Free money on Poloniex sell Ethereum Classic!
Free money on Poloniex sell Ethereum Classic! If you were holding eth on Poloniex pre hf, EVEN IN MARGIN, you now have an equal balance of ETC on Polo which you can SELL. This is literally free money. What the actual fuck? You are retarded if you think ANYONE will keep this propped up. It is going to zero and will stay there.
Since the ETC is free, I spent a few hours trying to come up with any possible reason to hold onto it. I couldn’t come up with a single one. The Ethereum foundation members and developers and miners are backing the fork so I see no upside to ETC. On a side note, I’m not exactly angry at POLO (they did just give me a whole lot of free ETH) but I’m puzzled by the decision. I’m guessing it’s purely capitalistic and if so, fine with that. Long story short, I sure wouldn’t want to be the last guy holding ETC. Would be like owning a Ferrari in a place with no roads.
How does Polo stay solvent when they just create money out of thin air?
They don’t create money out of thin air. Due to the hardfork, there are now two copies of the Ethereum blockchain, each progressing separately. Anyone who held Ether at the time of the fork is able to transact on both chains. It takes a small effort to make sure that you can do different things on both chains, but once you’ve properly split the coins, you have 1 ETH and 1 ETC for every ETH you had prior to the fork.
The same goes for all the ETH held by Poloniex. They simply decided to give balance-holders their share. Unless they messed up, there should be no consequences to the liquidity and solvability of Polo.
This is about MONEY. This shit is heavily coordinated. Shorting will be added right before the pre-planned attack of ETHC completely cripples it. And bagholders will cry foul. But who will they cry to? There is no foundation, there is no real lead dev who can fight off the army of real ETH supporters and developers. Exchanges are going to make an easy profit here.. it’s sleazy but that’s the SEED of ETC. It’s born or immoral thievery.