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Thursday, February 15, 2018

Litecoin Cash is coming, but we don't want it...

The "Litecoin Cash" hard fork is coming Sunday and it has a lot of people confused.  Major media outlets even pointed to this fork as a reason for Litecoin's rally the last couple days - however, that wasn't the case as traders within Litecoin forums virtually all cited LitePay as the reason for raising their investments in the currency.

So, what is Litecoin Cash? Let's take a look.

- It isn't an upgrade.  

The stated goal of the "Litecoin Cash" team is to change the mining algorithm from Scrypt to SHA-256.  Basically, like Bitcoin was. The "Litecoin Cash" team  says transactions will be 90 percent faster than the original Litecoin, however, these numbers are accurate when you have a lot of miners and not a lot of transactions.  Look to Bitcoin's transaction times if you're wondering what happens when SHA-256 mining is put under a heavy transaction load.  Oh, and toss in insanely high energy usage into the list of problems as well.

In an interview with Smartoptions, "Litecoin Cash" developer going by the name "Tanner" stated "Looking through the CoinMarketCap front page, we were really surprised that there were so few choices for SHA256 miners." well... there's a reason for that.

- This has nothing to do with Litecoin.

Charlie Lee, founder of the real Litecoin stated:

"...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."

The "team" behind Litecoin Cash doesn't deny they're just stealing the name and making a new coin, saying:

"We’re using the Litecoin Cash name simply because it has become customary in recent months for a coin which forks a blockchain to prefix its name with the name of the coin being forked. This practice has become a widely understood convention. We’re not associated or affiliated with Charlie Lee or any of the Litecoin team in any way; we are big fans though."

- Who the hell is this "team" behind it?

Nobody is sure who these guys are. Mysterious photos that reverse image searches can't find, first names only - and even a unicorn as their PR person (which ironically is a pretty bad PR move.)

 Red flags.

- Over supplied, and lack of support.

The supply is 10 times the size of the original LiteCoin - 840 million coins. With no word of exchanges, or wallets planning to support it.

Conclusion - what do you need to do to prepare for the fork? Nothing. Because it doesn't matter.

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Author: Adam Lee
Asia News Desk