1 day candles from Bittrex ETC/USD
Many believe that the long anticipated ETH 2.0 (also called "The Merge") upgrade will happen this summer and for the end-users paying extremely high transaction fees - many are looking forward to the drop. As with anything crypto, not everyone agrees.
If you are fairly new to crypto a quick explanation of POW vs. POS
A quick explanation is with POW blocks are validated by miners after solving a mathematical problem. POS - Blocks and governance issues are stake-based. Both systems have strengths and weaknesses and EVERYONE has an opinion.
One advantage to POS Blockchain is they tend to be more energy efficient and do not require mining equipment. Currently ETH is mined and as they transition to a POS system that will leave a lot of mining equipment useless or needing to work on different projects.
Earlier this week many miners did in fact point their equipment at ETC and upping the hash rate, reducing a 51 percent threat on that chain.
Where it gets interesting is the Application Owners and Developers on ETH are often also the miners, and in will be validators in the future. IF THEY SO CHOOSE.
I am not an insider in the community to in addition to the fears that miners and some apps may go backward to ETC, there is also a concern of a new fork, and community split.
Although that would likely be difficult on the community and both chains would suffer at first, it would also result in a new chain and a new token that would initially trade at a similar price as ETH and as a ETH holder that is definitely something I want to pay attention to.
As a result of trying to get up to speed on the ETH progress towards ETH 2.0, I did buy some ETC as a speculation that there is some chance of the chain getting new attention, new devs and solving their Whale Stake Problems.
Who knows, but it is definitely a situation to keep your eye on this Summer.
Are you holding ETH? Mining ETH? Any concerns?
Posted Using LeoFinance Beta
Feels like many people are not sure how the move will go so ETC is like the backup plan. Also all those GPU miners have to go somewhere so maybe they will pump ETC while staking all of their ETH they earned. I mean it seems like a smart move to me with some real possibilities.
This makes absolute sense. If I were mining ETH why wouldn't I switch my equipment over to ETC understanding others might think similarly? I'd do it just to get ahead of the difficulty increase. Good comment!
Yeah, and some developers are also nervous about the change and are setting up back up plans on ETC.
ETC literally has no roadmap or plans to do anything.
It's going to be a pump n dump scheme for time to come.
Okay, well.. I'll sell early. lol
Posted Using LeoFinance Beta
I strongly agree with you
Posted Using LeoFinance Beta
According to them,
Source: Why Ethereum Classic?
The question is:
Could this really be a pump and dump scheme? I see a perspective in their description.
Thank you for your witness vote!
Have a !BEER on me!
To Opt-Out of my witness beer program just comment !STOP below
Sorry, out of BEER, please retry later...
Congratulations @whatsup! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):
Your next target is to reach 76000 upvotes.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out the last post from @hivebuzz:
Thanks! That's a lot of votes.
You're welcome @whatsup, that's well deserved! Thanks for being so active on this platform 😊👍 Have a nice day!
My concerns has always been about the outrageous gas fee associated with eth chain....when will they ever solve that?
It made me dissociate with that chain.
The whole point of the POS move is to reduce the fees.
Posted Using LeoFinance Beta
with ETH 2.0 we will have 3 ETH versions :D
Hits me right in the wallet
Posted Using LeoFinance Beta
I don't see the longetivity of ETH. Have you seen the drop in the past few days? There is no momentum. And I fear for the investors. I am not one by the way😬
I am okay to get the free airdrop since I hold Ethereum on chain. A new fork would be interesting to witness. 😂
But I am still skeptical about ETC because once ETH 2.0 stabilizes, it will start seeing more and more activity. Easier to stake and mine than mining via equipments that most of us plebs cannot operate with.
Moreover the hardware can be used to mine other cryptos as well. I am pretty sure these miners have thought this through. They still have so much time to try all the available options.
Posted Using LeoFinance Beta
My move is strictly speculation and not a long-term hold.
Posted Using LeoFinance Beta
I know you are smart, @whatsup. Great move!
Have a bigger stake, do a 51% attack, and mint all the coins for yourself. :')
Posted Using LeoFinance Beta
The miners will pursue whatever is profitable. So the question will become: Is ETH still going to be the most profitable mining token? If it isn't, I think people will leave so I wonder if ETH will take a large hit.
Posted Using LeoFinance Beta
If ETH is POS it will not be a mining token at all. There is the reason they are moving to ETC
Posted Using LeoFinance Beta