The Ethereum Classic madness
OK people : We need to talk about this.
We all know Ethereum got "hacked" and after a long debate the community voted for a hard fork to just erase the hack altogether by "forking" from the original blockchain and return almost all the lost ETH to everybody in a new blockchain , todays ETH .
The news here :
http://www.coindesk.com/ethereum-executes-blockchain-hard-fork-return-dao-investor-funds/
Today Some exchanges listed ETC - Ethereum Classic - and everybody is going mad about it.
So.. two blockchains now...
Ethereum and Ethereum Classic ?
Lets see :
Ethereum
The hard forked blockchain , voted by the ethereum community after the news of a DAO hack that locked some 12 million ETH into the hacker(s) controlled accounts.
This is the chain that has virtually erased the DAO hack and returned the ETH to the rightful owners.
This chain is where all your ETH are.
It is live.
It is where the majority of the miners are.
It is where the Dapps ( decentralized apps that live on the blockchain https://dappsforbeginners.wordpress.com/tutorials/your-first-dapp/ ) live and where the hackers have no more interest.
Ethereum Classic
The original blockchain that is not forked and still loaded with ETC ( the old ETH are now ETC on this chain ) including the ETC controlled by the guys behind the DAO hack.
This chain is where all the Pre-fork transactions are.
It is still live.
It is the chain in which the DAO hacker(s) have all the interest.
This chain is here only for :
People that had ETH transaction written on it before the hard fork to be able to withdraw ETC.
A minority ( guess who... ) that has opposed the hard fork to still maintain it.
Funny fact : If you had before the hard fork 100 ETH in your wallet you now have 100 ETH in your wallet and , theoretically , also 100 ETC . It depends on the wallet.
I have found some ETC balance in my Poloniex account myself .
Another funny fact : I see allot of people buying ETC and going mad about it .
The markets might respond in an ETC price increase and a ETH price decrease.
Ok , now why is that a bad thing ?
I mean , let's face it , I just got about the same amount of ETC as I have ETH now !
Great , but that means the hackers behind the DAO hack will receive there hacked ETC as well , right ?
Awesome !
..Or not ?
We all just need to sit back and enjoy the show while all the hard work of forking the ethereum blockchain goes in vein as the hackers still got allot of value on there DAO hack.
It's amazing that ETHC has gotten as much support as but it's basically a FUD battle. Or trolling with money.
Well , things will settle down very fast , in fact I already see a clear normalization in the markets.
We'll see. Seems like we'll have a few weeks before it dies down.
I think you nailed it!
I always do. Well, almost always.
this post
Too bad Ethereum got Hard Forked!
Unfortunate for the crytocurrency philosophy!
Ethereum was never hacked, The DAO was.
True. True!
Let us learn from this.
Yes and No.
It is a lesson to learn nevertheless
Yes and no... thats is why i am called oneyesoneno ^0^v
check my blog
oneyesoneno.com
thanks
Hehe , nice blog , and yes I love Eth too !
True!
If I were one of the investors I would like getting my money back, i can sure relate to that.
But Ethereum was not broken and the hack is part of the investment risk. The protocol must always be preserved otherwise it will not be different than regular banks.
It's not anything like a bank. It has nothing to do with banks. Sigh.
Insightful post. The invisible hand will have its way... one can only react.
Cryptocurrency world is all about its traders and miners so it actually is a crowd effort.
Everyone can do his part ... I for one refuse to hold nor mine ETC
Some very sensible points. I certainly understand where you are coming from. The only problem is weird things happen in the crypto world. We have all seen it.
Thanks , appreciated
We will see how this ETC story turns out
You are spot on. This is just a fad that will blow over.
Who?
Consider you hold 12'000'000ETC on the old blockchain from a DAO hack , would you be interested in keeping that chain alive , functional and valuable ?
Ofc : I am not implying only "bad" people are interested as there are some opportunities for everyone , very well explained here : https://steemit.com/cryptocurrency/@thecryptofiend/the-rise-of-ethereum-classic-a-black-swan-moment
I didn't quite agree with the hard fork neither. The SF already did the trick in locking the hacker's fund.
True , but returning the founds was the big problem , hard fork was fast and efectiv
mind****
