Ethereum For Investors #18 – What Is Ethereum Classic (ETC)?

Tai Zen: What’s up, guys? This is Tai Zen. In this video, I want to explain to you briefly what is Ethereum Classic.

When the Etherium community decided to save the DAO funds from the DAO attack and return the funds back to its original investors like me and others that are watching this video, they introduced the updated software so that all the miners can hard fork it.

You get the original Ethereum blockchain going in this direction. Then, you get the new hard fork when it goes in this direction. At the moment, this one is the hard fork chain, but there are people out there who believe that the classic chain or the original chain should still exist because that’s the true original Ethereum blockchain. Therefore, they called it an Ethereum classic.

I think that term was coined by a Russian developer He’s in Russia and he is totally against the hard fork. He does not believe that the Etherium blockchain should be forked just to save the DAO and we should not bail out a bad team that built bad software on top of the Etherium network.

What happened is you got the new fork going this way, where the software is designed to refunds everyone back the money that they put into the DAO in the DAO investment. Then, you got the original Etherium chain, which is called Ethereum Classic. That contains the stolen money the DAO attacker has.

Since Poloniex announced that they were going to allow the Etherium classic Trading at their exchange, this means now there is an avenue or venue for the DAO attacker to cash out all the Ethers that he stole from the DAO fund.

Now, there are some people that are against it and some support it. Personally, I was initially against allowing the Etherium classic to be traded on Poloniex.

The reason is whenever all the miners switch their mining hardware and equipment to secure the hard fork Etherium chain to refund everyone back their DAO investment, there is less security on the classic chain due to the majority of the miners securing and processing the network on the new Etherium hard fork chain.

 

For that reason, I initially felt that when Poloniex allowed Etherium classic trading, they really compromise the security of the network because the majority of the people that get into it are not sure what it is. By doing that, there’s a strong possibility that beginning investors and traders, who don’t know the difference between Ethereum classic and new Etherium hard fork chain, can get things screwed up and send it to the wrong address.

If you follow me on Twitter, you will notice that I was totally against it and I actually suspected that the Poloniex has some connection with the DAO attacker. Why else would they create a venue or an avenue for the DAO attacker to cash out all the stolen Ethers that he stole from the DAO funds?

Unfortunately, every time something big happens in the crypto world, I’m stuck in a place that has no internet or very little internet that I’m not able to upload these videos as quickly as I need. I’m making this video in the middle of the woods.

Anyway, by the time you watch this video, I hope that it proves to be useful for you. I just want to quickly summarize the Etherium classic chain. It is the original Etherium chain. The new one is called the Etherium hard fork chain.

Now, what happens to the Ethers when you have the old one versus the new one. My buddy LeonFu.com has some Ethers on both. He left some Ethers on the Poloniex exchange just to see what happens and he has them in his personal wallet.

Here’s what we found out to happen. If you had one Ether in the hard fork chain, it still shows up there. Whatever Ethers that you had on the Poloniex under the old classic chain, it also shows up. As a result, you instantly double the number of Ethers that you have just because Poloniex allowed trading for the Etherium classic.

This is creating a lot of confusion and problems because there’s no block explorer to view the new Ethereum. I shouldn’t say it’s new because it was actually the original one, but now there’s not an accurate block explorer so that people can go back and see how many Ethers that they have on their Etherium classic chain.

Therefore, people are stuck with 2 amounts of Ethers, which amount in the new Etherium Hard fork chain and the old Etherium classic chain is the same.

In a separate video, I’m going to talk about what I think. I’m going to share with you what I would personally do if I was stuck in that situation. Maybe you have following me and know that I cashed out all my Ether and all my DAO before the hard fork.

I was going to hold on to it after I saw that the community voted to move forward with the hard fork. However, when they did the Soft Fork and they screwed it up, that just made me very nervous.

My belief is I can always make more money in trading and crypto as long as I have my money. if I don’t have my capital to work with, then I cannot make money from it.

That’s why I cashed out all my Ethers and DAO holdings out of my portfolio. I kept that money for future use and I did not want to lose everything in case they screwed up the hard fork. At the moment, it appears that the hard fork situation with Ethereum is not settled yet.

I’m going to make some separate videos to explain what my thoughts are and the actions that I’m taking. Maybe, it’ll help you guys out. However, in the meantime, you just know that the Ethereum classic is the original Etherium chain that we started. Poloniex is making that available for the people that want to support the old Etherium chain. Then, the new one is a hard fork one.

We’ll make a couple of separate videos and I’ve been doing some testing with the Ethereum Classic Coins. I’ll share with you guys in a separate video.

Thanks for watching this video. If you like it, give me a thumbs up. If you don’t like it, give me a thumbs down.

If you got any friends or family that want to learn how to invest in cryptocurrencies, make sure that you share our channel with them.

I’ll see you guys in a future video.

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