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Sentiment on Ethereum Classic (revisited)

This coin has been the bane of most people on r/cryptocurrency in the times that I’ve been here. And most of these people‘s comments are completely outdated, like they wrote it off and just assume status-quo will always remain the same. It’s ignorant.

This is not financial advice and feel free to discuss.

**Community Support?**

* Charles Hoskinson (CEO of IOHK) [Intro to Mantis](https://youtu.be/zNYaMVmBbkE). Apparently he is a big player in this field, so it seems like a positive sign that he is pulling together teams to develop more security, and features within the ecosystem of Ethereum Classic in 2021.
* His team puts on “weekly” updates on the development progress – It’s already been posted here, but just for consolidation purposes – [Weekly Development Update #9](https://www.youtube.com/watch?v=i_76F_7YG60&t=2s)
* I’m aware that everyone knows this, but just for the sake of it, here’s a link to the [Grayscale Ethereum Classic Trust](https://grayscale.co/ethereum-classic-trust/?gclid=Cj0KCQiA962BBhCzARIsAIpWEL3L6MMmfF0ItUOJZfVnUGJOFo-3v6ZFYgAO_h34BOy9OJVmiUPjjKAaAoWREALw_wcB); They have holdings in 8 Cryptocurrencies to the tune of $27 billion – one being Ethereum Classic (was $94 million – now $440 million as of today), and they are supposedly giving up to 1% of the investment fee to the ETC Cooperative Dev teams to keep the roadmap on track.
* [Ethereumclassic.org](https://ethereumclassic.org/) has a [Roadmap of ECIPs](https://ethereumclassic.org/knowledge/roadmap) (Ethereum Classic Improvement Proposals) that have been accepted and are being implemented. *Some of which directly relate to…*

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**Security?**

This has been a huge concern and a major turn-off for investors since the multiple 51% (Re-organization) attacks

* Following the attacks, a [network security plan](https://medium.com/ethereum-classic-labs/etc-network-security-plan-fed70402b727) was proposed, and as you can see in the link above of the ECIPs – many of these have already come to pass.
* Donald McIntyre put together this article about [The Viability of ETC After the 51% Attacks](https://etherplan.com/2019/06/21/why-is-ethereum-classic-still-viable-after-the-51-attacks/7920/); and it has it’s own subset of various links to authors that he uses for his analysis

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**Proof-of-Work vs Proof-of-Stake?**

The other big argument I’m seeing is that Ethereum Classic and Ethereum are running the same ecosystem, just on different forked block-chains. And Donald McIntyre thinks that [Proof-of-Stake is less secure than Proof-of-Work](https://etherplan.com/2019/10/07/why-proof-of-stake-is-less-secure-than-proof-of-work/9077/) and does a great job in illustrating his points – This is important, if true, because when Ethereum becomes Ethereum 2.0, that will only leave Ethereum Classic to have these valuable traits simultaneously:

1. *Layer-1 Presence*
2. *Proof-of-Work functionality*
3. Programmable *Smart Contract functionality*
4. *Capped Supply*

If you just peruse Donald McIntyre’s website [Etherplan.com](https://etherplan.com/), You will find many articles. The big one, [Why ETC Will Surge Past $7000 in the Next 10 Years](https://etherplan.com/2021/01/03/how-ethereum-classic-will-surge-past-7000-in-the-next-ten-years/14847/) has over 42 source links – and although some of them link to his own articles; Those articles of his have links to other people‘s works and writings within them. So It’s worth checking out.

[https://etherplan.com/2021/04/20/what-is-ethereum-classics-contribution-to-the-blockchain-industry/15717/](https://etherplan.com/2021/04/20/what-is-ethereum-classics-contribution-to-the-blockchain-industry/15717/)

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**Conclusion?**

I post this because it kind of makes me angry when I see, “hurr durr, it’s a shit coin” or “it’s a dead coin, you fuck-ass”. These sentiments are outdated by people who may have been burnt in the past or just not informed and regurgitating information that they’ve read.

This is not supposed to be an ETH-Killer, and it can work side-by-side with EthereumEthereum being a major fiat transactor on layer 2 (when it moves to prove of stake) and Ethereum Classic being a store of value on Layer 1.

[Edit] I will maintain my position in this coin, but I’ve been hesitant to even mention it on here because there’s is some horribly cultish anti-ETC vibe that has propogated throughout the crypto-community and I wanted to share what I’ve discovered since I’ve been in the space ( 5 months).

Visit r/ethereumclassic and feel free to explore or discuss. I’m open to having my mind changed, but “it’s a shit coin that’s been 51% attacked every day by a nokia and super nintendo” is not relevant now in regards to the massive effort of the dev teams.

You’re shill, James B

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Anyone who posts a comment in this thread (negative or positive) will receive one up-vote by me. I’m tired of these fuckin sob overcoming-diversity stories and want to discuss cryptocurrency.



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7 Comments

  1. Thanks for the post. I agree with your assessment. It’s unfortunate that most are unwilling to see a value proposition until the asset is extremely valuable. There are still risks, like with any asset investment but like we all know, we get the best ROI when we are willing to take on more risk with an asset investment before the masses see the potential and it works out. I think that is where ETC is currently. Will it work out? To be determined.

    But there are many positive signs that are hard to look away from like grayscale adding significant amounts of ETC to its holdings recently coupled with the growth of the ETC hashrate, the potential SHA3 integration and ETC soon to become the largest and possibly only POW blockchain that is turing complete.

  2. ETH classic was the first crypto I bought.. if I had held onto it, I’d be up 400%. Instead, I converted it all to ETH, which I’m up about 40% on. Good post for inspiring discussion, thank you

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