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Charlie Lee says Litecoin forks are scams, warns about LCC

Feb 28, 2018 Posted /  5608 Views

Charlie Lee says Litecoin forks are scams, warns about LCC

Litecoin new fork was created from the original Litecoin blockchain this month, and the new currency is called Litecoin Cash, which will be traded with a symbol- LCC. However, Charlie Lee who is the creator of the original Litecoin and a former employee of Google has tweeted a warning against the newly created fork. Lee also dismissed any association with the creation of Litecoin forks. In fact, he labeled Litecoin forks as "scams."

Lee opined that Litecoin Cash creators are trying to capitalize on the popularity of Litecoin and thinking on similar grounds as Bitcoin Cash. However, Bitcoin Cash which was created from Bitcoin blockchain last year gained immense success and also remained in controversial debates in the circles since then.

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However, in a media round interview, Lee remarked, "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 fork was announced on February 18, and as per the official Litecoin Cash website, the new hard fork has a "target block time of 2.5 minutes which gives four times the transaction bandwidth of Bitcoin, while transactions are 90% cheaper than Litecoin."

The company claimed that all Litecoin holders would be entitled to 10 LCC and the news of the offer caused the price of Litecoin to swell in 24 hours period. Hundreds of people rushed to take benefit from the announcement. However, there was continual dilemma amongst the Litecoin holders who were customers of Coinbase. The customers then tweeted to the company stating their query as to how will they receive their free LCC, when crypto-community is continuously being warned for not giving out their private keys for fear of hacking.  

The Litecoin Fork

The beginning was quite shaky as the Litecoin Cash fluctuated quite dramatically, opening at $1.40. However, it gained instant rise as of after two days later the price reached $9.25 and again dropped to $2.38 as per Coinmarketcap. As of now, (by the time of writing) the price has fallen some 22% in the past 24 hours and currently standing at $ 1.93. The main reason could be the Trading volume which is mostly deficient and can be seen selling at YoBit, TradeSatoshi, SouthXchange and CryptoBridge exchanges. As per the Cryptocurrency charts by CoinMarketCap, Litecoin is the fifth-largest virtual currency with a market cap above $12 billion.

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Tags: Litecoin scams Charlie Lee original Litecoin creation of Litecoin

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