The first Litecoin fork, Litecoin Cash
Around the 19. of february, depending on mining power, the first Litecoin fork, creating Litecoin Cash, is set to happen.
I have been searching all around, trying to verify this fork, and to find out who is supporting this fork, but I haven't really found anything yet.
Wrote a meaasage to Coinbase Support asking them about the fork, but I still haven't got an answer...
There will be created 10 Litecoin Cash for every Litecoin. The biggest difference between the coins is that Litecoin Cash is using another algorithm, SHA-256 like Bitcoin and Bitcoin Cash.
If you know anything about this, please leave a reply...
here is a tweet from the founder of lite coin
"The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it's related to Litecoin. Don't fall for it and definitely don't enter your private keys or seed into their website or client. Be careful out there" please edit your post to warn of scams
https://twitter.com/SatoshiLite/status/960197866546282496
another tweet from him
"Since on the topic of scams, any fork of Litecoin, calling itself Litecoin something or other, is a scam IMO. Litecoin Cash, Litecoin Plus, Litecoin *... all scams trying to confuse users into thinking they are Litecoin.
This also applies to all Bitcoin forks trying to confuse."
https://twitter.com/SatoshiLite/status/958170338621145089
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Why SHA-256? Weren't other algorithms like Cryptonight, Equihash and Scrypt (which LTC uses) designed because of the technical limitations of SHA-256?
I don't know why they have chosen SHA-256, the only argument I have read is that it will extend the life of old Bitcoin mining hardware that is no longer powerful enough to mine Bitcoin.. It makes a little sense I think.
Lately, the forks seem backed my miners. I would not discount the scam any more than Bcash.
Which miners, though? The ones with the huge server farms? That'll kill any chance of larger adoption. Nobody will want to mine unless they already have an asic machine.
The whole thing seems off...
I do not know exactly which ones will mine it, but the fluctuations in Bcash and the way it varies inversely it BTC seems pretty closely related to what the miners are doing. If it is a valid split, caused by a fork of the original blockchain, it has a chance at carrying value. Not knowing what the new (L-cash?) team is up to does not bode well though. I agree with what Richard Heart said to @ivanli about Ver and Bcash, but it carries value. If you look at as an air-drop by split, it might have value. I always wait a while though, waited 2 weeks with Bcash and more with BTG.
Sounds like the guys behind LTC have officially come out and said it's a scam and not affiliated with the LTC organization in any way.
I saw Charlie Lee's tweet, but would prefer to think it is not so centralized. I am still curious who is the actor behind it. Is it someone big on the scene of Mr. Spammy McRipoff from Chewbaccastan?
It's those unknowns that are most troubling. That's why I'm staying away.
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So what's the verdict? is this really a scam, as someone has commented?
Well, I don't know if it's a scam. One thing that I do know, the founder does not have any control over forks! It's open source code, anyone could theoretically fork Litecoin if they wanted to! This is also an answer to you @jordan1219444
LITECOIN!1
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