I've pretty much lost all faith in Ethereum and its motives. The way this has played out pretty much demonstrates that a good idea, no matter how beautiful, while still subject to being ruled by people capable of corruption/greed/or whatever you want to call it, can be tainted absolutely.
The Ethereum Classic Declaration of Independence
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Re: The Ethereum Classic Declaration of Independence
#22I've pretty much lost all faith in Ethereum and its motives. The way this has played out pretty much demonstrates that a good idea, no matter how beautiful, while still subject to being ruled by people capable of corruption/greed/or whatever you want to call it, can be tainted absolutely.
It's interesting because for so many years, Ethereum was hailed as this ultra-resilient alternative to Bitcoin. Developed slowly and deliberately after Bitcoin had already gotten traction, it was supposed to fill in where Bitcoin couldn't.
Instead, it's proved to be far more chaotic and unreliable than Bitcoin at its worst hours. Building currencies (or a "decentralized smart contract platform") is hard.
Re: The Ethereum Classic Declaration of Independence
#23For those who havent been paying attention to the drama: this is a breakaway blockchain for people who want to use ethereum but refuse to use a blockchain in which a $50MM exploit was reversed. There's a lot of false information out there, particularly about how/why the exploit was reversed. Don't take anyone's word for it; ask for sources.
Re: The Ethereum Classic Declaration of Independence
#24I can't tell if the article is serious, knowingly over the top, or even an act of an epic trolling.
In any case, it's an excellent demonstration of how techno-libertarian crypto-currency advocates inhabit an entirely alternative reality.
Re: The Ethereum Classic Declaration of Independence
#25If it was Bitcoin I would say putting regulation in place made no sense. If you wanted regulated currency you could use USD, EUR and so on. As for ETH putting regulation in place makes more sense. What you get is "regulated smart contracts" environment. "Fiat smart contracts" if you will. The real question then turns into: How is the regulatory authority governed? Is it a participatory democracy? A representative dem…
There's no indication that the Ethereum Foundation intends to treat the platform as a regulated environment.
What the fork shows is that they were willing, at least once, to launch a big effort to save one large faulty contract and its investors, in the still relatively early history of the blockchain.
It seems ridiculous to think that Ethereum as a platform will have a serious system of regulation. And that's part of why this kind of one-off special case fork is so problematic.
Re: The Ethereum Classic Declaration of Independence
#26Earlier quoted context omitted.
How is splitting into ETC earning anyone money?
ETC is a pump and dump scam.
Hilarious that this comment is downvoted. The coin has been quite literally pumped and dumped over the last week or so, and its value has fallen to around half of its ATH and around 15 percent of the value of the winning fork.
However one feels about the principal of the decision to fork and the decision of the market to follow the Ethereum Foundation, downvoting factual descriptions of recent price movement on the ETC chain constitutes inherently scammy behavior.
Re: The Ethereum Classic Declaration of Independence
#27For those who havent been paying attention to the drama: this is a breakaway blockchain for people who want to use ethereum but refuse to use a blockchain in which a $50MM exploit was reversed. There's a lot of false information out there, particularly about how/why the exploit was reversed. Don't take anyone's word for it; ask for sources.
I thought this is the original blockchain?
Re: The Ethereum Classic Declaration of Independence
#28For those who havent been paying attention to the drama: this is a breakaway blockchain for people who want to use ethereum but refuse to use a blockchain in which a $50MM exploit was reversed. There's a lot of false information out there, particularly about how/why the exploit was reversed. Don't take anyone's word for it; ask for sources.
I thought this is the original blockchain?
The original blockchain was deprecated on 3/14. Neither ETH nor ETC are using it. http://ethdocs.org/en/latest/introduction/the-homestead-rele...
Re: The Ethereum Classic Declaration of Independence
#29Earlier quoted context omitted.
ETC is a pump and dump scam.
Hilarious that this comment is downvoted. The coin has been quite literally pumped and dumped over the last week or so, and its value has fallen to around half of its ATH and around 15 percent of the value of the winning fork. However one feels about the principal of the decision to fork and the decision of the market to follow the Ethereum Foundation, downvoting factual descriptions of recent price movement on the E…
That people tried to profit by manipulating the price doesn't mean that the chain itself is a scam.
I don't think it's correct that the only relevant component of people using it is people speculating/pumping -and-dumping .
So, I would think that saying that it is a scam, is not true.
Note: I do not own any of it. Nor have I owned any cryptocurrency that was available on any exchange. (I've owned testnet ether, both pre release, and recently, but that's it)
Re: The Ethereum Classic Declaration of Independence
#30For those who havent been paying attention to the drama: this is a breakaway blockchain for people who want to use ethereum but refuse to use a blockchain in which a $50MM exploit was reversed. There's a lot of false information out there, particularly about how/why the exploit was reversed. Don't take anyone's word for it; ask for sources.
> a $50MM exploit
Calling it an exploit seems politically charged. There wasn't an exploit in the Ethereum software itself, which behaved exactly as intended. Instead, someone wrote a shitty, poorly-designed contract that had a loophole in it. Someone took advantage of that loophole and make a bunch of money off of it. To me, "exploit" has connotations of breaking the ethereum system somehow, which was not the case.
Ethereum Classic seems to be sticking by the original stated purpose of Ethereum (to have fully automated, non-repudiable contracts).
The other Ethereum seems to be instead stating that it's acceptable for the judgement of the Ethereum devs to have ultimate control and veto power over anything that happens on the Ethereum blockchain. In other words, Ethereum is more of a fiduciary contract system than any sort of "objective" contract platform.
To be clear, I have no vested interest either way. I have never been involved with Ethereum.