Why I’m selling my Ethereum Classic and buying …. Steem
Like many others, I awoke on the 24th of July to find that on my Poloniex account, I was the proud owner of ETC (Ethereum Classic) coins.
Initially my thoughts were to keep the ETC in the off chance they become worth something long term. In the end I decided to sell them and buy Steem Power.
What changed my mind? Basically I read this article: Tutorial : How to access your ETC and sell it for ETH ! Fight back and Profit!
This article made me realize that: I’m a technologist and crypto currency nerd and I couldn’t find a good and easy way to recover my ETC. If I can’t do this, how many other people are like me? If there are many like me, maybe ETC is only valuable due to the laziness of the ETH holders. (Note: I’m just sending all my ETH to Poloniex and letting them split between ETH and ETC for me.)
My thought process was then the following:
- Maybe I should just keep the ETC and then I can hedge my bets in case ETC becomes more popular than ETH.
- Why would ETC become more popular than ETH? I bought into ETH because of the smart people behind it, the community and the vision they espouse. I can’t see ETC out competing ETH in these areas.
- What does ETC give me then? (from the manifesto)
- Openness – I think ETH and ETC both share the same openness. ETH has the advantage in having the key people not being anonymous.
- Neutrality – I can see the argument that everyone should be on an equal footing, but change will need to occur and open source is voted with your feet. The emergence of ETC is testament to this.
- Immutability – I own Bitcoin and can’t see ETC being different enough. Is this just another Litecoin?
- If I had just gotten the money instead of this free ETC, where would I invest it?
Initially I thought I would just convert the ETC to ETH and store it. However I noticed a new coin appearing on the Crypto Currency Market Capitalization charts: Steem. Like others, I use price as an indicator of quality: ‘If many people think this coin is valuable, is it?’ So my investigation into Steem began.
As this isn’t an article on why Steem is so good, the summary of why I settled on Steem is:
- In my daily readings of crypto currency news, I began to see more and more articles being hosted on Steemit.com.
- The problem with starting a new Social Network is how to you overcome the Network Effect and get sufficient content? The Steem solution of paying people to produce and curate content appears to be genius.
- I’m a long time lurker and never poster on social media. If Steem can convince the likes of me to write apost, how many others are like me?
And so my Steem journey begins as an eager investor, often reader, sometime curator and rare poster. I’m excited to see if and how Steem changes me.
So correct me if I am wrong but I am under the impression that ETH is open source and that any changes it makes are open to all to see. Ultimately, any improvements done to that can, in theory, be applied to ETC.
Technically, ETC will also have the same team of developers behind it. The only difference is that the developers will not have the ability to perform a bailout on their vested interests.
I think you are correct. However over time I see the 2 chains diverging in that:
In short I don't believe that its going to be a trivial task to keep ETC up to date with changes from ETH. Even if ETC is updated to be equivalent, its still going to lag ETH.
This is assuming that most development and Dapps occurs on the ETH chain and not the ETC chain.
Well you have to consider stuff like DigixDAO and Digix gold coin tokens. Digix openly said they do not support etc, effectively cancelling the project over the etc chain.
Some etc people say you can simply git clone projects and just change a few variables to make it work on the etc chain. While that may work for some projects, others simply can't support being on two chains. Digix, for example, offers two coins. One, the DigixDAO, is similar to a share of their company and earns rewards that are the actual transaction fees of their second coin. This second coin represents 1g of pure gold bullion stored in a vault in Singapore.
Both of these coins are impossible to use on etc because:
A: You can't git clone a gram of gold
B: DigixDAO rewards trading fees of that gold coin token to investors. You can't double the amount of "shares" in a company without halving or seriously affecting their value.
So long story short, I don't believe saying ETC will have the same team of developers behind it is technically correct as I expect more token projects and other stuff we haven't thought of yet to be hosted on the eth chain only. Dapps developpers matter just as much as eth developers, if not more.
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Solid post. I was about to start a similair discussion. There's a lot of exchanges out there. I found that coinmarketcap.com gives quite a decent overview. I found this great website: https://www.coincheckup.com They seem to give this complete indepth analysis of all cryptocoins. Sorted by team, product, company, advisors, previous investors, etc. Check for example: https://www.coincheckup.com/coins/DigixDAO#analysis To see the: DigixDAO Detailed report.
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Hi! This post has a Flesch-Kincaid grade level of 7.2 and reading ease of 73%. This puts the writing level on par with Tom Clancy and F. Scott Fitzgerald.
Nice post. I was about to post a similair post. I strongly advice people to only buy in to cryptos that have a solid background: A solid team, product, advisors, preferably VC investors, etc. Sell all cryptos that don't have this solid background. It's a waiste of money. I was wondering if anyone of you uses: https://www.coincheckup.com The site is my go to place for crypto investment analaysis and indepth coin research. Go to: https://www.coincheckup.com/coins/DigixDAO#analysis To see the: DigixDAO Indepth analysis