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 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 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 It has a very low reputation. This hacker profile has been associated with "illegal malware sales" according to 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.
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 after being refused a position at Crissic. 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.
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