It has been reported this week that Litecoin founder Charlie Lee is actively warning individuals to not belief or put money into Litecoin Cash. The new model apparently has nothing to do with the unique LTC and is simply utilizing the identify to generate curiosity and dupe individuals into believing it’s.
One of the most important issues with cryptocurrency for the time being is that anyone can launch their very own one and rip-off individuals out of cash by claiming it’s one thing else. This is why governments are scrambling to get some regulation in place to forestall this stuff occurring.
The purpose of the unrelated altcoin is to extend the block pace at which the community can course of transactions. The creators declare that Litecoin Cash has a objective block time of 2.5 minutes, which is quicker than LTC and with 90% cheaper transaction charges.
The fork will happen at block 1371111, round February 19th, however Lee and the Litecoin workforce say it’s nothing to do with them.
PSA: The Litecoin workforce and I aren’t forking Litecoin. Any forks that you just hear about is a rip-off attempting to confuse you to assume it’s associated to Litecoin. Don’t fall for it and undoubtedly don’t enter your non-public keys or seed into their web site or consumer. Be cautious on the market! https://t.co/qXbiIxp5Al
— Charlie Lee [LTC] (@SatoshiLite) February 4, 2018
Since on the subject of scams, any fork of Litecoin, calling itself Litecoin one thing or different, is a rip-off IMO. Litecoin Cash, Litecoin Plus, Litecoin *… all scams attempting to confuse customers into considering they’re Litecoin.
This additionally applies to all Bitcoin forks attempting to confuse.
— Charlie Lee [LTC] (@SatoshiLite) January 30, 2018
Free Cash Catch
One of the massive attracts to crypto forks is free equal cash when the break up happens. This is precisely how Litecoin Cash founders are producing assist; they declare to offer 10 free LCC tokens for each Litecoin customers maintain. This is sufficient to entice these wanting a fast buck to leap into Litecoin, which is up 15% previously 24 hours following a month of downtrending.
There is a catch, nevertheless. In order to obtain your free LCC altcoins, a non-public key out of your Litecoin pockets must be imported into the brand new Litecoin Cash pockets. This is inherently dangerous and shouldn’t be tried. There are some workarounds, however on the time of writing, issues don’t seem as they appear. Also, the LCC workforce haven’t offered a secure possibility for receiving cash or elaborated on which exchanges will assist it.
This has been posted on the web site to clarify the identify alternative:
We’re utilizing the Litecoin Cash identify just because it has turn out to be customary in latest months for a coin which forks a blockchain to prefix its identify with the identify of the coin being forked. This apply has turn out to be a broadly understood conference. We’re not related or affiliated with Charlie Lee or any of the Litecoin workforce in any approach; we’re large followers although.
As we’ve seen beforehand within the Bitcoin neighborhood, a fork isn’t just the break up within the chain; the founders and followers are additionally divided. Coin loyalties run deep and scams are abound, so keep secure in crypto land and do your homework.
Do you maintain Litecoin and can you be claiming Litecoin Cash? Share your ideas within the feedback beneath.
Images courtesy of Shutterstock, Twitter/@SatoshiLite, and Bitcoinist archives.
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