Ethereum Classic is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
Ethereum Classic is a continuation of the original Ethereum blockchain – the classic version preserving untampered history; free from external interference and subjective tampering of transactions.
Ethereum Classic believes the core value proposition of any blockchain is immutability; valid transactions can never be erased or forgotten. Individuals interacting on Ethereum Classic are governed by this reality;
Code is Law. This does not necessarily mean that code replaces existing laws, or that only code is law (there are many geographical jurisdictions), but it gives users the opportunity to enter into a new blockchain-based jurisdiction where agreements are governed by code.
By entering into contracts on Ethereum Classic, you can be certain that the network remains neutral. The outcome of transactions will be dictated by code you voluntarily interact with. Unless explicitly defined by the contract code, there are no reversals, no undos, no opt-outs.
Transactions are final; applications are unstoppable.
There are many problems that fester due to centralization and opaqueness; corruption, unaccountability, nepotism, inefficiency, and stagnation. Ultimately, centralization leads to fragility; only decentralized systems can stand the test of time.
These problems can be only solved by adhering to governance systems that do not rely on a central point of failure. Just like distributed networks and the consensus protocol itself, we believe that only truly decentralized projects can survive in the long run.
Ethereum Classic manifests these values by relinquishing control by a formalized central foundation. The only hierarchy is that of transparent meritocracy and mutual reputation. No backroom deals or behind-closed-doors unilateral decision making; just free and open discourse.
Judging by a recent tweet from ETCDEV, Igor Artamonov, the Founder and CTO of ETCDEV, came out with an announcement. He came out saying that the development team cannot work like this and they’re shutting down ETCDEV. ETCDEV is one of the Ethereum Classic development teams.
Is ETC dead?
In their Twitter thread, many people refer to the recent Coinbase listing, when lots of people accused Coinbase of insider trading when the asset launched on their multiple platforms. Also, many questions Coinbase of their decision making regards to adding Ethereum Classic to their platforms. However, the fact is – ETCDEV is not the only development team on Ethereum Classic. The official account of Ethereum Classic cleared the air saying: “Ethereum Classic is not ETCDEV. Ethereum Classic is IOHK, ETC Co-op, ETC Labs, and ETCDEV.”
So you can imagine what the shut down of ETCDEV looks like on a wider scale.
The market impact
However, many crypto projects are suffering during this bear time because of lack of finances. Most of them entirely rely on the funds they got during the ICO period. Also, those funds are tanked because they probably stored their funds in ETC, which price has dumped throughout this year. ETC saw a huge price increase at the beginning of 2018. The price during the first days of January went through the roof in the matter of a couple of days when it experienced a massive rise from $27 to $44. Then, starting from February 22nd, ETC went into a total bear market, and now it has come round $4.11. The asset is down 91% from its ATH.
The market continues to decrease in value as this is yet another red day in the cryptocurrency markets. The positive thing – the dominance of Bitcoin over other cryptocurrencies is still increasing rapidly.
Last week on Friday, September 14, Tezos announced a mainnet launch on Monday. Tezos is the eighth largest ICO in crypto history raising $232 million in more than 7 months, but with a very shady background. They put the project on hold for about a year, because of legal issues. The co-founders had multiple lawsuits with founding members of the foundation. A few of the lawsuits against them are still active. Some even call it the worst ICO ever, naming it as an example how not to do an ICO. But that is not the case. At the end of the day, they got back to developing the platform and now they have finally launched their mainnet.
But again – the announcement came 2 days before the actual launch. And by no surprise the price of the Tezos token skyrocketed by almost 50%. And this is the fact which I do not understand.
Why is this still allowed? It’s like Coinbase announced adding ETC (Ethereum Classic) a day before the actual adding and the ETC price went up by 25%. Only this time Tezos gave the traders and investors 2 days. The whole weekend. And tell me this was not a deliberate move. Why couldn’t they make the announcement on Monday when the mainnet was going to be launched in the first place?
The price an hour before the announcement was $1.30, and on Saturday it was already $1.75, but now as it always happens, the price has dropped to $1.45 and is on a downtrend.
This is the thing which I really don’t respect in the crypto-space, announcing big announcements way before the actual event takes place, just to pump the price of the token. Also this is an indication that the crypto markets still are at a very low stage. If a tweet of an announcement can raise you almost a 50% profit…
Of course good luck to team Tezos, congratulations on launching the mainnet, and keep up the good work. Keep the investors happy and do your thing. It is rumored that Tezos might be going live in different exchanges, when talking about the speculation of the XTZ price.
What are your thoughts on these kind of moves from big companies? Do you support this kind of price pumping?
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