The ETC Lowdown!
The ETC Lowdown!
Both ETHs are literally the same product except for a religious dispute no one will care about in a few months from now anyway.
If you were offered to invest in two products that are exactly the same except that product A is worth 1/10th of product B. Do you Google or do you Bing?
Think back to Litecoin. Litecoin was/is a significant improvement to Bitcoin in every possible aspect. Still, it lost to Bitcoin because it came too late. Because Bitcoin was already established and widely adopted. ETC is Litecoin without the improvements.
ETC is no different than ETH. Its userbase is. Nothing more. For example, there is no mechanic in place that prevents ETC to fork over some similar dispute in the future. Again, it will be a majority vote and purists might lose again.
There was a vote, both by the miners and by stake. ETC clearly lost both.
The longest chain is ETH (using the total difficulty definition of longest chain). ETC lost here too.
Userbase is split about 10:1 (check subscribers).
Higher volume is no surprise but also no indication of success. Some people just want to sell their “free” coins. Some sense a low risk investment opportunity. Some genuinely believe both currencies are headed for parity. Add some market manipulation and a lot of fear and you get a high volume.
Would not be surprised some Bitcoin maximalist whales have initiated the pump in order to divide and conquer.
The only reason ETC is around is because most people can’t or don’t know how to sell there ETC. Basically a ton of ETC is not accessible which means buying is outweighing selling by a ton. Feasibility really has nothing to do with it. It takes hours to get polo to recognise an ETC deposit. If I were feeling conspiritorial I would go as far as to suggest they (the exchange) might be deliberately restricting supply so as to pump the coin. That and the complexity of splitting coins restricts supply. When Kraken comes online expect a huge dump.
Responses to the community's expressed concerns with regards to Ethereum Classic (ETC) https://t.co/8FmkC1ur31
— Poloniex Exchange (@Poloniex) July 27, 2016
Are my deposits vunerable to replay attacks?
As soon as the fork occurred, Poloniex took steps to secure all ETH and ETC balances by separating them into different addresses. A replay attack on a withdrawal from these addresses will now fail, because each address has a balance on only one of the two blockchains.
If you send a deposit to Poloniex, it can still be replayed if you have not taken steps to separate your ETH and ETC. However, our system funnels all ETH and ETC deposits through a smart contract that separates both currencies, directing each balance to a different wallet address. This protects both balances and allows us to credit your account with both deposits. If you did not intend to deposit one of the currencies, you may withdraw it separately without fear that the withdrawal will be replayed.
To protect your local wallets from replay attacks, ensure you use completely separate wallets for ETH and ETC. No addresses should ever be shared between these wallets.
I loaned my ETH before the fork, shouldn’t I receive the equal number of ETC when the loan is repaid?
Terms of the Loan
As many of you know, unless you had ETH in your balances at the time of the fork, you did not receive ETC. For those who loaned their ETH to others, keep in mind that the terms of the loan dictate that you receive the same number and type of coins you loaned within X days plus the agreed upon interest. The borrower does not owe you anything less than this, nor does the borrower owe you anything more, regardless of what may have occurred during the borrower’s possession of your loaned coins. To assert otherwise on the matter is forcing a debt upon the borrower that undermines the loan terms that were agreed to by all parties.
Possession and Control
When you lend coins, you give up possession and control of them in exchange for an IOU with interest. These coins are actually delivered to the borrower, who can do with them what they wish – place an order, open a position, etc. Based on this principle, those who have actual balances, borrowed or otherwise, hold the rights to anything they may be able to earn with them during the possession period.