Walmart Confirms Litecoin Partnership Is Fake

[The Ghoul]

There are many such acts of using fake news to manipulate the market. If someone can make a table of all the price fluctuations caused by fake news, I guess this table will be very interesting.

Or where can I get comprehensive "fake news"？

[matjas]

Recently, Litecoin price spiked up and immediately got dumped. If anyone wondering that is because there are rumours spread around about Walmart will accepting Litecoin payments.

The announcement itself was tweeted by the @litecoin Twitter account, then shortly the tweet was deleted.

Wow, I hope this wont open pandoras box and we will see similar fake announcements which would lead to pump and dumps as we saw it today. Its hard for me to think that wont be the case.
It is scary to see how far people will go to get some fraudulent quick money.

[LogitechMouse]

Look how the chart of LTC/USDT. Hahahaha. A lot of people got rekt here for sure after this fake news spread, in just minutes we saw a lot of liquidation on Litecoin.
as what vv181 said, Litecoin Foundation already has a statement on what happened. Major problem here was the official Twitter account of  Litecoin shared a link of fake news partnership with Walmart.

I'm curious what happened to those investors who bought at the peak of it . Are they holding still right now. Did they sold at a loss. The picture is very funny TBH .

I saw this news also in one of my crypto news application on my phone. It sent me a notification regarding this but I simply ignored it because I don't hold any Litecoin TBH but when I saw that this partnership was fake, I laughed and thinking what happened to those investors who got FOMO'ed .

TBH, this decreases the reputation of the project. These fake partnership might have long term effects to the project itself. Investors might lose some trust with the coin because they are spreading fake information and fake partnerships. I just hope that those who are trusting Litecoin will not go away and will stay in trusting the project.

[bryant.coleman]

I have been around for almost 10 years in the cryptocurrency sector, and I can say with 100% surety that this is not the first time I am witnessing such an incident. There is some sort of tolerance in the world of cryptocurrency towards fake news. I have seen established crypto-news portals such as Cointelegraph churning out fake news at a rate of 1 article per hour. Since they use fake news mostly for the purpose of clickbait, we don't usually complain about it. But here, fake news was used to manipulate the market. That is a different topic altogether.

[Spack17]

Yes, the price was affected really huge like around $60. But after it turns out to be a false alarm, the price went down to its usual levels. It was actually nice to hear that Walmart started accepting Litecoin payments first. It would be a nice addition for Litecoin's adaption process. As far as I know, Litecoin is not too popular among the other cryptocurrency payment methods or I may be wrong about it. 

[mu_enrico]

I'm surprised at how quick the price went back to normal even with this coordinated pump. Imagine if Charlie et al. went along with the scam, the pump would be massive! One thing for sure is that they should fire their twitter PR guy. The coordinated pump with fake news was disappointing, but how people not falling into the scams giving us the sign that the community is more scam resistant nowadays.

[ethereumhunter]

After the price spike to the high price, no wonder is back to the lower price and get a red candle because if the news is real, that can give Litecoin another good time to lift the price. But Litecoin still has a chance to increase, especially if the bitcoin price can back to the high price so we can hope that the next news will be real and that can trigger the price to increase. But congratulations to people who already sold their Litecoin at the last pump and I am sure they will wait for the next pump

[cabron]

I'm surprised at how quick the price went back to normal even with this coordinated pump. Imagine if Charlie et al. went along with the scam, the pump would be massive! One thing for sure is that they should fire their twitter PR guy. The coordinated pump with fake news was disappointing, but how people not falling into the scams giving us the sign that the community is more scam resistant nowadays.

I was more surprised that mainstream media are also publishing the story about walmart accepting LTC without  verifying its authenticity. Coindesk also did the same thing even the Litecoin official twitter tweeted it about it when the news wasn't even coming from wallmart itself.

They were all disappointed when walmart itself said its not true. Of course its  true. Why in the world will they choose LTC when there is BTC?

[Sir Legend]

Negative issues are common in cryptocurrencies, we shouldn't be surprised because since bitcoin has been around since 2009 there has been a lot of negative news about cryptocurrencies aimed at giving pressure and fear to crypto owners, even though Wallmart confirmed this information but this has no impact on Litecoin, instead the price goes up about 3%.

[bitgolden]

I have been around for almost 10 years in the cryptocurrency sector, and I can say with 100% surety that this is not the first time I am witnessing such an incident. There is some sort of tolerance in the world of cryptocurrency towards fake news. I have seen established crypto-news portals such as Cointelegraph churning out fake news at a rate of 1 article per hour. Since they use fake news mostly for the purpose of clickbait, we don't usually complain about it. But here, fake news was used to manipulate the market. That is a different topic altogether.

We do not even have to go back to when we started, there was a talk about how amazon will accept bitcoin just recently and this sudden push was around those times as well. Amazon said that it was wrong but the price was already high. I can't say that I am too upset over the fake news like these, they may not be ideal but they surely do end up making the prices change a lot and that is a good thing, I personally rather see that then anything else.

Sure, it would be awesome if amazon accepts bitcoin and walmart will have a partnership with litecoin, that itself would be awesome but I rather have fake news like these than no news at all since it works for me. Normally fake news are bad but in this case they do help us get the prices higher so why would be mad about something that is benefiting me? I hope there are more of these in the future as well.

[tvplus006]

I was more surprised that mainstream media are also publishing the story about walmart accepting LTC without  verifying its authenticity. Coindesk also did the same thing even the Litecoin official twitter tweeted it about it when the news wasn't even coming from wallmart itself....

The fake news was published by Twitter @litecoin without verification, as it was posted on a fake website Walmart, whose domain was specially registered for this scam. I wrote about it here: https://bitcointalk.org/index.php?topic=5359767.msg57931574#msg57931574 You need to be prepared for the fact that now they will try to repeat a similar scam with other coins.

[Fivestar4everMVP]

...I wonder why would such an unverifiable announcement got released. Does anyone know why that happening? Does the Twitter account got hacked or something?..

It is obvious that such fake news is produced for the sole purpose of making a profit. It is quite possible that someone sold off LTC at a higher price before the subsequent decline. It is surprising that litecoin acted as a locomotive, after which the price of major cryptocurrencies, such as BTC and ETH, increased.

While I was reading the OP's post, i also had the same thought that some Probably did this on purpose, to enable them(if they are a group) or him or her sell their litecoin at a very higher price, what ever be the case, lucky were those who sold their litecoin at the peak of the flash pump and sorry to those who bought it at that peak as well, hopefully, the entire crypto market will recover very soon and they get to sell at even a higher price than they bought it.

[livingfree]

There are many such acts of using fake news to manipulate the market. If someone can make a table of all the price fluctuations caused by fake news, I guess this table will be very interesting.

Or where can I get comprehensive "fake news"？

It is because they know that even showing fake news, will make the market move to their likings.

Well, just consider every news that comes out with known and unknown sources to be verified first. That's my take to it that it should be validated first so that it will be known if it's fake or not.

[Fundamentals Of]

This is a proof that buying the rumor and selling the news is still working out even in a different way. Lol.

But it is now debunked, let this be another great example for newbies not to fall for this kind of trap, otherwise if they invested on the top, damn, another big lost for them. Good for those who was able to cash out and get their profits though. This is a cat and mouse game, and those who survived are those who know how to play not by the rules, sad to say.

Exactly, it's kinda like a PnD scheme, isn't it?

We couldn't be sure about this. But I think Litecoin developers are not directly involved in this if this was indeed a planned pump and dump scheme. Litecoin is unlike many shitcoins that are just pump and dump coins. Litecoin is certainly more than that.

Although it was a mistake on the part of Litecoin to just publish what is clearly an unverified report taken from Reuters, they showed that they haven't the slightest of intention of misleading the public with that fake news.

[cabron]

I was more surprised that mainstream media are also publishing the story about walmart accepting LTC without  verifying its authenticity. Coindesk also did the same thing even the Litecoin official twitter tweeted it about it when the news wasn't even coming from wallmart itself....

The fake news was published by Twitter @litecoin without verification, as it was posted on a fake website Walmart, whose domain was specially registered for this scam. I wrote about it here: https://bitcointalk.org/index.php?topic=5359767.msg57931574#msg57931574 You need to be prepared for the fact that now they will try to repeat a similar scam with other coins.

My gad. It's a shameless attempt so basically, it was organized. Not sure if they can investigate point who did this but it's destroying the reputation of cryptocurrency when they do this. Those who are trying to join to seize some LTC quickly to make a profit must have been punked.

LTC dev might not be involved in it. But I think whoever put a big sell wall during that time is part of it.

[Sithara007]

We do not even have to go back to when we started, there was a talk about how amazon will accept bitcoin just recently and this sudden push was around those times as well. Amazon said that it was wrong but the price was already high. I can't say that I am too upset over the fake news like these, they may not be ideal but they surely do end up making the prices change a lot and that is a good thing, I personally rather see that then anything else.

Sure, it would be awesome if amazon accepts bitcoin and walmart will have a partnership with litecoin, that itself would be awesome but I rather have fake news like these than no news at all since it works for me. Normally fake news are bad but in this case they do help us get the prices higher so why would be mad about something that is benefiting me? I hope there are more of these in the future as well.

I disagree 100%.

You are essentially saying that you are fine with market manipulation using fake news, as long as it benefits you. This is plain wrong. How can you be sure that it will remain beneficial in the long run? IMO, it will scare away many potential investors, including institutions. And when someone is manipulating the market and gaining from it, on the other side there will be someone who is losing money. This can be some noob who has just made his investment with cryptocurrency, or some experienced trader who made a mistake in investing when the prices are high.

[rozak]

We do not even have to go back to when we started, there was a talk about how amazon will accept bitcoin just recently and this sudden push was around those times as well. Amazon said that it was wrong but the price was already high. I can't say that I am too upset over the fake news like these, they may not be ideal but they surely do end up making the prices change a lot and that is a good thing, I personally rather see that then anything else.

Sure, it would be awesome if amazon accepts bitcoin and walmart will have a partnership with litecoin, that itself would be awesome but I rather have fake news like these than no news at all since it works for me. Normally fake news are bad but in this case they do help us get the prices higher so why would be mad about something that is benefiting me? I hope there are more of these in the future as well.

I disagree 100%.

You are essentially saying that you are fine with market manipulation using fake news, as long as it benefits you. This is plain wrong. How can you be sure that it will remain beneficial in the long run? IMO, it will scare away many potential investors, including institutions. And when someone is manipulating the market and gaining from it, on the other side there will be someone who is losing money. This can be some noob who has just made his investment with cryptocurrency, or some experienced trader who made a mistake in investing when the prices are high.

very true what you say. Fake news will actually frighten new potential investors. even for those who have entered the project. Even though I haven't made a profit, I think trust in the project must have been flawed.
something bad has done LTC. this definitely has an impact also for their long term market.

[gaston castano]

i thought it was genuine but seeing walmart as the biggest retailer in america if want to make payments via crypto i think i would choose btc as the main one. however since this news is fake it seems that some parties are using it to take short advantage.

[geegaw]

There are many such acts of using fake news to manipulate the market. If someone can make a table of all the price fluctuations caused by fake news, I guess this table will be very interesting.

Or where can I get comprehensive "fake news"？

Currently there are too many fake news, social media gives space for anyone to become a journalist or resource person, especially with the viral feature, fake news is easy to spread so we have to be careful and always look for official information, for me this is not too influential, I still hold Litecoin because without Wallmart Litecoin will continue to shine

Since Walmart's embrace of crypto intentions has also been shared recently and as a result, this fake news is almost true for most crypto users, it must also be acknowledged that the person who came up with this source is actually a person who skillfully stitches together the smallest Walmart interactions to incorporate a Walmart related photo in this fake pump event. Litecoin holders have suffered a painful slip-up in this scheme, but perhaps a bit of the reverberation is a re-polishing of Litecoin's hinges.

[wheelz1200]

Obviously fake.  Can't believe litecoin actually pumped over that.  All ypu had to do was look for a Walmart announcememt and there was none. Crappy part is some people lost some sizable money on that fake news pump.  If it sounds too good to be true it probably is.  Why would they choose litecoin over bitcoin anyway?