ETC was sucker punched, hard.
Ethereum Classic (ETC), one of the earliest coins that I learnt about when I was greener, one of the top 20 coins in the CoinMartketCap, has fallen victim to the ultra-bearish market.
The main developer team ETCDEV announced the rather shocking news to the community 2 days ago about the activities shut down and they are not going to continue the work anymore.
It was due to the finance issue, apparently.
The bad news has crashed the ETH price on top of the overall market crashing recently. Putting it down to all-time-low $4.23 in a year. I'm not familiar with ETC but I'm certain that a shutdown of the main developer should not kill the ought-to-be decentralized currency. After all, that is what defines the decentralization. A coin that crashes to dust after a small team(prominent in the very community) is left would be way worse than the centralized fiat that crypto enthusiasts hate so much. It would be a joke.
With that said, the temporary crash could be a golden opportunity for those who wanted to own some ETC at a cheap price? Given that the remaining developing teams or even the communities would now taking over the project. (not a financial advice obviously lol)
Steem 3/4 layoff looks cool and much more acceptable in the comparison. I'm so glad Steem is still functioning well. People are leaving the platform every day but those who stay still able to do whatever they were doing before the layoff. Staying afloat is the top priority.
Posted from my blog with SteemPress : https://fr3eze.vornix.blog/etc-was-sucker-punched-hard/
hard times for crypto 😐
but i think it's more like a test. let's see if steem can take this opportunity to be more decentralized.
I wouldn't mind if STINC goes bankrupt or whatever honestly, as that would be the best way to test how tough the Steem community is, which translates a lot to the actual value of a coin. After all, decentralization is what we all after. The last thing we need is another big company to take command and lead in the community.
Haha Stinc lol
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It will be a killing blow to ETC if ETCDEV is the only party maintaining the code base. But it won't truly die until people stop mining it I guess. But then who else is actually using ETC maybe other than sore losers and the DAO hacker lol.
On the Contrary, I see Steemit.inc dethrone as a good thing. At least more people now realize you can't rely on a single team to run the whole ship.
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Actually I saw a list of project that is running on the ETC in the subreddit community and it seems people over there are still believing in this project. ETCDEV was said to be the main dev but there are 3 more, learnt this from the community as well.
Definitely agree on the big whales faded, decentralization will get more decentralized.
Are the projects any different from ETH itself? seems to me like effort better spent on ETH instead. Lemme lurk in their subreddit too to see what's gonna happen to them.
This crypto-bear market is coming with shotgun in hand!
I wish I had more money to buy up all these tear soaked coins.
Me too here. Just take a break from the crypto and trying to make some active income in real life maybe? Cash is the king now.
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