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Can we talk about Łitepay and it’s catastrophic AMA

Litecoin
Can we talk about Łitepay and it’s catastrophic AMA

Łitepay, supposedly is this payment processor that removes the volatility from sellers and gives convenience to buyers to spend their litecoin.

So what happened? The CEO, Kenneth Asare, was here on this subreddit, to help us understand what went wrong, he managed to answer 8 questions during the entire AMA, it was 10 hours ago from the time of this post. Every answer was generic fluff, giving no details on the things that matter.

"How many merchants have signed up?" "Why the lack of transparency, specially in a speculative market?" "How big is the team?" Are there any tools for developers? "Website looks like a scam, no actual links, registered at a virtual office, convince me this is real?" "Why wait until the last day to tell us it's not happening?" This list goes on…

All very crucial and fair questions, unanswered.

I am sorry, I will be okay with litepay not being a real thing, but I am afraid this is just poisoning the landscape even more. I don't want this to be treated like a pitchfork, but we have questions and we want them answered, it doesn't take a lot of effort to do that. For a company that wants to be tomorrow's payment processor, this is just extremely sloppy.

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So flat you can sleep on it

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Regulators Greenlight Bitcoin Futures

Regulators Greenlight Bitcoin Futures

bitcoin futures contracts to be offered by CME Group Inc. and Cboe Futures Exchange to mainstream investors.

CME Group, the world’s largest futures exchange, has announced that it has self-certified the initial listing of its bitcoin futures contract. CME first announced its intentions to launch a bitcoin futures product on October 31, 2017.

The new contract will be available for trading on the CME Globex electronic trading platform effective on Sunday, December 17, 2017, for a trade date of December 18.

At the same time, the Commodity Futures Trading Commission (CFTC) also announced that Cboe Futures Exchange (CFE) has self-certified new contracts for bitcoin futures products, and that the Cantor Exchange (Cantor) has self-certified a new contract for bitcoin binary options.

“bitcoin, a virtual currency, is a commodity unlike any the Commission has dealt with in the past,” said CFTC Chairman J. Christopher Giancarlo in a press release. “As a result, we have had extensive discussions with the exchanges regarding the proposed contracts, and CME, CFE and Cantor have agreed to significant enhancements to protect customers and maintain orderly markets.”

The exchanges assured the CFTC that the new products complied with the rules under a process of self-certification. While CFTC approval isn’t required, the regulatory body could have halted the CME’s plans if it wasn’t satisfied with the self-certification.

The press release stated: “Commission staff held rigorous discussions with CME over the course of six weeks, CFE over the course of four months, and had numerous calls with Cantor. CME, CFE and Cantor agreed to significant enhancements to contract design and settlement, and CME to margining, at the request of Commission staff.”

Cboe said they are “operational ready.” Both Cboe and the Cantor Exchange plan to announce a start date soon.

These new derivatives open the doors for institutional investors, as well as introducing the possibility of more cryptocurrencies becoming available in the future. After a record high on Wednesday for bitcoin price of $11,377, there was a 20 percent drop from profit takers down to $9,021; it has since fluctuated several times and is now selling at around $10,500.

The post Regulators Greenlight Bitcoin Futures appeared first on Bitcoin Magazine.

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