My readers come here for the latest and greatest in tech and crypto news. Today I'd like to share a few thoughts on the upcoming Litecoin Cash fork.
In this article I'll go over a few important facts about the upcoming fork and why it may be a good thing for litecoin overall.
According to a recent article on coindesk:
Litecoin cash's developers claim they simply want to use an existing codebase to create a newer and better form of online exchange. Also, by changing litecoin's underlying mining algorithm to the one bitcoin uses, they argue litecoin cash will bring new life to old, abandoned mining equipment in a kind of strange recycling attempt.
Well this is certainly an odd goal and this may just be an attempt at a cash grab by the projects developers or they may have a sincere desire to create a project that builds upon Litecoin in new and interesting ways.
Litcoin creator Charlie Lee certainly doesn't see this project as being much of a competitor and in fact when asked about the project he had the following words of wisdom to share:
"Be careful out there!"
Charlie Lee isn't very keen on the move to create the new litecoin cash fork. Considering Litecoin is the fifth largest cryptocurrency by total value this may be a very good play by the creators of Litecoin Cash.
Lee had a few more harsh words about the project calling it a "scam," and further warning users: "Don't fall for it."
It is also interesting to note that litecoin cash's developers admit they have no ties to the official litecoin project and don't really see it as a competitor.
According to litecoin cash's developers their main aim was simply to use an existing codebase to create a newer and better form of online exchange. They also argue that litecoin cash may bring new life to old abandoned mining equipment. It could even be described as some sort of 'strange recycling attempt.'
Of course this has done great things for Litecoin's price because if we've learned one thing, its that crypto users always get excited about "free" money.
When asked to expand on this fork, Lee had this to say:
"It confuses people into thinking litecoin is splitting. The litecoin community has no interest in splitting. It's just some people trying to make a quick buck. And calling it litecoin gives them some legitimacy."
The man behind this fork, Tanner, had the following words in response : "I think [Lee]'s absolutely right to stick to his guns and protect his project and community. I don't expect him to change his mind about us but hope that if anything he'll eventually recognize that we're trying to teach people to be safe."
Again, if you are wondering how people feel about all of this well, I doubt they care much, clearly the price is skyrocketing and crypto investors are obviously interested in it for the free money.
Litecoin cash argues they're using the litecoin prefix simply because it's just become common practice of late. "Anyone who's paid attention through the bitcoin forking period hears 'litecoin cash' and instantly understands that it's a fork of litecoin," Tanner said.
As a professional writer and marketer I know for a fact that this is a fantastic business tactic. These guys know what they are doing. One of the keys to success in marketing is gaining attention for your product or service. Obviously its better if people like your product rather than dislike it but just getting them to know about it is a huge step forward!
Tanner is a pretty funny guy. When asked to expand on his thoughts about Lee's reaction he said, "I can't deny it also appealed to our sense of humor to poke the wasp's nest with our naming choice."
Finally Tanner argued that the project is really trying to stand out from litecoin and create a quality blockchain but he also added that "there will be forks that follow us, who do seek to confuse you, and do seek to scam you."
I would say based on the reaction to this fork that there will most certainly be forks to follow this one!
Still, Lee seems to think that litecoin cash is completely lacking any real value, concluding:
"In my mind, it's just a scam and it hurts litecoin."
One thing is for certain, this whole messy business of forks is getting more and more common in crypto. It was just a matter of time until an opportunist looked into a big public fork of Litecoin based on its recent popularity and its close ties to Bitcoin.
What do you guys think about this upcoming fork of Litecoin Cash? Is Charlie right when he says there is no merit here whatsoever?
Please leave thoughts and comments below.
Thanks for reading @Techblogger!
Source:
No, 'Litecoin Cash' Isn't Bitcoin Cash All Over Again - CoinDesk
Image Source:
CoinDesk