What this means in simple terms is that everyone that holds ETC shares (*STORED IN A COLD WALLET* - explained later) will receive an exact amount of shares in Callisto (CLO), which is a new project being developed by the ETC crowd.
A few important things to note here:
1) It is not enough to have ETC bought and stored in an exchange. *Most* exchanges have not announced plans to support CLO yet on their platforms but those exchanges will actually receive the CLO and NOT their users holding the actual ETC at the time, UNLESS you have your ETC crypto in a hard/cold wallet.
Example: the 5.5 million hash comes and you bought ETC before the snapshot but kept your shares in an exchange (Kraken, Bitfinex, etc...) YOU WILL NOT GET THE CLO TOKENS CREDITED TO YOU. Unless your specific exchange has specific plans to do so, assume that they will not. Those close CLO shares will be given out to the owners of that exchange. If in doubt, check with your exchange.
NOTE: HitBtc just recently announced CLO support (https://blog.hitbtc.com/hitbtc-to-support-ethereum-classic-hard-fork-callisto)
2) Although there are others, cold-wallets like ClassicEtherWallet and ClassicMask are your two safest bets if you're in doubt. They have directly stated support for the ETC to CLO fork and will credit your account accordingly.
3) The value of CLO coins will be decided most likely when most major exchanges start offering support and how the Callisto project manages to do in the future.
So with that said, here is my thoughts on the price of ETC. It will likely spike immediately before the 5.5 million hash mark and tumble immediately afterwards. Assume that a lot of people will take advantage of the free CLO offerings and then dump ETC immediately afterwards (at least that's what my plan is).
As of 5pm CST, the hash block on ETC currently stands at 5,496,100. If you want to check where the hash blocks currently are: http://www.etcstats.net.
ETC prices are hovering around $28-$30 range (depending on your exchange) which I believe will be at bargain prices before the eventual buy up before the 5.5 mill block is close to being reached.
Hey... You can't beat free crypto!
Once again, as an opinion, I believe its a great time to get into the ETC upswing before the 5.5 mill hash. I believe it will happen sometime tonight.
Even if you don't want to be part of the airdrop and just want to buy high sell low, I would buy now and drop it all a bit before the 5.5 mill mark to make sure you're not park of the down wave after the fork.
I still think there will be an uptick in buying in the next hour or so because currently the hash mark is at the 5,499,525 mark. That will make the 5.5 million mark somewhere within the next hour.
Keep an eye on it.
You can pretty much tell when it was reached by the initial downward spike in price the second it hit. And downwards ETC goes as expected.
If you haven’t gotten out of ETC, I can’t say if it will go back up soon or not. I’m sure some people will think of it as a good opportunity to buy... But why, when there are so many better profit potentials somewhere else?...
They are saying it will not be until the 23rd until they release the MainNet and coins.