Topic: ETH price soaring. Are you going to move some BTC into ETH? - page 34. (Read 198951 times)

Here is the reason why the white hackers move the funds to the exchanges:

https://blog.bity.com/2016/08/13/the-white-hats-and-dao-wars-behind-the-scenes/

Why the choice to sell ETC for ETH was made
Originally the WHG began to develop a way to distribute the funds in a fair manner on the ETC chain, but as they were developing this solution, many problems arose that were challenging due to conflicting realities:

Threat of a replay on the Ethereum chain: Most DAO Token Holders are likely to have received ether from the Hard Fork withdraw contract in the same address that they would receive ETC from the WHG. This creates a technical issue for almost all DAO Token Holders, as there is a large percentage of people that are likely to have their ETC transactions replayed on the Ethereum Blockchain, potentially sending ether to a contract that does not exist or to an untrusted third party not likely to return the ether.

DAO-Classic’s ownership was corrupted: After testing several exchanges, we found that some allowed people to withdraw DAO-C, and others were using a replay contract preventing the withdrawal of DAO-C. Because there is no market for these tokens, the ownership of DAO tokens on the ETC chain has not been respected and is not useful for the distribution of ETC on the chain.

A fair distribution of value is very difficult to achieve: Some DAO Token Holders with large holdings contacted the WHG wanting to know when the distribution would happen so that they could be prepared to sell their ETC for ETH before the rest of the smaller DAO Token Holders would get their ETC. This will give an unfair distribution of value to DAO Token Holders with smaller holdings. If a DAO Token Holder was in the right time zone when the withdraw contract became available then they could sell while others might be asleep or on vacation. Whereas if the ETC was exchanged for ETH then we could have averaged out the value using the currency DAO Token Holders sent to the DAO in the first place, ether. We felt it was less likely the DAO Token Holders would liquidate their extra ether and this would be less of an issue.

There are not many tools on the ETC chain: This means that one of the first ETC Dapps would have to be created. The ETC chain does not have as many advanced tools and block explorers like the ETH chain does, and since most DAO Token Holders do not have their blockchains synced to the Classic chain, it will be nearly impossible for them to independently verify the transactions if something goes wrong without downloading the blockchain from scratch. Etherscan.io and live.ethercamp do not exist in the ETC chain, and the explorers available do not show internal contract transactions, do not show token balances, and do not seem to be online 100% of the time.

There have been many threats to the ETC chain: Various posts have come out that have said there are plans to execute a 51% attack on the ETC chain, this chain is very young and seems to have legitimate threats, however these threats are becoming less likely as time goes on.

Most ETC is held by Ethereum supporters likely to sell their ETC: If you have been in crypto long enough, you know the term pump ‘n dump. It typically involves a malicious actor gathering a large amount of digital currency, either through a premine, or buying them cheap on the market and then pumping the price in various ways and selling their tokens after the speculation bubble. ETC is not a pump ‘n dump at all, but there is potential for it to have a similar issue because there seems to be a bit of an us vs. them attitude between the two communities and the Ethereum community still holds most of the ETC funds. Because of this, there is potential for someone who owns a large amount of ether to crash the market at any time, if coordinated with a 51% attack, this could potentially kill the value of the chain.

The DAO Attacker can dump their ETC soon: On the 2nd of September the original attacker receives ~5% of the total ETC supply. What they will do with it is unknown but it is important to deploy the withdraw contract and start the distribution before that time.

Because of these issues, the WHG researched what options they had to turn the ETC into ETH and they came to us for help. After hearing their explanations on why distributing ETC was problematic and not in the best interest of the DAO Token Holders, we were convinced that converting at least a significant portion of ETC to ETH was in the best interest of the DAO Token Holders and our lawyers confirmed it was a legally justifiable position.

After the ETC whales buy the ETC cheaply, they might pump the ETC price. But they have to be careful about the DAO hacker.

That will increase the supply of the ETC. It could also increase the liquidity of ETC. Many people can buy it cheaply.

It seems the DAO ETC will be returned to the original owners. So there will be 7 more million ETC on the market.

Follow Up Statement on the ETC Salvaged from attackDAOs

https://www.reddit.com/r/ethereum/comments/4xasg3/follow_up_statement_on_the_etc_salvaged_from/?st=irri2xtr&sh=eda9fbff

I heard ETC is supported by several very rich individuals. They might have enough money to employ developers.

I think the ETC might last beyond the end of August when the DAO hacker can dump his coin. It depends on the ETC to have enough supporters.

The Ethereum price is not high. Without the ETC fiasco, the price should be over 0.025 by now. When the ETC is no long live, the ETH price will rise.

Well there is not bad to invest in ethereum but the problem is the price of ethereum right now is high and i think this is not the best time to but ethereum.. better to wait because the price is decrease.,.

Not all, of course, only a little part, i think Ethereum have a future, but it's not 100% profit and confiable.

However, ordinary investors will forget about the hack if the Ethereum price rises in the next few months.

That hack set back the adoption of the Ethereum by several months. So did the revival of the ETC.

That hack gave people the feeling that the Ethereum is not safe, although it is one of the applications of Ethereum.

So to some extent, the DAO hack is good for the publicity of the Ethereum. But I do not like any more hacks.

Since the DAO hack, there are more mainstream media report about the Ethrerum. The trading volume is also high.

Even though that is a bad publicity, that is still a publicity and attract some people to buy some Ethereum.

With the DAO hack, more people will hear about the Ethereum, that could be a publicity so the price will rise again.

That is right. Without the DAO hack, the Slock DAO will be historic. It will attract more attentions from business.

Would also add to this as Chris Ellis pointed out, this thing with the Dao has probably set back smart contract technology and ETH development by 6 months. That said I am not sure if investing in ETC is prudent for the industry as it is a lot of drama surrounding ETH and ETC when attention should be on building things. I have very conflicting thoughts about this.

I've divested from ETC for now with an avg buy roughly at 150 avg sell 460. Actually back into ETH. Why?

ETC will need to deal with Coinbase and Bitfinex getting their coins as well as the attacker in three weeks. Finex and Coinbase users are likely moving to Poloniex and the sell walls there are already quite big. So I believe I'll have an reentry on ETC much lower. Should this occur ETH should increase in price.

So ye that's the strat