Is Ethereum Classic undervalued?

[bbc.reporter]

@Abiky. There was another 51% attack on this on 2018 or was it 2019, where the hackers were also successful in the double spend.

I reckon that this coin should be declared dead for investors.

In any case, I should not be speaking. I am an Aeon bagholder hehehehehe.

Exactly. With two more 51% attacks taking place this year, it shows that developers have no interest in providing a solution against them. By now, Ethereum Classic should've had some sort of mechanism that would protect it from further network disruptions. Other cryptocurrencies like Komodo and Dash have taken the initiative to protect themselves from 51% attacks, so why the ETC project hasn't done so already? As long as developers don't care about the security of the underlying Blockchain network, ETC won't be going anywhere. I'd expect prices to go down the drain if this continues.

In the bright side, anyone can fork the ETC project in order to make a better version from it. That's thanks to its open source and decentralized nature. The competing hard fork could topple ETC's place on the market, if it manages to tackle the issues of 51% attacks while at the same time "honoring" its "Code is Law" vision. There are so many competitors out there on the market, which are far better than ETC nowadays. With ETC "mirroring" ETH in terms of smart contract compatibility, why would anyone choose it on top of the main ETH blockchain? I think ETC will have very low prices in the long term (even with its limited supply) due to its low mainstream adoption and high security risks. Unless developers and the community make ETC great again, the cryptocurrency will remain under the radar of many investors and traders alike. Just my thoughts

It is not the fault of the developers because this was not a bug or a security flaw. This is only the nature of miners on proof of work cryptocoins, their natural greed and cheating for short term profit.

[Icologies]

ethereum classic is now very underrated because ethereum clasic's ranking dropped very far This indicates that investors are starting to lose interest in the classic ethereum, I hope this is only a temporary period and not for forever

[Abiky]

It is not the fault of the developers because this was not a bug or a security flaw. This is only the nature of miners on proof of work cryptocoins, their natural greed and cheating for short term profit.

I know. But don't you think developers should implement some sort of mechanism that to prevent further network disruptions? If miners continue to "game the system" people will twice before investing in ETC. After all, who'd want to use a cryptocurrency that's unreliable for mainstream use? If projects like Komodo, DASH, and Digibyte have successfully adopted mechanisms to protect themselves against 51% attacks, why hasn't the ETC project done the same?

Believe me, people will lose faith in ETC if 51% attacks continue to take place on the network. While it's evident that something like this happens on small blockchain networks, a temporary solution against 51% attacks should alleviate the issue. Otherwise, trust will continue to fade until ETC becomes a worthless cryptocurrency like some Bitcoin-based forks on the market today. While the limited supply of ETC tells us its price should be higher, ETC's recent events is telling us otherwise. Undervalued or not, ETC doesn't a chance against ETH and other competing smart contract platforms on the market today. Just my opinion

[bobalazs]

So what is the future of ETC with all the recent 51% attacks? Anybody can guess?
Also when will the wallets unlock for trading on various exchanges?

[Crypto_lion]

We just saw yet another 51 percent attack on eth classic. Now why would anyone want invest in ETC when they can buy so many altcoins and eth itself in this bull market.

[dishku]

We just saw yet another 51 percent attack on eth classic. Now why would anyone want invest in ETC when they can buy so many altcoins and eth itself in this bull market.

Although it is a hard time for this community but I think this coin will survive and stay into this market for long time. Strong believers will get chance to multiply their money in next few months because the whole market is moving in positive direction.

[gbrendeh]

But what about this 51% attack that they often suffered, that can send some reliable investors backward. ETC has been stalled in price for almost 2 years, I think for them to remain competitive, they need to come with new strategies and innovation.

[bobalazs]

As long as Barry "Shill" Silbert is behind it, you can expect it not to tank.


https://twitter.com/barrysilbert/status/1150796856076701697
Barry Silbert
@barrysilbert
Replying to
@maximj81
yes, still have bags of ETC. and I'm actually buying ETH today
5:58 PM · Jul 15, 2019·TweetDeck

[Barbut]

As long as Barry "Shill" Silbert is behind it, you can expect it not to tank.


https://twitter.com/barrysilbert/status/1150796856076701697
Barry Silbert
@barrysilbert
Replying to
@maximj81
yes, still have bags of ETC. and I'm actually buying ETH today
5:58 PM · Jul 15, 2019·TweetDeck

Interesting tweet and very interesting comments on that tweet. I agree with some people there, why to take unnecessary risk with investing in project that didn't do anything to protect themselves from these attacts, there are other and better projects that take necessary steps to be secured from this, and those projects have more potential than ETC.

[bobalazs]

I wouldn't per se say they're doing nothing about it.

Join us on Friday, for #IOHK's presentation on their "Checkpointing" proposal, a solution to preventing 51% attacks on #EthereumClassic.

When: Friday Sept. 4, 2PM UTC; 7AM PST

Where: Crowdcast (link: https://crowdcast.io/e/9epmnuoc)

cc @SDLerner
 @RSKsmart
 @MaxwellSanchezX
 @Dexaran
ECIP showcase: preventing 51% attacks - Crowdcast
The first in an open showcase of proposals from several developers across the ETC ecosystem giving you, the ETC community,

https://twitter.com/eth_classic/status/1301417644277395457

[Abiky]

Although it is a hard time for this community but I think this coin will survive and stay into this market for long time. Strong believers will get chance to multiply their money in next few months because the whole market is moving in positive direction.

It depends. If attacks continue on the ETC blockchain, I doubt investors will find it attractive in the long term. The ETC dev team needs to act fast, if it wants to gather people's confidence/trust into the project. With so many Ethereum alternatives out there on the market, ETC's position on the market could go all the way down the drain in a blink of an eye. There are far better alternatives that are quite innovative such as Cardano and EOS. Miners and individuals will continue to support ETH since it's the most secure smart contract platform to date. There's a possibility that once ETH adopts PoS, miners will migrate into the ETC chain. If that happens, network hashrate will increase like skyrocket. Only then, 51% attacks will become extremely expensive on Ethereum Classic. In the meantime, ETC should adopt a short term solution to protect itself from further network disruptions. Something like DASH's "Chainlocks" or AuxPoW (Merged Mining) will do well in securing the ETC blockchain in the short term. But everything will depend on developers themselves.

If the ETC dev team does nothing, then I see no reason why you should invest in ETC in the first place. For once, I've thought it was undervalued as everything went out smoothly on the Blockchain. But after a series of attacks, I take back what I've said. I'm hoping devs and the community do the right thing by adopting defense mechanisms in order to keep the cryptocurrency trading across several crypto exchanges worldwide. Otherwise, exchanges will begin de-listing ETC resulting in a massive decline in price across the market. Just my thoughts

[Masyudhi]

quite difficult for classic ethereum to underestimate because classic ethereum is an old coin in terms of market and volume it looks very good
My prediction  unfavorable market conditions make Ethereum Classic fall And it impacts not just the ethereum classics but all the other coins

[husencoe]

now all altcoins follow bitcoin price movements, if bitcoin prices are still silent then ETC prices will also be very difficult to rise, if BTC prices go up again it is likely that ETC prices will also go to the moon.

[Abiky]

now all altcoins follow bitcoin price movements, if bitcoin prices are still silent then ETC prices will also be very difficult to rise, if BTC prices go up again it is likely that ETC prices will also go to the moon.

That's certainly true, mate. Most (if not all) altcoins on the market, follow Bitcoin's price movements. It's expected for ETC to increase in price within every bull market. But I believe that ETC needs to solve its issues first if it wants to go higher in price. Serious investors and traders will continue using ETH above ETC since it focuses on security/reliability above anything else. Considering that ETC is just a copy of the ETH blockchain, it cannot remain on the spotlight for long (unless it starts to innovate). The only difference between both coins (ETH and ETC) is the number of coins that will ever exist on the Blockchain. ETC has copied Bitcoin in the sense that it has adopted a finite hard cap in supply. On the contrary, ETH will experience constant inflation over time as developers kept its supply as undefined. Ultimately, ETH will win above any of its forks since it's the original smart contract platform that started it all.

Whenever ETC is undervalued or not, that's up to anyone to decide. The way ETC is heading right now, doesn't tell us it'll have a bright future. But knowing that crypto behaves in strange and bizarre ways, anything could happen. It's best to keep an eye on the ETC project's development, just in case everything goes back on track. Just my thoughts

[jossiel]

now all altcoins follow bitcoin price movements, if bitcoin prices are still silent then ETC prices will also be very difficult to rise, if BTC prices go up again it is likely that ETC prices will also go to the moon.

Sometimes it don't go like that.

The opposite comes but it's just for few moments. But do you think guys that it's still good to invest to ETC? I don't think that it is.

It's been 51% attack many times and that's why I don't think that it's still worth it.

[Abiky]

Sometimes it don't go like that.

The opposite comes but it's just for few moments. But do you think guys that it's still good to invest to ETC? I don't think that it is.

It's been 51% attack many times and that's why I don't think that it's still worth it.

I don't think ETC is a good investment right now, especially after experiencing a number of 51% attacks few times in a row. This creates loss of confidence among investors and traders in the mainstream world. An unstable blockchain network will be considered as completely flawed unless developers work on a proper solution to prevent further disruptions. So far, the ETC dev team hasn't adopted a mechanism to protect the cryptocurrency against further 51% attacks. As long as this is the case, the cryptocurrency won't be going anywhere in terms of mainstream adoption.

Nonetheless, ETC's hard cap in supply vs current price tell us it's undervalued. At least, it should've been this way. But developer competence and mainstream adoption is what matters most for a cryptocurrency to gain massive demand on the market. Ethereum is and will always be the winner because of its first-mover advantage. On top of that, the security of the ETH blockchain is beyond compare. ETC will never be able to compete directly with ETH as it's constantly attacked by malicious actors. Investing into ETC for the long term, seems to be an extremely risky move in my own opinion.

[bocyaj]

We just saw yet another 51 percent attack on eth classic. Now why would anyone want invest in ETC when they can buy so many altcoins and eth itself in this bull market.

Although it is a hard time for this community but I think this coin will survive and stay into this market for long time. Strong believers will get chance to multiply their money in next few months because the whole market is moving in positive direction.

Every one had a good intrest on Ethereum,only few had a interest on Ethereum classic.Market is not only demand on the buyers,it also depend on the investors.For the long term investment,I was dam sure you can inverse on the Ethereum classic.But the risk taking people getting huge as a profit .

[jossiel]

Sometimes it don't go like that.

The opposite comes but it's just for few moments. But do you think guys that it's still good to invest to ETC? I don't think that it is.

It's been 51% attack many times and that's why I don't think that it's still worth it.

I don't think ETC is a good investment right now, especially after experiencing a number of 51% attacks few times in a row. This creates loss of confidence among investors and traders in the mainstream world. An unstable blockchain network will be considered as completely flawed unless developers work on a proper solution to prevent further disruptions. So far, the ETC dev team hasn't adopted a mechanism to protect the cryptocurrency against further 51% attacks. As long as this is the case, the cryptocurrency won't be going anywhere in terms of mainstream adoption.

Nonetheless, ETC's hard cap in supply vs current price tell us it's undervalued. At least, it should've been this way. But developer competence and mainstream adoption is what matters most for a cryptocurrency to gain massive demand on the market. Ethereum is and will always be the winner because of its first-mover advantage. On top of that, the security of the ETH blockchain is beyond compare. ETC will never be able to compete directly with ETH as it's constantly attacked by malicious actors. Investing into ETC for the long term, seems to be an extremely risky move in my own opinion.

It is what I think.

If the altcoin someone's interested with has been attacked by 51%, it's pointless IMO to invest on it if it can maintain its network. While the exchanges have taken action with additional confirmation and delay.

It's very hassle to look at ETC as an investment, it doesn't count anymore to my bucket and I guess to others too.

[Kelvinid]

As the market changes, the more it becomes neglected. ETC did the boost last 2017 as the hypes came out but as it has done, people have never known it that it existed. They are focusing more on Defi projects now, a reason that many altcoins become undervalued just like Ethereum classic. It has the potential before but after having their issues, it turns out that people never have the interest to risk their money. As the years pass by, the more it becomes undervalued and soon it becomes one of those dead coins in the market.

[Francis Freeman]

I personally think that when ETH switches to POS that miners may well point their rigs at ETC and that in turn might push the price up.

I bought 20 ETC this week as at $9.50 AUD it seems relatively cheap as a long term investment

I would like to know What was the idea behind investing in ethereum classic is it because it has the name ethereum ? It is fork of ethereum which people don't use and is used only for trading . I don't see long term potential here.