Ethereum Classic on Poloniex today, on Bitfinex soon
Image: Small part of Ethereum community formed Ethereum Classic.
The Ethereum hard fork on 20th of July went smoothly without any issues. All was received well by the community, both ETHBTC and ETHUSD price kept rising, DAO funds were recovered, attacker was left with nothing. So what happened?
The Merkle puts it in a brief enough way:
A small group within the Ethereum community has stayed on the old side of the fork with their own duplicate blockchain. This project is called Ethereum Classic and it promises to keep the ecosystem decentralized and free from censorship.
This is a contradictory view to some, in the sense that Ethereum Classic has kept their own set of rules despite the consensus of the community, which is the exact opposite of what decentralized and censorship-free means. The project gained traction, none the less, with two mining pools dedicated to classic miners.
Now, only four days after the hard fork, the first exchange is adding ETH Classic:
- ETH Classic is the old blockchain, to be continued by people who don’t agree with recovering of the DAO stolen funds
- Trading of the Classic coin started on Poloniex on 24 July under the symbol ETC.
- ETCBTC keeps low price after some wild initial pumping but volume is picking up (see below). At the time of writing ETCBTC costs 0.0014 while ETHBTC keeps at 0.0195 but sinking.
Zane Tackett, Bitfinex product manager, confirmed on /r/ethereum that ETHC will indeed be added soon:
What is expected from a trader’s point of view
- In spite of ETC being “the original” Ethereum it is not expected ETC will moon to the ETH levels any time soon.
- Volume is great though, people might be buying in case it sticks.
- 51% attack against ETC has been outed here
- ETC might be underpriced because traders are finding “free ETC” on their Poloniex accounts and selling them en masse. That’s the most important thing: If you were holding ETH before the hard fork, you should be sitting on some ETC on Poloniex today. Read here.
- On the other hand, the ETC blockchain is not fit to be used for dApps anymore which makes it’s value only speculative at the moment.