what do you think @etcmike of the up coming Litecion fork. Some say it is a scam. I have a little Litecoin
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what do you think @etcmike of the up coming Litecion fork. Some say it is a scam. I have a little Litecoin
I think the price of Litecoin could rise in the days leading up to the fork.
To Litecoin holders Litecoin Cash will be a free coin. In that way it is good. However, I do not know how the value of Litecoin Cash will behave after the fork.
I am currently holding a few Litecoins with a hardware wallet. I will not claim the Litecoin Cash coins until it is clear that it is safe to do so. I will likely not claim the Litecoin Cash coins until my hardware wallet can handle them.
Just like the Bitcoin Gold fork, one must be cautious. I have yet to claim my Bitcoin Gold coins.
In the end, I plan to learn from others who have claimed the Litecoin Cash coins and learn from them. Right now, as I understand it, you have to turn over your private key in order to claim the Litecoin Cash coins. There is a way to do this safely, but I am skeptical right now.
Do I think it is a scam? I am sure there will be some people who will be ripped off because they were careless with their private key.
My advice: Wait. The snapshot at the time of the fork will preserve your right to claim the Litecoin Cash coins anytime after the fork. There is no harm in waiting and learning from the experience of others.
If that was not clear, let me know.
Have a great week!
Steem on,
Mike
Thanks! @etcmike I have my Litecoin in Poloniex exchange. Does this means I will not get the Litecoin Cash coins?
Having your Litecoin on an exchange does not guarantee you will get the Litecoin Cash. This is pure speculation: If Poloniex honored the Bitcoin Cash and Bitcoin Gold forks from Bitcoin, then it is possible to that Poloniex will honor the Litecoin Cash fork.
The best bet is to move your Litecoin to a wallet where you control the private key.
I will have a minuscule amount of Litecoin on Coinbase at the time of the fork. I am willing to forgo any Litecoin Cash from the Litecoin I hold on Coinbase.
The rest of my Litecoin is on a Ledger hardware wallet where I control the private key. This guarantees that I will be able to claim the Litecoin Cash coins in the future.
Bottom Line: Since I do not have a Poloniex account, I do not know if they will honor the fork. I would check the Poloniex Exchange's FAQ or contact their support desk.
Have a fantastic week!
Steem on,
Mike
Thanks! @etcmike Will check it out.
Have a fantastic week too!
I heard a wild prediction for Litecoin by the end of the year. It was predicted to be between $15,000 and $25,000.
I will be pleasantly surprised to see numbers like that before the end of 2018.
Have a fantastic weekend!
Steem on,
Mike