Ethereum Classic (ETC) is a lot like Bitcoin (BTC) was back in 2012. Majority sentiment was against Bitcoin (BTC) and very few people actually believed that it might have a real shot at the level of adoption that it has achieved today. However, towards the end of 2012 we saw a major shift in sentiment as more people began to realize the importance of having a decentralized, independent and deflationary digital currency that might eventually replace centralized, inflationary and dependent fiat currencies. The concept is what got people on board but the greed to profit off upcoming rallies and price boosts is what kept most people in the game. Regardless of their motives, these investors have helped Bitcoin (BTC) reach the extent of adoption and acceptance that we see today. As far as unanimously accepted and recognized money is concerned, Bitcoin (BTC) is a clear winner. Sure, there are cryptocurrencies like Bitcoin Cash (BCH) and Litecoin (LTC) but they are going to fade away as the gold rush ends. Otherwise, we will keep on seeing more forks which will create the same double spending problem that Bitcoin (BTC) was supposed to resolve. We have seen that many investors today realize this issue as debates over value proposition of Litecoin (LTC) and Bitcoin Cash (BCH) are on the rise.
Ethereum Classic (ETC), which runs on the original Ethereum blockchain, shares the same principles of immutability, decentralization and deflationary economy as Bitcoin (BTC). However, just like Bitcoin (BTC) in early 2012, until recently, Ethereum Classic (ETC) was considered a scam by many in the crypto community. There was no reason for anyone to believe that a practically dead project like Ethereum Classic (ETC) would eventually rise from the ashes and threaten the dominance of Ethereum (ETH) and similar platforms. Recently, morals and principles have attracted a lot of people to Ethereum Classic (ETC) same as Bitcoin (BTC) did back in the day. However, just as with Bitcoin (BTC) this is not the only reason. Just as people turned to Bitcoin (BTC) because they saw problems with quantitative easing by central banks, excessive government control and inflation, people are starting to turn to Ethereum Classic (ETC) in the platform arena as they see problems with other platforms. Ethereum (ETH) is the largest platform coin with even larger problems. First of all, Ethereum (ETH) has no immutability or decentralization, the two basic prerequisites for a blockchain. Back in the day when Ethereum (ETH) forked off the original chain, very few people cared about these issues. They saw a lot of new miners and developers shift to the forked chain (ETH) and so they followed suit. This was followed by a plethora of ICOs held on the forked chain which made it even bigger while the original chain (ETC) was left to die. However, now that Ethereum (ETH) has grown so big that money is not a major concern; people are starting to see the real problems. In the past, many companies have held their ICOs on Ethereum (ETH) but very few of them are willing to actually stay on the Ethereum (ETH) blockchain. The same goes for Dapp developers on the Ethereum (ETH) chain. A lack of immutability and decentralization are serious concerns. Let’s say you make a Dapp on Ethereum (ETH) and a central authority gets to decide what you can and cannot do, or worse they suspend your Dapp for some reason, what then is the point of having a blockchain and how can the apps built on such a blockchain be called Dapps?
Apart from respect for immutability and decentralization, Ethereum Classic (ETC) has a fixed supply just like Bitcoin (BTC) whereas Ethereum (ETH) supply is not known, which introduces another issue of inflation. Most investors today are starting to take these concerns more seriously. Ethereum Classic (ETC)’s recent listing to Coinbase and other major exchanges proved to a lot of people that it is not a scam. The next step was to make them see the value proposition and problems with existing platforms like Ethereum (ETH). At this point, some people will get onboard out of principle but the vast majority will only get involved once they see big gains. Interestingly enough, the stage is set for that as well. Looking at the first chart for ETCUSDShorts, you will see that the number of shorts for Ethereum Classic (ETC) have been on a steady rise since September 2017. Those shorts have now formed a giant rising wedge which is one heartbeat away from breaking to the downside. When that happens, we will see an unprecedented sentiment shift towards Ethereum Classic (ETC). The cryptocurrency has a lot of big events coming up towards the end of the year. One of those events is full IOT (Internet of Things) compatibility by November 30, 2018.
Read Further: cryptodaily.co.uk/20...he-next-bitcoin-btc/
Ethereum Classic (ETC), which runs on the original Ethereum blockchain, shares the same principles of immutability, decentralization and deflationary economy as Bitcoin (BTC). However, just like Bitcoin (BTC) in early 2012, until recently, Ethereum Classic (ETC) was considered a scam by many in the crypto community. There was no reason for anyone to believe that a practically dead project like Ethereum Classic (ETC) would eventually rise from the ashes and threaten the dominance of Ethereum (ETH) and similar platforms. Recently, morals and principles have attracted a lot of people to Ethereum Classic (ETC) same as Bitcoin (BTC) did back in the day. However, just as with Bitcoin (BTC) this is not the only reason. Just as people turned to Bitcoin (BTC) because they saw problems with quantitative easing by central banks, excessive government control and inflation, people are starting to turn to Ethereum Classic (ETC) in the platform arena as they see problems with other platforms. Ethereum (ETH) is the largest platform coin with even larger problems. First of all, Ethereum (ETH) has no immutability or decentralization, the two basic prerequisites for a blockchain. Back in the day when Ethereum (ETH) forked off the original chain, very few people cared about these issues. They saw a lot of new miners and developers shift to the forked chain (ETH) and so they followed suit. This was followed by a plethora of ICOs held on the forked chain which made it even bigger while the original chain (ETC) was left to die. However, now that Ethereum (ETH) has grown so big that money is not a major concern; people are starting to see the real problems. In the past, many companies have held their ICOs on Ethereum (ETH) but very few of them are willing to actually stay on the Ethereum (ETH) blockchain. The same goes for Dapp developers on the Ethereum (ETH) chain. A lack of immutability and decentralization are serious concerns. Let’s say you make a Dapp on Ethereum (ETH) and a central authority gets to decide what you can and cannot do, or worse they suspend your Dapp for some reason, what then is the point of having a blockchain and how can the apps built on such a blockchain be called Dapps?
Apart from respect for immutability and decentralization, Ethereum Classic (ETC) has a fixed supply just like Bitcoin (BTC) whereas Ethereum (ETH) supply is not known, which introduces another issue of inflation. Most investors today are starting to take these concerns more seriously. Ethereum Classic (ETC)’s recent listing to Coinbase and other major exchanges proved to a lot of people that it is not a scam. The next step was to make them see the value proposition and problems with existing platforms like Ethereum (ETH). At this point, some people will get onboard out of principle but the vast majority will only get involved once they see big gains. Interestingly enough, the stage is set for that as well. Looking at the first chart for ETCUSDShorts, you will see that the number of shorts for Ethereum Classic (ETC) have been on a steady rise since September 2017. Those shorts have now formed a giant rising wedge which is one heartbeat away from breaking to the downside. When that happens, we will see an unprecedented sentiment shift towards Ethereum Classic (ETC). The cryptocurrency has a lot of big events coming up towards the end of the year. One of those events is full IOT (Internet of Things) compatibility by November 30, 2018.
Read Further: cryptodaily.co.uk/20...he-next-bitcoin-btc/
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