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>The other chain completely implodes, and stops existing. Are you sure? If I'm not wrong, this isn't that much different from Ethereum/Ethereum Classic situati

by ktta 9y ago

>The other chain completely implodes, and stops existing. Are you sure? If I'm not wrong, this isn't that much different from Ethereum/Ethereum Classic situation. Ethereum Classic's price is no where near Ethereum's but it is still maintaining a good position - 5th by Market Cap and 3rd by 24hr volume. You are saying the ALL of the mining power will eventually move over, but what if it doesn't the miners (85% of whom support Segwit2x) stay on the non-UASF fork? UASF Bitcoin will be very weak, so I can't expect what would happen, but I'm just saying its not so simple.

patrickk 9y ago
> Ethereum Classic's price is no where near Ethereum's but it is still maintaining a good position - 5th by Market Cap and 3rd by 24hr volume. ETC's price is being pumped up (some more context can be found on /r/ethereum), in some cases by taking advantage of newcomers looking to get into the ETH craze, helped by the fact that the Ethereum Foundation doesn't seem interested in maintaining ownership how the word "Ethereum" is used. There's no real technological innovation or developer interest in ETC.
- ktta 9y ago
  I didn't really find any proper reason as to how it is being pumped. Just about ETC misleading people into buying it. Any links? >There's no real technological innovation or developer interest in ETC. I mean, ETC guys can just push all of the new developments in ETH to their code. The codebase is the same. There probably won't be any original developments in ETC, but they don't really need much to stay on par with ETH.
  - patrickk 9y ago
    Barry Silbert/Coindesk are quite pro-ETC and anti-ETH, just to name two examples. Here's an intro (google around for more): https://www.reddit.com/r/ethtrader/comments/6d62td/the_story_behind_ethereum_classic_etc_and_whos/ https://www.reddit.com/r/ethtrader/comments/6d62td/the_story... https://medium.com/@charlescmackay/barry-silbert-and-the-cost-of-bitcoins-malfeasance-culture-f83d15ad07d1 https://medium.com/@charlescmackay/barry-silbert-and-the-cos... Not saying ETH is perfect, far from it, but ETC is a pumped up scam for sure. They're using "Ethereum" in the name to fool newbies, likely propping up the price at current levels. I seriously doubt anyone know is knowledgable/not in on the scam really invests in a coin that is identical to ETH but none of the leadership, community or dev interest.
    - ktta 9y ago
      Let me get this out of the way: While I admire the contributions by the Ethereum Foundation and wish them all the best, I think the hard fork shouldn't have been done. I think letting the money get away would show that they actually mean the 'code is law' statement that was thrown around (Note that I have till date never owned ETH or ETC and probably won't in the near future) Now that that's out the way, let me say the cognitive dissonance in that post is palpable. Words are conveniently placed so spin the situation into something else. r/Bitcoin is shown to be the culprit here, just because they are the ones with the most subs and poking fun at ETH. The reality was every other altcoin community was doing the exact same thing. I was watching everything closely when as it unfolded. I can link you posts from other subreddits if you want. >The Ethereum community stuck together, worked together, and fought back. Successfully This is false. Quite a few of the ETH community fought for not forking. No one wants to lose money, so who wouldn't want to fork. Many vocal people invested quite a bit of their funds so it is completely understandable. The irony here is, even the 'rogue hackers' were probably part of the ETH community. Who else would know the codebase so well? The phrase 'stuck together' is false. >Barry Silberts co-owned exchange "Poloniex" raced to be the first exchange to start trading the coin of this old chain (ETC) Looks like something a smart person would do. I would also capitalize on trades that people will make with ETC. You've immediately got twice the volume therefore double the fees that can be collected. This is clearly a good business decision. Doing that before other exchanges means more fees collected! >ETC is an Attack against Ethereum That's a bold claim. I don't see any 'attack'. Any person with half a brain can see which one is the original ETH. It is a fork, so calling it an attack is dramatic. >It's a technological attack, and a monetary scam Big words. I don't see any technology being used to attack ETH. Just people mining the coin they support. >If you have bought, or holding, or still planning to buy ETC, be ready to get hit by some nasty surprises down the road ( on those days - and I can already foresee a few - I will be linking everyone back to this thread right here, as a reminder). Now who sounds like they are spreading FUD? ------------------- While Poloniex was made out to be the perpetrator, it has only 5% of the 24hr transaction volume. So pointing fingers at the Poloniex person was baseless and foolish. I believe in a bright future for ETH and will probably get into it, but falsifying events is a great way to show others that the community can't self-police and is an echo chamber.
Taek 9y ago
Yes I'm sure, this is an expert opinion. Ethereum and Etherum Classic follow separate, incompatible rules. If Etherurm Classic were ever to pass Ethereum in value, nothing dramatic would happen. If we end up with Bitcoin and BitcoinSW, and BSW is the minority (like Etherum Classic), we'd have a situation like today. Except, if BSW were to ever catch up to Bitcoin in total work, when it passed Bitcoin (51% hashrate is enough to cause this), it would obliterate the original chain, and become the only chain. This property is why we gave it a new name (UASF).

by ktta 9y ago

patrickk 9y ago

> Ethereum Classic's price is no where near Ethereum's but it is still maintaining a good position - 5th by Market Cap and 3rd by 24hr volume. ETC's price is being pumped up (some more context can be found on /r/ethereum), in some cases by taking advantage of newcomers looking to get into the ETH craze, helped by the fact that the Ethereum Foundation doesn't seem interested in maintaining ownership how the word "Ethereum" is used. There's no real technological innovation or developer interest in ETC.

ktta 9y ago
I didn't really find any proper reason as to how it is being pumped. Just about ETC misleading people into buying it. Any links? >There's no real technological innovation or developer interest in ETC. I mean, ETC guys can just push all of the new developments in ETH to their code. The codebase is the same. There probably won't be any original developments in ETC, but they don't really need much to stay on par with ETH.
- patrickk 9y ago
  Barry Silbert/Coindesk are quite pro-ETC and anti-ETH, just to name two examples. Here's an intro (google around for more): https://www.reddit.com/r/ethtrader/comments/6d62td/the_story_behind_ethereum_classic_etc_and_whos/ https://www.reddit.com/r/ethtrader/comments/6d62td/the_story... https://medium.com/@charlescmackay/barry-silbert-and-the-cost-of-bitcoins-malfeasance-culture-f83d15ad07d1 https://medium.com/@charlescmackay/barry-silbert-and-the-cos... Not saying ETH is perfect, far from it, but ETC is a pumped up scam for sure. They're using "Ethereum" in the name to fool newbies, likely propping up the price at current levels. I seriously doubt anyone know is knowledgable/not in on the scam really invests in a coin that is identical to ETH but none of the leadership, community or dev interest.
  - ktta 9y ago
    Let me get this out of the way: While I admire the contributions by the Ethereum Foundation and wish them all the best, I think the hard fork shouldn't have been done. I think letting the money get away would show that they actually mean the 'code is law' statement that was thrown around (Note that I have till date never owned ETH or ETC and probably won't in the near future) Now that that's out the way, let me say the cognitive dissonance in that post is palpable. Words are conveniently placed so spin the situation into something else. r/Bitcoin is shown to be the culprit here, just because they are the ones with the most subs and poking fun at ETH. The reality was every other altcoin community was doing the exact same thing. I was watching everything closely when as it unfolded. I can link you posts from other subreddits if you want. >The Ethereum community stuck together, worked together, and fought back. Successfully This is false. Quite a few of the ETH community fought for not forking. No one wants to lose money, so who wouldn't want to fork. Many vocal people invested quite a bit of their funds so it is completely understandable. The irony here is, even the 'rogue hackers' were probably part of the ETH community. Who else would know the codebase so well? The phrase 'stuck together' is false. >Barry Silberts co-owned exchange "Poloniex" raced to be the first exchange to start trading the coin of this old chain (ETC) Looks like something a smart person would do. I would also capitalize on trades that people will make with ETC. You've immediately got twice the volume therefore double the fees that can be collected. This is clearly a good business decision. Doing that before other exchanges means more fees collected! >ETC is an Attack against Ethereum That's a bold claim. I don't see any 'attack'. Any person with half a brain can see which one is the original ETH. It is a fork, so calling it an attack is dramatic. >It's a technological attack, and a monetary scam Big words. I don't see any technology being used to attack ETH. Just people mining the coin they support. >If you have bought, or holding, or still planning to buy ETC, be ready to get hit by some nasty surprises down the road ( on those days - and I can already foresee a few - I will be linking everyone back to this thread right here, as a reminder). Now who sounds like they are spreading FUD? ------------------- While Poloniex was made out to be the perpetrator, it has only 5% of the 24hr transaction volume. So pointing fingers at the Poloniex person was baseless and foolish. I believe in a bright future for ETH and will probably get into it, but falsifying events is a great way to show others that the community can't self-police and is an echo chamber.

Taek 9y ago

Yes I'm sure, this is an expert opinion. Ethereum and Etherum Classic follow separate, incompatible rules. If Etherurm Classic were ever to pass Ethereum in value, nothing dramatic would happen. If we end up with Bitcoin and BitcoinSW, and BSW is the minority (like Etherum Classic), we'd have a situation like today. Except, if BSW were to ever catch up to Bitcoin in total work, when it passed Bitcoin (51% hashrate is enough to cause this), it would obliterate the original chain, and become the only chain. This property is why we gave it a new name (UASF).