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<p> https://news.bitcoin.com/wp-content/uploads/2016/07/Ethereum-Hard-Fork-Gives-Birth-To-A-New-Chain-640x480.jpg</p>
<p>Ethereum Classic is, in my view, a total and absolute scam by any traditional financial definition of the word “scam.”</p>
<p>It doesn’t have the support of the Ethereum developers, nor of Ethereum creator Vitalik Buterin, making it vaporware and an altcoin created in protest of Ethereum’s hard fork decision.</p>
<p>Now is it valid to “protest” the Ethereum community’s hard fork in such a way? Even after a month of open, intensive, exhaustive community debate about whether or not to fork?</p>
<p>I’d argue that any protest where the aim is to increase exposure and buys of a protest altcoin that enriches the promoters is, inherently, very dubious.</p>
<p>But at a core level, it’s just <strong>completely absurd</strong> as I outline in today’s live crypto videocast below, which incidentally broke my personal record for most number of concurrent live viewers. I’m thirty; about time I start breaking some personal records, dammit.</p>
<p>Also, the fact that “Ethereum Classic” (in no way <a href="http://www.ethereum.org/"><em>Ethereum</em></a>, in no way <em>Classic</em> as Ethereum itself is not even a year old) is being tirelessly promoted by Bitcoin’s most vocal Ethereum detractors leads me to believe one thing:</p>
<p><strong>Bitcoin is not doing well.</strong></p>
<p>After its recent reward halving, miners get only 50% of what they were previously rewarded per block, yet the price per bitcoin has not skyrocketed in response - so now miners are subsidizing losses, in many cases. Those economics cannot last forever. As more miners drop off the network, network security decreases, making Bitcoin fundamentally less secure as a record of all prior transactions on the network.</p>
<p>Between Coinbase’s blowout acceptance of Ether earlier last week, and Coinbase co-founder Fred Ehrsam’s explanation of why Ethereum was added as a fledgling “first class citizen” to Coinbase’s platform, it all becomes clear.</p>
<p>The trolls and narrowminded Bitcoin bagholders pushing Ethereum “Classic” on an unsuspecting public are not the ultimate reason I’m selling off much of my Bitcoin tonight - that’s just another indication to me that Bitcoin is in a weak position.</p>
<p>Ultimately, however, my decision is grounded in economic self-interest. I see optimism and amazing ideas being built out in Ethereum, and I don’t see anything close to this level in Bitcoin at the moment.</p>
<p>Shortly after I file this story, I’ll be selling off 80% of my personal Bitcoin holdings; or more accurately, converting them into Ether, on Coinbase.</p>
<p>For record’s sake, I’m making this conversion while Bitcoin is approximately US $661.28 and Ether is US $12.75.</p>
<p>Watch today’s in-depth Ethereum Classic scam bust:</p>
<p>https://youtu.be/1tzeBf5xCkQ</p>
<p>huffingtonpost.com</p>
<p>#new #money #anarchism #crypto #news</p>
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