.  Published

How to get free ETC out of thin air

Image: Small part of Ethereum community formed Ethereum Classic.


This gist explains it all.

[…]At the moment it’s more like there are “1.25 Ethereum chains” because of the replay attacks, which are causing almost every transaction to get mirrored on the other chain. Replay attacks are possible because Ethereum’s hard fork did not take steps to make Ethereum transactions invalid on the original chain. Instead, all transactions are valid on both chains unless special smart contracts are used to distinguish between them (and most users probably aren’t doing this).

Send BTC to Coinbase
Transfer instantly that BTC to GDAX (Coinbase's fancy trading platform)
Trade BTC for ETH on GDAX
Transfer that ETH back to Coinbase
Transfer that ETH then to Poloniex (unclear whether skipping Step 4 and doing a direct transfer is possible)
Poloniex should "credit" you ETC for that ETH
Sell ETH and ETC for BTC
Send BTC back to Coinbase (repeat)

So what happens if you have money on ETC and ETH. You send money from ETH to ETC, and the money gets duplicated on ETH. You send money back from ETC to ETH, and the money gets duplicated on ETC. Now you have twice as much money on both ETC and ETH (but market price devalues as number of coins are generated out of thin air exponentially). Replay until infinity… via r/bitcoinmarkets



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