For those who aren't already aware, at around 02:00 UTC on Monday 19 February (Litecoin block 1371111) Litecoin is being forked to Litecoin Cash - and everyone holding Litecoin will automatically receive 10 Litecoin Cash for every Litecoin they own. Charlie Lee is dead set against it, and it remains to be seen whether or not there is anything of any inherent value to the fork... but still, everyone likes getting free stuff - so it may be worth the small time and effort cost of claiming... maybe!
The only point of difference I can see is that the Litecoin Cash network will use the SHA256 hashing algorithm instead of Scrypt - so this will allow older legacy Bitcoin mining rigs, that are now too feeble to do anything with Bitcoin, to cross over and retain some value mining Litecoin Cash. Maybe, just maybe, this will translate to some backing from a few old-school Bitcoin pools, who knows?
They are also claiming "superior mining difficulty retargeting, via the proven DarkGravity algorithm used by Dash" and a 90% reduction in transaction fees.
Irrespective of how cynical you might be about the soundness of the project - if you DO want to claim the coins, approved procedure would be:
- Wait for the fork
- Transfer your Litecoin to a new address
- Use the private key for the "old" address to claim your Litecoin Cash
Finally, if this post was at all helpful to you, please do consider meriting it - I hit enough activity to be a member yesterday, and I'd love to be able to upgrade.
Stop scamming people you fool,there will
NO LTC FORK as per Charlie Lee's announcement on his twitter.
Get a real job or do trading isntead of creating FUDs to scam a lot of people.You are the reason why our market is bleeding so much,scammers like you should be hang to death.
READ THIS :
https://bitcoinist.com/charlie-lee-labels-litecoin-cash-scam/
