If you really believe in etc then nothing will change your mind but if your on the fence or new to crypto then this is a must read before you buy. I’m sure a lot of you know about the history of etc but unfortunately a lot don’t.
The reason is I have seen a fair few posts saying how great ETC is upgrades on etc. Even articles written about it coming up on msn and google. They all show it as the hard fork of Ethereum, showing it was created by Vitalik. Ok, this is true but they leave out a Huge bit of information. So in 2016 Ethereum had a hack exploiting some vulnerabilities in Ethereum DAO (distributed autonomous organisation), kinda as it sounds this was like a bank that was able to give loans on the Ethereum blockchain like a humanless venture capitalist firm. It had 3.2 million ETH stolen and after much debate with the validators in simple terms (because I’ll struggle to explain if further) it hard forked and ETC was the off shoot, making ETH be able to grow and become what it is today (only a fraction of what it will be in years to come). Etc has had numerous 51% attacks after this hard fork and in my eyes is not worth anyone buying ever as it is always susceptible to these attacks.
For you who like a more info on what happened: So some Ethereum node operator’s/validators objected to having Ethereum be able to be changed to refund the money that was stolen. I can only imagine too many people running nodes could do these sorts of hacks for a lot less undetected maybe and so they didn’t want to change it. Or they just didn’t care people where aware and liked being able to earn a nice bonus every now and then. Reading the articles about it they don’t go into much detail about these people that were objecting to the changes of course even when it happened most stayed quite from recollection. But the part that sticks out when I read all the old articles from then is:
One of the concerns of Ethereum Classic is the potential limitations when it comes to scalability. Typically, the network can handle 15 transactions per second, half of what ETH can currently do but when ETH 2 hits this will go up significantly. Although Ethereum Classic has gone through many software upgrades, the scalability of its payment systems remains a large challenge going forward. Security is the biggest issue with ETC with smart contracts, particularly since Ethereum Classic has already experienced several hacks stealing millions each time.
In my personal opinion I couldn’t care less if etc jumped 10000% I will never buy it and will always tell friends who mention it why I don’t trust it. Please be careful, it’s your choice if you want to take the risk and if you do get rich well done, but get it out quick before it see’s another hack. If I’m completely wrong here please do let me know. That’s enough ranting I think. Happy Friday all have a great weekend