The surprise that Ethereum Classic (ETC) was born as part of the Ethereum Hard Fork (ETH) is somewhat digested. However why the price of ETC continues to rise is difficult to comprehend (at the time of writing the price of ETC is USD 2.70).
ETC should theoretically behave like the dead skin dropped by a snake which does not require it anymore. Yes, in the past, there was a purpose to that skin, but like the growing snake requires a fresh and bigger skin in the future, the Ethereum ecosystem does as well. ETC should remain as the past protocol, impaired by the DAO debacle. It is incapable of evolving, as chocked by the immutability and non-forking promise of its promotors. Like dead skin, it should be abandoned with good reason.
Vitalik Buterin confirmed via Twitter that he will work 100% on ETH and still won't support ETC, even if the price of ETC overtakes the price of ETH. Based on his statement on the Ethereum.org Blog, the Ethereum Foundation will focus its resources on the development of ETH as well. Subsequently, Vitalik received the backing of the who is who of the Ethereum Community. Just follow the replies of the Twitter links above or google "I am working 100% on ETH" and complete your search by adding the name of your favourite Ethereum celebrity to confirm.
About every single project that matters in Ethereum's ecosystem seems to support and and will run on ETH. ETC will be left out. See this Reddit post for a listing ETH supporting projects. Of course, projects and the respective ETH Dapps might be copied to ETC. However, lag and friction are presets of such undertaking. As a result, ETC will always remain as the second best option vs. ETH. And worse, for the future Dapps to run on ETC, ETC will have to implement the same updates like ETH, in order to enable Swarm, Whisper and any other brilliant upgrade that waits for its invention. How can the immutability and non-forking promise be kept while ETC has to follow ETH by every upgrade step it takes?
ETC goes currently for a high price for several reasons. ETC is still a pretty decent crypto asset compared to its current alternatives. ETC is a neat trading opportunity and thus greatly pumped by traders. ETC is being held as a hedge for the phantasy that it could overtake ETH. However with the facts at hand, that is probably not going to happen. More likely ETC will cripple and be abandoned like dead skin. Other crypto assets will evolve and overtake ETC, traders will dump it, and finally: the phantasy bursts.
What will matter in the future is ETH.
ETC has no reason to exist. Expanse was already an ETH clone that has never had a rollback like the DAO fork. Expanse also has a development team in place and a set of goals. ETC therefore adds no value in being the non-forked ETH. In fact, ETC should have negative value because all ETC holders got their coins for free. At least Expanse owners had to mine their coins or buy them from an exchange.
In the markets reason for existence in never an issue. Value is - and value is determined on many things.
Many people are against central control and bailouts because we get them daily with FIAT assets. ETH in a way "betrayed" many people ideologically. Developers are found everywhere. Who is to say that ETC won't get any to work with their projects?
The big problem ETH faces is govt regulation and govt mandated hardforks. Having done it once, it cant say it wont do it. Also any ETH tech is ETC tech, all this talk about ETC not having devs seems like saying LTC has no tech future. but LTC keeps on forking bitcoin and benefits from all the bitcoin devs.
So ETC has a tech future, granted it is in a follower position, but at its marketcap it could easily hire devs for its own unique tech.
Also, ETC is as profitable or a bit more profitable to mine than ETH, so they do. miners like money and if ETC gets them more money, they mine ETC. My prediction is that pareto effect will make one of them 80% and the other 20%.
not sure which one yet, ask me after the first govt "request" for ETH to hardfork
ETC will be ethers litecoin
I doubt. ETC will most likely overtake ETH. Just wait for ETH to turn into PoS. As soon as that happens, most of ETH hashpower will start supporting ETC.
The switch to PoS is due to the fact that PoW is unsustainable - those miners who have made massive investment in GPUs to-date are experiencing rapid diminishing returns with these DAG sizes - 'they may' swtich to ETC just to get a little more life out of their rigs, but there is no sense in them continuing to load up on hardware for ETH. ETC, if it has a future (which I doubt - it should not), will face the same need.
Those serious folks who wish to use the technology are not going to go with a bunch of opportunistic malcontents, they will follow those that created the tech in the first place. There is very little chance that ETC will overtake ETH in its current state/price/etc, and def not in the future, as the most capable developers will be working on ETH, and it will be there where the real advancements are made.
ETC is a short-term novelty that some have made a decent profit pumping and trading, but its end is nigh.
You may see a temporary switch to ETC. But the big players will still be investing in ETH for their infrastructure.
what thoughts, what developments are
Why does ETH need its own litecoin? Litecoin can be ETH's litecoin.
Litecoin served a clear purpose -- it was the second digital currency that provided users an alternative to BTC. At this point, there are hundreds of alternatives and ETH users don't need another alternative to ETH, imo.
ETC will likely continue to exist as long as traders want to trade it but I don't think it serves a purprose for ETH the way LTC did for BTC.
One should take Vitalik's word with a grain of salt. If he were so anti-ETC, then foundation's ETC holding should have been dumped by now. Many early ETH holders dumped their ETC for a few Satoshi because they believed foundation will put their money where their mouth is. But, that did not happen. Foundation is still holding ETC and thereby helping the ETC price to grow.
I agree, instead of strong leadership like you see with Dan and Ned at Steemit... Vitalik and the Ethereum Foundation have deferred at every turn to vague notions like "consensus". Try to imagine Steve Jobs building Apple via "consensus".
Dan called it...
https://steemit.com/crypto-news/@dan/is-the-dao-going-to-be-doa
In 2 months, ETH has gone from challenging Bitcoin to being locked in an existential quagmire.
@Dantheman had amazing foresight at the DAO's early stages. He picked it apart in a way that was clairvoyant. What's shocking is that he had devised the STEEM project, which basically was everything opposite of what the DAO was. And look at its success so far and massive adoption!
ETC is just original ETH! The only difference is ETH is the clone coin with the bailout and all the bad investors that caused all these problems... It is like if we hard forked BTC for the Finex hack, cloned BTC up, erased the hack, renamed the clone BTC, and then took your original BTC and said it is worthless BTX or something and sold it for nothing! And then we get all these people that are trying to convince us that something that they originally loved is junk, and the clone is better- Classic VS Weird Bailout Clone! The more you say how bad it is the more it makes me want to buy!
ETC is now alive , because It 's essentially the same thing.
It is unlikely to occur in other blockchain .
However , it does not have a development project in the ETC.
This is a fatal .
The survival rate is questionable
I too thought that Ethereum Classic wouldn't last long. But it looks to have staying power. If there's one thing I've learned about investing in crypto, it's that you have to go with the flow and be flexible enough to recognize that the markets don't care about your opinion. The markets can stay irrational much longer than you can stay capitalized.
I view the rise of ETC as basically the crypto equivalent of a stock split. ETH lost value in the split, but all ETH holders got free ETC, and the combined value of ETH+ETC has remained pretty consistent near the pre-fork price of ETH in BTC terms. So I think that's the proper way to value Ethereum going forward: you have to look at ETH+ETC as a whole. Anytime I buy ETH, I will also buy a matching amount of ETC. They are two faces of the same coin.
And just to be clear: I don't care one bit about the purist ideals of the people who kept ETC going after the fork. I just care that I can make money from it! If ETC overtakes ETH, great my ETC will be worth a lot. If it doesn't, then great my ETH will be worth a lot. If they both rise in value, great! It's a win-win situation. So keep calm and hodl on!
"The markets can stay irrational much longer than you can stay capitalized." I'm stealing this.
It's very interesting to see what everyone said about ETC 2 years ago. From $2+ ETC is now $12.65 while ETH is $277 and ETC is about to be put on coinbase. It seems that those that hodled ETC made a nice return on invest ment and right now there are many estimates online that it will be $100 by the end of 2018 and $200-$250 by 2020.
I for one am cut from the same cloth as the "law is code" belief system and I firmly believe that Bitcoin has maintained its role as king of the coins not simply because it was the first, but because it was the most reliable in that it maintained this stance of law being the code and never considering a reset fork.
Reset forking is dangerous and wrong. Sure, you can care about the DAO that would have lost a lot of their money, but what about all the little people on the network that got ripped due to that reset? When millions and ultimately billions of people need to use a network all at once, forking backwards for the benefit of an elite few can disrupt billions of other human beings and their business agreements.
What if you had sold your car and it was already physically transferred and then they fork backwards? Sure your money is still in the old one, but if no one will be supporting it anymore you got seriously messed over.
Disagree. ETH will be attacked by hackers and riddled with arguments over bailouts and rollbacks. ETC will stand as "the code is the law" and will become the more trusted sandbox to run these dangerous Turing complete experiments. Please don't downvote my reputation just because you disagree with my opinion. That is what the Reply button is for.
@anonymint, I think ETC will moon. May Nakamoto be with you.
Disclaimer: I am just a bot trying to be helpful.
I believe there are different reasons why people would want to deposit their trust in one or the other so they will eventually coexist but this early stage of confrontation it's pretty unstable.
I think that ethernum classic is a good alternative to ethernum because there were so many users that did not accept the hard fork. Also if you don't not believe in the hard fork look up shapeshift.io's tool to convert Ethereum into Ethereum-Classic
I agree with you
I like this post... I am just a normal user and I am in this alt coin thing to make some money... this alt coin trading stuff is very risky and it has it consequences.. that i understand... just before the hardfork happened eth was doing good compared to other coins so I was deep into it... currently etc is doing good so I am involved in its trading... like many other ppl i am also here to make some money... in the future if eth does good business then we'll see to it...
The comments are more helpful and informative than are many other "news" sites. I learned more about Ethereum reading this thread than I did researching on Google.
I don't quite get this situation. So, ETH is the latest version with hardfork while ETC is the version before the hardfork and is continuing development?
This story about ETH/DAO/Forking/ETC is like a detective serial. It is amazing that history pass on our eyes. The case with first DAO will be explored by all fin-tech students in future.
As I understand in the ETC world the hacker still hold DAO tokens. It is strange that people invest to ETC, the hacker will withdraw stolen assets from the system.
I am not an expert on the matter. But I wonder how you know this ? I read several articles that gave me the feeling there are people working on ETC with a lot of seriousness. Do you have a boll of glass that told you this, or are you just talking from what you wish that will happen ?
I am not saying that ECT will become important or crash. But you state it like this is a given certainty. And I tend to disagree with your view. Some people now just got the old ETH for free. They would be stupid to throw away such an opportunity by messing this one up.
Vitalik is not the sole dictator of the blockchain, and that's the only reputable citation in this post. In fact, if anything, this post only gives Ethereum Classic more merit.
Here, from Ethereum developer Zsolt Felföldi about immutability
He had some insights on social contracts as well
And then he wraps it up by basically negating the assumptions made in this steemit article
https://medium.com/@zsfelfoldi/a-tale-of-two-chains-3f6d58a9df4a#.me6ocgc05
Aside: I don't care either way, but there's so much FUD propaganda against Ethereum Classic someone has to provide balance
Interesting. This is the same kind of things I was reading about Ethereum Classic. This is why I am not convinced by this article. It might be worth 1 million $, but I don't care ... it looks more like the typical cryptocommunity whishful thinking where everyone wants their own coin to be worth a few millions and at the same time is rooting for all other coins to crash to 0 $. I never got this mentality. Why do people want others to fail ? Isn't it enough if you just obtain your own goals ?
Agreed. It's easy to pick out the weaklings. When it comes to trading, listen to the indicators and sometimes your gut, but when it comes to philosophy, listen to your heart.
Yeah, this is a poorly supported opinion piece. For it to have credibility, it would need to actually address the arguments made by ETC supporters, instead of just calling ETC DOA. I personally think ETH and ETC can only go so far because of scaling issues. The blockchain is already 19gb and it's really slow.
So explain me about the blockchain. I am not an expert on the matter. What do you mean with slow ? Slow transactions ?
What I basically would want to know is whether a large blockchain slows downs the transactions and why ? Is a large blockchain bad for the number of transactions one can do ? And why do I hear that bigger blocks allow faster transactions; you still need to process the same amount of data, don't you ?
ETC will develop its protocol is not changed what happened to Tao is just a bug in the code which have the function to divide the Tao, that's all, Ethereum classic will work with all the major projects of the future, even the promised 51 attacks have not been confirmed, ETC everything works!
Ethereum was a nice experiment, but will not cut it as the standard for distributed applications, smart contracts etc. It will neither succeed for value storage, since bitcoin is already far ahead and very successful. Also, I really doubt that this Vitalik guy has the genius and wisdom to carry forward. It takes more than coding skills to change the world. And we are not talking about social networks here, we are talking about something much more complicated and unpredictable.
If the Ethereum Foundation left ETC alone and allow the difficulty bomb to set off after Jan 2017. The supply of ETC will essentially be locked in. What do you think will happen? Value typically surge under these conditions.
This is an old article but ladies and gentlemen, ETC appears to be doing quite well.
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