ETH vs. ETC ... Aristocrates vs. Commoners
- ETC is here to stay.
Poloniex listing it and trading $10s of millions. And many other exchanges rushing to get a stake in the action.
Then popular key phD. level core devs signaled they favor the ETC not the ETH. Now a touch of gold or at least silver.
BTC is digital gold. LTC is digital silver. ETH is digital oil controlled by OPEC. ETC is digital oil without OPEC.
@SatoshiLite
Also known as coblee, creator of Litecoin.
Director of Engineering at Coinbase.
What does it all mean?
ETH has a market cap of ONE BILLION DOLLARS ... anyone who thinks that amount of money was raise by just crypto fans is too foolish to argue with.
ETH is corporate elite's most recent attempt, Ripple was the New Hope before that, to centralize a twisted version of the decentralized blockchain tech.
The ETH chain was never compromised, a contract (worth $100M+) was 'hacked' aka poorly written and thus the entire ETH chain forked to bail out a side project place on top of it. The details are for you to research, but I'll give you a hint ... many Wall Street backed money brokers where facing a big loss.
ETC is exactly what ETH was a few days ago. The original chain, ETH is the spin off, is the impostor. But money talks right? The big money always wins?
Well ETC is holding 5% of the ETH market cap of ONE BILLION DOLLARS, and is flirting with $100M. Chump change right?
Bottomline
ETH has clearly signaled that they are a blockchain of and for the Fortune500. Corporate directors can feel more secure in greenlighting multi-million dollar contracts to ride on the back of ETH, and don't have to know shit about the code of the contract being sound nor secure. If they mess-up, ETH will roll back the mistake. This is really no different than as brokerage and clearing houses operate already, the big players 'know' that no hacks are going to walk with the money should the deal (aka contract) have some crack-able legal sub-clause. ETH is 'smart contract' roll back for Wall St. members only.
ETC has gone the other direction. The chain is the contract. If you write shit code contracts, and you get burned. Deal with it. Once settlement is made it is a done deal. DEAD Simple. So ETC is likely to be a ghost town regarding high end contracts.
But ETC is thus the better form of currency. You know money!
Because ...
With ETH you never know which chain you'll be forced to love next week or next year. It is now designed for banker level trade desks only. You'll need a tech team to manage the constant wallet updates.
ETC is immutable, and a wild beast, the way money is supposed to be, and assumed to be.
Whoever holds it ... owns it.
ETH hardfork (bailout) is similar to bank/corporation bailout. It's only benefits the investors. The dev team goes against everything they believed in. "Code is law" my arse!