Hardforks Are Scams Says Charlie Lee LTC Creator
Charlie has been saying exactly what I’ve been. Hardforks are essentially scams that devalue the original coin and cause confusion. At the same time, I’m sure he meant well but it never helped that he announced he sold all of his LTC. It’s akin to a CEO selling all of their stock and saying “I still believe in the company”. Granted this happened well before this scam hardfork so the hardfork is surely what caused the latest drop.
As we can see after Litecoin Cash, the real and original Litecoin went down in value.
Charlie also correctly warns not to give your private keys to these scammers. Whether Bitcoin Cash, Bitcoin Gold, Litcoin Cash and the many scam coins they require you to give your private keys to their wallets (if they even create one). The risk there is that the developers or wallet creator will steal your original coins and this has happened already with the Bitcoin Gold Scam.
I think exchanges should outright refuse to deal with these scam coins.
The underlying issue is simply that why are hardforks possible at all? Counterfeiting is so easy with these opensource, public and permssionless blockchains. To me it is a complete security and privacy flaw that was well-intentioned but simply doesn’t work.
Going forward, community maintained coins that cannot be forked, that are secure, private and are real time will be the long-term ones to invest in and the long-term winners.