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Ultimately it would be the community deciding to value the PoS fork as "real Ethereum". Something similar happened with ETH and Ethereum Classic, where classic

Ultimately it would be the community deciding to value the PoS fork as "real Ethereum". Something similar happened with ETH and Ethereum Classic, where classic is the unforked version that nobody cares about. A PoW fork will almost certainly exist, but that doesn't mean anyone has to use it and indeed some major players like Chainlink have already announced that they will not support a PoW fork

TremendousJudge 4y ago
Classic is the one that didn't rollback transactions after the DAO scam right?
- SeanAnderson 4y ago
  Correct.
- yokem55 4y ago
  To be pedantic - mainnet Ethereum didn't 'roll-back' those hack transactions either. They are still there on etherscan if you want to look for them. The DAO hard fork introduced an unsigned transaction that moved the hacker's funds to a refund to a refund contract.
  - TremendousJudge 4y ago
    I found about this fairly recently. You seem knowledgeable about the topic. Can I ask you how did the community react to this/what do they think of this episode today? Because having full control over the coins is one of the big reasons why proponents are against regular banks and state-issued currency, yet here there was a clear breach of that control.
    - yokem55 4y ago
      The developers don't have full control like that. They were only able to execute TheDAO hard fork because the community was very small at the time and was reasonably united behind the developers in carrying it out. It was something of a unicorn of circumstances that it was even possible because the funds were still locked up for a period of time and the hacker couldn't sell them, which meant there was only a single loser in the fork (the hacker), and a large community of winners or people who weren't directly effected either way. I personally think the refund stage of things should not have happened and the funds should have been burned instead, simply as a means to make sure the investors learned that risks of interacting with ethereum contracts were still very real. But that said I wasn't involved in crypto at all then, so, what do I know...
    - DennisP 4y ago
      There was a huge debate over it, and in the end everybody got to run whichever version of the protocol they preferred. Both chains still exist today, but most of the ecosystem went with the one that made the change, so that one accumulated a lot more value.
      - moralestapia 4y ago
        >but most of the ecosystem went with the one that made the change with the one they were told to by the de facto authority of the Ethereum world, FTFY
prepend 4y ago
The market cap of ethereum classic is $6B with $2B in daily transactions. [0] Not as big as “real ethereum” but I wouldn’t say no one cares. [0] https://coinmarketcap.com/currencies/ethereum-classic/ https://coinmarketcap.com/currencies/ethereum-classic/
- the_duke 4y ago
  33% of the market cap changing hands each day sounds incredibly high. How does that happen?
  - ninkendo 4y ago
    Wash trading.
  - ecommerceguy 4y ago
    Morons buy, miners sell.
- Dma54rhs 4y ago
  Market cap doesn't mean anything when it comes to cryptocurrency, especially when it comes to shitcoins.
- ecommerceguy 4y ago
  ETC has been pumped lately by former eth miners. I know because I've participated in this scam as a miner. ETC is one of the more volatile top 50 "coins" or "cypto", constantly being pumped and dumped, there is nothing actively being "developed" for it and there never will be. Just read the associated forums if you don't believe me, it's a pump and dump. Simple as. Yes I've profited and no I won't give it to charity. My opinion will never change, it's all a scam for pump and dumps schemes. There will never be a killer app attached to crypto. NEVER.
  - nomel 4y ago
    I've only lost a few hundred dollars in crypto, so my knowledge is limited :P, but if fees went below 1.29%, it would be cheaper than Visa merchant fees. Plus, they usually have some POS equipment fee. If the fees reduced enough to "make sense" for merchants, would that be good enough? Is this even possible? Or would Visa and the like adjust their fees to stay competitive?
arcticbull 4y ago
The only fork that matters is the one Jeremy Allaire and Paolo Ardoino back.

TremendousJudge 4y ago

Classic is the one that didn't rollback transactions after the DAO scam right?

SeanAnderson 4y ago
Correct.
yokem55 4y ago
To be pedantic - mainnet Ethereum didn't 'roll-back' those hack transactions either. They are still there on etherscan if you want to look for them. The DAO hard fork introduced an unsigned transaction that moved the hacker's funds to a refund to a refund contract.
- TremendousJudge 4y ago
  I found about this fairly recently. You seem knowledgeable about the topic. Can I ask you how did the community react to this/what do they think of this episode today? Because having full control over the coins is one of the big reasons why proponents are against regular banks and state-issued currency, yet here there was a clear breach of that control.
  - yokem55 4y ago
    The developers don't have full control like that. They were only able to execute TheDAO hard fork because the community was very small at the time and was reasonably united behind the developers in carrying it out. It was something of a unicorn of circumstances that it was even possible because the funds were still locked up for a period of time and the hacker couldn't sell them, which meant there was only a single loser in the fork (the hacker), and a large community of winners or people who weren't directly effected either way. I personally think the refund stage of things should not have happened and the funds should have been burned instead, simply as a means to make sure the investors learned that risks of interacting with ethereum contracts were still very real. But that said I wasn't involved in crypto at all then, so, what do I know...
  - DennisP 4y ago
    There was a huge debate over it, and in the end everybody got to run whichever version of the protocol they preferred. Both chains still exist today, but most of the ecosystem went with the one that made the change, so that one accumulated a lot more value.
    - moralestapia 4y ago
      >but most of the ecosystem went with the one that made the change with the one they were told to by the de facto authority of the Ethereum world, FTFY

prepend 4y ago

The market cap of ethereum classic is $6B with $2B in daily transactions. [0] Not as big as “real ethereum” but I wouldn’t say no one cares. [0] https://coinmarketcap.com/currencies/ethereum-classic/ https://coinmarketcap.com/currencies/ethereum-classic/

the_duke 4y ago
33% of the market cap changing hands each day sounds incredibly high. How does that happen?
- ninkendo 4y ago
  Wash trading.
- ecommerceguy 4y ago
  Morons buy, miners sell.
Dma54rhs 4y ago
Market cap doesn't mean anything when it comes to cryptocurrency, especially when it comes to shitcoins.
ecommerceguy 4y ago
ETC has been pumped lately by former eth miners. I know because I've participated in this scam as a miner. ETC is one of the more volatile top 50 "coins" or "cypto", constantly being pumped and dumped, there is nothing actively being "developed" for it and there never will be. Just read the associated forums if you don't believe me, it's a pump and dump. Simple as. Yes I've profited and no I won't give it to charity. My opinion will never change, it's all a scam for pump and dumps schemes. There will never be a killer app attached to crypto. NEVER.
- nomel 4y ago
  I've only lost a few hundred dollars in crypto, so my knowledge is limited :P, but if fees went below 1.29%, it would be cheaper than Visa merchant fees. Plus, they usually have some POS equipment fee. If the fees reduced enough to "make sense" for merchants, would that be good enough? Is this even possible? Or would Visa and the like adjust their fees to stay competitive?

arcticbull 4y ago

The only fork that matters is the one Jeremy Allaire and Paolo Ardoino back.