I think I called it! A lot of the fall this week in Litecoin's price was due to the unexpected and heartbreaking news that LitePay was closing its doors without successfully launching its product. There was so much hype on this previous announcement that the Litecoin Foundation and even the coin's founder, Charlie Lee, had to apologize and explain what happen on Twitter. Poor governance and due diligence were said to main contributing factors to the projects failure. This led to a sell off in the LTC price that has not caught a break yet this week.
As many of you may know, I comment very frequently on a daily basis. Among my comments on posts regarding this news, I said that the opportunity of the concept of this project is still viable and I would not be surprised if the project was taken over:
The amount of capital available for cryptocurrency projects is still quite high and supporting a project like this makes total sense; not only from a business perspective but from a general community perspective. The ability to deploy this project has long term adoption implications for the crypto space. Today, a well-known Litecoin supporter, Xinxi Wang announced via twitter that he has acquired the domain name ltcpay.com:
Could this signal a continuation of the project? It could be a revamp or even a total re-design. The important point is that the interest in accelerating payment options leveraging the Litecoin network continues to be high and given the capital available, the community can make it happen. It may even be better now than what LitePay could have delivered. In business, there is a saying that failing soon is much better than never succeeding. Therefore, I think the future continues to be bright for Litecoin as projects continue to innovate and produce technology that will improve the network for its use cases.
As always, let me know your thoughts!
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