Separating the Litecoin Cash Fork Fact From Fiction
The Litecoin cash fork is slated to happen at block 1371111 (on February 18, 2018). There has been a lot of FUD and speculation, just like with any other fork. We clear up the rumors and separate the fact from the fiction.
So what do I mean by speculation and FUD? I mean:
- Speculation, in that the price of Litecoin rose in anticipation of the fork (and of Litepay and naturally as crypto has recovered some ground recently) and in that people have been speculating on whether the fork was real or not.
- FUD, in that there is a lot of panic being stirred up on social media centered around the idea that Litecoin Cash may be a scam or is fake.
To address this:
First off, Charlie Lee the creator of Litecoin indirectly called the fork “a scam” in a recent series of tweets that included the following tweet.
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.
— Charlie Lee [LTC] (@SatoshiLite) January 30, 2018
These tweets were misunderstood, as implying that “the Litecoin Cash fork is fake.” However, this isn’t what Charlie said or what he meant. It could be fake, but his tweet was simply implying that all forks that use the name of the original coin are “scams.” Thus he was essentially calling Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, Litecoin Cash, etc. etc. “scams.”
We know Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, etc. were all real. So keep that in mind.
Also, keep in mind that everyone assumed those Bitcoin forks we mentioned would be fake as well.
In crypto sometimes people form very strong opinions based on very little information. Other times people seek to spread misinformation to affect the price.
The reality, and the only real reality here is that no one (other than the developers of Litecoin Cash) knows if the Litecoin Cash fork is going to be real or not. If it is real, you’ll need to be in Litecoin in a wallet where you control your private keys or on a platform that supports the fork by block 1371111.
Meanwhile, the idea it is “a scam” is, at best, a matter of opinion.
SIMPLE. That is the only truth.
Now with that covered, those holding Litecoin should expect some temporary volatility in price.
With all this considered, it doesn’t make a ton of sense to hold Litecoin solely for the fork if it wasn’t on your radar already. In crypto holding just for an event, as opposed to buying the rumor and selling the news, is typically the best short-term move for a trader who doesn’t care for the coin being discussed.
For those who do stay in Litecoin for the fork, it makes sense to wait to claim the coins until someone creditable has reviewed the code for the Litecoin Cash wallet and confirmed it is safe. Likewise, it makes sense to ignore the FUD from people who are certain that they know the fork will be real or fake or that know exactly what Litecoin is going to do in terms of price.
Check out our article on everything you need to know about Litecoin Cash fork for more details.
UPDATE: It seems the fork was real and LCC ended up traded for between $7 – $9 shortly after block 1371111. This goes to show it is generally a smart move to assume a fork is real and follow best practices accordingly.