Ethereum For Investors #19 – Ethereum Classic (ETC) vs. Ethereum Fork (ETH): Who Will Win?

Tai Zen: What’s up guys. This is Tai Zen. In this video guys, I want to talk about what’s going on with the Ethereum Classic versus the new Ethereum Hard Fork chain and what myself and my buddy LeonFu.com have done.

We were looking at the past couple of days since Poloniex allowed the trading of the Ethereum Classic coin on their exchange.

What we’ve been doing is we’ve been monitoring it very closely to see what’s going on. At first, we were against it because we believe that we need to move on from this DAO attack so that the Ethereum developers and the community can get back to work on building the project, instead of wasting more time with this.

We believe that the DAO attack has set back the cryptocurrency development community probably about 6 to 12 months. All that waste of time and effort could have been used to develop the Ethereum network and make it better and get more public adoption.

However, for some reason, every time we start looking at investigating new cryptocurrency and potential coin, some bullshit always pops up with this Ethereum or this DAO attack that just won’t go away and were forced to come back to it.

At first, we thought Ethereum Classic was just a scam. A lot of people said it was bullshit and we thought the same thing too. We felt that Poloniex was irresponsible for allowing this trading. They should have just discontinued it and just moved on with the new fork chain.

However, we came across some information during our research. We discovered that the Slockit team, the Ethereum foundation and everybody, who is involved with the Ethereum development and trying to get the hard work done, has not been very transparent about They had an internal private skype chat or skype room where the Ethereum Foundation, the Slockit people and others are.

Now, we don’t know if this actually existed because we don’t have any evidence of it. However, we have discovered that these people had a private skype room with some of the major exchange owners and a lot of big names in the cryptocurrency world that was completely against the hard fork. They never really had a voice in it because the Hard Fork was forced down their throat.

Obviously, I invested in the DAO and I have a personal interest in the one return the funds to me. There’s no need to dispute that or explain that. However, there’s also a part of me that does not believe in hard forking and bailing out businesses that fail.

As we knew, Slockit created bad DAO software. It wasn’t properly tested before it was released to the public. They ended up losing $50 million dollars or $60 million dollars from the DAO. There’s no need to bail them out. They should just move on.

The Ethereum Classic chain is the Ethereum chain believing that the community should not issue a bailout for people who write bad software and just continue to move on. Because of that, that’s where it stands.

In the past couple of days, we’ve been monitoring the trading volume of the Ethereum Classic. We have discovered that they are gaining volume massively and very, very quickly.

Now, we’re not sure where this volume is coming from. It could be coming from the DAO attacker. It could be coming from people who are betting on the fact that the Ethereum Classic will survive and outrun the Ethereum Hard Fork chain.

There’s a lot of people would be interested in having the Ethereum Classic survive and outperform the new Ethereum Hard Fork chain regardless of what the reasons people buy into the Ethereum Classic chain. The fact of the matter is that the trading volume is escalating at a very rapid pace.

As you know, Leon and I are in this to make money firstly, then secondly is for a good cause. Therefore, what we did was we tested a small amount of Bitcoin to get into it and to see what would happen.

Now, I originally got in at around the low 100,000 Satoshi. Every time I tried to get in, it was very difficult. The orders would pass me by. The prices would pass me by. In other words, every time somebody posted a sell order to sell a 100,000 Satoshi and I tried to grab that, it would be gone. Somebody else would jump in front of me and get it. By the time I actually got filled, I actually got filled between like a 105 to 110,000 Satoshi. It’s still relatively low.

I wanted to test this out so that in the future I can report back on it or I can know what will happen when there’s a hard fork in the future. I want to personally experience in it and skin in the game, so I’ll know what to do in the future. Furthermore, when I actually talk about it on video, you can rest assured that I’ve done it myself before.

Before the hard fork happened, you knew that I cashed out. I tweeted that I cashed out all my Ether and DAO. I don’t have anything to do with Ethers or DAO.

I’d rather take a small hit, then move on and live to fight another day than to lose everything if the hard fork fails. I was really nervous when the soft fork failed. To me, the odds at the hard fork will succeed is very minimal. That’s why I cashed out.

Now, we’re looking at a situation where there’s a possibility that the Etherium classic chain can outrun and become more popular than the new Etherium Hard Fork chain.

At first, it would appear that the community wanted the hard fork. Then, when we discovered that the Etherium developers, the foundation and many exchange owners did not want the hard work, it meant that there was a large number of people out there who have influence in the cryptocurrency world would support the classic chain.

For example, there’s a Russian developer named Era Vico something. He’s been the most outspoken person and the loudest person to support the Etherium classic chain because he does not bail out DAO due to the fact that it was poorly written and was not properly tested before it was released to the public.

Then, there are a lot of people that support his opinion. I really don’t care either way. I’m in this to make money. Because of that, I just want this Etherium issue to just basically go away so that I can focus on finding, researching and analyzing new ICO to invest in. However, for whatever reason, it’s almost like I’m married and attached to this Etherium because it won’t go away.

After Leon and I had been looking at it, there are several things that you need to be aware of as of.

Right now, Poloniex and ShapeShift are the only ones that are supporting the Etherium classic. I think BitMEX, an exchange in Mexico, support the trading of Etherium classic too.

Now, once Bittrex, Bitfinex, Coinbase or another major exchange similar to Poloniex starts to accept the Ethereum Classic, there is a strong possibility that all the miners and traders a would start pouring into the Ethereum Classic and rejuvenate that Etherium chain. When that happens, it is more than likely that it will become the dominant Etherium chain.

I’m just giving you a heads up on that to be aware of. When I woke up this morning, the small test that I did with the Etherium classic chain already doubled and has gone over 100 percent. Since I got into it at around 100,000 Satoshi, it has jumped all the way up to like almost 400,000 Satoshi.

I’m still running test and I’ll repeat I’ll share with you guys what I’ve concluded from it. However, just be aware of it. If any more major exchange decides to allow Ethereum Classic trading on their platform, there is a very, very strong possibility that the Ethereum Classic chain will gain dominance and outperform the hard fork.

Thanks for watching this video. I’ll keep you updated as I go along. I’m trying to get this out to you as fast as I can.

Please give me a thumbs up if you like this video. If you don’t, give me a thumbs down. I look forward to seeing you in the future.

 

 

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