There's something to be said for immutability, trying to hold down the little guy, trying to manufacture the truth, and of course, for blockchain technology.
In the wake of everything that has taken place in the last several weeks resulting in a hard fork and two Ethereum networks creating Ethereum Classic (ETC) and New Ethereum (ETH) the price of ETC has blasted off while the new flavor is dropping like a rock.
At the time of this writing ETC was up over 364% while ETH has plummeted -8.13% putting the value of ETC at around $2.21 and hitting a high of over $3. Meanwhile ETH continues to drop plummeting 8 points to a bit over $11 USD. $11.75 to be exact.
Chandler Guo, publicly announced that he was planning to deliberate attack the network yesterday and this coming after the Ethereum team and the DAO already had gotten their way and all but killede the ETC network.
It wasn't enough. They wanted more and they pushed once more triggering the community to put their foot down now you have this result.
In fact not only is ETC rising, this is playing out exactly the way we warned about. Miners are pooling together and beefing up the hashrate of ETC to ward off an Guo attacks and strengthen the network. We specifically said this was bound to happen after Guo made his threats.
UPDATE: The ETC network is well over 700GH now. Looks like Guo won't be leading that attack 51% after all. Actually he really won't be, he announced earlier today that it might harm innocent ETC holders and he didn't want to do something evil. However if he did the use the 98GH he was planning for utter destruction it would have been simply shrugged off.
If you ever wished you could go back in time and purchase bitcoin when it was $1 or Ethereum last year, this might be as close to that as you can get. It's moving fast however, so if you're interested in obtaining ETC, you may want to do that before the day s over because it's on fire.
Just since this article began writing itself ETC has hit over a 400% increase. It's volume is also nearly double that of Ether.
As for the push-back, I think Partrick Byrne explained it best. Things will occur only when they have the consent of the governed. Up until now, only developers and miners were doing all the talking and making all the decisions stating they had achieved consensus. Today, investors, holders, and users have spoken.
It's that whole "equal and opposing reaction" thing we were talking about.
Report by dinbits
Image source: dinbits staff
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