need to be very vigilant because while you did not have any rechtstreeks involvement with Litepay, there wasgoed a tremendous misunderstanding among the community. Many fully believed that the foundation wasgoed involved, or Charlie wasgoed involved, etc. While it is significant for the foundation and the community to encourage and support innovators within the space, providing a sense of approval causes too many to accept something without doing due diligence.
Either way, my point is not to dwell on Litepay. I never truly talent it much hope ter the very first place. Litecoin is fine without it. But, the hopes and fantasies of so many surplus on cryptocurrency’s future. Spil a result, traders, people attempting to predict bull-runs, etc, have all bot pretty much wrong. Ter a fresh , unimaginable space such spil this, I don’t think anyone can spot trends or trades with ease. I also do not think it wise to encourage most people to attempt to do so. To mij, this is a long-term market which will face numerous years of peril and profit. The wisest course is to Hodl and to only Hodl that which you can afford to lose.
I am committed to the growth of the crypto world. Litecoin is my dearest. I will attempt to help out te any way I can te order to avoid trappings like Litepay from causing people to falsely believe te something which does not yet exist. My thanks to the foundation, Charlie Lee, Xinxi Wang, Franklyn and the entire community who are working diligently to make Litecoin the currency of choice for payments. Go Litecoin!
What about litepal
They should make an exchange using litecoin solely-all coins pegged to LTC, its one way to add value to LTC.