Everyone in the crypto space is aware of the recent Litecoin pump, some say due to the announcement of Litepay, some actually think part due to the upcoming “fork” of Litecoin called Litecoin Cash (LCC).
Charlie Lee posted on Twitter saying LCC is a scam:
PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it’s related to Litecoin. Don’t fall for it and definitely don’t enter your private keys or seed into their website or client. Be careful out there!
Since on the topic of scams, any fork of Litecoin, calling itself Litecoin something or other, is a scam IMO. Litecoin Cash, Litecoin Plus, Litecoin *… all scams trying to confuse users into thinking they are Litecoin.
This also applies to all Bitcoin forks trying to confuse.
But with the way he’s wording it on his tweet, I believe he means it’s more of a theft, as in intentional branding theft of Litecoin and misleading crypto investors rather than actually scamming users for their Litecoins. Also there is no reason for a fork of Litecoin, it’s completely unnecessary and for that fact some may call this a cash-grab by the creators of LCC, or even call it scammy.
This is just my opinion, read more about the Litecoin Cash “fork” or whatever you want to call it, on the Bitcointalk thread here.
Price Prediction for Litecoin Cash
Lets say a 1:1 fork coin would roughly be a 10th of price of Litecoin, so at current rate we’ll say $22, but since LCC distributing 10:1 I think it’s safe to assume a 10th of that, which would put it at $2.20 according to my estimation.
I still believe since the fork is basically useless, maybe worth a minor pump off the bat, or a dump as people trying to rid of their received coins, my overall guesstimate would be $0.75 – $1.50 per 1 LitecoinCash (LCC).
So far only one crypto currency exchange has made any specific statement about possibly supporting the Litecoin / LitecoinCash fork. Mercatox exchange had this announcement today:
LTC processing upgrade
Mercatox is performing a scheduled LTC node system and processing upgrade The upgrade will take approximately few days. Mercatox will suspend withdrawals of LTC during this period. We apologize for any inconvenience caused, and thank you for your patience. Also we will cancel all stacked withdrawals and will ask you to order it again.
We will do our best to accept the upcoming fork which should occur on or around February 19th, 2018 and fund your accounts with LCC.
Thank you for staying with us. SOURCE
UPDATE: Yobit, TradeSatoshi, Crypto Bridge and MeanXTrade all announced support of LCC
More facts about LitecoinCash
Exchanges: Mercatox, Yobit, TradeSatoshi, Crpyto Bridge & MeanXtrade
Fork date: approx Sun February 18, 2018
Block height: 1371111
BitcoinTalk thread: https://bitcointalk.org/index.php?topic=2876538.0;all
Twitter page: https://twitter.com/LitecoinFork
Interview with Litecoincash team member