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Ethereum Classic Attacked: Not Secure. ETC Dead?

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According to Coinbase, they detected a deep chain reorganization of the Ethereum Classic blockchain that included a double spend on 5th January.

According to Coinbase, they detected a deep chain reorganization of the Ethereum Classic blockchain that included a double spend on 5th January. Although, it’s interesting that they waited for a couple of days to make this announcement after having discovered it on the 5th. Regardless, the exchange has halted deposits and withdrawals of Ethereum Classic. They went on to say that they have seen eight different reorganizations of episodes that included double spends totaling around half a million US Dollars worth of Ethereum Classic that was double spent.

The markets have not been very favorable to this. We have seen Ethereum Classic taking a bit of a dip. Today people don’t like these kinds of situations when the blockchain doesn’t seem to be very secure anymore and that is exactly what has happened. Ethereum Classic was not secure.

 

What exactly happened:

There was a 51% takeover of the Ethereum Classic blockchain which is quite devastating for Ethereum Classic. This is not being called a 51% attack but a chain reorganization. The chain reorganization isn’t so much an attempt to control the network as it is to take temporary advantage of low hash power in double spend before hashing power returns to normal levels. Essentially, a chain reorganization is a situation where a single miner or a single pool has more resources than the rest of the network and the dominant miner can then define a new transaction history on network picking an arbitrary previous block from which to extend an alternative block history.

The team at Ethereum Classic has come out saying that they have a pretty good idea of who they suspect might be behind taking over the network apparently an ASIC manufacturer called Linzhi is currently testing out 1400 Megahash ETHhash mining machines which could have easily seen them taking over the network. They are saying that it is most likely a selfish mining attack, not a 51% attack. Ethereum Classic are saying that double spends have not been detected but Coinbase has a different story. It is very problematic if it only takes one company to come in and start testing their machines and easily dominate the network, it really speaks to the low-security overall of Ethereum Classic.

Some has even gone as far as to put around the theory that its no coincidence that only 3 days ago that Okex opened up the possibility to short Ethereum Classic and essentially someone could have very easily gone, purchased that power or done it intentionally whether it was Linzhi or someone else could have very easily attacked Ethereum Classic knowing that it will push the price down so that their short orders would get filled, thus making truckloads of money. It seems like a possible theory when it comes to big money players and how easy it can be to attack some of these blockchains.

 

Tough Time for Ethereum Classic

It has been a tough couple of months behead the death of the ETC dev team, one of the many teams working on Ethereum Classic which caused a lot of FUD that Ethereum Classic is dead. Although we still have other teams like the ETC cooperative and the ETC labs working on developing Ethereum Classic.

Another devastating situation did happen for Ethereum Classic that IOHK, the development firm behind Cardano has announced that they are ending support for ETC Mantis. Charles Hoskinson came out and said that the team has numerous roadmap updates that could be implemented in Ethereum Classic but doing so would take time, money and effort and thus would be currently unsustainable as the ecosystem stands. He said that the challenge for him is that he is spending his own money building this and they have never got a revenue source for the construction of this client so at the moment they have made nothing for participating in Ethereum Classic and at some point as the CEO of a company he does have to take a decision of when and where they do stop spending money and when and where they do stop contributing resources for something that doesn’t contribute back.

What do you think about the future of Ethereum Classic? Tell us in the comments section below.

#Ethereum

Vitalik Buterin is quitting Ethereum: Get ready for an ETH crisis

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Ethereum Price Downfall

From as high as $1347 in January 2018 to $187 in September 2018, Ethereum price could reach $53 soon.

The Ethereum network has been falling, as many heated discussions are being carried on in the name of development. The separation of Ethereum Classic from Ethereum was one of the major incidents which broke the backbone of the network.

 

The current price of the Ether is $225.24. Let's understand the background details of the price, since December 2017. Price history of Ethereum

 

Various inabilities of Ethereum

As the Ethereum network is slow, the decentralized applications which need faster transactional capabilities, would opt for the EOS blockchain platform and also the existing decentralized applications would quickly switch to EOS. Even the number of hacks and frauds have been increasing, in the Ethereum community. Most recently, a fake Instagram account of Vitalik Buterin, illicitly scammed few of its followers to send 37 ETH. Effective decentralization is unachievable, as Ethereum is inherently a Centralised one.

 

Do we have any value proposition for Ether?

As previously discussed that there is no requirement of ETH for Ethereum. The users and investors seem to be dropping down the usage of Ethereum these days, as better alternatives have been provided. The EOS is one of the best competitors for Ethereum,

 

The Captain (Vitalik Buterin) is leaving the Ship (Ethereum)

 

The discussion began as a component of an online argument in which individuals wound up blaming Vitalik Buterin for pumping Ethereum. He asserted that the Ethereum system could do well on itself and that it would have a future regardless of whether he was not able to keep on adding to it.

As you may know, Vitalik Buterin has a considerable amount of Ethereum. He was blamed for “pumping” his ETH property, which was to a great extent pre-mined and when inquired as to whether he was intending to take a secondary lounge later on of the benefit, he answered this was at that point in advancement and that the system would necessarily do well without him.

 

Vitalik Buterin says Ethereum Sucks

Responding to the article from Techncrunch that said “The collapse of ETH is inevitable”, Vitalik agreed on his post on Reddit on aspects of this article.

Vitalik even said that the days of Cryptocurrency markets (in short Ethereum) are now history.

 

Ethereum price declined as of late against the US Dollar and bitcoin. ETH/USD may maybe keep on declining towards the $180 level in the close term.

 

Buy ETH at $53

What we suggest is buy ETH at the range of $45 – $55, when it tests its $53 level.

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#Daily Price Analysis

bad days for ETC? Ethereum Classic Price Analysis 27 Sep

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Ethereum classic price is amending lower. ETC/USD is probably going to discover offers close to the $10.80 and $10.70 levels.

Ethereum Classic Price Key Features

  • Ethereum classic price began a drawback revision from the $11.80 swing high against the US dollar.
  • There is a noteworthy bearish pattern line set up with resistance at $11.10 on the hourly outline of the ETC/USD pair (Information feed through Kraken).
  • The pair could keep on moving down towards the $10.80 and $10.70 support levels in the close term.

Ethereum classic price is amending lower against the US Dollar and Bitcoin. ETC/USD is probably going to discover offers close to the $10.80 and $10.70 levels.

 

Ethereum Classic Price Supports

After a better than average upward move, Ethereum classic price discovered resistance close to the $11.80 level against the US dollar. The ETC/USD pair began a drawback adjustment and moved beneath the $11.50 and $11.00 support levels. It exchanged near the $10.40 support and later ricocheted back. ETC price tried the $11.40 level and is as of now amending lower. It is exchanging underneath the $11.20 level and the 100 hourly basic moving normal.

Ethereum Classic merchants as of late pushed Ethereum classic price towards the half Lie retracement level of the last wave from the $10.38 low to $11.36 high. Be that as it may, misfortunes were contained beneath the $10.80 support. Beneath this, the following significant support is near $10.75. It agrees with the 61.8% Lie retracement level of the last wave from the $10.38 low to $11.36 high. In the event that there is a break beneath $10.70, the price could retest $10.40. Then again, a break over the $11.10 level and the pattern line will probably drive ETC price towards $11.50.

 

ETCUSD Price Chart 27 September

ETCUSD Price Chart 27 September

 

The graph proposes that Ethereum classic price stays supported close $10.80 and $10.70. On the upside, purchasers need to pick up energy above $11.10 for a broadened upward move towards $11.50 or 11.70. The most vital resistance on the topside is close to the $11.80 level, which counteracted gains on numerous events.

Hourly MACD – The MACD for ETC/USD is set in the bearish zone.

Hourly RSI – The RSI for ETC/USD is moving lower towards the 40 level.

Real Support Level – $10.70

Real Resistance Level – $11.10

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#Ethereum Classic price Analysis

Reasons why Ethereum Classic has no future.

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Ethereum Classic was left behind and is a direct consequence of which the future of Ethereum Classic is dark. Here are some of the reasons elucidated.

Categorising the causes for the downfall of the Ethereum Classic network.

Why do some cryptocurrency projects fail?

There are ample of cryptocurrencies available in the market, but the only handful of them, travel through the semipermeable membrane of popularity and reach widespread acceptance. Crypto related transactions are irreversible, which is the major loophole in them and also an upper hand for the banking system. It is also estimated that, until the cryptocurrencies resolve this issue, the banking system would remain unchanged. It has also been observed that, without many fundamental applications, the market capitalization of projects reaches billions of dollars, which tends to create an imbalance in the society. Also, as too much speculation is involved in the process, the field is very sickening. Let us read about Ethereum Classic and why we think it is going to die soon.

 

Causes for the unpopularity of Ethereum Classic

Hard forked in July 2016, Ethereum Classic is prominently utilized for the transactions and also the internet of things. The bifurcation of Ethereum into original Ethereum Classic and the newer Ethereum led to the difference of opinion between the community members along with developers as well. However, the Ethereum Classic was left behind and is a direct consequence of which the future of Ethereum Classic is dark. Below are some of the reasons elucidated.

 

1. The development and roadmap of the Ethereum Classic blockchain don’t seem to be impressive, as the developers at the company constantly delay in fulfilling their promises. This is the first and foremost reason, behind the bad future for Ethereum Classic.

 

2. Due to its lesser popularity and acceptance in the Cryptoverse, the Blockchain project receives constant interferences for a bright future for Ethereum Classic.

 

3. Another pre-eminent reason for the downfall in the future for Ethereum Classic is that the developers of the original Ethereum Blockchain switched to Ethereum but not towards Ethereum Classic. Therefore, many updates which were supported on the new Ethereum network wasn’t supported by Ethereum Classic.

 

4. The constant development of the original Ethereum Blockchain with its recent conversion from Proof of Work to Proof of Stake, rendering Ethereum Classic community, huge amounts of pressure as they are consistently being unable to keep up with the growing requirements of the users.

 

5. It is also a very generalized notion that, the forks are usually unhealthy for the development of the cryptocurrencies. The best possible solution during a deadlock is, trying to find out an alternative in order to mitigate the problem, instead of undertaking a hard fork. Therefore, the future for Ethereum Classic wouldn’t mark a great Fiat.

 

6. Even the hashrate of the Ethereum Classic Blockchain accounts only to 20% of the cryptocurrency. This problem is highly unsustainable with respect to the future for Ethereum Classic as this would definitely have issues with its widespread adoption.

 

7. Even the staunch supporters seem to have lost fire, as the future for Ethereum Classic is in danger. According to experts, it has been estimated that the project would ultimately get lost, among hundreds of other cryptocurrencies that got lost before it. The supporters are backing of the project as no significant achievements have been unlocked since a very long time.

 

8. Despite its high volumes of trading, the Blockchain project has been receiving roadblocks ever since its initiation due to a myriad of reasons. The market fluctuations also had an adverse impact on the market value of along with the future for Ethereum Classic.

 

9. The blockchain project inherently doesn’t imply a major financial use case, but on the contrary, it is concentrated to improvise the Smart Contract based Internet of Things. In brief, the cryptocurrencies developed for such applications would not account to come, anywhere closer to major projects, which have the potential to become global currencies.

 

The brighter side of Ethereum Classic

The Ethereum Classic is also seeking developments, as they are trying to implement side chain solutions instead of incorporating the Proof of Stake consensus mechanism similar to that of Ethereum. The experts also predict that this is one kind of an implementation of the Lightning Network, where the transactions speed would reach skies.

 

Will Ethereum classic really fail?

The future for Ethereum Classic community might seem to be very vague but it is absolutely very certain that the future of the entire cryptocurrency market is heading towards development. The underlying Blockchain technology is what, that forms the supporting structure for the entire functioning of the cryptocurrencies to become hassle-free.

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