Ethereum's Slow Choke-Hold to Death: An Exploration
As of the time of this writing, on August 2nd 2016:
ETH (Ethereum) - $7.90
ETC (Ethereum Classic) - $3.60
Ethereum Classic is gaining such a strong grip on Ethereum's positition that it is now almost 50% of ETH's price. Mining power = UP. Faith = UP. And for what?
The attacker has just moved funds from the "Dark Dao", last night. In the next step he(she, they) will be able to split and then sell their ETC. These are a massive amount of funds.
Bitcoin has struggled through this period, whilst the battle between ETH and ETC surges on. It no longer seems far fetched that ETC will surpass ETH soon. If this happens it might be Ethereum's end.
Ether's price is being choked out by a group that cares nothing about the development team's endeavors, and seems like a fanatical group. Perhaps they are bitcoin fans happy to watch Eth bleed to death, or perhaps they work with the attacker. Regardless, if ETC surpasses ETH's price, ETH will wither away to almost nothing, perhaps. Then the attacker sells his ETC. Then both chains go back to practically nothing in value.
Good times.
What is moving $ETC up, in my opinion, is just greed. People are looking for easy money, 100% profits in a couple days. That thing will crash, soon. I was trading it for the last couple days, but cashed out when it hit 006. I'm buying some cheap ETH at the 0.015BTC range. Hard to figure out where to put money now.
The whole thing is out of control, next couple months will be fun.
Amen, brother. Its definitely all a jig- getting out myself. Cheers!
How on earth does it "undermine the community" when only 3% of the whole Ethereum community voted. YES THAT'S RIGHT... 3%
Plus the largest mining pool Ethpool voted against the hardfork.
Now, I'm not pro ETC but when their CEO announces "the community has spoken", I got my popcorn out, stuck some cash in ETC and watched the ride.
You have to face facts the money makes the world go around. If dapp devs need to, they'll make their projects run on both, they're clever people.
Personally, ETH goes sub $4 then I'm buying and hodling at that will be a price correction long overdue.
I'll buy all of eth on sale if it hits that price :) Fingers crossed.
Realistically I think they'll meet at $5 each with many people finding a decent entry point to ETH at that price. I only want EThH for the upcoming ICOs of Akasha and Gnosis. Need to be in that game bro.
Not really. The hacker isn't stupid. They aren't going to sell their funds for peanuts or pennies now when they can sell them off gradually for what may become multi millions or even billions in dollars. All this doom and gloom doesn't make sense to me.
The market seems to be choosing ETC. Eventually even the major supporters of ETH may decide to cut their losses and return to the original chain (ETC). There is no way to know for certain but I don't think disaster is guaranteed unless you stubbornly stick to one side and refuse to budge.
Yep, I'd have to say that I agree with you. It doesn't seem like one side will take all. We'll see it play out how you said, I think, in the coming weeks. Both chains will live indefinitely...especially as they remain profitable.
Hi! This post has a Flesch-Kincaid grade level of 4.8 and reading ease of 83%. This puts the writing level on par with Ernest Hemingway and Donald Trump.
I've stayed away from ETH, though probably more because life got in the way of me following it too closely. It seems like a mess right now, so rather glad to have avoided it. The developers of NEM/XEM believe that the DAO hack proves that perhaps the block chain isn't the best place to store those smart contracts. If you're looking for a good investment, check out XEM. It's dipping at the moment so this is a good buy in time, provided you like the fundamentals.