Ethereum Classic rising - Classic Pump & Dump or plain Stupidity?

Hello Everybody, MS aka cryptogem here. Today, I am going to talk about Ethereum Classic and its humongous price rise. Is it a classic pump-dump rise or plain stupidity on the back of an impending hard fork? I will try to answer the question in this post.

First, a little history of Ethereum Classic. Ethereum Classic is the original Blockchain, which was named so after the hard fork, last year. A attack on DAO occurred last year on the Ethereum platform and a hacker allegedly stole 50 Mn dollars’ worth of Ether. Therefore, as a morally correct way to solve the issue , a hard fork was suggested, which diminished the value of those tokens hacked. However, people from the community, who were anti-hard fork stuck to the original blockchain, calling the currency, which is today ‘Ethereum Classic’.

If you would have read some of my previous posts on Ethereum, it is clearly evident which camp I belong to. If you aren’t, I will put it plain and simple. I believe that, Ethereum Classic is a community of old world thinkers, scammers and people who don’t embrace originality and moral values. I know, I probably am going to get a lot of hate from the Ethereum Classic loyals.

With my tirade out of the way, let’s focus our attention on this price rise that’s happened recently. A bit of background on the cryptocurrency that’s Ethereum Classic. It has broken into the top 10 cryptocurrencies recently with a market cap of 3.2 billion dollars with a circulating supply of 97 Million coins. Let’s look at the rise on a Price chart

We have seen a 2X price rise in less than a month with the price rising from 10 to more than 30 Dollars. Now, most of our cryptographic community is aware that there is a hard fork going to occur in Ethereum Classic soon. I scoured the internet and all forums to check whether there is any other news apart from that. I found none. So, the question now arises – Is this a classic old pump and dump or some people stupidly bidding up the price of Ethereum Classic because there’s a hard fork.

Now, I hope they know that, not all hard forks mean that there is going to be a split and that they are going to receive new coins for their holdings. Ignorance is Bliss, Indeed! Haha. So while the price rise has occurred, it is in best interests of those people to quietly exit (take a profit) and pretend that they are ‘Great Traders’, geniuses even and it was an awesome trade.

Forget that it was your stupidity, which in this case has helped you profit!