I read about how they want your private key from a wallet that is empty just to verify that you had coins at one point after the fork. Once that wallet is used it def can not be used again. They did not say you cant use that wallet again though so maybe they are hoping people will reuse the wallets dow the line and take the coins you deposit back into that wallet?
I'm on the fence and theres a couple of days to go before the fork they are paying out 10 litecoin cash to 1 ltc
thoughts?
I think personally this is a garbage coin, and isn't well received or supported. Most times when forks happen, whales will use the fomo to run up the price and dump it before the block happens so people are stuck waiting while the price plummets on them. I sold my litecoin yesterday and will buy back after the fork. Charlie himself doesn't support this fork Heres what he head to say.
https://twitter.com/SatoshiLite/status/958170338621145089?ref_src=twsrc%5Etfw&ref_url=http%3A%2F%2Fbitcoinist.com%2Fcharlie-lee-labels-litecoin-cash-scam%2F If the creator of litecoin himself is saying that this coin is a scam and a waste of time then I tend to agree.
I was thinking that.. everyone gets stuck hodlng the bag as ltc dumps especially since its in a wallet and you have to get it back on the exchange before you can sell, by that time it may already be down. perhaps its a new way to pump a coin up?
on the other side of this though I have read that the bitcoin cash fork was done the same way as this litecoin cash fork so I am on the fence about it
also, if you do recieve the litecoin cash how can you sell it if it is not on any exchange as of yet!?
It absolutely is a way to pump a coin up.. I don't think thats maybe the direct cause of the people who created the fork but whales just love the fork buzzword.. since people will attach to free dividends faster than any other thing.. the problem is its only free if youre willing to wait out the rise.. stay in through the dip and wait for it to rise again.. Check out the disrsuption of Segwit2X for example.. it was cancelled after massively pumping bitcoin then just to be implemented again at a later date.. It was valued in futures at over 1200 dollars.. then is now about 5 bucks
https://coinmarketcap.com/currencies/segwit2x/ The price of the bitcoin cooked in the gains so you don't really gain anything by holding for the fork unless youre a real long time hodler that doesn't care about the position trades or the ups and downs... Basically as a trader you have 3 choices.. you can take the dividend and not have time enough to dump (since most wallets and exchanges youd collect the fork on arent necessarily where youd want to trade anyways).. you could forgo the fork and sell during the initial pump.. or you could hodl for the last possible block before the fork and dump before others beat you to it. I personally dumped litecoin at 230 because I thought that was as high as it would go, but it could go higher in one last pump before the fork hits, depending on the anticipation (which i think personally will be low). Bitcoin cash and Bitcoin gold were both decent forks if you held bitcoin for a long time and waited for the price of the forks to pump to optimal pricing, but with each fork the community starts to groan a little more.. whats the point of valuing something so high if you have infinite copies of the same blockchain? I don't really agree with that statement, but it does make you think. I'll put some more thought into your comment about pumping the coin up, that certainly would be an interesting approach and would likely be more profitable to the developers over any gains they'd see from the coin at all (if it even gets listed anywhere to sell).