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RE: Opinion: Ethereum hard fork severely undermines its usefulness
Ethereum Classic is the true Ethereum. The purists are getting behind ETC. I think once people realize they're overpaying for ETH when they could get ETC for a fraction of the price there will be a big correction.
Totally agree. I just sold all my Ethereum and put some into Classic. I feel like I'm fighting back again big players who think they can do what they like without caring what consensus thinks.
They did care. That's why there are more people, higher price, higher hashing and dapps on ETH and none on ETC. How do you define consensus?
I'd define consensus as a coin having more miners, users, and overall utilization, which ETH undoubtedly has, at the moment. How much of that is being directed politically by exchanges and the Ethereum foundation? Time will tell. The people will vote with their money and hash power. It's a beautiful system. I THINK ultimately ETC will come out on top once people realize what the hard fork means. But I could be wrong. Either way it'll be very interesting to see how it all plays out.
None of the dapps will work on it or be recognized on it. So what is it exactly? Just a currency like Bitcoin or Litecoin? How can it compete with Bitcoin or Litecoin as a currency?
I address these issues in my valuation post and tried to put all the issues in one place that make ETC valuable. One core thing I left out is that ETC is at risk of a 51% attack like we've never really see before in crypto because there is a large based of profit oriented miners who have the equipment and hash (fungible between ETH and ETC) to short ETC and do a 51% attack with the sole result of making money on their short. They could sustain an attack for a couple days, capture ALL the block rewards, censor transactions from exchanges, sell all their own ETC as they mine, all while their short remains live. They could then stop the attack, close the short, wait for the price to rise again and do it again and again. It would take an unethical miner but only 6-8% of ETH hasing. It's on the table and it's an existential risk to ETC. What business will take that risk?
The true Ethereum, ETC, will merge all of the changes made by the fake Ethereum, ETH. How does that make any sense? The true ETC, is 100% dependent on the developers of the fake Ethereum, ETH.
What is the value of purity? Who values it? Have you done business? Does business value purity over pragmatism?
When you're dealing with the integrity of the blockchain, purity is paramount. Having a core foundation direct the future of a purported "decentralized currency" is no different than having a reserve bank dictate monetary policy. Just my opinion, happy to discuss further.