Litepay has closed after much suspicion from people as well as an apology from Charlie Lee who had originally promoted it but as time went on the use of funds became more and more mysterious.
Litepay is basically a third party application which goes against what cryptocurrency truly stands for from the Bitcoin and Litecoin evangelist perspective. Cryptocurrency doesn't need third party but it definitely helps in certain situations. This is not one of them.
A reddit user said it best @ecurrencyhodler :
This is the problem with open source programs is that any person can work on the network no matter how credible. Also the actions they take can have profound effects especially when working in a group setting.
Charlie Lee makes me very worried going forward as we look towards which cryptocurrency will remain in the future era it seems that trust with the creators and founders on all fronts seems to be very hesitant.
If you look at my last post you can see how much Charlie Lee has his skin in the game HERE
I am still very bullish on Litecoin though but understand what I mean when I say this. I am bullish on it over the next 6 to 12 months but currently I am very bearish on it at least until May.
Cheers
Dante
Also Remember: METAL PAY will be releasing the app within the next 3 days so be on the look out! Read the article HERE
Disclaimer: Trade at your own risk. In no way am I liable for lost money in trades.