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The Litecoin Thread

traveller0101

Who here is holding some Litecoin?

What are your expectations, hopes and fears for the future?

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smacl

tcawley29 wrote: »

I'm on binance so I still have the option but don't know what wallets to use etc

I used jaxx on Windows, https://jaxx.io/

tcawley29

CelticRambler wrote: »

If your LTC are currently stored on Coinbase/Gdax, it looks like there's no point in trying to send them to an outside wallet now - service is "degraded" for litecoin transfers with many reports of transactions stuck at "pending" for several hours.

Including mine. :mad:

I'm on binance so I still have the option but don't know what wallets to use etc

CelticRambler

If your LTC are currently stored on Coinbase/Gdax, it looks like there's no point in trying to send them to an outside wallet now - service is "degraded" for litecoin transfers with many reports of transactions stuck at "pending" for several hours.

Including mine. :mad:

tcawley29

Anyone recommend any wallets for this lcc fork and whats the best procedure to follow?

Chancer3001

smacl wrote: »

Ok, will try this. Have created a new empty wallet and moved my LTC to it. Will move the LTC somewhere else so the the private key has no value before sending it on and see what happens. Don't particularly like the idea of sending private keys anywhere, but if it is to an empty wallet, no risk.

Exactly my thinking.

Private key to an empty wallet is surely fine. Especially if they're gonna put in free coins for me

garrettod

fran426ft wrote: »

....The main bone of contention I've seen that is defining this as a 'scam' is that the instigators of the fork are gifting themselves a massive chunk of LitecoinCash so this could just be an attempt to get rich quick rather than further the technology.

Hi,

Any further details on this, or a link to point me in the right direction please ?

I'm okay with people making a profit for taking a risk, or putting the work in, but within reason obviously.

Thanks,

smacl

Chancer3001 wrote: »

Why do people think you have to send your coins to a litecoincash wallet?

You don't.

You need your litecoin in a wallet tonight for the fork.

Then you send your litecoin somewhere else (back to coinbase for me ) ...when litecoincash open their wallet , u show them the private key of the now empty wallet... they verify that you owned litecoin at the time of the fork. They send u litecoincash

Ok, will try this. Have created a new empty wallet and moved my LTC to it. Will move the LTC somewhere else so the the private key has no value before sending it on and see what happens. Don't particularly like the idea of sending private keys anywhere, but if it is to an empty wallet, no risk.

Chancer3001

Why do people think you have to send your coins to a litecoincash wallet?

You don't.

You need your litecoin in a wallet tonight for the fork.

Then you send your litecoin somewhere else (back to coinbase for me ) ...when litecoincash open their wallet , u show them the private key of the now empty wallet... they verify that you owned litecoin at the time of the fork. They send u litecoincash

rapul

Thanks for the reply ,I am quite skeptical alright about sending my litecoin to a litecoincash wallet just for this coin that appears to have not been backed by litecoin itself ,just if it is legit obviously I would like to get these coins and see what happens. Just have to wait and see

fran426ft

rapul wrote: »

So does anyone have a definite answer on whether this fork is legit or not? I cant find any info to actually suggest it's real and not a scam although no definite point of it being a scam either.

Is the fork happening? - Yes
Is it a scam? - That's up for debate. If you are looking to claim the forked coins be sure to read up on how to safely claim them. You do not send coins to anyone to receive back LitecoinCash and never share your wallet private key.

The main bone of contention I've seen that is defining this as a 'scam' is that the instigators of the fork are gifting themselves a massive chunk of LitecoinCash so this could just be an attempt to get rich quick rather than further the technology.

rapul

So does anyone have a definite answer on whether this fork is legit or not? I cant find any info to actually suggest it's real and not a scam although no definite point of it being a scam either.

pro_gnostic_8

EagererBeaver wrote: »

No it's not - that's standard practice for forks/airdrops etc.

Well no, it's not standard practice.
Normal procedure is that a snapshot is taken of the blockchain at a certain block, and the forked coins are airdropped/distributed to the various addresses.

In this case you are obliged to transfer your Litecoin to a LitecoinCash wallet BEFORE you get the "new" coins. That would be foolhardy in the extreme to do so.

celticcrash

To give away 1 Litecoin for 10 Litecoin cash is beyond stupid.
Lets say you do this transaction for 1 Litecoin,($200) now you have 10 other coins that cost $20 each.
They will cost $20 dollars each. A coin that's not a part of the original LTC coin.
The true cost of the new coin would be around 25 cent. No new coin hits the market with a value of $20. Its a scam and many will fall for it and end up with egg in their face when the price drops like a brick.

EagererBeaver

Moollerice wrote: »

It's the transferring to a seperate wallet that is making people septical.

No it's not - that's standard practice for forks/airdrops etc. Can't get drops to an address to which you don't hold the private keys unless the holder of the keys (exchange/Revolut etc) decides to allocate them to you.

Moollerice

Correct me if I'm wrong but in order to get the 'free' litecoin cash tokens I think you may have to transfer you litecoin to a litecoin cash wallet and when the subsequent fork occurs then you will be credited with litecoin cash.

It's the transferring to a seperate wallet that is making people sceptical.

Chancer3001

Yeah but who cares if its scam

It's free coins. Even if they're worthless it costs nothing.

If they're worth 10 cent each then happy days

UnknownEntity

Is it just me or does anyone else feel that the recent surge isn't mainly because of the fork? It's been widely documented that it could potentially be a scam, even by Charlie himself!

Dohnjoe

grindle wrote: »

For people worried about short term dollar prices that might seem important but most traders are looking at it's relation to either BTC or ETH rather than USD.

99% of people are interested in the short and long term dollar value, because that's the amount they can cash out in. And also because the dollar doesn't move much in comparison to super volatile cryptos

papu

LiteCash wrote: »

So the Fork is supposedly happening on 26th February (I still think this is a scam) and Litpay is launching on 26th May?

No , the fork is occurring at block 1,371,111. which should be around the 18th of Feb... The litepay release is the 26th of Feb...

LiteCash

So the Fork is supposedly happening on 26th February (I still think this is a scam) and Litpay is launching on 26th May?

papu

Chancer3001 wrote: »

You reckon there will be a dip after the fork because people have the tokens and don't want the litecoin?

I'd reckon so, people will buy before the fork (probably whats happening now) then sell it all after the fork

Chancer3001

You reckon there will be a dip after the fork because people have the tokens and don't want the litecoin?

papu

GalwayGaillimh wrote: »

If you buy a litecoin on Revolut and it forks how do you get the new litecoin fork cash? Do Revolut pocket it?

Probably, since you dont have any kind of wallet address to verify ownership. same with coinbase, it's up to the exchange to give you the forked coins (and then allow it to be traded etc)

I'm skeptical to the max of Litecoin cash, Charlie Lee (founder of Litecoin) has called it a scam. I'm probably going to sell before the fork.. and buy the dip afterwards. Litepay on the 26th may give another opportunity to make some profit.

GalwayGaillimh

If you buy a litecoin on Revolut and it forks how do you get the new litecoin fork cash? Do Revolut pocket it?

grindle

Benildus wrote: »

As a percentage of BTC yes, but as it's own price - no.

For people worried about short term dollar prices that might seem important but most traders are looking at it's relation to either BTC or ETH rather than USD.

Benildus

jester77 wrote: »

https://cryptocoincharts.info/pair/ltc/btc/btc-e/alltime

As a percentage of BTC yes, but as it's own price - no.

jester77

Benildus wrote: »

It had it's highest price in December'17

https://cryptocoincharts.info/pair/ltc/btc/btc-e/alltime

Benildus

jester77 wrote: »

Hard fork this weekend is driving this, at its highest price since July 2015

It had it's highest price in December'17

jester77

Hard fork this weekend is driving this, at its highest price since July 2015

august12

Chancer3001 wrote:

It's crypto world. Every time you buy they'll instantly dip.

Chancer3001 wrote:

When you don't buy they rise.

I couldn't agree more, exactly what happens me most times, nice to see it increasing though.