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RE: "Be careful out there!"

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juanmiguelsalas (68)in #discussion • 7 years ago

I do not agree with Charlie. He is just defending his creation. Here is an interview with one of the devs from LCC where he explains everything.

Not scam and very secure hardfork

https://smartoptions.io/interview-litecoincash/

Btw same happens to him when he created LTC forking BTC ... but it is always different to be in "the other side"

7 years ago in #discussion by juanmiguelsalas (68)

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everittdmickey (73) 7 years ago

the LCC team describes a way of claiming the free coins on their website by the use of their wallet – which needs the private key.

yeah..right.
good luck with that.
Let us know how it turns out.
Now I'm even MORE concerned.

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juanmiguelsalas (68) 7 years ago

Did you read this part too?

At every step, we encourage “safe forking”. The golden rule is that you never, ever use a private key that holds live coins to claim fork coins — including ours! After the fork block, the very first thing you do is move your Litecoin to a new address, so that the private key which held your coins during the fork is now worthless on the Litecoin network. That key, worth zero Litecoin, is what you import into the Litecoin Cash wallet to claim your coins.

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everittdmickey (73) 7 years ago

what THAT sounds like is even MORE disturbing.
"I promise we wont use your keys...just let us borrow them for a little while"

where have we heard THAT before?

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juanmiguelsalas (68) 7 years ago

"I promise we wont use your keys...just let us borrow them for a little while"

Yes, he will use the keys of a wallet without ANY LTC. I did not write the complete process but he explain you should download a wallet you will never use again and put your LTCs there and after the fork-block you send them again back to the original wallet you had them before.

I still not see any risk associated with this process.

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juanmiguelsalas (68) 7 years ago

I thought the same as you watching Charlie's tweets but that made me investigate and I found this interview. At least for me it explains very well all the doubts that I may have about how safe the process is, the reasons, etc.

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everittdmickey (73) 7 years ago

you might find this interesting. I had to watch it several times....yankees talk faster than i can listen.

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juanmiguelsalas (68) 7 years ago

Btw thanks for the video!

Pd: For a reason I do not remember now I forgot to push the Post button today in the morning for this comment but is never to late.

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everittdmickey (73) 7 years ago

good luck with that.
let us know how it turns out.

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juanmiguelsalas (68) 7 years ago (edited)

heheheh the nice Luke, I met him at Steemfest 2, someone you're very happy to talk with, he always has something interesting to ask or say.

Btw, I already have some value comming from LCC ;) I still have an old mining SHA256 thrown around that I will be able to use to mine LCC. From the interview.

We couldn’t find a single coin that uses SHA256 while having fast block times and an effective retargeting algorithm, and that was very interesting to us. Wherever you weigh in on SHA256 vs Scrypt, you can’t deny there’s a whole lot of SHA256 mining hardware out there.

At the moment, those miners have extremely limited choices for where to send their hashpower; realistically, it’s going to be Bitcoin or Bitcoin Cash. In both cases, there are inconveniences. Blocks are slow. Difficulty retargeting, while improved in Bitcoin Cash, is not great.

It looks like I'm going back to my old mining days ... at least for a while ;)

Also you get this.

Litecoin’s 2.5 minute block target is great and allows for fast transactions. The issue is the difficulty adjustment, which leads to that target block time not being met very accurately. This can be nicely demonstrated by the countdown to our fork block on our website, which has slipped over 6 hours earlier over the last few days, and is now looking like being Sunday evening instead of Monday morning!

All this is because Litecoin’s mining difficulty is only adjusted every 2016 blocks. This means the network can’t deal very effectively with rapid changes in available hashpower. We address that by using DarkGravity, which adjusts the difficulty target every block to give more consistent block times however much hashpower is available on the network.

For the records .. I do not own BCash or BGold or BDiamond or any of the BTC forks. But this one looks different.I will keep u update with what will happen on Monday. And if you have some LTCs around, it will do not harm you to put them in another wallet just for two days ;)

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RE: "Be careful out there!"

Not scam and very secure hardfork

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