“Ethereum Classic,” Another Bitcoin Scam

 

Ethereum Classic is, in my view, a total and absolute scam by any traditional financial definition of the word “scam.”

It doesn’t have the support of the Ethereum developers, nor of  Ethereum creator Vitalik Buterin, making it vaporware and an altcoin  created in protest of Ethereum’s hard fork decision.

Now is it valid  to “protest” the Ethereum community’s hard fork in such a way? Even  after a month of open, intensive, exhaustive community debate about  whether or not to fork?

I’d argue that  any protest where the aim is to increase exposure and buys of a protest  altcoin that enriches the promoters is, inherently, very dubious.

But at a core level, it’s just completely absurd as I  outline in today’s live crypto videocast below, which incidentally  broke my personal record for most number of concurrent live viewers. I’m  thirty; about time I start breaking some personal records, dammit.

Also, the fact that “Ethereum Classic” (in no way Ethereum, in no way Classic  as Ethereum itself is not even a year old) is being tirelessly promoted  by Bitcoin’s most vocal Ethereum detractors leads me to believe one  thing:

Bitcoin is not doing well.

After its  recent reward halving, miners get only 50% of what they were previously  rewarded per block, yet the price per bitcoin has not skyrocketed in  response - so now miners are subsidizing losses, in many cases. Those  economics cannot last forever. As more miners drop off the network,  network security decreases, making Bitcoin fundamentally less secure as a  record of all prior transactions on the network.

Between  Coinbase’s blowout acceptance of Ether earlier last week, and Coinbase  co-founder Fred Ehrsam’s explanation of why Ethereum was added as a  fledgling “first class citizen” to Coinbase’s platform, it all becomes  clear.

The trolls and  narrowminded Bitcoin bagholders pushing Ethereum “Classic” on an  unsuspecting public are not the ultimate reason I’m selling off much of  my Bitcoin tonight - that’s just another indication to me that Bitcoin  is in a weak position.

Ultimately,  however, my decision is grounded in economic self-interest. I see  optimism and amazing ideas being built out in Ethereum, and I don’t see  anything close to this level in Bitcoin at the moment.

Shortly after I  file this story, I’ll be selling off 80% of my personal Bitcoin  holdings; or more accurately, converting them into Ether, on Coinbase.

For record’s sake, I’m making this conversion while Bitcoin is approximately US $661.28 and Ether is US $12.75.

Read full here :  http://www.huffingtonpost.com/david-seaman/ethereum-classic-another_b_11173314.html