Cryptopher: ☠️ Litecoin Forking To Litecoin Cash? Beware The Darkside... ☠️
The Litecoin hard fork is here, and they promise to give you 10 Litecoin Cash for every Litecoin you possess in a wallet. They need your private key in order to take a snapshot of the contents of your wallet. If no Litecoin is in the wallet, you don't get Litecoin Cash. You must leave the Litecoin long enough for the "snapshot", but what if they withdraw the Litecoin instead of taking the snapshot?
Again, the LTC must be in the wallet, before you reveal the private key. Most people won't understand this process. There is a timing window for the snapshot. If you remove the LTC too early, it will not register on the snapshot, so you basically permanently compromise that wallet for nothing. If you fail to transfer the LTC to another wallet, before revealing the private key, this leaves your LTC vulnerable (if this is a scam, which it most likely is).
The risks outweigh the benefits, in my opinion. The two dangers I just mentioned are a couple of the NUMEROUS ways that the scam could go down. I am not asserting that this is a scam. It COULD be a legitimate transfer, but it is something that I am personally uncomfortable with. If I can mine it quickly, I would rather do that and store the LCC in a wallet after that.
The other issue I have is that Charlie Lee said that Litecoin is not a "forkable" cryptocurrency (outside of the original developers), so any forking is not off of Litecoin. It is instead a forking off of an ERC-20 token (etherium based). The Litecoin-Cash contract address is 0x7747AeB32D89E527e5eBBf646871ca79805989Ad, so if we enter it into etherscan, it registers as an ERC-20 token fork ( https://etherscan.io/token/0x7747aeb32d89e527e5ebbf646871ca79805989ad ). If I'm not mistaken, many scams have taken place posing as forks off of other tokens, when they are ERC-20 token-based (Monero Gold comes to mind: https://medium.com/@support_51806/monero-gold-xmrg-statement-de163e73c610 ).
Either way, whether you agree with me or not, you are free to do as you please. I prefer not to get scammed. I like to check my greed at the door, when things are too enticing. In my book, too much money for nothing leaves you with nothing for money.
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