The Ethereum Conspiracy!
The Ethereum Conspiracy! DAO hack, Poloniex going back on their word to just allow one time ETC withdrawal and deprecate the losing chain, support from Greg Maxwell and Barry Sillbert all of a sudden, infestation of subreddit by ETCers, ~75% of money pouring into ETC from Bitcoiners primarily, Bitfinex hack leading to Bitcoin dump knowing that money would flow to ETC now instead of ETH like it traditionally has prior to fork. There are too many strings that some are not attached. I can’t be the only one seeing this. Let’s not forget Poloniex not allowing margin trading to allow short selling and creation of downward pressure on ETC.
At this point, there’s absolutely no difference between the two chains. Nothing makes ETC more immutable than ETH. You can close your eyes and repeat it 5 times a day, it’s the same code.It doesn’t matter if the majority (should I remind you everyone could’ve voted?)/devs hurt your feelings by hard forking. The same truth remains, what is immutable and what isn’t is decided by the community. You may have misunderstood that when you joined crypto, but nothing changed here, it’s always been like that and will always be. It’s more immutable than other options, that’s it. If the hard fork is what was needed to make you realise that, ETC isn’t the right place to be, it’s the same thing.
Sorry if I come off as aggressive, I’m a bit disappointed after today. It really does feel like those who joined ETC really did it only to hurt ETH, as though they felt the need to “punish” it for choosing something they disagree with (When it’s been the same all along).
ETH has an opaque policy about immutability.
- Vitalik wants forks for “ethical” reversions of transactions (when technically feasible).
- Many say TheDAO was a once-off and never again.
- Many, like you, say that mutability “sometimes” is OK, with everyone having their own pet definition of when intervention should be acceptable. Most don’t seem to notice that policy views in the ETH community are all over the map.
- Many even proudly embrace the exploratory, uncertain nature of ETH’s future.
ETC has a simple, clear policy: “unstoppable contracts, come what may.”
Investors like to know what they are getting. They see in ETC the original Ethereum vision being underscored, the one that initially garnered a billion-dollar market cap. In ETH they see no clear vision, and most (including Vitalik and the Foundation) explicitely going back on the original vision, saying they know better now. Would a coin that advertized “unstoppable contracts, if miners consider the results of the contract to be ethical” have gained a billion dollars? I don’t know, but no major cryptocurrency has billed itself that way so there doesn’t seem to be a demand for it.
It should not be surprising that ETH is being rejected by the market as, after an initial grace period thanks to residual good faith because it was supported by the same people who created Ethereum, it is now being recognized as this weird coin that no one is really sure how it is supposed to work, what functionality policy it really even wants to offer, and just generally hopes that somehow things will work out for it.
Putting my tinfoil hat on, I wouldn’t be surprised if they were targeted for that specific reason and I was discussing this with a crypto friend of mine earlier. Polo never allowed ETC shorting, so if there is some connection to this, Polo won’t be hit next. The concerning part is if any of this was motivation to continue the ETC pump and discredit ETH. Pretty drastic measures but it did come to mind. It would also mean ETC’s pump is far from over, they intend to take this all the way. In which case, some of those Bitfinex stolen coins might be flowing into ETC.. And that much money is enough to disastrously hurt ETH. Not proud of it at all because I don’t support ETC in it’s ideological entirety and toxic vocal majority, but I bought back most of the amount I sold on this last ETC dip as a hedge (for 3x the price…). I’ve been pro ETh 110%, but the market situation as it is now is really starting to concern me. Crypto is more corrupt than any market out there, Ethereum was a glimmer of hope. I hope it survives this and comes out stronger.
Most of ETC is held by a single person who already has a lot of fiat liquidity from shorting real ET. This means that he has almost complete control over it’s price. Anyone buying into this right now is getting robbed. Every ETH presale whale is also an ETC whale. The DAO thief who shorted the living shit out of ETH before he performed the attack.