Anyone know why Ethereum Classic (ETC) dropped $3 -$4? It seems kind of sudden, and I felt a bit of panic for a second, but I bought some more at the Dip to lower my Dollar cost average so I’m profiting now again. Just kind of curious as to how this happened though.
If you ever have any problems Coinbase wallet, you’ll be lucky to get support within 2-4 week. If you buy something like ETC and try to move it back on coinbase, it requires 10,000 confirmations. There’s been bunch of post about only coinbase requiring 2 days to move ETC. Those are some stuff I remember off the top of my head.
The whole point of decentralized crypto is for the majority to rule. Allowing a small group like the people that forked ETC to have their way is how we get Ruling classes and Nazis. If they don’t like it, they can fork, which is exactly what they did. Most people didn’t care because it gave them extra value for the ETH that they held to then have a second balance that carried over to ETC, but that doesn’t mean ETH is somehow the wrong chain. ETH worked by design. ETC is garbage and riddled with missteps. ETH is where the developers went. ETC doesn’t even have an eco system. There is no use for ETC other, there never really was. The only people that stuck with it were people that didn’t know where ETH was going in the first place. They didn’t see the bigger picture, which is why they didn’t understand that it was imperative that the hack that happened be walked back and that stage of development in the project…
I agree with what they did, but they did it (and the existence of ETC is a pretty clear sign that it wasn't a decision everyone was happy with). I also take the view that the majority of a network deciding something isn't the same a as one organisation (Tether) but I also think that organisation has a huge interest in not abusing that ability as it could easily destroy them.
The entire decentralized network voted to walk back the blocks so that a lot of people didn’t lose everything and cripple the blockchain for years to come… then after a majority voted and did it, a bunch of whiny idiots forked ETH and made a chain where the hackers could continue to unload their stolen coins… this chain has proved over the years that it’s a bunch of garbage, by having multiple 51% attacks as well as never coming even CLOSE to being a usable smart contract platform. And who may we ask keeps coming back to it just because his whole life has to do with trying to kill ETH? Charles ADA Hoskinson… who recently joined their board… for some… UNKOWN reason. ETC is one of the biggest scams in crypto. Born out of the ashes of a hack, a chain where the hackers were aloud to thrive.
Than the question becomes what do you expect me to like about ETC? Not trying to get into the old "code is law" debate here, but if we do compare it to ETH and other L1s, their main value over other blockchains is their smart contract integrations for dApps like AAVE or Sushiswap, and their tokens with unique protocols/projects like The Graph, Anchor Protocol, or Acala. If ETC doesn't have much of that than it doesn't really live up to the original dream of a programmable decentralized computer, it doesn't have sufficient security for my assets like Bitcoin with decentralized mining that can't get attacked centralized or not, it seems to have too small of a community to have a proper niche like LTC/BCH, and it's not as easy a medium of exchange as NANO/XLM. It simply doesn't offer what I want in cryptocurrencies, isn't something I'd really be interested in mining or stacking as an investment, and infrequently leads to purchasing confusion from people treating it like an investment on Robinhood. Like the best opinion I can muster for it is apathy beyond its cool logo?
Personally, I've never buy ETC. I think it has a lot of brand baggage. It's likely to continue to be viewed as "a poor man's ETH". They would have been better off renaming the project to something entirely different after the fork.
True. there’s been a lot more lately and it’s not necessarily a bad coin imo, but they need more attention, which is technically related to ETC’s marketing. I still think ETC has some potential (not saying it’s the best) but seeing these other coins with issues makes me wonder about the potential of ETC to be used more.
I will say, it’s definitely behind on technology. But there are a few such as some NFT projects, games, and finance dapps/protocols. Here’s some if you want to see https://ethereumclassic.org/ecosystem/apps-and-protocols and like your probably know, there hasn’t been much development on ETC (a lot more recently) but I don’t see it as a shitcoin because it does seem to be programmable like ETH and has its own advantages with decentralization.
Serious question (please don’t get mad) it’s so hard to ask this community about this without getting hate and it’s really annoying. Why do you guys hate on ETC. I understand the 51% attack thing because that’s a major problem. ETC has actually implemented code to prevent that and hasn’t happened yet. It’s programmable and has low fees so to lower usage. But yet SOL and CRO are centralized, ONE seemed to have an issue today, BNB is an exchange coin and seems to me to be centralized? I just don’t understand why these coins are ok but ETC gets hated on yet has outperformed even ETH in 2021 (yes really).
And water is still wet. Hot take: I treat coins like lotto tickets. I'm using a DCA strat with tiny amounts of money. BTC or ETC doubling by year end will have no impact on my life with the amounts I'm "investing." So I've identified what I think are about a dozen coins with low market caps, good teams, a roadmap, an actual use case, and I can accumulate 10, 100, 1000 of them over the next 50 weeks assuming they don't moon or poof. I have a blend of Layer 1 and Layer 2, and a blend of different use cases (zkrs, stores of value, compliance, etc) I stake/farm what is economical to stake & farm given the state of gas prices. When my weekly buy day comes, I buy 2 particular coins I'm especially bullish on, then spend the rest of the budget on whatever 3 or 4 coins look like they're the best value on the day. I check over my list to make sure nothing's showing signs I need to GTFO. Some people buy PowerBall tickets? I buy crypto. I figure my odds are slightly better with crypto. If something moons, great. I'm sitting on a bag. If it doesn't, that was money I was going to spend on coffee and makeup.
Whenever i see the ETH vs ETC and BTC vs BCH debates i think to myself that communities split due to a difference of opinions, saying one network is the right one and trying to invalidate the evolution or existence of the other one is just flat out maximalism. Difference's in opinion cause competition which in turn evolves into innovation. Ethereum 2.0 is not a unnecessary and flashy upgrady, it's one that is necessary. ETC doesn't neeed a upgrade simply due to the reason that it didn't evolve into the Behemoth that ETH did, the networks just grew differently, with seperate goals and directions and that is fine. Not every network has to become that insanely large ecosystem to be successful. ​ I wish more people would think like Gavin and be against crypto nationalism and more for cooperation and interoperability. ​ I recommend this read:[https://www.protocol.com/fintech/polkadot-ethereum-gavin-wood](https://www.protocol.com/fintech/polkadot-ethereum-gavin-wood)
ETC……… naaaaaaaah.. what about neither of them? ETC is old hat and the gas fees are to much for ETH. I have a buddy who bought ETC and all he does is bitch saying can’t wait till it goes up so he can sell. But he also thinks Doge is goin to a dollar.
It was one of the few other coins on robinhood during may right? Just knowing how many people were on there at that time it makes sense. But yeah smartest people in the world are in finance building these tools that know how much they can pump something like ETC and get FOMO to kick in for us, maybe sell off some leveraged bets taken right before or some shit I have no idea how they strategize it. I've always wondered the strategy on those BTC bart simpson patterns.
Just had a look at the charts and ETC had a nice little pump right on 10 Nov, peaking alongside the BTC top. It had its huge run just before the crash in May too. There's some godamn genius traders that' ill never get close to competing with. I'll just stick to throwing in money in the bear market and taking nice profits in the bull.
Polygon definitely has been killing it the last two months! One thing I noticed is that when BTC does well, ETC pumps just like most alts. Now is this because the whole market is pumping or new people mistaken it for ETH… Who knows but hopefully we all make great profit this year.
Eth also got hacked in its beginning phase. Im fact that hack was so bad so bad they had to fork eth into currentday-Eth while the original chain continued as ETC. A lot of coins don't start perfectly and have glitches. And SOL simply has potential. Has some solid projects on it, good cryptonomics and its blazingly fast. People just like to hate on it because its more centralised. But in the end, investors might like the fact its more centralised due to regulation fear. Tough its centralisation isn't as bad as Ripple. In the end, SOL's succes it based on what people reacts to SOL.
That’s interesting, so while not a 51% if a large amount of nodes restarted from genesis block at once I see what your saying. I guess like you said though crashing that may nodes is not really a realistic attack vector >Elon musk can buy a majority of ETH, stake it, and basically invalidate everything else That’s true, but as ETH has shown before they are willing to fork the chain over something like this. Fork the block before Elon breaking it, remove his stake on the new chain. While it’s not automated I still count it as a last ditch security feature because it most definitely would happen in that event. Elon is then out billions on the true new ETH chain, and retains control of the ETC2.0 chain
tldr; World's biggest inter-dealer broker TP ICAP has launched crypto-related exchange-traded products (ETPs) for its European clients. The company facilitates trades between hedge funds, investment banks and large financial institutions. It traded the ETC Group Physical Bitcoin, a physically backed equity instrument, which is traded on Xetra, against the CME Bitcoin Future. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Investopedia, DD and Belonging to crypto conversations have helped me become a decent trader. I always try and learn everything I can about a coin I plan to purchase. I don’t flip as crypto is a long term game, at least for me. I do however play with meme coins and try flip them. I 100% use money I can afford to lose doing that. On that note, just like stocks, I only use money I can afford to lose. My long term buys (ETH, ETC, etc.) I buy the same $ amount every paycheck and close the app/platform. Do not look at it 100 times a day 😂
Ok so here it goes, I FOMOd hard into crypto around late April of last year. Mainly it was the Doge coin hype. And to be honest I didn’t buy Doge at all because Coinbase at the time didn’t have Doge. So instead I bought Bitcoin, Eth, ETC. Since I’m a millennial, an older one at that, my generation watches YouTube a little more than we’d like to admit . So I hop into the crypto scene and start researching crypto stuff and guess what was one of the first things that popped up? It was Elon Musk talking at some conference. And I don’t know wtf he was talking about, all I know is that this dude is into crypto and supposedly is this fkn god like figure to many and on the screen it said “send 1, we send 2 back. Because are cool like that” bullshit. So I swear to you. for more than I care to admit I sat there pondering if I should do this and I was about to a couple times. But then I realized. Erik, don’t be a dumb fuck and get scammed. So I went bought some more ETC and then BOOM! May crash! My little ATH FOMO portfolio went to shit anyways. It rebounded obviously cause I’m still here. But that’s another story. TL;DR Don’t be a naive FOMO crypto dumb ass like me and Almost get scammed by those YouTube scammers.
The fact that ETC flatlines while the market moves basically shows me the exact affect the whales have on the market. It moves, but it gets almost no independent pumps as it moves, so I assume that nobody's buying into it. You can see where retail affects the market in other coins from the independent spikes along the way. I just thought that was interesting.
If your into gpu mining it has a lot of promise. The market cap is below ETC but the algorithm helps prevent ASICS from getting on the network and it's a fork of BTC. There also weren't any coins pre-mined so I think it shows some promise.
The article makes alot of very good arguments.. I don't agree with all of them, but they have summarized well many of the current problems... and highlighted alot of the double speak we do see from blockchain evangelists around how it's both decentralized and controllable (whichever narrative happens to suit them at the time). I do have a few counterpoints. They do bring up the Dao hack (early eth hack) as an example of the blockchain not being immutable, an analysis I don't entirely agree with. The hard fork couldn't be forced on the community, in fact there were dissenters that were able to do something different. The lesson to me of the DAO hack was that if the overwhelming majority of a community doesn't like something bad that has happened... it can be undone kind of. You can say that the ethereum foundation had an outsized influence in this... that people were following a centralized leader.. this is true, but at the end of the day all the participants had a choice between following and not following. Those that chose not to follow forked to ETC... and even those that disagreed did not have their positions in ETH diluted, the fork retained (and had to retain) their original positions on the eth chain. I do believe the author is also right about centralized points of web infrastructure access and fiat on and off ramps. Crypto has not achieved its vision in these regards yet... fiat on and off ramps is a question of widespread crypto adoption, as retailers adopt the need for the on and off ramps goes away.. web infrastructure is much more challenging, there are many projects like helium, arweave, storj, etc. That are working towards creating decentralized alternatives but there is a long way to go here, and success is far from guaranteed.
Only one bitcoin my guy. There's nothing you stated above that hasn't been refuted numerous times as tradeoffs for the worst not for the better. Also ETC sticking to the rules of the original concept ended up making them the lesser of 2 forks because the " other" ETH had a leader that people can look to in order to dictate thier behavior. Both of these are failed projects. Do yourself a favor get in the green and get out or cut your loses and move onto something better. I opt for the latter.
Many smaller cryptocurrencies aren't even directly tradable to dollars. You can trade them on a DEX or crypto-only CEX for Bitcoin or Ethereum, and then trade that BTC/ETC for dollars. When a price is listed on CoinMarketCap or similar site for these, they're implicitly doing the conversion for you. They might take NUT/BTC and multiply by BTC/USD to give you a USD price for NUT, because that's all they can do. If the Bitcoin price moves, all of the currencies denominated in it will move with it. Most of them are relatively illiquid and don't even trade on a regular basis, so the NUT/BTC price remains stable but BTC/USD changes, and then NUT/USD changes by exactly the same amount BTC/USD did.
Only if you have very different apps on it. Forks of projects allow the apps to share a lot of libraries. E.g. if you have the BTC app on it, BCH, LTC ans alike occupy very littte extra space. If you have ETH, ETC occupies little extra space. The Nano S is a great device at low price.
actually I somewhat disagree on this (disclosure: I hold zero ETC). Since the split in 2016 (for the right/wrong reasons) the project has wondered in a sort of limbo state, without aparent heading or real development roadmap, banking on its name more than merit, suffering 51% attacks, sure, etc. But I do believe ETC will become much more relevant nearing ETH's transition to PoS (classic will remain PoW) and if [recent reports](https://capital.com/etc-coin-price-prediction-2021-2030) are to be believed, Charles Hoskinson's IOHK (Cardano) will be heavily involved in pushing the project forward, keeping it a viable PoW secured smart blockchain platform amid the sea of PoS options on the market, I even see a potential rebrand in the near future, who knows? ETC dying? Meh.. Yes.. Dead for sure? Not yet, certainly not yet.
Dude, you need to understand the background/tech/vision of the coins in order to say whether they're dead or not, not just look at price action. Vechain, IOTA, monero are not dead. But shitcoins in the top 100 by marketcap: 1. Cardano 2. Shiba Inu 3. TRON 4. ICP 5. ETC 6. EOS 7. BSV 8. DASH Honorable mentions goes to BCH and LTC, which are legitimate projects that aren't shitcoin scams, but at the same time, will probably die a slow, pro-longed death because they're just obsolete.