LitecoinCash hit the cyrptosphere with a bang Sunday, February 18th. The creators offered 10:1 for each LTC you held at the fork. While this was exciting and garnered a lot of interest, the LCC team failed miserably in instructing holders of LTC on how to get/claim their windfall.
The hoops one had to jump through to prepare/claim their LCC were onerous, difficult, and downright confusing. Their website, www.litecoinca.sh, suggested that if you held LTC anywhere, you would get the LCC payout. However, they were less than clear on what to do if your LTC was held in an exchange like Coinbase, GDAX, other. Saying only "If your LTC is stored by a third party such as an exchange, then you must inquire with them about claiming your Litecoin Cash."
Hundreds of thousands of people, unclear on the transfer process, not having an external wallet, or just not clear on the process seem to have lost out, at least in the near term.
Personally, I was out of town during the days leading up to and after the fork and was unable to jump through the hoops to prepare. Since my LTC was held at GDAX, I proceeded to "inquire with them about claiming your Litecoin Cash." As Coinbase/GDAX holds your private keys, they now hold/own any LCC I might have been able to claim. Saying in an email "At this time, Coinbase has made no public decision or announcement regarding support for this currency" and "if you want to guarantee you receive the the new currencies that correspond to your existing balances, please withdraw the corresponding funds to an external wallet that has already announced plans to support the new currency, or where you hold your own private keys, before the event occurs." The latter statement would have been more useful had they put that on their website pre-launch!
These statements offered cold comfort to those who fell into this trap. After doing some research, Coinbase ran into a similar problem during the Bitcoin Cash launch; confusing account holders, bungling the rollout, and not properly crediting accounts. One would have thought they'd have learned their lesson. Alas, after threat of multiple Class-Action Lawsuits and vocal cries of foul, they finally got on board and mostly credited account holders.
Now, Coinbase/GDAX is holding millions of LCC that belong to customers and refusing to release them! Once again, Class-Action lawsuit threats are flying and Coinbase/GDAX is on the ropes. At this time, the only comfort those of us who missed the fork is the the slim possibility that Coinbase/GDAX will begin trading LCC and then MIGHT credit account holders.
I hope this post gets out to the affected community and will spur people to write them, threaten them with lawsuits, generally bombard them with inquiries, or leave them all together.
On a final note, Charlie Lee stated the "LCC is a scam." Post launch, there's a lot to suggest he might have been correct. While the litecoinca.sh site lists five exchanges for their product, only one, yobit.net, seems to be trading LCC. However, if you didn't already have an LCC wallet in your account or drop your shares there earlier, it now seems you can't do it at all. When you try to get an LCC wallet, the site states "Deposit for such currency is temporary off." WOW!
So, in closing, best of luck to all who got screwed, got left out, or just "Waiting for Godot."
- please comment on your experience with the LCC rollout, suggestions, ideas or actions.
Cheers!
Just because was hard for you it does not mean it is a scam.
This is not true, I follow what they told in the web to send coins to a wallet I would not use any more and after send back the copins to your normal wallet and after reclaim your coins and was everything perfect, not hazle or wrong doing at all.
The web was very clear with many of the questions you are saying was not. And everybody know that you do not leave coins in the exchangesif you are waiting for a fork. It is up to you to move them because they are your coins.
Like BCC and many other forks, the developers of the "original" coins (well LTC is a FORK od BTC so it is not so original like, for example Bitshares BTS) tend to defend them self and they creations and it is understandable but .. LCC it is not more scam than BTC, DASH, ETH, BCC or whatever other crypto you can name.
Read again the web from LCC, looks like we saw differents websites https://litecoinca.sh/
Pd: They even talk about the name, was kind of a dark joke ...
Thank you for your input. To be clear, I did not say it was a scam, Charlie Lee did. My point was that there is, at the moment, only ONE (1) place to trade LCC, Yobit.net, and they are not allowing new wallets. I have mined some LCC, and glad to have it. However, it's just sitting there, unable to do anything with it.
To some more experienced people, like yourself, taking the necessary steps was easy. For others, like me, whom have never done this, it was confusing and difficult. Also, if litecoinca.sh wanted complete ease of Claim, they would have made an instructional video and NOT a 9 second cartoon unicorn video.
Sure, I'm doing a little post-facto reflection, but the facts remain. Their website is misleading by showing five places to trade when only one does, Yobit.net.
I certainly hope all goes well with LCC. I like the premise. However, with most new things of significance, there's a adoption drag and the Litecoin Cash team needs to work out their problems as quickly as possible before they lose public interest, relevance, and confidence.
Here is a recent article discussing the rollout difficulties:
https://www.coindesk.com/litecoin-cash-forked-hardly-trading/
Yes,I know. I have answered his tweet about it ;)
Be glad was with LTC and not with BTC and BCC. Many newbies lost a lot of money in the BCC fork of BTC. So many that I know a lot of people who do not care to claim the BTC golds or BTC diamonds at all... so yes, I know there is always problems if you jump into something newwithout having any idea how it works ... and cryptos is not just about money, is economics mixed with computer science and a bit of "life experience"inclusive, means, something that require some time and effort to learn like with everything else ;)
I think you get my point ... and about the exchange ... it is ok, is a new coin with a lot of people talking bad about it so can take a bit of time get it in some other exchanges ...
... but this is all pretty normal in crypto ;)
About the news ... all this "crypto-media" is very biased ... Coindesk,Cointelegraph and so on ... I trust what they say so much as I trust CNN or NBC or something like that, if you know what I mean. They are already part of media conglomerates so they are answering to "FIAT money" interest.
My advice (I am not an expert but ) just keep your coins quiet and wait. I hope the team behind LCC do the job that they had promessed.
Cheers!
Thank you so much! I really appreciate your insight. You've made me feel better about the whole situation. I think it will get better once the rough edges are worn off.
Yes, I will hold the LCC I have mined and am planning on mining more today.
I tend to take the negativity/bias with a grain of salt. Those that are writing about and bashing LCC probably know less than me our you.
LCC is very promising on many fronts. One, old miners, S3, S5, and S7's get a new life. Two, several pools offer the availability to mine with GPU/CPU's; which I am experimenting with today on Mulitpools.club. And while I don't expect much with this method, I will post my results tomorrow.
Hang in and hang on. LCC is going to be interesting!