3 Reasons Why Ethereum Classic (ETC) Will Be The Next Big Coin

Written by: DogGuy

Poloniex.com opened trading for Ethereum Classic (ETC) tonight and the crypto world is in a frenzy. People are panicking to buy, sell and figure out what the hell Ethereum Classic even is. Unless you live in a cave, you should know by now Ethereum recently went through a hard fork and it has the Ethereum community split in half. The end voting process was to move forward with the hard fork but like most elections even when 51% of the community agrees on a position that leaves 49% in distraught. As a result Ethereum Classic has been born which is what some would call a "pure" form of Ethereum (the non-forked version) while others would simply call it a scam. I'm under the belief that Ethereum Classic will be the next big coin and here are 3 quick reasons why.

Disclaimer

The following article is the expressed opinions of only myself and should not be taken as investment advice. At the time of writing this article the author (myself) holds a long position in mentioned Ethereum Classic (ETC) and holds no other interest in any of the other coins shown or mentioned. Please invest at your own risk and PLEASE do your research prior to making any investment decisions.

#1. Almost half the community was against hard forking the coin.

"Big banks! Centralized! Everything you stood against." These were some of the words thrown around by those oppose the fork, which truthfully felt like almost half the community. As a result the hard fork left many investors, miners, and supporters of Ethereum feeling salty. Ethereum Classic now provides an alternative voice for those who still feel the community made the wrong decision and again remember - that was almost half the community.

One of the best case studies to look at and was discussed by many during the decision making process for Ethereum was that of Vericoin back in 2014. At the time mintpal.com (former trading site) was hacked and a large sum of Vericoin (VRC) was stolen. The Vericoin community was in a frenzy and as a result the development team decided that forking the coin was the best decision. Since that point Vericoin has lost roughly 80% of it's market value and while the development team still continues to push out new technology - issues with their decision to fork still sits unpleasantly with many investors.

2. The current valuation.

As I'm writing this article Ethereum Classic (ETC) is currently less that 1/10 the value of "regular" Ethereum (if you will). For those who are considering the switch from ETH to ETC they can essentially turn 100 ETH into 1,000 ETC or 1,000 ETH into 10,000 ETC. Now for those who say "well that doesn't matter - I could turn 100 ETH into say 100,000,0000 DOGE if I wanted to - the amount of coins doesn't mean anything" - what you are failing to realize is in this situation it's the exact same coin. It's the same coin in the sense it has the same code, it can accept the same DAPPs and the only thing that Ethereum has that Ethereum classic doesn't have are the same developers and that might change soon too. I believe overtime developers are going to start moving from ETH over to ETC - not only because of the financial opportunity but remember - many of them were against the hard fork.

The other aspect of the valuation is the fact people see ETC as a potential quick way to make a big return. "If I buy ETC now while it's only worth 1/10 of ETH -- I have a good chance of making x10 on my return if this project really takes off". ETC is about to hit 10,000BTC of volume within the very first few hours of being open for trading. THAT IS INSANE. What this tells me is that the market is hungry for the battle between ETC vs. ETH.

#3. The anti-ETC will soon run out of steam.

Ah yes everyone likes free money, right? Well that is unfortunately to some how they view ETC. Because it seemed to magically appear into people's accounts today and it was money they didn't have at the start of the afternoon - they look at it as free money. Those who sell now and for those who are against the project can unfortunately only do so much before they run out of ETC to dump.

With the valuation being less than 1/10 that of ETH and at one point tonight as low as 1/200 those who are looking to get out can only do so much damage. Lets say a big whale who was sitting on 100,000 ETH wants to crush ETC and crash the price. Even at current prices he only has 130 BTC worth of ETC which if you look at current buy books on ETC - the market would gladly buy. Even the big players aren't going to have enough coins in their pockets to fulfill the demand of those pesky anti-hark forkers. 500 BTC would only drive the price down to .0006 and that would take over 12,500 BTC worth of ETH holders to make happen. Fact is, it won't.

So here is where we stand today - a lot of people are going to wake up and see that they have "free money". Most likely dump and turn their new found BTC either into ETH or some other coin of choice. However as soon as all those free money and anti-ETC folks sell off their coins then what are we left with? Well those who were in oppose the hard fork and those who are looking to join the rival against what is now considered by many - the big bank team of Ethereum.

If you are in support of Ethereum Classic - I'd love to hear why! Please share your comments below if you have a moment. For those who oppose - I'd also be interested in hearing why? Comment below and lets please have a civil conversation about the topic ;)

Please remember ALWAYS do your own research before investing in any coin. If you liked my piece today, please make sure to upvote!