Ethereum is a little bit pregnant and Steem benefits
Ethereum now has two separate blockchains. Most people have heard the news about the hard fork which was voted on to rescue the DAO attack. The hard fork is complete.
Now a group has continued without the hard fork and named it "Ethereum Classic."
They have very good reasons and hopefully other cryptocurrencies can learn from it. The hard fork might be compared to a government bailout. All it brings is regulation...of something that isn't supposed to be regulated.
The project coordinator of Ethereum Classic had this to say:
A blockchain is either neutral — censorship-resistant — or it’s not. A blockchain is either immutable – preserving one universally accepted version of history, one immutable sequence of events — or it’s not. It’s impossible to be “a little bit mutable by democratic process.” It’s impossible to be “censorship-resistant, until someone very important loses lots of investors money.”
It’s impossible to be “a little bit pregnant.”
Ethereum had an abortion. Maybe you agree it was the right decision this time but will it be next time?
And since Steem has been riding a somewhat inverse valuation to Ethereum, this should help our value in the long run. So I'd like to give a big thanks to Ethereum for killing their baby (metaphorically of course).
The full article and interview about rejecting the hard fork can be found here.
So steemit is now the anti-Ethereum hangout?
You don't have to be anti Ethereum to not want a creator of a blockchain to interfere.
I'm fully in favour of the hacker. He find an exploit in shitty code, he deserves the cash. It's slock.it that needs to be dragged over the coals.
ETH already gathering mining support
Too early to say. I don't think anti-Ethereum people will automatically come here...but I don't see them recovering their power.
That said, there's been a few articles showing an opposite correlation between Steem price and Ethereum...so it's possible.
I was never comfortable with Ethereum. It's too complicated, and they make too many Skynet jokes.
http://theshapeofthings.org/2016/01/18/skynetisthefuture/
I don't like it when people hype alt coins but I'll do it anyway: Within a month I think we'll see a huge capital flight from Ethereum to Steem. It's already happening. The market increased by 25 million USD as I was sleeping. Bitcoin will stay around, but most alt coins will end up pouring into one of the Steem currencies (once people figure out the differences between different types of Steem).
Ethereum have some talented developers, but I think they'll end up migrating to other platforms and taking the lessons they've learned with them. The future of blockchain technology is simple, focused apps that people can understand easily. Overcomplication is not the way forward.
One could argue that three currencies is overcomplication. Time will tell if people can understand and accept it.
Nice article. I'm not sure why but Vitalik Buterin has always been an a little too odd. I wonder what opinion IBM and Microsoft have of Ethereum after this debacle.
You mean the three Steem currencies? Yes, that's tough to understand. I don't get it right now. Steem developers may phase one of the currencies out. I think the crypto market will end up making the decisions. Even 3 currencies is still simpler than Ethereum. I got the hang of Steem in a few hours.
The fact that Microsoft, IBM and other banks are hyping Ethereum makes me wary.
They're creating a currency that values content over liquidity. Nobody should ever hold Steem long term as it will dilute. Therefore SMD provide the most liquid currency to hold and Steem Power provide the most upside if you want a very long position.
I've got a lot of respect for those ETH Classic guys.
Me too. It will be crazy if a Bitcoin fork ever really takes off...and not in a good way.
"I am very intrigued by Bitcoin. It has all the signs. Paradigm shift, hackers love it, yet its derided as a toy. Just like microcomputers." - Paul Graham