This is the software people were running last week, DAO theft and all, and it was worth over a billion. Nothing changed except who is using it. ETC is the new name for what we were calling ETH last week.
All that actually happened here was that a new fork was created based on an earlier state of the ledger and a significant group that includes main devs, miners and investors left to follow that new creation. They were also backed by strong voting majority, but in a very low turnout vote.
What we are seeing is price discovery for ethereum without its previous big investors or devs. They brought ETH over 1 billion in the first place...BUT...the spite money will be hard to predict. There are a lot of rich BTC and other alt coin supporters who are in competition and would like to see the ETH devs and their investors fail.
All that actually happened here was that a new fork was created based on an earlier state of the ledger and a significant group that includes main devs, miners and investors left to follow that new creation. They were also backed by strong voting majority, but in a very low turnout vote.
What we are seeing is price discovery for ethereum without its previous big investors or devs. They brought ETH over 1 billion in the first place...BUT...the spite money will be hard to predict. There are a lot of rich BTC and other alt coin supporters who are in competition and would like to see the ETH devs and their investors fail.
Nice summary although I don't quite agree with the conspiracy part. ETH devs and investors dug their hole entirely on their own and I doubt someone hates them so much that they would spend millions of dollars to make it fail. Some opportunist pump-n-dumpers might fuel the mayhem but I'm quite certain ETHers are fully capable to self-destruct if they try hard enough.
