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Author Topic: What are your thoughts on Ethereum Classic (ETC) with the upcoming ETH merge?  (Read 197 times)
Sr.Urbanist (OP)
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August 21, 2022, 01:59:51 AM
 #1

I mined a few ETC back in the day and have always thought it could be a simple alternative to Ethereum's high fees, but there doesn't seem to be much development on it. And I hear some of the devs who were involved in the Segwit2x scheme use it as a sandbox. When I add it to MetaMask, the price doesn't show up. I don't know much about it, except it's the original chain after some hack.

It seems like a low price and low development. But with the merger, the ETH miners are going to move to ETC. This will give it more hashpower and protect it from double spend 51% attacks that have happened in the past. It's an interesting token for me and could be a fertile playground for the next bull market or a dumpster fire like BCH. I am curious what others think of Ethereum Classic. I don't hear it talked about much, anymore.
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August 21, 2022, 03:10:35 AM
 #2

It seems like a low price and low development. But with the merger, the ETH miners are going to move to ETC. This will give it more hashpower and protect it from double spend 51% attacks that have happened in the past. It's an interesting token for me and could be a fertile playground for the next bull market or a dumpster fire like BCH. I am curious what others think of Ethereum Classic. I don't hear it talked about much, anymore.
Better than new fork like ethpow once it will be happened. In my opinion that if ethereum doens't need new fork coin. ETC is far better to be an alternative coin to be mined by miners. New fork coin will be only giving very bad image to the crypto which always issuing the scam coin.
I think that so many miners have been starting migrate to the ETC. ETC will be secure blockchain if there would be so many miners are coming to this blockchain.

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August 21, 2022, 03:19:50 AM
 #3

ETHpow will probably happen since there are people talking and supporting it while ETC will just be what it is. While ETC is going to have some miners, it will still not make a huge leap because of ETH merge.

ETH POS is just not going to convince supporters of decentralization. The biggest validators will soon be the centralized exchanges and institutions we know today while the validators are also going to be forced by regulators like SEC to track transactions and probably even freeze funds thru these CEXs.

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August 21, 2022, 03:34:31 AM
 #4

Isn't the reason that ETC was born because a DAO hack had left investors down and had to revert it to the previous chain where the hack didn't happen, right? So it's just that ETC is for POW miners who are really die-hard mining it. So why would they choose to migrate now instead of starting it first? They probably want to stay with ETH mainchain because it's the main one. So presumably, they would get the ETHpow or something.

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August 21, 2022, 07:02:48 AM
 #5

The ETH move will provide an opportunity for ETC to be able to increase its price higher because there will be a good move for ETC. At least, this is what some speculators have analyzed about the ETH move that will have a good impact on ETC. I still have some ETC and sold it during the altcoin season yesterday and I am still trying to increase the amount of ETC I have because I feel that ETC does have a chance to go up high. But we still need to be patient because, with the current market conditions, ETC still needs a lot of support to start increasing its price.

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August 21, 2022, 08:57:22 AM
 #6

It seems like a low price and low development. But with the merger, the ETH miners are going to move to ETC. This will give it more hashpower and protect it from double spend 51% attacks that have happened in the past. It's an interesting token for me and could be a fertile playground for the next bull market or a dumpster fire like BCH. I am curious what others think of Ethereum Classic. I don't hear it talked about much, anymore.

Its dead. After a hack network split to ETC and ETH. Community chose ETH. Whole development moved forward there. We have thousands of projects build on ETH. Bilions in TVL on liquidity platforms. Great solutions like AMM. DEFI, NFT. ETC did nothing last years when whole market moved forward. ETC is not an alternative for ETH. BNB, SOL, AVAX, DOT are. ETC is dead.

About ETH miners (GPU miners). They will move to mine other coins but 99% will have to quit. ETH is $200B network. ETC is $4B. So if 2% of ETH miners will move to ETC mining difficulty will double making it unprofitable to mine. And price will not fallow. Its the opposite. Difficulty chase price not price pump because of difficulty increase.

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August 21, 2022, 09:26:37 AM
 #7

ETHpow will probably happen since there are people talking and supporting it while ETC will just be what it is. While ETC is going to have some miners, it will still not make a huge leap because of ETH merge.

ETH POS is just not going to convince supporters of decentralization. The biggest validators will soon be the centralized exchanges and institutions we know today while the validators are also going to be forced by regulators like SEC to track transactions and probably even freeze funds thru these CEXs.


There is a high probability that there will be an ETHpow created in this merge. But there are many companies that have voiced their support for ETHpos after the merge, so any ETHpow generated will be at a big disadvantage if the support is not big enough from the community.

ETC is different, it already has a large enough community and long enough support. As for the miners, when ETHpos is completed, they will have no choice but to follow the crowd if they do not want to be eliminated. I think ETC is still the most profitable.

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August 21, 2022, 09:46:16 AM
 #8

It seems like a low price and low development. But with the merger, the ETH miners are going to move to ETC. This will give it more hashpower and protect it from double spend 51% attacks that have happened in the past. It's an interesting token for me and could be a fertile playground for the next bull market or a dumpster fire like BCH. I am curious what others think of Ethereum Classic. I don't hear it talked about much, anymore.

EThash is really bad seen from an engineering standpoint. PoS is risky at this point in time.

I have already addressed this here: https://bitcointalk.org/index.php?topic=5410633.0

I hardly know anything about ETH, so I thought Classic didn't even exist yet.
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August 21, 2022, 10:05:27 AM
 #9

...About ETH miners (GPU miners). They will move to mine other coins but 99% will have to quit. ETH is $200B network. ETC is $4B. So if 2% of ETH miners will move to ETC mining difficulty will double making it unprofitable to mine. And price will not fallow. Its the opposite. Difficulty chase price not price pump because of difficulty increase.

Owners of GPU miners will still have to make a choice and connect their machines to another network. And wherever they connect their miners, there will definitely increase the complexity. The problem with increasing network complexity is temporary. When mining is not profitable, it entails disabling miners and the next time the complexity is recalculated, it will decrease, which will make mining profitable again.
 

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tbct_mt2
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August 21, 2022, 10:16:31 AM
 #10

Last year, with the hype causes by Ethereum, Ethereum Classic was pumped from $13 to $130.

You can expect the same thing when Ethereum The Merge happens. However, do you really believe that Ethereum team have solid reasons to execute it in bear market?

Think of it and you can make your conclusion that the recent hype on Ethereum The Merge is only a bounce in middle of bear market. I believe it will be delayed again and we will see it really happens in next bull run.

Ethereum Classic would be a good altcoin to pick in next bull run.

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Ketesnuko
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August 21, 2022, 10:20:44 AM
 #11

It's going to get tough after the merge, ETC will be near impossible to make gains from while mining because of high mining difficulty, as for other new forks its going to be the same, I doubt any of these new forks will have over a thousand dollar value per coin. Profit will suck so bad.

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OhShei8e
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August 21, 2022, 10:40:54 AM
 #12

It's going to get tough after the merge, ETC will be near impossible to make gains from while mining because of high mining difficulty, as for other new forks its going to be the same, I doubt any of these new forks will have over a thousand dollar value per coin. Profit will suck so bad.
This is also a strong reason to change the POW algorithm.
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August 21, 2022, 10:53:01 AM
 #13

It seems like a low price and low development. But with the merger, the ETH miners are going to move to ETC. This will give it more hashpower and protect it from double spend 51% attacks that have happened in the past. It's an interesting token for me and could be a fertile playground for the next bull market or a dumpster fire like BCH. I am curious what others think of Ethereum Classic. I don't hear it talked about much, anymore.
Maybe it is but like you said theres not much development within the network.  The sudden rise on etc and breaking its 200ma is really something we should speculate as hype since the eth are gonna do a migration and people are skeptical about whats about to happen.  Like miners should support eth pow or totally shifted to etc instead.  Its a matter of choice and were still close to that event and people are still clueless which path to take on.  Considering technicalities and possible outcome of eth pos,  there will be massive speculations on this matter.

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tbct_mt2
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August 21, 2022, 11:30:20 AM
 #14

Maybe it is but like you said theres not much development within the network.  The sudden rise on etc and breaking its 200ma is really something we should speculate as hype since the eth are gonna do a migration and people are skeptical about whats about to happen.  Like miners should support eth pow or totally shifted to etc instead.  Its a matter of choice and were still close to that event and people are still clueless which path to take on.  Considering technicalities and possible outcome of eth pos,  there will be massive speculations on this matter.
With Ethereum Classic, it is similar to Dogecoin. It is truly to say there are more developments for Ethereum Classic than Dogecoin that nearly has no development.

If you pick ETC for your portfolio because you believe in their developments, you are doing something bad.
If you pick ETC for your portfolio because you believe it will be the best alternative for Ethereum miners when Ethereum goes to PoS, you are doing something good.

However, ETC is good if you add it to your portfolio for hodling, not for speculation. Don't forget ETC is available for leverage trading on many exchanges and there is risk of liquidation if you are gambling and have bad management.

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cryptoaddictchie
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August 21, 2022, 12:09:12 PM
 #15

However, ETC is good if you add it to your portfolio for hodling, not for speculation. Don't forget ETC is available for leverage trading on many exchanges and there is risk of liquidation if you are gambling and have bad management.
Holding yes.  But Im looking for a sweet gains if ever, so Id think if there will be a good news before entering to it.  Yes I know and saw some gains in the recent weeks due to the speculation and hype and thats all things happening actually.  Ive seen this happened on other projects when there are news on upcoming event on it.

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Jaered
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August 21, 2022, 03:03:55 PM
 #16

Ethereum Classic could be a good alternative to the Ethereum. I mean it has got some good community behind it. My fear is how it would perform at the decentralized finance level of business. If it could get its stuff together and get some devs to figure out outstanding projects on its, believe me, it would go a long way to be a long way to be a huge Ethereum competitor. Even Vitalik Buterin knows it
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August 21, 2022, 03:30:03 PM
Merited by Sr.Urbanist (2)
 #17

There are rumors that ETC can be an alternative for ETH miners who have become POS. If that really works I think ETC will be better protected from the double attacks that happened in the past. ETC has been widely used as a blockchain for meme tokens for now. it is possible that this momentum could benefit ETC.

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August 21, 2022, 04:12:20 PM
 #18

All I know is ETC will be less profitable for miners, difficulty will pump marginally and ETC value won't reach 1,500$ like ETH to be able to deliver the present profit like ETH for miners, as for the new PoW forks they will die slowly because all that will matter is Ethereum.

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Sr.Urbanist (OP)
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August 21, 2022, 04:22:10 PM
 #19

Quote from: bittraffic
ETH POS is just not going to convince supporters of decentralization. The biggest validators will soon be the centralized exchanges and institutions we know today while the validators are also going to be forced by regulators like SEC to track transactions and probably even freeze funds thru these CEXs.

I agree and would say that's a strong possibility as we already see staking today taking place on the exchanges. With the price of ETH high not many people have the ability to solo stake. It seems centralized to me and open to government influence. But I have thought that since I sold most of my ETH at $50  Undecided

... ETC is for POW miners who are really die-hard mining it. So why would they choose to migrate now instead of starting it first? They probably want to stay with ETH mainchain because it's the main one. 


Many with 5GB memory chips will stay with ETH until the end because it is the most profitable coin to mine. Few miners would leave 41% higher returns on the table, unless forced to do so as happened with the recent DAG increase. Many have sunk thousands into mining hardware and will seek ROI, which now takes years ...

Owners of GPU miners will still have to make a choice and connect their machines to another network. 

It ain't just GPU miners on Ethereum. They have purpose built ASICs going from $1000 to $30000. This one is $27k: https://ipollo.com/products/ipollo-v/


But can't feel too bad as they make the choice to buy it. Mining is full of overpriced equipment and unexperienced people do not know to take into account difficulty increase. But people with this equipment will seek ROI and really only have ETC as an alternative. This will move up hash rate by force instead of it following price. It will be tricky for miners and could end up being another Dash situation (where you need to pay $0.01 per kW/h to make $0.10 per day with the best equipment).


With Ethereum Classic, it is similar to Dogecoin. It is truly to say there are more developments for Ethereum Classic than Dogecoin that nearly has no development.

That makes me think that both are driven by community and actually decent because  they are not a scam. Many of the ERC series tokens are designed to make a dev team or individual wealthy. DOGE had massive returns and became a meme coin after being "dead" for 8 years or more. I wonder if the same could happen with ETC.

My biggest issue with ETC was when the 51% attack occurred. But that seems less likely now. And looking at the ECIP (Ethereum Classic Improvement Proposals) list, there seems to actually be a lot of devs working on the core software: https://ecips.ethereumclassic.org/core. But there aren't the front end developments like DeFi and such.

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It seems to have some strong fundamental potential for attention and price rise. Instead of buying and ERC20 token, paying $70 to "bridge" to a new network via an unknown and unregulated third party website, like zapper.fi, it seems like a path of lower resistance to use the same programming language on the other Virtual Ethereum Machine. It'd certainly be easier for those less technically inclined. And it has the scarcity component of only 210,700,000 to exist, instead of ETH with a max supply of ∞



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August 21, 2022, 06:32:01 PM
 #20

ever since Ethereum announced the Ethereum Merge, Ethereum Classic is really very bullish,
I think the hype for mineable coins will be huge if you see Ethereum classic have performing well in this bear market,
and rumors are indeed Ethereum miners moving to Ethereum classic , because we know that Ethereum will switch to POS

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