Ethereum Classic (ETC)

lllDMDllllllDMDlll OhioMember Posts: 33
So apparently there's a new spinoff of Ethereum called "Ethereum Classic" that's based on the pre-forked Ethereum network? It just went up to trade on Poloniex a few hours ago and has had quite a few buyers so far. According to Poloniex, if we had a pre-fork balance of ETH, then we should have the same amount in ETC right now. Does anyone have more information as to what this "new currency" is? Also, if we do have an existing balance of ETC, how can we view it?
Post edited by lllDMDlll on
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Comments

  • fflffl Member Posts: 19
    Could this become a thread that handles ETC related questions? I was planning to make such a thread so that the flow of relevant information can be condensed into one thread. I am curious to answers on the topics OP raised. Also, information on what The Ethereum Foundation thinks about recent developments. Which and how many devs have moved to ETC. And if this opens up attack vectors.
  • lllDMDllllllDMDlll OhioMember Posts: 33
    I've done some more reading and apparently Etherem Classic (ETC, not ETHC) was created a short time before Poloniex made it available before trading. Upon it's inception, miners instantly attacked it and made it so there was little to no security and transaction verification, to the point where it was about to fail entirely (I am not a miner and do not know the technical details of this). Then, Poloniex decided to release it as an exchange option out of the blue this morning, causing the price to crash and the volume of transactions to spike. From what I have heard, mining difficulty is 3% of Ethereum, causing some miners to flock to the new spinoff. The new spinoff has also caused a decline in price of Ethereum today. As for the existing balance, that is only if you had ETH on your Poloniex account at the moment of the fork, not just ETH in any wallet. That is all I know so far. If anyone else has relevant information please feel free to share as that is the intended purpose of this thread.
  • fflffl Member Posts: 19
    Slight correction. It's a continuation of the old chain. So you will have etc outside of polo if you had eth when the fork happened. You just need to install their etc client and use your eth key to access them.
  • lllDMDllllllDMDlll OhioMember Posts: 33
    @ffl You're right. Do they even have an ETC client? The only way to access them that I have found is to deploy a contract to split into another ETH account.
  • lllDMDllllllDMDlll OhioMember Posts: 33
    Could someone post instructions on how to correctly use Vitalik's smart contract to split ETC from ETH for those not familiar with the technical side?
  • fflffl Member Posts: 19
    Can't you just reinstall the latest Mist and choose the old chain?
  • lllDMDllllllDMDlll OhioMember Posts: 33
    @ffl But is that ETH on the old chain now considered ETC? If so, could I just send that ETH to my Poloniex account via their ETC deposit address and retain my balance of ETH on the forked chain? I'm worried the transactions will apply on both sides of the fork and drain my actual ETH.
  • 390g390g Member Posts: 45
    I am super confused.... I was mining ethereum in ethpool....I did not use mist wallet.... I was using paper wallet.... so the question...what do I have now Ethereum or Ethereum Classic?
  • fflffl Member Posts: 19
  • fflffl Member Posts: 19
    someone mentioned that if you send your regular eth to poloniex both your eth and etc will show up. So you can sell your etc and send back your eth.
  • lllDMDllllllDMDlll OhioMember Posts: 33
    @ffl wow I did not notice that. I sent some ETH earlier for a regular exchange and can just now see that it showed up as ETC and ETH. I'm thinking that is the easiest option at this point. Just send your ETH to Poloniex then send it back to your wallet.
  • 390g390g Member Posts: 45
    Thanks everybody I will try that...
  • lllDMDllllllDMDlll OhioMember Posts: 33
    I just transferred all of my ETH to and from Poloniex and can confirm it splits into ETH and ETC.
  • 390g390g Member Posts: 45
    I sent 229 ether to poloniex.... in 3 transaction 29, 100, 100 ... only for the first transaction which is 29 I got the Ethereum Classic count 29. and did not get for other 2 transaction...
  • greenusergreenuser 50.8862°N 4.5537°WMember Posts: 439 ✭✭
  • lllDMDllllllDMDlll OhioMember Posts: 33
    @390g ETC requires about 3x the confirmations as ETH. I had to wait a while for my ETC to appear even though my ETH was therem
  • 390g390g Member Posts: 45
    edited July 2016
    I moved like 229 eth to poloniex and moved back to my wallet... I got 28 ETC immediately in 30 mins... today I got 100 more ETC... waiting for another 100
  • lllDMDllllllDMDlll OhioMember Posts: 33
    Glad to hear it's working.
  • davidwpennydavidwpenny Member Posts: 1
    Two questions:
    1. I am using HashFlare to "mine" some ETH. Is there another company where we can purchase mining for ETC?
    2. I have downloaded the ETC wallet and it is syncing now. But is there a ETC wallet that I do not have to have on my computer such as the one for ETH? If so, where can I find it download and can I move the address I have on my PC version to this new wallet?

    Thanks. I am new to crypto and a friend said I should check into ETC since ETH on HashFlare looks like it will never ROI for me.
  • lukaisailoviclukaisailovic Member Posts: 43
    well for all that invested in ETC looks like price crashed.... I would hold off any new investments and wait for price to stabilize
  • lllDMDllllllDMDlll OhioMember Posts: 33
    @lukaisailovic I have a feeling that won't look like a crash in a couple of days...
  • lukaisailoviclukaisailovic Member Posts: 43
    lllDMDlll said:

    @lukaisailovic I have a feeling that won't look like a crash in a couple of days...

    price drop of 40% ? will see....
  • workwork Member Posts: 2,084 ✭✭✭✭
    @lukaisailovic with the forecast calling for a strong chance of falling a lot further, I suspect @lllDMDlll will be correct.
  • lllDMDllllllDMDlll OhioMember Posts: 33
    @work I was actually thinking the opposite...with the large amount of hash power transferred to ETC and all the dev suport, the two chains will approach more competitive prices before one dies off (still probably ETC). What I meant is I think there will be another pump.
  • greenusergreenuser 50.8862°N 4.5537°WMember Posts: 439 ✭✭
    I don't think price is a consideration at this moment in tme. It's about making sure to coin can be maintained.
    We need to fork classic soon to fix the exponential difficulty rise.
    That is somthing ethereum-Dao_forked will have to live with until January
    Also i don't think there is any consensious for PoS so we need a roadmap to outline our way ahead.

    Good luck etc miners, BTW, 40mh/s is getting me 2.2 ETC per day at etc.nanopool.org. :) Happy Days
  • greenusergreenuser 50.8862°N 4.5537°WMember Posts: 439 ✭✭
    greenuser said:


    Good luck etc miners, BTW, 40mh/s is getting me 2.2 ETC per day at etc.nanopool.org. :) Happy Days

    Current price $1.83 = 1 ETC ;)
  • lllDMDllllllDMDlll OhioMember Posts: 33
    I should start mining
  • 390g390g Member Posts: 45
    if I mine ETC ... can I use the same Ethereum wallet address? .... in other words... can I mine both ETH & ETC to same wallet address.
  • workwork Member Posts: 2,084 ✭✭✭✭
    @390g that is a bad idea because of transaction replay. To be safe, you should use seperate addresses/keys on each chain.
  • 390g390g Member Posts: 45
    @work - I am guess just like creating ethereum wallet in myetherwallet.... or is there seperate process to create ETC wallet?
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