There has been a very interesting characteristic in the currency circle for many years. As soon as a currency rises and everyone rushes in, the market will collapse immediately.
And it is definitely not an accident, but a phenomenon that has lasted for many years. As long as it rises, the market will collapse soon, so it likes to be called the Doomsday Chariot. This coin is the famous ETC-Ether Classic.
NPC is also an old player of etc. After battling wits with Gouzhuang for several years, he still hasn’t made any money on etc.
As long as NPC goes long, etc will immediately fall.
As long as NPC goes short, etc will immediately rise.
21 was the highlight moment of etc. One weekly line rose directly to 180 dollars, and the Air Force lost all its money. Since then, NPC has never touched etc, and admitted that he really can't play it.
Where did the current ETC come from?
In mid-2016, there was a THE DAO project that used Ethereum for crowdfunding, resulting in more than $60 million in Ethereum being stolen.
In order to find the stolen coins, a hard fork was implemented. The newly forked chain became the new ETH, and the chain before the fork was abandoned. Then the miners also need to use the upgraded ETH. The mining program mines on a new chain.
From an economic perspective, the "old version" Ethereum coins mined by miners on the old chain have almost no value. Not only can they not be traded on exchanges, but because the life or death of the old chain is uncertain, no one is willing to take the risk of buying the old version coins. Miners have no source of income, and it is only a matter of time before the old chain disappears.
Hard forks have also occurred on other blockchains before. At that time, most miners switched to the new chain, and the old chain automatically died.
But this time the Ethereum hard fork is different. Due to differences, some miners continue to maintain the old chain (maintaining computing power on the old chain and old mining program), so the old chain does not disappear immediately and is still there. Live tenaciously.
These people have firm beliefs and believe that the code cannot be tampered with for their own selfish interests (referring to the hard fork incident). The code is the law and once it takes effect, no one (including the founder and the Ethereum Foundation) has the right to change it. These people claim to be firm decentralization practitioners who would rather affect profits than violate their beliefs.
Just when the old chain was in turmoil, the great savior appeared. At that time, Poloniex (P network), the world's largest Ethereum trading platform, took the lead in announcing that it would start trading the old version of Ethereum.
To distinguish it from the new version of Ethereum ETH, the code of the old currency is ETC (Ethereum Classic). ETC thus has circulation value. Because the price is extremely low, investors (machines) who are willing to take risks buy it, and the miners' livelihood can be sustained.
ETC (Ethereum Classic) has survived tenaciously since then.
The emergence of ETC has shifted the focus of debate in the Ethereum community from TheDAO to the future development of ETC and ETH. One view is that ETC is a more purely decentralized system than ETH, so it will eventually win. Another view is that ETH is supported by the majority of people and supported by core developers such as Vitalik, and ETH represents the future.
Why is the price difference between ETH and ETC so big?
Because ETC itself barely survives, the price after being listed on the exchange is also very low. People who own ETH also own the same ETC, while those who support ETH (have a large amount of ETH in their hands, such as the Ethereum Foundation) continue to sell their ETC to maintain the status of ETH.
Others always believe that ETC is the real decentralized product, so they insist on buying ETC, resulting in the current situation of owning two Ethereum coins (Ethereum and Ethereum Classic). Because Vitalik, the founder of Ethereum, firmly supports ETH, and the ETH team has many strong partners, although ETC has the same code as ETH, it does not have a strong team (it can also be said that there is no strong organization behind it). Technical promotion and various publicity, various reasons have led to the current huge price difference between ETH and ETC.
So what is the difference between ETH and ETC today? Which one has more potential for future development?
Now ETH has been completely transformed into a POS mechanism.
ETC shows that it will always be a POW mechanism and will always be generated by mining machines. This is more fair and will not cause a large gap between the rich and the poor. And the founder himself also needs to mine to get the coins.
The coins generated by graphics card and pure CPU mining can further prove that the whole people participate in accounting and are witnessed by the whole people. If the founder is gone;The exchange has stopped trading; these coins will still have a certain value, because these coins are generated by the public witness. These coins are priceless in the heart of every miner.
