Topic: ETC on Polo (Read 7283 times)

I pity Minecache. He is fighting with a losing side. The ideals and principles of a person in him that is attracted to the cryptosphere is corrupted by his master Vitalik. He is blind and does not see anything anymore because he has become blinded by money he will get in ETH trades. ETC is a threat in his profit making so now he is attacking it and posting anything even stupid things.

Be warned the ETC market is basically nothing and dying. Check coinmarketcap and http://fork.ethstats.net. Prince and hash rates are in free fall. Which means it's basically unsupported. Add into this the fact that on the 27th the original DAO attacker gets his 3.6million ETC from the DAO attack. HE WILL SELL.

When a transaction representing an event is included in a blockchain it has to be unmodifiable: nobody should be able to alter its content.

The transaction has also to be final: it should be impossible to delete or reverse it. Finally, a blockchain has to be censorship resistant: every transaction needs to be included in the ledger as long as it complies with the protocol.

At Stampery we don’t use a single blockchain: we use both Bitcoin and Ethereum. Having strong immutability is crucial for us, and thus we leverage the blockchain with the highest computing power (Bitcoin). But it’s also important to have low latency and redundancy, which is crucial in case a catastrophic event affects Bitcoin. And that’s why we also use the Ethereum blockchain.

And now, the fork: Why we do support Classic?

When the Ethereum hard fork happened we had no doubt: for the moment we are staying on the Classic blockchain.

Why? The answer is simple. For transactions to be final and unmodifiable, blockchains need to be immune to third party interference. This promise was completely broken by Ethereum. Hard forks should only happen when a catastrophic bug puts in danger the core values of the technology. In this case the consensus mechanism worked just fine. The blockchain was modified simply because a group of people lost too much money and they decided to bail themselves out.

This is completely unacceptable for Stampery because it creates a dangerous precedent. A powerful government might now decide to push for a hard fork that changes blocks in which we anchored data. They could claim “national interest” for doing so. Or a “too big too fail” corporation could force a fork because it wants to wipe all proof of some questionable process recorded on the blockchain. Because of this we prefer to anchor our data to a blockchain in which hard forks happen only when a protocol-level bug needs to be fixed.

Is this true? He must know something deeper to make such a move. If other known people in the cryptosphere follow him that will mean that the original Ethereum classic will not go away. It will gain new core developers, more miners and more outside funding. Some people in the Ethereum for community may even go back to the original because of their principles.

Silbert is all in:

https://twitter.com/barrysilbert/status/758394374216638465

Yes, dumping is obviously not the optimal strategy.  The DAO adversary is smart enough to know that.

https://www.reddit.com/r/EthereumClassic/comments/4uldjs/attention_dao_attacker_lets_make_a_deal/

tldr:  Better solution is to put the funds in a contract that funds an ETC Foundation and makes scheduled, manageably-sized bug bounty payments to the adversary.

1 dev!! ROFLMO

They may be almost identical but they're completely different. One has the support of it's miners, investors, creators and developers, and the abandoned chain has only the support of a small part of speculators.

Silbert is all in:

https://twitter.com/barrysilbert/status/758394374216638465

Quadrupled down on my initial ETC investment. Moved ~5% of my personal bitcoin holdings to ETC this afternoon

DAO attacker owns about 10% of all ETC. You do the maths what happens next once he dumps.

BTC = satoshi cashout project

circlejerk is fun! who's next?

ETH fork = DAO bagholders cashout project.

I'm willing to bet the DAO Attacker won't sell his stash until ETC reaches parity with ETH or greater!
ETC will destroy the Eth fork...that's my prediction.

Frankly the lack of support by more experienced members of the ETH community in explaining the requirement of using a split contract is disappointing. They are potentially costing their members millions of dollars in lost profit.

ETC = DAO attacker cashout project.