Hey guys!
Many of you have probably heard of Litecoin Cash, which is supposed to be the first hard fork for Litecoin. Litecoin Cash is already presented as a faster and cheaper crypto with less complicated technology than basically used by competition.
After an ''official'' statement was made on bitcointalk.org, the word has been spreading like wildfire. The fork is called Litecoin Cash. Word is in the air that it will give all current Litecoin holders a 10 : 1 disbursement of LCC. Last but not least, Litecoin Cash will revert the algorithm to SHA-256.
But why??
I noticed that the team behind this fork are trying to remain anonymous as one can easily find out on their website, since they basically provide only first names of their members and in some cases even nicknames, with no links or detailed information whatsoever.
Furthermore, in addition to staying anonymous, they are also claiming a one percent premine for themselves. This is a significantly smaller premine than seen in other projects.
Is this fork legit??
Hell No! Stay away from it! Do not send your coins anywhere in order to be eligible for this ''fork'', do not use your private keys. Charlie Lee, also known as coblee, (Creator of Litecoin, Cryptocurrency Enthusiast, Ex-Director of Engineering at Coinbase) made sure to tweet about this so there's no misunderstandings regarding this issue:
Shoud I care about Litecoin Cash??
Certainly NOT. This fork appears to have no serious use cases or any advantages over LTC. Crypto investors are rarely interested in the supposed plight of SHA-256 miners. Miners will always choose to mine projects that get them a steady return. This fork looks like a weird attempt to make some green, and not to actually accomplish anything at all.
The team of Litecoin Cash is just hiding in anonymity and trying to swap the algorithm in order to increase the supply ten times. They need to be more specific and transparent for LTC holders to care.
What do you think?
I might be wrong but I'm too suspicious about this!
Disclaimer: Everything mentioned above is my personal, humble point of view. What does that mean? It means you can make of it what you wish. I'm not suggesting anything at all. If you do want my advice though, then ALWAYS invest less than you can afford to lose and NEVER invest more than 10% of your funds in anything. Needless to say, you should always do your own research and trust your own gut feeling.
Thank you for your attention!
Always do your own research and stay away from scams!
Be healthy, happy and kind!
