I keep hearing @peter mention Ethereum Classic which I know he is a big fan of but what about ETH should I be staying away from that and be backing Ethereum Classic instead? Interested to hear the pubs thoughts on Ethereum Classic and where we see it going in 2018?
You can probably make money off of eeeffff eeeffff ettthhfffee, fuck I can’t say it
Peters stand point is more philosophical
I do hold Ethereum but with me constantly hearing @peter mention Ethereum Classic it’s starting to make me wonder if I should be switching
Yes. This is true. I don’t like centrally controlled decisions.
ETC is more to my tastes. Will it blow up? Who knows. But I’d rather make a buck on ETC than ETH any day.
Car Vertical having problems with Ethereum. Talking about switching to RSK if they can’t solve their scaling problems
What else is new. This is the year that ETH gets to prove itself as a worth contender for the future.
Tell them to move to Ethereum Classic
There was a dude at the btc Miami talking about that if Eth fails all the dapps built on it will obviously fail as well. He was saying that eth will have a scaling problem I’m still new and may sound naive and I ain’t spreading Fud just talking what I heard. So etc could be a better investment low cost mistake instead of banking on eth
Lets say Ethereum is dying, is that means Ethereum Classic will replace or ETC will die with ETH? How and why?
If Ethereum dies, whats going to happen that ERC-20 tokens, projects based on ETH?
They would die. They aren’t really coins. Just smart contracts in a literal sense. Which is why Peter talks smack about ETH. They’ve had a smart contract hacked before with the dao. One bit of bad code and an entire ERC-20 token could be wiped out in one hack.
That’s a bit fud filled but true.
which is why we’re all sitting on piles of ERC-20 ICX tokens and just dying to convert them - LOL
Depends on what you mean by dying. Most coins die as developers move on to other things and stop providing updates and/or leadership, which reduces confidence in the coin and ecosystem. The Ethereum blockchain however will continue to exist as long as there are people still running Ethereum nodes. Currently there are over 24000 Ethereum nodes (source: https://www.ethernodes.org) which is more than twice that of Bitcoin (source: https://bitnodes.earn.com/)
www.etciscoming.com offers a little inside baseball on ETC. Take with a grain of salt; it’s coming from a person once disgruntled with Ethereum, and now disgruntled with Ethereum Classic.
Personally I see ETC as Ethereum frozen in time since the July 2016 DAO fork. The trouble is that, in large part due to the success of Ethereum, innovation in smart contract blockchains is accelerating, and it doesn’t appear that ETC is offering any substantial leadership. It will likely remain a 2nd class platform and fall into obsolescence over time as Ethereum and other smart contract blockchains advance in technology, security, and capacity.
we need Doge Classic, Dogelord
I’m waiting for Ethereum adamantium. That shit’ll be indestructible.
The BTC value is holding strong still…hasnt hit my stop loss at 21
I feel that the main strength of Ethereum is its ability to move quickly and sadly centralised models have been the most effective for this. Given how much competition there is, with every project claiming that they are the next Ethereum I don’t know whether or not ETC can survive in the run long. Love to hear your thoughts on this
Interesting, thanks for the link. Perhaps a silly question but do ETH nodes = miners?
No, not all nodes are mining nodes, but those that are may have many miners contributing hash power to find new blocks and earn a share of the block reward. Take a mining pool like ethermine.org. The pool runs a dozen or so full nodes on the Ethereum network, but has over 132000 active miners.
A full node has a complete copy of the blockchain and also learns of pending transactions from its peers. A mining node will take the transactions paying the highest fees, and group them into a block, checking of course that they are valid (i.e. no double spend, etc). Then the mining node forwards the candidate block to its miners. The miners run a hash algorithm on the block until they find a random number that satisfies the required difficulty. The difficulty is automatically adjusted such that Ethereum blocks are created on average every 15 seconds. When a miner solves the hash, it forwards the solution back to the mining node, which validates the solution and then broadcasts the block to the rest of the network. Every node validates that the solution is correct before broadcasting to its peers. The new block contains a reward that credits the mining node’s account with 3 ether. The mining pool will typically share this reward with all of its miners in proportion to the hash rate they have contributed. Once a block hash is found, all mining nodes immediately start working on the next block.
I’ve been looking into ETC a bit mainly because @peter and you guys are talking about it. I can see the many pitfalls with Ethereum, but I dont know if thats going to stop people buying it.
I just can’t quite see where ETC will go from here, and how it will compete with ETH. But I dont really understand all the super technical stuff, I’m still learning.
I like the idea of it being immutable, but other than that I struggle to see where the real value is. ?