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Ethereum Classic hashrate doubled this month ahead of ETH merge
- djbusby 4y agoIf you watch CoinBase a bunch of folk there have Eth tied into Eth2 (which gets interest) - but many are mad it's locked and not tradable, only buyable until the merge/cutover to PoS based Eth. Basically Eth re-implemented Interest, called it Gas and are now just calling it Interest again? Edit: oof, just pointing to what CB is doing.
- rco8786 4y agoCrypto finance is no different than regular finance. Same products, same mechanisms within those products, etc just without any regulation. And now people are starting to understand why regulations exist.
- joebamabidack 4y agoFalse. Crypto finance cant be shut down, your wallet frozen or transaction charged back. Regulations exist to strip you from your rights. China regulated bitcoin mining, well now its banned there.
- rco8786 4y ago> Regulations exist to strip you from your rights. I know it’s easy to think that. But the vast majority of financial regulations exist to protect the little guy from the big guy in any given transaction or financial relationship. I’ll let you discern which one you tend to be as the consumer.
- notch656a 4y agoOK, but I don't want the protection. Where's my option to opt out and risk it? I'm fine with signing a document saying "without KYC and AML, and banking and other regulations evil bastard terrorists may rob me blind." Whatever, lets got on with it, I want my wildcat banking, and yes I understand why other people think I shouldn't.
- rco8786 4y agoI’m not sure, probably nowhere. Not enough people dumb enough to want that to make it happen. Not really relevant though.
- eyegor 4y agoJust keep all your funds in online crypto exchanges and bounce transactions through mixers. You'll have the zero protections you desire.
- roflyear 4y agoWhy do you want that?
- colinmhayes 4y agoThe protections aren't just for you. They're also for the impact your actions have on everyone else. You may not care about money laundering, but most Americans do, so it's regulated.
- cercatrova 4y ago> but most Americans do, so it's regulated. I'm not a cryptocurrency supporter, but I'd like to see any surveys about this because I highly doubt the average American cares or even thinks about money laundering.
- notch656a 4y agoIf I asked the average American if they were ok with government scrutiny of their bank account I seriously doubt they would agree with you. As some purely theoretical argument about stopping al capone from washing money he's paying to hitmen or something I'd sure they'd agree, but when it comes to the nitty gritty like not being able to open a bank account without an address or a report being written up because they pulled $11k out to buy a used car I think it's doubtful. I'd really like to see your survey showing Americans support AML laws as written. In fact, Chevron Deference has resulted in many policies being implemented without the majority of even _representatives_ agreeing on a policy, let alone the majority of the public.
- 4y ago
- progman32 4y ago> Crypto finance cant be shut down But the comment also states > China regulated bitcoin mining, well now its banned there. I think that's an example of shutting down crypto finance. I think I'm not understanding your argument.
- skybrian 4y agoYes, for many there are no advantages, but I think this goes too far. For example, playing people interest to keep a ledger seems kind of new?
- rsaxvc 4y agoI'm not a finance person, but I think that was roughly how traditional banks paid themselves.
- imtringued 4y agoPaying people interest created out of thin air is kind of new. Usually there is a borrower on the other side.
- skybrian 4y agoYou might compare with a stock dividend or with paying employees with company stock. A company can create more stock and pay it out without using any cash. When converting to cash, it's still the case that for every seller there needs to be a buyer.
- matheusmoreira 4y agoThat's the problem plaguing cryptocurrencies today. These exchanges are literally banks in disguise, all the risks and no guarantees. Cryptocurrencies were supposed to put an end that sort of centralized institution, not reinvent the entire financial system poorly...
- imtringued 4y agoAlmost all cryptolending is overcollateralized which is unheard of in traditional banking. I mean banks take your house as a collateral, they don't take one house and a quarter of a house as collateral for borrowing a single house.
- rco8786 4y agoYea my point is more along the lines of crypto would call this like “staking” instead of “collateral” and act like they’ve invented a new financial concept.
- vl 4y agoNever use Coinbase for anything. I tried to transfer my regular ETH out today - and they locked transfers on my account "to protect me from scams". After id verification they said that it maybe will be unlocked in the week. Looks like they are blocking ETH transfers so they can keep (and flip) ETH-PW for themselves.
- robcohen 4y agoI had a fun issue with coinbase where they locked my account due to KYC issues. Which is funny, because I've been a customer for a decade. They locked my account and asked me to provide sources of funds. They didn't specify which funds, so I guess they wanted all funds ever? I inquired and two months later I got a cut and pasted response that just repeated the initial request. Coinbase customer support couldn't help, and there was no escalation mechanism. So I just submitted a random collection of funds explanations. 4 months later my account was unlocked. Super cool. I already used Kraken for everything but now I'll use Kraken while really disliking Coinbase.
- nathanasmith 4y agoI had a situation like that with Robinhood and ended up just writing a long email detailing my job history and previous trading experiences. It was enough to satisfy them and my account was unlocked the same day.
- wmf 4y ago"Coinbase is making it possible for ETH2 holders to wrap their ETH2 into cbETH, which is a liquid representation of ETH2 that can be traded or transferred."
- imtringued 4y agoHow do Binance and Coinbase coordinate their cbETH and BETH?
- wmf 4y agoThey don't? They're separate tokens.
- matheusmoreira 4y agoBinance tokenized ETH 2.0 stakes as BETH, allowing users to earn the interest but still trade them back to ETH if they want. Trading data at this time: 1 BETH = 0,9564 ETH
- aaaaaaaaata 4y agoWhat is being done on the ETC chain? Still....nothing, right?
- EGreg 4y agoMore than on EOS lol
- Cypher 4y agois that good or bad
- k__ 4y agoThe fear was, big players would jump ship before the Merge. Well, they didn't, so there seems to be trust in PoS.
- vinculuss 4y agoThis is showing that they are jumping, since this is talking about the competing ETH Classic chain, not the primary chain that is going to PoS.
- werdnapk 4y agoWell, they will: https://www.bloomberg.com/news/articles/2022-09-14/world-s-biggest-ether-mining-firm-to-shut-down-after-the-merge https://www.bloomberg.com/news/articles/2022-09-14/world-s-b...
- 1MachineElf 4y agoThe end of Ethereum mining is coming soon, so for the hashrate to raise instead of drop suggests a bullish sentiment towards for ETH?
- pcthrowaway 4y agoEthereum Classic is a competing EVM (Ethereum Virtual Machine) chain which will remain Proof of Work. This just indicates people with mining hardware are switching over to another chain where they can still capitalize on their Hardware investment. Ethereum Classic has been a pretty dead chain to date, with no (or very few ) decentralized applications, no cross-chain tokens, and very little development. It was created after a big Ethereum hack was reverted (back when Ethereum was in a similar state), out of a mix of idealogical and opportunistic principles.
- Retr0id 4y agoIt wasn't really "created" after the hack, it's simply the original chain continuing on regardless.
- pcthrowaway 4y agoYeah, this is fair, it was a continuation of the ETH chain, just a lineage that the vast majority of people consider non-canonical. I meant it in the sense that ETH Classic (the "brand" if you will) was created at that point
- onlyrealcuzzo 4y ago> This just indicates people with mining hardware are switching over to another chain where they can still capitalize on their Hardware investment. Is it really a better deal than selling the graphics cards?
- mathgeek 4y agoDepends on how much your electricity costs are, why you mine (investment, hobby, etc.), and the level of risk you believe is reasonable from owning ETC (among other factors).
- kloch 4y agoNow the million dollar question: Does price follow hashrate, or hashrate follow price?
- alchemist1e9 4y agohttps://coinmarketcap.com/currencies/ethereum-pow/ https://coinmarketcap.com/currencies/ethereum-pow/ This IOU market seems to be suggesting there will be a new PoW chain that has higher market value than ETC. That implies the miners are expected to split their current hashing power between ETC and this new one. However I have not found the necessary organizational effort to create this new PoW chain, so with hours to go, it’s a bit of a mystery to me, as to why this IOU market is trading as high of a price as it is.
- TakeBlaster16 4y agoYour comment made me expect it to be a lot higher than it was. I remember the BCH fork trading at 10-20% of BTC for months and peaking as high as 50%. 2% seems like a more appropriate ratio.
- alchemist1e9 4y agoThat’s definitely true. However technically it would have a larger total market cap than ETC at current prices.
- SilasX 4y agoYep, this is why I moved my ETH off exchanges for the merge, so I could recover the PoW ETH (ETHW) in case the exchange won't support that branch. However, there's also the problem that if I broadcast an exchange on ETHW, someone can replay it on the PoS chain (ETHS), meaning, if I wanted to sell both branches on an exchange, I'd have to find one that let me send both to the same address. Unless I'm horribly misunderstanding something.
- syntheticcdo 4y agoIf you want to touch the POW chain, you should move all of the money out of the identical wallet on the POS chain first to avoid a replay attack. If the POS wallet address is empty (post split) there is no chance of replay because the address is already empty. Of course, just as possible is a replay of the POS transaction on the POW chain, so the POS wallet chosen for the initial emptying should be 100% controlled by you as well (ie- not an exchange wallet).
- yuan43 4y agoEthereum Classic (ETC) is the version of Ethereum running before the DAO attack. Unlike Ethereum, which rolled back the attacker's gains, ETC preserved them. https://en.wikipedia.org/wiki/Ethereum_Classic https://en.wikipedia.org/wiki/Ethereum_Classic There are no indications that ETC will move to proof-of-stake as planned (for many years now) by Ethereum. There has been speculation that Ethereum miners would not abide by the upcoming hard fork to proof-of-stake (PoS) and will continue mining on the pre-fork chain. The increase in ETC hash rate suggest that one outlet for ETH mining hardware could be ETC. It's likely that both outcomes will happen together post-merge: ETC attracts some ETH miners while ETH PoW chugs on. Either way, the mining rigs and their power consumption may not be going anywhere anytime soon. The relative exchange rates of ETC and ETH have not moved much since July: https://finance.yahoo.com/quote/ETC-ETH/chart/ https://finance.yahoo.com/quote/ETC-ETH/chart/
- zibby8 4y agoMiners could still stake their ETH for rewards. But they still have the compute power to do PoW, so, depending on the price of power and ETC, it can make sense to both stake ETH and mine ETC.
- bouncycastle 4y agoFalse. Ethereum did not roll back the attacker's gains, instead, there was a transaction made in the fork that moved the ETH out of TheDAO into a new contract where the ETH was returned to its owners. (An "irregular state change", or a "roll-forward" rather than back). At no point was the ETH in the attacker's hands. Most of the ETH was trapped in a stalemate between the attackers (white-hats and black-hats), the remainder was time-locked under the Dao's control until the fork. Also, the complete history of TheDAO is still on the mainchain and is being replayed and re-validated each time you do a fresh sync.
- TakeBlaster16 4y agoThat distinction is overly pedantic. That's like saying, "No, the store didn't refund my payment. Instead, they made a second transaction that returned an equal amount of money to me."