Fxpips.com – SOME currency analysts are not too convinced about the “promise” that new player on the block Ethereum Classic brings. In fact, they believe this new electronic money alternative is a scam however people look at it.
At the moment, Ethereum Classic has yet to win the hearts of the Ethereum programmers, nor of Ethereum maker Vitalik Buterin, making it vaporware and an altcoin brought to life as a form of opposition of its hard fork resolve.
(Poloniex, one of the largest altcoin exchanges, jolted the digital currency landscape today by listing Ethereum Classic, a censured chain that has barely any miners and thus lacks any safety nets.
The chain was totally shunned and Ethereum’s following had already dwindled before Poloniex made the surprise announcement while Europe and America was asleep.
ETH’c price quickly plunged to pennies, before it temporarily bounced back while Ethereum’s price, though somewhat shaky, continues to trade above $13, down $1 dollar since the news.)
The question most people are asking is: is it rational to oppose the Ethereum social sphere’s hard fork in such a way? Even after a month of rigorous debate regarding whether or not to fork?
Analysts argue that any form of protest where the intention is to boost its appeal and buys of a protest altcoin that will solely benefit the promoters, naturally, is questionable.
Likewise, the fact that “Ethereum Classic” (although it has yet to prove itself since it came into existence) is being unrelentlessly plublicized by cryptocurrency’s most vocal Ethereum critics leads market eperts to believe one thing: Bitcoin is having a rough month.
Following the recent halving, miners earned only 50 percent of their usual rewards per block, yet the price per bitcoin has not climbed as a result – so as of this writing miners are cushioning their losses, in many instances.
According to experts, those economics are not for the long-term. As more miners exit from the network, security drops, making the world’s most popular virtual currency more unstable.
Between Coinbase’s huge welcoming of Ether a few days ago, and Coinbase co-founder Fred Ehrsam’s explanation of why Ethereum – a conceptually insecure and flawed coin – was accepted as a newbie to its platform, everything becomes apparent.
The conservative Bitcoin advocates promoting Ethereum Classic on an unwary consumer are not the major reason some bitcoin owners are unloading a big portion of their Bitcoin inventory recently – which is another sign for them that bitcoin is in a vulnerable state right now.
At the end of the day, however, many Bitcoin owners’ determination is hinged on self-interest. Many feel an assurance being crafted around Ethereum, and these people do not see anything close to this level in Bitcoin as we speak.