Ethereum For Investors #21 – Who Is Propping Up The Price Of Ethereum Classic (ETC)?

Tai Zen: What’s up guys? This is Tai Zen. I’m broadcasting from the North of the downtown area in Atlanta. This area is called Buckhead. It’s a very popular place in Atlanta.

I’m sitting under an umbrella now because it’s kind of raining outside. I’m waiting for my Indian driver to get a haircut, so I thought I’d make you a quick video.

I’ve been getting a lot of questions about this Ethereum classic and, like always, this Ethereum mess is not going away. Therefore, this is the latest information I have on the Ethereum Classic and the latest information on what I’m going to do with it.

I recently added a little bit more to my Ethereum Classic holdings. I decided to do that because of the volume. If you compare the volume of the Hard Fork Ether versus that of the Ether classic, the Hard Fork Ethers are trading at about ¾ the volume of the Ether classic.

For some reason, there are some people, whom I don’t know, coming in and buying up the Ether classic. Somebody out there knows more than I do about the Ether classic, so they’re putting their money into it. Plus, it’s not just 1 or 2 people, but it seems to be a lot of people because the volume of trading is high.

Now, a lot of people are saying or speculating that the people that are used to be in Ethereum foundation and the big Ethereum whales out there held a lot of Ethers before the Hard Fork. Let’s just say that they’re holding 1,000,000 Ethers. That means after the Hard Fork, they would have 1,000,000 Ethers classics as well as 1,000,000 Hard Fork Ethers.

Let’s just say it’s true that those big whales don’t care about the Ethereum Classic and they have a lot of the Ethereum classic coins. Let’s just say that they want to dump it onto the market to get rid of it. The reason could be they want to make a quick profit from it because they don’t care about it and they’ve got to concentrate all their efforts on the Hard Fork Ether Ethereum.

 

Let’s just say that Vitalic company and the Ethereum foundation guys are all dumping their classics and they’re like: “Hey, these guys are a bunch of suckers when they hold onto the Ethereum classics. If they want to buy it, we’re just going to sell it to them.” That’s on the sell side.

Remember this. If somebody sells a stock, cryptocurrency or anything like that, somebody on the other side will buy it up. Therefore, if the guys are selling their Ether classics because they don’t want it; they don’t believe in it or they have shifted their focus on the Ethereum Hard Fork chain, who is on the other side of the trade. that is buying up the Ether classic from them?

It’s not going to be people like me because I don’t have enough money to buy up 1,000,000 Ether classics. I wish I did. Even if I and all my friends put all our Bitcoins together, we’re not going to have enough money to even buy 10% of what these Ether classics that they have.

Back to the question of who is buying all of these Ethereum Classics, we have a guy who is a well-known angel investor, Barry Silbert. Everybody knows who he is in the cryptocurrency world because they know he has money. He’s coming in and willing to buy up some of these Ether classics. He has way more money to do research on this and he can get directly in contact because he has that amount of money.

The question is what it is that he knows and the rest of us doesn’t know. Besides, it’s not just him that’s buying it because he doesn’t have enough money to buy up $12,000,000 of Ether classics every day, which is the amount being traded every day. That leads to another question: who else is buying up all these Ether classics?

That’s one scenario of the Ethereum developers, the foundation and all them guys dumping Ether classics.

Let’s look at the different scenarios. For example, Akasha or Augur project wants to build a social network on top of the Ethereum network. Those are just some publicly announced projects that are going on top of the Ethereum blockchain.

What about the projects that they’re building in the background. For example, there’s a project that is trying to build a private Ethereum blockchain network for all the banks around the world. There are around 50 banks now that are collaborating together.

Are those guys doing some tests on their private blockchain and waiting to release their project on top of the Ethereum classic chain? Is this possible? I’m just speculating. I don’t have absolutely any evidence. I’m not trying to throw FUD out there. I’m just thinking like who is buying all these Ether classic coins.

At the time of this video is being made, there is a huge amount of volume that is being sold at around 300,000 Satoshi. Therefore, who is buying up all these Ethereum classic coins at that price?

The second group of people that could possibly be buying it is the actual developers that are building third applications on top of the Ethereum network. There’s also the idea of the hedge funds that are building on top of it, so they’re just collecting up coins now to build their projects like Barry Silbert. They’re probably getting it for the investors.

The last group of people that could possibly be buying up all these Ethers classics are the exchanges themselves. I have a separate discussion that I already recorded with LeonFu.Com where I explain how I believe the exchanges are the ones that are propping up and pumping up the price of Ethers classics.

The reason is not only that they can make money on the Ether classics, but more so because they can make money on the transactions and the fees are involved in churning and burning the Ether classics through their exchanges.

Those are the 4 main groups of people that I believe could possibly be involved in keeping up the price of Ethereum Classic because it’s supposed to be a dead blockchain. There’s no reason for it to be worth what it is now.

As you know, I’m doing some testing on it so I’m buying some Ethers classics. I’m also doing it because somebody knows something about it and it’s jacking up the price of it.

Overall, those are the 4 groups of people: the Etherum developers, the none Ethereum developers, the hedge funds and the exchanges. Those are the four groups of people that I suspect that are mainly involved with keeping the price of Ethereum up.

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 so I’ll know not to waste time making any more these videos.

If you have any friends, colleagues or family members that are interested in learning how to invest in the cryptocurrency world, make sure you tell about our channel cryptocurrency.market.

I look forward to seeing you in a future video.

 

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