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- TIMESTAMPS –
01:45 History of Ethereum Classic
03:26 The DAO Hack
06:55 Ethereum Classic vs. Ethereum
10:21 ETC Price Analaysis
13:24 Who Hacked The DAO?
⛓️ 🔗 Useful Links 🔗 ⛓️ ► DAO Hack Explained In Detail: https://ogucluturk.medium.com/the-dao-hack-explained-unfortunate-take-off-of-smart-contracts-2bd8c8db3562 ► Ethereum Classic Explained: https://ethereumclassic.org/knowledge/what-is-etc ► IOHK Treasury Proposal Ethereum Classic: https://etccooperative.org/posts/treasury-polls ► Slock It DAO Hack “Apology”: https://blog.slock.it/the-history-of-the-dao-and-lessons-learned-d06740f8cfa5 ► Ethereum Classic Pseudonymous Co-Founder: https://twitter.com/bit_novosti?lang=en ► Open Letter From DAO Hacker: https://pastebin.com/CcGUBgDG
⌛History of Ethereum Classic⌛
According to Cardano founder Charles Hoskinson, Ethereum’s initial founders had two different philosophies about the best way to develop cryptocurrencies
Some of them believed in the idea that code is law – what happens on the blockchain stays on the blockchain for better or for worse
Others however believed in mutability in the name of innovation. In other words, if something bad happens on the blockchain, steps should be taken to fix it
Ethereum Classic was created because of an event that put both of these crypto philosophies into question
👨💻The DAO Hack👨💻
The DAO was created by a Germany start up called Slock in June 2016, and within a month of launching over 150 million dollars’ worth of ETH had been deposited into the DAO smart contract
On June 17th 2016, an anonymous hacker drained 50 million dollars’ worth of ETH from the DAO smart contract, equal to about 5% of all the ETH in circulation at the time
After disagreements about how to respond to the incident, Ethereum forked on the 20th of July 2016, creating two separate blockchains
The Ethereum chain where the DAO hack never happened, and the Ethereum Classic chain where the ETH remains stolen for better or for worse
🥊Ethereum Classic vs. Ethereum🥊
Ethereum Classic is almost identical to Ethereum save for a few minor differences. Ethereum Classic is committed to immutability – what happens on the blockchain stays on the blockchain
ETC also has completely different tokenomics than ETH. This is because of a change to Ethereum Classic in December 2017, which reduces ETC block rewards by 20% every 5 million blocks
This will continue until ETC hits its maximum supply of 210 million 700 thousand, which is expected to occur sometime in 2042
📈ETC Price Analaysis📈
ETC’s price action is as parabolic as it gets. ETC has gone up by more than 20x since the start of the year. This rally began back in April, and there are three things that could have caused it
Most of this seems to be institutional investment via Grayscale. Grayscale’s Ethereum Classic trust has been around since 2018, and the trust seems to be holding more than 13% of all the ETC in circulation
🕵️♂ Who Hacked The DAO?🕵️♂
It seems apparent that the DAO hack was not driven primarily by profit, but by ideology. If it were for profit, the hacker would have drained all the ETH from the DAO smart contract
The public letter to the Ethereum community shows that this individual is committed to the idea that code is law
Taken together, these facts lead me to believe that the person who hacked the DAO is likely one of the pseudonymous founders of Ethereum Classic
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#Ethereum #ETC #crypto #ethereumclassic #blockchain #DAO
What Is Ethereum Classic Cryptocurrency, Ethereum Classic (ETC): HYPE or Something More?? 🤔.
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The procedure was simple I received cash in hard cash and needed to choose myself how I desire to spend the money. Not acceptable a notion is the concept of a currency alteration. The other night, my boyfriend and I desired pizza.
For many individuals the thought of utilizing an online e-currency can be a frightening thing. We have all heard the horror stories of people being scammed and money being taken by deceitful business, however there are some companies out there that have actually striven to develop a good credibility for being sincere and do what they can to eliminate scams and scams that utilize e-currencies.
A brief history lesson: When people initially began setting up actual company based upon Bitcoin, they used all of the tools offered to any merchant. They offered by charge card and PayPal. The problem with this organization design was rapidly spotted: bitcoin transactions are not reversible by anybody other than the recipient of the money. Credit cards and PayPal have strong purchaser security policies that make it reasonably simple for individuals to ask for a chargeback. So, wicked individuals realized this and began making purchases of Bitcoin and then sooner or later asking for a chargeback. And, given that bitcoin is a non-physical item, sent by new and improperly understood technological methods, the sellers were not able to contest this. Sellers stopped accepting credit cards and PayPal since of this.
In 6 months time, I had acquired 8 homes – numerous with loans from the exact same wholesale lender. These lenders need to have been interested in all of the debt I was constructing, but they kept authorizing loans, based upon my great credit and rents covering the mortgage payments. Among the most significant issues, which I was not experienced enough to find, was that the majority of the leas were simply $50 to $100 above the home mortgage payment.
Thus then is as unthinkable the concept of the replacement of this age old form of currency, as was the concept of male or lady for that matter, taking to flight. Individuals are utilized to things. They are comfortable with them. Change is not an advantage. It is a problem. Not acceptable a notion is the notion of a currency modification.
Presume it’s 11am and the EUR/USD currency set is trading at 1.3480. You believe that it’s going to close at or above 1.3500 by 2pm today. For that reason you purchase 10 binary call alternative agreements with that strike price, at a cost of $40 per contract = $400 cost. You receive $100 for each contract if the EUR/USD is at or above 1.3500 come expiration time.Below Cryptocurrency that you get absolutely nothing.
Binary alternatives have two results, which might either be predetermined payoff of the invested cash or absolutely nothing. The outcome depends upon the anticipated cost of an asset within the given time. In plain words, this is merely a wagering procedure where a trader forecasts the worth of a possession, Litecoin product, currency-pair or stock index to reach a precise point. If the forecast ends in-the-money throughout the offered time, he gets a preset reward; otherwise, he loses even his own hidden investment.
Throughout the establishing world, gold is the most liquid, extensively accepted and efficient form of exchange and the finest shop of worth – specifically in backwoods that lack access to banking services. Precious jewelry is yearned for in the developing world, where it operates as both adornment and cost savings. It is typically the only possession a Muslim or Hindu woman is culturally permitted to own, and therefore may be her only form of defense against financial hardship. In addition, the dowry idea is alive and well in India today, where gold is frequently transferred from the household of the bride to the groom.
This might appear weird, however bank transfers are the most quickly traceable kind of sending funds. When a checking account is set up ID’s, business files and personal files have to be provided in order to obtain a bank account. Although this is not a 100% warranty that the service is genuine, it does go a long way to giving you peace of mind. It likewise indicates that you can request your funds back through your own bank must anything fail.
The word “binary” implies “2” so this class of alternatives is properly named. When you dream of taking a holiday, what do you picture in your mind? The war of Warcraft in fact goes on between gamers.
It is a recognized fact that running a business requires a sound financial scenario. Being a small service owner would mean finding the ideal bank for your needs. This will assist cut down on deceptive purchases.
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