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    Ethereum PSA: Ethereum Classic (ETC) is a dead, insecure chain with no fundamental value

    May 06, 2021

    Ethereum PSA: Ethereum Classic (ETC) is a dead, insecure chain with no fundamental value

    PSA: Ethereum Classic (ETC) is a dead, insecure chain with no fundamental value

    Posted: 06 May 2021 03:59 PM PDT

    I'm seeing a lot of interest in Ethereum Classic lately, mostly from people relatively new to crypto. Here are some facts.

    = Origins =

    • In 2016, a major smart contract on Ethereum with 14% of all extant ETH locked up in it (The DAO) suffered a hack that resulted in much of the ETH being stolen. The Ethereum community was split on what to do, and eventually there was a controversial hard fork.

    • The HARD FORKED chain (with all the hacked ETH put into a different, safe smart contract for withdrawal by its original owners) became today's Ethereum chain. Ethereum has not conducted any further chain-state-changing hard forks after that point.

    • The UNCHANGED chain (with the attacker keeping the stolen funds) became Ethereum Classic.

    = Network Effects and DeFi =

    • The large majority of the Ethereum community decided that Ethereum was the legitimate chain. As a result, it has subsequently seen the vast majority of development and usage compared to Ethereum Classic, and all of the DeFi and other dApps we have come to know and love are built on Ethereum, NOT Ethereum Classic. Thousands of interconnected dApps exist on Ethereum.

    • By comparison, almost no development has taken place on Ethereum Classic. Developers want to go where all the other developers are, and that is not Ethereum Classic.

    = Security =

    • Ethereum is one of the most secure decentralized chains out there, along with Bitcoin.

    • Ethereum Classic has a tiny fraction of the hash rate that Ethereum does (under 2% until the past few days), leaving it vulnerable to 51% attacks, four of which have happened so far. This is where an attacker buys or rents a bunch of hashpower, takes over the chain and executes invalid transactions for their own financial gain. It means the blockchain is fundamentally worthless (the entire point of a blockchain is to be trustlessly secure). These attacks were subsequently rolled back (ironically, given ETC's founding principle of not changing what happens on-chain), but not before weeks of headaches and lost transactions.

    = Updates =

    • Ethereum has received regular hardforks over its history. These hardforks have added features to Solidity (the programming language on both chains), fixed problems with the cryptoeconomic model, and improved user experience (UX), among many other changes. Soon, Ethereum will be transitioning to Proof of Stake, the most major upgrade since the chain was started.

    • Ethereum Classic has copied over some of the same hardforks as Ethereum, but also ones that have led to it diverging from Ethereum. Importantly, it will not be transitioning to Proof of Stake or reaping any of the benefits from the other set of upgrades that were formerly collectively termed "Eth2".

    All of these reasons are why Ethereum currently has a much higher market cap than Ethereum Classic, and as a result, a higher price per coin. They are NOT "the same chain", or one is "the same but cheaper". Ethereum has fantastic fundamentals, and Ethereum Classic has none. "Price go up" is not a fundamental.

    Do with that information what you will.

    P.S. for more, please see this post in r/EthTrader

    submitted by /u/interweaver
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    Anyone selling all their stocks and going all in on ETH?

    Posted: 06 May 2021 04:07 PM PDT

    ETH 2.0 Question

    Posted: 06 May 2021 11:23 AM PDT

    If I currently own ETH, what happens to that when ETH 2.0 takes place? Does my ETH convert into 2.0 or so I need to take some sort of action? If so, what would that be? Thanks!

    submitted by /u/travellin_carnie
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    I made the mistake of buying Ethereum on Robinhood and I don't know what to do

    Posted: 06 May 2021 02:17 PM PDT

    I'm new to crypto and I bought some Ethereum on Robinhood earlier this year and made a few thousand dollars of unrealized gain. But now I realized that it might be better if I held the Ethereum in my own wallet or have it held in Coinbase.

    Should I still keep the coins in Robinhood. I don't want to sell the coins and I really don't want to incur any more tax liabilities for now. I don't really plan to do anything with the coins and I'm holding them as an investment. I also read that I don't have to do anything with my coins when Ethereum 2.0 comes out and I just want to confirm that is true.

    edit: or should I wait until Robhinhood support withdrawing crypto from their platform

    edit: thanks for all the advise, I'm going to keep my coins in RH for now to avoid incurring the taxes and I'll use Coinbase from now on.

    submitted by /u/hansololz
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    [QUESTION] What is Polygon/Matic’s relation to Ethereum? And what are futures for Polygon/Matic with the ETH 2.0 rollout?

    Posted: 06 May 2021 11:49 AM PDT

    What is Polygon/Matic's relation to Ethereum? And what are futures for Polygon/Matic with the ETH 2.0 rollout?

    submitted by /u/larsonhg
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    Ethereum Classic?

    Posted: 06 May 2021 09:19 AM PDT

    I've been buying regular ethereum, but I see ethereum classic has been pumping hard? I'm not understanding why? Is there any value to classic, other than the value people are giving it by buying/selling? Can you do any of the smart contracts with classic?

    submitted by /u/Delusional_Mad
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    Should I stop Roth 401k contributions to buy ETH faster?

    Posted: 06 May 2021 01:59 PM PDT

    I really want to reach 32 ETH before the price blows up and it becomes less likely for me to ever reach 32. Is it worth stopping 15% 401k contributions?

    submitted by /u/PutinPoops
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    Ethereum search volume about to surpass Bitcoin in the United States

    Posted: 05 May 2021 09:04 PM PDT

    Ethereal Virtual Summit 2021 is live!

    Posted: 06 May 2021 07:02 AM PDT

    Good information on Eth2.0 and DeFi

    Posted: 06 May 2021 08:13 AM PDT

    Hey guys,

    As Ethereum is a hot topic, I find it so difficult to find good sources of information and not shallow articles.

    I'm mainly interested in the v2 of ETH and more generally the DeFi ecosystem built on top of Ethereum. Would you have some good sources I could follow? I'd prefer articles/books or videos. I'm not a fan of podcasts.

    Thank you!

    submitted by /u/Arthurion9
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    Polygon and Polka Dot

    Posted: 06 May 2021 04:55 PM PDT

    I'm struggling to understand Polygon/Matic and how that competes/compares with Polka Dot. Can anyone ELI5? I've read a few things but its over my head.

    submitted by /u/neocybersonic
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    Is it possible to have a permissioned sidechain on a permissionless mainchain?

    Posted: 06 May 2021 04:25 PM PDT

    Or am I misunderstanding something? Just thinking of ways to synthesize the two, ways Ethereum could eventually fulfill the roles of a permissioned blockchain network, without compromising its wider permissionlessness.

    If the above is impossible, is there any other way that a section of Ethereum could be centralized, within a generally decentralized blockchain?

    This is one of Gary Gensler's main points in his MIT course so far: trying to get the students to realistically assess the business use-cases for permissioned and permissionless blockchains. He cites the/a Australian stock exchange (?; haven't investigated directly) as an example of a permissioned blockchain, and argues that there are reasons that a business, or even a central bank, may value a permissioned blockchain as a business model.

    So really this question is a hinge for my tentative Ethereum maximalism. If there is a way that Ethereum could cater to parties who would prefer a centralized, permissioned arrangement.

    submitted by /u/Clinamenic
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    A primer on Ethereum's transaction types (and proposals introduced by EIPs 1559, 2711, and 2930)

    Posted: 06 May 2021 05:40 PM PDT

    What do you wish you knew when you started?

    Posted: 06 May 2021 07:40 PM PDT

    I haven't ever invested in anything, I know nothing about stocks, the stock market, investing, or anything of the sorts, let alone how to invest in ethereum. I've watched countless youtube videos, had friends try to explain, read articles, and in the end, it just doesn't stick and I'm as confused as ever. I've decided to just go for it and invest what I'm willing to lose. I was hoping to hear what mistakes or choices you made that you wish you didn't. Or at least things you think are really important to your success. Thanks in advance!

    submitted by /u/RoSiE372
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    What’s the scoop on ETH potentially reaching 100k+ by 2023??

    Posted: 06 May 2021 07:37 PM PDT

    Top investors and strategist are talking about ETH reaching 150K in 2023 and I was wondering if that's right because that means ETH would be at 17 trillion right??

    submitted by /u/TheForestPhoenix
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    I understand this is seller market but some people just crossing the line...

    Posted: 06 May 2021 07:31 PM PDT

    Parallel Gains for Polygon

    Posted: 06 May 2021 04:42 PM PDT

    Fairly new to this. Wouldn't it stand to reason Polygon will ride the ETH wave?

    submitted by /u/ManNamedGray
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    When is Ethereum staking on Coinbase coming to the UK?

    Posted: 06 May 2021 10:02 AM PDT

    Does anyone know if/when Ethereum staking on Coinbase is coming to the UK? If not are there any other safe options?

    submitted by /u/RossiB6
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    FORCED KYC for a Crypto Wallet and Account ???

    Posted: 06 May 2021 05:59 PM PDT

    = Electroneum

    So...Im over in the r/electroneum reddit and i see that people can NOT get access to their ETN in their accounts because they have to do KYC for their, from what I understand, Wallet.

    Not exchange, but their WALLET.

    So, I ask, creating this thread :

    https://www.reddit.com/r/Electroneum/comments/n5vq7q/why_is_electroneum_asking_for_kyc_for_a_wallet/gx3wpd0/?context=3

    The mod over at r/Electroneum ended up closing the thread that I posted asking why, and sent me this link as to why :

    https://support.electroneum.com/hc/en-gb/articles/360009862537-What-is-KYC-AML-CTF-

    It contains excerpts like this :

    "Can't you just stop with all this boring stuff and just give me access to my account?"

    This might be boring and frustrating for some but as you can see it is very important and we take the protection of the ETN Community and the ETN ecosystem VERY seriously.

    No one individual is more important than the ETN Community as a whole and so we have to protect all of us, even if that means potentially becoming unpopular with some of us.

    Sorry, but this is how it has to be. No exceptions.

    ​

    Heres another one :

    ​

    "Your processes are way over the top, and excessive. My friend has a wallet with someone else and he doesn't have any hassle getting into his account."

    Understood, but let's look at this for the security of your ETN account. We base it on global standards set out by global organisations, for global implementation, namely:

    The Joint Money Laundering Steering Group (JMLSG) is a private sector body that is made up of the leading UK Trade Associations in the financial services industry.

    The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog.

    Have a look, you can see very clearly what they say "Good" looks like. If your friend's wallet isn't putting this in place, he should think again. This is global. That means everyone should be doing this.

    ​

    Go read the rest of the reasons that they give.

    ​

    Im posting this because i want to know how you guys in this forum feels about it.

    I dont like it and ive protested it.

    I havent been banned (yet) but maybe im over reacting.

    Maybe im wrong.

    You can still see my responses and again, maybe im wrong.

    But im asking for everyone elses opinion on this over several crypto reddit threads because maybe its me. Maybe im missing something.

    Maybe Electroneum is justified.

    But for me, it seems like its centralized and controlling, just like a typical bank, the very thing were trying ot get away from hence DE Centralization.

    The irony is, that, i believe they were a fork of....

    MONERO

    submitted by /u/F0xxenZ_2
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    Binance vs Uphold vs Etoro vs (?..)

    Posted: 06 May 2021 03:13 PM PDT

    Hello

    I'm trying to decide on which platform I should start investing. Lately I'm more interested in cryptos than stocks so I wanted to ask, which platform is best to start on? I have some ETH on Etoro but are there better platforms or should I just stay? There's much more selection on Binance but I dunno...

    Thank you

    submitted by /u/Rrtre
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    do i have to pay the exorbitant gas fee to xfer from kraken to my wallet?

    Posted: 06 May 2021 11:10 AM PDT

    questions in the title really. only going to DCA small amounts monthly. would like to keep it in my wallet than the exchange but was wondering if leaving it in the exchange is more cost effective for small dca monthly amounts

    submitted by /u/naqib94
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    Transferring from Binance to a private wallet in a cheaper way.

    Posted: 06 May 2021 05:17 AM PDT

    Noob in crypto here. I have some Ethereum which I wanted to transfer to my Trust wallet. I was shocked to see the transaction fees. It was a significant portion of my profit. Is there a way to transfer at a cheaper rate?

    submitted by /u/Thomshan911
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    Freewallet KYC Scam

    Posted: 06 May 2021 03:02 AM PDT

    Hi guys,

    Freewallet (EDIT: I have used the "Ethereum" app in Google Play Store, which is operated by Freewallet.) has been locking my account for over four months, I just wanted to share my experience with them. I hope this can contribute to warning people not to get involved with their services. If my issues would somehow get resolved, I will provide an update.

    They delete all my posts on their subreddit (for no valid reason, I am polite and completely honest), so I decided to warn people here as well.

    29/01: "suspicous" activity (me attempting a withdrawal)

    We'd like to inform you that our security system has detected suspicious activity on your account. In case it was a hacking attempt, we had to temporarily suspend withdrawals from your account – this way your funds will be absolutely safe, and the access will be restored once the verification procedure will be finished.

    02/02: After some confusion, they ask for these documents

    To proceed with the verification procedure, we ask you to provide the following information:

    1. A clear photo of yourself with your identification document in English and a paper where you hand-write our brand name 'Freewallet', the current date and the email address you used to verify your account notifications.
    2. A clear photo of your identification document in English: an international ID or a driver's license (both sides). Scanned and cropped images are not accepted.

    Between 02/02 and 16/02, they request various variations on this theme. The same pictures, but different.

    16/06: More documents

    1) Screenshots of your incoming transactions where we can see hash, amount and the name of the sending service (another wallet, exchange and so on);

    2) Bank statement or utility bill where we can see your name and resident address. Information should be in English;

    3) A photo of yourself in front of the image "Attention" (attached below) on your computer monitor (if you use a web version of Freewallet) or near your mobile device with the app open so that we were able to see your user ID.

    16/02 - 01/04: Apologies and standard answers

    Please accept our apologies for the increased waiting time.

    Currently, your case is still under review by our security department.

    We will update you once we get new information.

    We absolutely understand the difficulties associated with this procedure for you and would like to apologise for the inconvenience caused.

    02/04: an "investigation"

    At the moment, an investigation is underway regarding one of the addresses from which you received funds. The Security Department is waiting for the investigation to complete.

    Note that I have never received any funds, I purchased everything myself and have proven this.

    Between 02/04 and today they have stopped replying, only rarely just sending out the same standard answer.

    I will continue to post about this until I get a decent answer, and I hope people stay far away from this platform.

    submitted by /u/peignoirnoir
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