Topic: ETH chain split and its consequences (Read 48 times)

Probably that +50% of the wallet holders were not ok with the changes about Mining ETH2 and they decided to not upgrade as a protest.

Now the result is that the mainnet has changed hands. This thing is out of control.

The ETH is having an infatuated value that is totally fake. This will end up really bad.

It also shows that Ethereum lied about the number of wallet that were supporting the fork (+70% stated their website, now we know that it was fake).

You can dig this rabbit hole as deep as you want. The s*hit will hit the fan and it will hurt the whole crypto.

You will probably get a better response asking in r/ethdev or on this developer k2sjjY7RYs

Interesting to read.
https://news.bitcoin.com/worlds-second-leading-crypto-network-ethereum-splits-into-two-chains/

as a blockchain developer, I know too much the consequences of a chain split. If ETH split affect 50% of the users, that means that right now, 50% of the users are trading on the wrong chain.
The price of ETH is fake, and based on 2 blockchains, and not 11 Billions of coins but 2x more!

The exchanges based on the old chain have 2 choices:
- keep it the way it is and then ETH will be officially split in 2 forever.
- reverse all the transactions since the fork, and face legal action from their users.

This is a terrible mess.

I think that all the crypto will be affected. Logically the price of ETH right now is inflated because miners and users are stuck in their own chains and most exchanges do not allow them to deposit or withdraw them.

Let's talk an example of an institutional who have 100,000 in ETH and sold them. Now he learn that the sell is not saved in the right blockchain, but he got the USDT and paid his client!

How all of this will be fixed?

The price right now is inflated because people cannot sell their coins in a panic sell, exchanges are blocking that.

But what is going to happen next? What about the confidence in the Blockchain technology, what will be the consequences for all the smart contract based on ETH and that are on the wrong chain? Theter for example and all the DEfi and NFT?

I am in cash waiting the crash to come, as it will be massive. I think that we are heading to something similar to what did happened in 2000 with the Nasdaq and the ecommerce.

I hope I am wrong, if someone has a more positive analysis, I want to know.