Are Chinese buying ETC because of 8BTC article
An article about ETC by Xu Zijing, AKA Ryan_XxOo, was released on 8btc this Wednesday when the ETC was around 0.0011btc. The article: Will ETC take the next lead, has over 2,500 views at press time. Two days later ETC soars to around 0.0017btc, a 50% gain. It’s easy to link the article with the price fluctuation.
The op-ed article conveys Ryan’s belief on the ETC from 3 perspectives: philosophy, economy and talents.
First he questions the legitimacy of ETH. Blockchain is invented out of the distrust to financial institutions and humanity. Value could be transferred without trusting each other. However, the Ethereum blockchain was hardforked due to the manipulation of Ethereum Foundation.
If blockchain is revisable, what different does it make from a private database?
Ryan also concludes that the private chain and permission chain will be defeated by public chain or permissionless chain. The scarcity feature of ETC is another source of its value. ETH supply has no caps while ETH’s monetary policy defines the limit at 210 million. Another competition happens around the POW vs POS. 8 coins out of top 10 marketcap are based on POW. Peercoin, the POS inventor, is almost dead. Therefore, POW has been proven to be a fair distribution mechanism.
Secondly, he describes the potential of ETC from a speculation standing. ETH and ETC has same code but different price and smart money is sure to flow to the underestimated assets. Barry Silbert’s attitude to ETC and the potential ETF for ETC also provides strong support for ETC.
Thirdly, ETC’s GitHub has 34 developers. A new development team, Grothendieck, was added to ETC community. The project is based on JAVA, which is the mainstream language among developers. On the other side, the big news on the ETH side is that Shenbo’s account was hacked and its community building has come to a halt.
Unlike ETH, which is dominated by foreign communities, ETC’s first ICO project was born in China. ETCWIN successfully raised more than one million ETCs on bizhongchou. Etcathon, China’s first FinTech Connect hacker marathon, is based on ETC blockchain. The first blockchain betting project – Blockraching has been launched in Beijing. Plans to launch Shanghai, Wuhan, Chengdu incubator program have been announced by WNT technology. The famous angel investor Chandler Guo is planning to invest in at least 100 ETC ICO project.
The last but not least, is the miner’s migration from ETH to ETC.
ETH’s public announcement of the transfer to the POS is an insult to the miners community.
As per some private conversation, Ryan says most of the miners in China are not planning to hold ETH. 91pool, the biggest ETC mining pool, are constantly deploying hashing rate to express their continuous support for ETC.
“Without the support of miners, the public chain will be drained.”