[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]

/biz/ - Business & Finance

Search:


View post   

>> No.23841534 [View]
File: 43 KB, 250x250, 63800292.jpg [View same] [iqdb] [saucenao] [google]
23841534

>>23840952
It's Ethereum, but not meaningfully updated since 2016, it is technically the unforked version, and Ethereum as supported by the foundation, and the community, was patched up to restore ETH to the investors of The DAO, which was hacked.

What was The DAO?

Back in 2016, you couldn't do much with ETH except speculate. Then along came The DAO which was going to fund all kinds of new crypto projects in a decentralized way, and pay dividends to investors. Poloniex, the biggest exchange at the time, made it easy to buy into The DAO, just type in a number of ETH and hit enter. I bought in with 1000 ETH.

What happened?

A hacker exploited a vulnerability in The DAO smart contract and drained the funds. Probably shorted the hell out of ETH first, the price did indeed crash. Vitalik sprung into action and forked Ethereum, restoring funds to those who bought into The DAO, problem solved.

Then what happened?

BTC maximalists cried that this was a breach of the "immutability" principle of blockchain, and many of them who had criticised Ethereum, suddenly became huge fans of ETC, as the unforked version was now called. Barry Silbert in particular bought into ETC and promoted it heavily, it is suggested that this was to sow FUD and torpedo the Ethereum project out of existence (i.e. remove it as a threat to Bitcoin.) There are some who shill their ETC bags as the "better" Ethereum with higher upside.

What's next?

Well, ETC will basically be a proof-of-work clone of Ethereum. Maybe it serves as a testnet, maybe some low-key uses, some of the miners who will be shut out by ETH 2.0 will keep it alive. But for the most part, the consensus is that the Ethereum that is called Ethereum won the war. ETC has no community. There is no liquidity on it, and if there is to be an Ethereum-killer, there are many far better options, in every metric.

>> No.2293488 [View]
File: 43 KB, 250x250, 63800292.jpg [View same] [iqdb] [saucenao] [google]
2293488

>>2293415
We are in at the right time. I've been at this for 4 years, back then everyone was talking about the tech. Now most people I meet have come in to this THIS YEAR, chasing the same gaynz, and inflating my portfolio. They're still coming. I haven't put a dime in since March.

Navigation
View posts[+24][+48][+96]