Fork Wars
I think we are all familiar to the whole ETH , DAO and ETC mess...
If not : I already addressed that in my previous post
Some very good info on the subject from other Steemers :
- @xeroc's post on what happened with the DAO hack leading afterwards to the ETH hard fork
- @steempower's post on the potential downsides - very interesting !
- @pauls's guide on safely splitting ETH/ETC - Must do if you are in the ETH ETC game !
So , now that you are all up to speed :
The biggest consequence is that there are now parallel universes: Ethereum Core (ETH) and Ethereum Classic (ETC).
Some argued that ETH will loose ground and let the real , original not forked , chain be the star.
Others argued that ETC will just die of in the dust very fast. ( me included )
Well, it seems that Core nor Classic will not go silent into the night, at least not yet.
For the DAO hacker(s) it doesn't matter anymore , I suspect all is already over and monetized long ago.
A side to side analyze
| ? | ETH | ETC |
|---|---|---|
| Price | 11.58$ | 2.13$ |
| Hashrate | 3700 Mh/s | 660 Mh/s |
| Mining pools ( majors ) | 8 | 4 |
| Tradeable on Exchanges | Yes | Yes |
| Trade volume (Poloniex BTC/24H ) | 20'000+ Btc | 40'000+ Btc |
| Capable of smart contracts | Yes | Yes |
| Replay vulnerability | Yes | Yes |
| Community support | Yes | Yes |
For now both are legit and both will live long and prosper until the next ETH/ETC drama :
Ethereum-based chains are anarchic — without terms of service or ties to the legal system. Therefore it is difficult (impossible even?) to say which chain is the legitimate chain. Consequently it is unclear if anyone has a legal claim to prevent or create additional forks in the future and because of this, it is hard to see who has liability for past, present or future forks on these chains.
Miners just want the best bang for there bucks effectively moving mining from one chain to another.
When price increases more hashrate comes on-board and vice-versa on both chains.
Traders will speculate some arbitrage opportunities besides doing the usual :
Sell high / buy low when the opportunity arises effectively creating support and resistance on both currencies.
The best thing you can do is just relax and let everything settle down , even buy some Steem , power up and let the interest work for you besides the obvious posting and curating.
This is Cryptocurrency world , enjoy !
Glimpse into the future...
Do you think we will see any major development ?
- A next fork patching the replay vulnerability ? .. On both Chains ?
- A next fork also allowing merged mining ?
- A new generation of ETH ETC EXT SHIFT multi pools ?
- Maybe a mining software that automatically switches coins - I'm working on one
- A precedent for all cryptocurrencies to just hard fork whenever they please ?
Let me know what you think !
Blockchain status :
https://slacknation.github.io/medium/13/13.html
http://fork.ethstats.net/
Hey Cryptoninja, I believe I accidentally transferred around 379 STEEM to your account. I would be very grateful if you could send this back. As you can see, my name is also cryptoninja so I don't understand why steemit allowed me to create an account when the name was already taken.
Thank you.
Upvoted
Hi! This post has a Flesch-Kincaid grade level of 9.2 and reading ease of 66%. This puts the writing level on par with Michael Crichton and Mitt Romney.