Ethereum classic making moves

ethereumclassic

#1

a couple of very big announcements today from ethereum classic.

Firstly the announcement of a $250,000 investment from a major finance group in China…

And most important…“incubator” the platform launch application for ETC

I very much believe that Ethereum Classic is making far greater strides towards being a sound, long lasting cryptocurrency than Ethereum in it’s current state. Focus on strong monetary structure, decentralized development, and embracing the “code is law” side of immutability…these are all concepts Ethereum seems to have lost touch with, and will likely suffer for in the long run.

It is my humble opinion that Ethereum only continues to thrive as a top market cap coin for two reasons…

  1. First mover advantage in the Decentralized Application space
  2. The multitude of scammy ERC-20 ICOs propping up it’s use case

But…any inquiring mind should be asking, how long will these factors continue to give Ethereum relevancy…after all, the sheer number of decentralized application and smart contract protocols is steadily growing, and many of them could potentially bring much more tangible value to the table than Ethereum’s often disjointed development decisions. With more and more application protocols opening up ICO distribution contract platforms, it is likely that we will see Ethereum’s dominance in this area wane.

If you are unfamiliar with Ethereum classic, or what makes it different than regular old Ethereum, go back in time to the DAO “attack” and the resulting soft fork which occurred after the fact to rectify lost investors funds…it was this act that forever fractured the Ethereum development process from what many considered to be sound protocol implementation. I would encourage you to dig deeper into this history as it makes for quite an interesting bit of cryptocurrency trivia.

Thoughts?

http://heavilyarmedclown.com/wp/ethereum-classic-on-the-move/


#2

Whoo hoo! ETC is making money moves. Meanwhile, Vitalik didn’t even show up to greet fans and discuss the inferior ETH.


#3

I firmly believe in this project. So much so I traded all my LTC for it.
I think my actions speak to my thoughts behind it. :moon: :rocket:


#4

I believe in it too man.


#5

Anything that will take a share of ETH’s ICO pool is a good thing, but I just can’t see it being cool (which is what most ICOs are going for) to launch on ETC. Not a huge deal, just means more high quality projects choosing ETC for ideological reasons. EOS may eat both of their lunches on that front, sans the drama. We’ll find out in the long term, about 6 months in crypto :rofl:


#6

The long term is like 5+ years. That’s my exit.


#7

have you discussed in the past your Exit strategy/goal on ICX? 5 years? Longer?


#8

On second thought, I believe I’ll hold on to the couple I bought when the price was $28-29. I was thinking of selling off yearend when the price would shoot over $35+. I know @peter always said it was a long term hodl, but lack of any activity coming from it just sort of discouraged me. But I trust the Captain, and if he believes its a good hold, then its good enough for me! Hold strong! :sunglasses::hulksmash::etc:


#9

We have yet to see apps and larger scale initiatives for etc.

We have only begun.


#10

Tried to clear up my last post


#11

Nice! I did the same with NEO, i mean swapped my LTC with NEO, maybe i should split it to get some ETC as well.


#12

I also believe in ETC. I believe that it will 10x before LTC or ETH. :grin:


#13

Not sure why?
I’m genuinely curious why ETC is better than alternatives? ETH has far more developers and support from enterprises. Also there is NEO, NEM and many others.
I’m just curious what gives ETC the edge and why you all think ETC will gain market ?


#14

I can say one thing, they seem to be way behind ETH (i think): asked in discord

vampyren - Today at 8:15 PM
btw will there be any PoS in ETC?
phyro - Today at 8:19 PM
right now no, after things are properly researched, etc will probably re-evaluate what is best option
2020 has hybrid consensus research, though you never known and that might get delayed


#15

I’d argue that a sound monetary structure is the most important basis for success. ETC is leaps and bounds ahead of ETH in that regard.

Do you think POS is inherently better than POW? If so, why?


#16

Scalibility, easier to fix “software” and adjust. Also i would say more decentralized as you dont need expensive hardware for mining operation. I’m not a guru but i read allot from many sources so thats just my picture from the content i read. Maybe i’m wrong.


#17

I can’t say whether you are right or wrong, I dont believe we have an answer to that yet. I’m not convinced of either, but I do know that at this point POW is the most proven (based on age and network size of btc).

I definitely do NOT buy into the idea that POS needs to be implemented because POW is wasteful or harmful. Decentralization and security come at a cost.

I will be watching POS vs POW developments closely since this is all new territory and there are so many unknown unknowns!


#18

Yes i do agree with the fact that right now the most robust and proven version in BTC but sadly i dont believe in LN and the way it is suppose to work.
I like the idea that ETH is going to do half and half with PoS + PoW and slowly shift. This gives them time to experiment and evolve.
But either way PoW wont be able to compete on its own when we are talking about thousands of transaction a second if we get to the point where we have mass adoption. So its good all different projects are testing various possibilities. I’m not sure either what will be the golden standard in the future. No one can say they know for sure, all we can do is to follow the leaders and learn, read more on the new technology they present i guess :smiley:


#19

My biggest issue with ETH is that once you cross over to the dark side, that taste of power will be too much to resist in the future.

Sure alot folks lost money in the DAO fiasco…and they were just trying to do “what’s best for the community”…but what constitutes what’s best for the community and who gets to wield that power? When is a rollback viable and when is it not? There’s too much room for subjectivity which has no place in the world of supposedly immutable protocol.

What happens if governments get involved and demand rollbacks because of wars or sanctions or terrorism? What happens if the people at the top get bought out or compromised?

ETC split from ETH for this very reason. Too much exposure to the types of problems cryptocurrency was designed make trustless and unnecessary.


#20

You have a point. On the other side i also think if we want mass adoption it cant be black and white. When people loose hundred of millions i can see why the revert took place. IT wasn’t any government, it was the people who decided this. Even if Vitalik has allot of mandate i think that power is getting more distributed even on ETH.
If the day comes where a government demand something to be changed and the devs give in i will abandon it fully but so far its been common sense and i can accept that decision.
I do however understand whey some dont agree with that and that is fine as well. I like to invest in both camps and see who will come out victorious.