Localcoin crypto exchange was caught having a plagiarized whitepaper by a group from Bitcointalk, calling it a scam. Over the past month, the user ICOEthics released his findings which we are reading more about in the latest cryptocurrency news.
According to the findings, a representative from Localcoin stated that the company had outsourced their whitepaper. The goal was to explain the source of the plagiarism but it ended up turning into chaos. The contractor says that the original whitepaper was furnished by the crypto exchange itself so eventually, Localcoin did plagiarise the whitepaper.
In another post, the Localcoin representative released a few screenshots of the conversation with the alleged author of the whitepaper. There are rumors as well that the exchange owes some marketers around $15-17,000. There is still no answer from the apparent whitepaper author. The questions raised over the thread go much deeper than the plagiarism issue. The exchange is actually an apparent fork of Bitshares and a reboot of a previous attempt at Localcoin.
As reported in the altcoin news, another user gave his take on the situation:
“So, we do point the finger to the plagiarized whitepaper owners. We opened this thread so you can discuss and provide evidence to your public and investors and try to convince them that it is not “your fault” and you are “not responsible” for that plagiarized whitepaper. If you wrote or someone else wrote the whitepaper for you, in the end, your company/project is the only one responsible for everything.”
What the real problem with Localcoin turns out to be is the desperate need for more decentralized exchanges since it is almost apparent that there is not going to be one. The Binance hack shows that we need more decentralized exchanges now than ever before and they need to be easy. Decentralized exchanges need to be secure and to be operated on secure devices.
Unfortunately, the interest in the Localcoin crypto exchange has declined. Their own token has almost no influence on the platform since people now don’t believe the exchange. The industry now is in desperate need to find a serious competitor to these centralized platforms.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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