As the cryptocurrency world moves past its infancy, it also finds that certain facts will always hold true in the industry: people will “hodl” their cryptocurrency in hopes of gaining future benefits from increased value, new cryptocurrencies will keep emerging in the market to be valued by these individuals, and some of these new cryptocurrencies would simply be a “fork” of the originals.
One such “forked” coin is Litecoin Cash, which rides on the coattails of Litecoin and had its fork go into effect on Sunday, February 18, through block 1371111.
The fork claims to improve upon the Litecoin blockchain by enabling SHA256 mining, increasing the block time, and offering 90 percent less transaction fee as compared to Litecoin itself.
However, as with other forks that have went into effect in the past with the likes of Bitcoin (Bitcoin Cash and Bitcoin Gold to name a few), this particular fork has not been received positively by the community that is loyal to the original token, Litecoin, even the founder of Litecoin, had some choice words to say on the matter.
Charlie Lee warns against Litecoin Cash
When news broke of this move, it was soon clear that it was indeed inevitable because when it comes to creating hard forks, not many things can stop that from happening, especially, if the team behind the initiative knows how to work on a blockchain.
Therefore, instead of futile attempts to stop the hard fork from happening, Charlie Lee, founder of Litecoin, issued numerous warnings and statements through his Twitter feed, explaining to people how the hard fork was not associated with the original Litecoin team and how it should not be considered as a credible cryptocurrency.
In one of the series of Tweets by Lee, he called Litecoin Cash a scam and stated that any coin which uses the name of the original is simply trying to cash in on the original’s success and brings nothing new to the table if it does not even use its own name.
“… 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.
This also applies to all Bitcoin forks trying to confuse.”
It would be prudent to mention that Litecoin itself is considered a fork from Bitcoin, with a different hashing algorithm, a decreased block generation time, and a somewhat modified GUI. However, Lee’s stance on not using the original’s name to scam people holds true in even this sense, since Litecoin coined its own term when it came into existence.
While this goes on, both coins are enjoying a rise in value
Lee might not support Litecoin Cash, but the new coin is doing pretty well regarding value.
It rose to an unprecedented high by more than 675 percent in its first 24 hours, reaching $9.28 from where it began at around $1.20.
Soon after the launch of Litecoin Cash, Litecoin itself recorded its highest value since a month’s time, which went on to signify that the fork did not have any immediate negative effects on the original.
Litecoin rose by more than 135 percent from its recent low in the first week of February and is trading at around $246 at press time.
While the heated comments would most likely continue from both parties, the success that they are enjoying is worth noting. However, it remains to be seen how they are received in the next few days and if latter of them surpasses the other regarding value.