Crypto Update: What You Need to Know About Litecoin Cash!

in #litecoin7 years ago

My readers come here for the latest and greatest in tech and crypto news. Today I'd like to share a few thoughts on the upcoming Litecoin Cash fork.

In this article I'll go over a few important facts about the upcoming fork and why it may be a good thing for litecoin overall.

According to a recent article on coindesk:

Litecoin cash's developers claim they simply want to use an existing codebase to create a newer and better form of online exchange. Also, by changing litecoin's underlying mining algorithm to the one bitcoin uses, they argue litecoin cash will bring new life to old, abandoned mining equipment in a kind of strange recycling attempt.

Well this is certainly an odd goal and this may just be an attempt at a cash grab by the projects developers or they may have a sincere desire to create a project that builds upon Litecoin in new and interesting ways.

Litcoin creator Charlie Lee certainly doesn't see this project as being much of a competitor and in fact when asked about the project he had the following words of wisdom to share:

"Be careful out there!"

Charlie Lee isn't very keen on the move to create the new litecoin cash fork. Considering Litecoin is the fifth largest cryptocurrency by total value this may be a very good play by the creators of Litecoin Cash.

Lee had a few more harsh words about the project calling it a "scam," and further warning users: "Don't fall for it."

It is also interesting to note that litecoin cash's developers admit they have no ties to the official litecoin project and don't really see it as a competitor.

According to litecoin cash's developers their main aim was simply to use an existing codebase to create a newer and better form of online exchange. They also argue that litecoin cash may bring new life to old abandoned mining equipment. It could even be described as some sort of 'strange recycling attempt.'

Of course this has done great things for Litecoin's price because if we've learned one thing, its that crypto users always get excited about "free" money.

When asked to expand on this fork, Lee had this to say:

"It confuses people into thinking litecoin is splitting. The litecoin community has no interest in splitting. It's just some people trying to make a quick buck. And calling it litecoin gives them some legitimacy."

The man behind this fork, Tanner, had the following words in response : "I think [Lee]'s absolutely right to stick to his guns and protect his project and community. I don't expect him to change his mind about us but hope that if anything he'll eventually recognize that we're trying to teach people to be safe."

Again, if you are wondering how people feel about all of this well, I doubt they care much, clearly the price is skyrocketing and crypto investors are obviously interested in it for the free money.

Litecoin cash argues they're using the litecoin prefix simply because it's just become common practice of late. "Anyone who's paid attention through the bitcoin forking period hears 'litecoin cash' and instantly understands that it's a fork of litecoin," Tanner said.

As a professional writer and marketer I know for a fact that this is a fantastic business tactic. These guys know what they are doing. One of the keys to success in marketing is gaining attention for your product or service. Obviously its better if people like your product rather than dislike it but just getting them to know about it is a huge step forward!

Tanner is a pretty funny guy. When asked to expand on his thoughts about Lee's reaction he said, "I can't deny it also appealed to our sense of humor to poke the wasp's nest with our naming choice."

Finally Tanner argued that the project is really trying to stand out from litecoin and create a quality blockchain but he also added that "there will be forks that follow us, who do seek to confuse you, and do seek to scam you."

I would say based on the reaction to this fork that there will most certainly be forks to follow this one!

Still, Lee seems to think that litecoin cash is completely lacking any real value, concluding:

"In my mind, it's just a scam and it hurts litecoin."

One thing is for certain, this whole messy business of forks is getting more and more common in crypto. It was just a matter of time until an opportunist looked into a big public fork of Litecoin based on its recent popularity and its close ties to Bitcoin.

What do you guys think about this upcoming fork of Litecoin Cash? Is Charlie right when he says there is no merit here whatsoever?

Please leave thoughts and comments below.

Thanks for reading @Techblogger!

Source:

No, 'Litecoin Cash' Isn't Bitcoin Cash All Over Again - CoinDesk

Image Source:

CoinDesk

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Let's keep the Litecoin pump going, Daddy want's to cash out high!

first, LEE sold all litecoins and second(about Ripple) CNBC teaches to SELL at 0.71$, in mid Jan they taught how to BUY at 2.57$

Great you highlighting the shills at CNBC teaching how to destroy wealth fast !

What do you think about the percentage of charge for each transaction that takes place? I am from Venezuela and the little I earn is diminished by withdrawing the money for the percentages to pay when withdrawing from any portfolio

It is very expensive to change crypto to fiat currency. This is the biggest limiting factor in the cryptospace in my opinion. I would recommend trying your best to save it up as much as possible so that when you do convert it is a smaller percentage of the overall transaction. Sometimes fees can make it pointless to try to exchange. Another option is pooling money together with friends and turning it to fiat together. This would essentially accomplish the same goal. I know Venezuela is facing hard times at the moment. Keep your head up and don't get discouraged.

People will think Litecoin cash is somehow related to Litecoin. But it is two different project. It will definitely hurt Litecoin branding. So what would happen?

Some people trust Litecoin cash just by hearing the name, but when they realize that Litecoin name is used there, people might think it as a scam.

Thank you @techblogger for sharing this.
Followed you!

If you give your private keys to non official forks, its your own fault, when you lose them. 9/10 legit scam

I've talked with my mate about this. If private keys are required then I wouldn't do it... Many would but they know how to limit their risk by putting the crypto in a new wallet and then moving it directly out after following the process... I'd just rather not touch it if it is as you have described.

Could you break that risk management process down for a noob like myself? Am I understanding it right that it'd work something like this: You hold LTC in Coinbase LTC wallet, you provide the Litecoin Cash folks with that wallet key when requesting your 10/1, then you immediately transfer the LTC out of the Coinbase wallet to another LTC wallet of yours in case the potential scammers try to go after the funds in the original wallet? If so, how would they do that? TIA for some clarity on this!

Official forks can manage to get holders credited in exchanges so that is the safest. But if the fork is unofficial they may ask you to provide the private keys to your wallet (when you keep them in one off exchange - you don't hold private keys on exchange, the exchange is holding your money for you...). If you are asked to provide your private keys think very hard because essentially the person who has the keys owns the coins (or has the ability to transfer them to another wallet). I'm with a lot of my readers on this one, looks scammy so be careful.

Thanks for the explanation. I look forward to seeing your feedback once it's released.

To me giving private key nit face to face deal is like a sacrifice of my coins.

&#128017 encouraging & phenomenal!

I'll be sincere friend I think it's a scam so stay away