Ethererum was launched on May, 2015. Their blockchain went live on 30th July 2015. But it was only by 2016, Ethereum started getting notable media coverage.
It was spring, 2016. Visionaries saw ETH as the world computer that could transform the world. These visionaries had already seen the growth that you and I are seeing today. Seeing the enormous possibilities, they invested their money in ETH.
‘The DAO’ was Launched
‘The DAO’, an ETH based project was launched. 11 Million Ethereum was used whose present worth is more than 2 Billion USD. It is actually 12 percent of the total ETH in circulation. THE DAO did not have a physical address, nor any people in formal management roles.
It was crowdfunded via a token sale in May 2016. It set the record for the largest crowdfunding campaign in history.
Things started gaining momentum. And then came the summer. Hackers managed to exploit a bug and hack the entire blockchain. 11 million ETH (whose present worth is more than 2 Billion USD), in one day, became worthless.
It was a major setback for the entire Ethereum community and all the money invested was lost in a day.
BITCOIN community celebrated
The majority of the Bitcoin community members were happy. They celebrated the loss of their biggest rival, ETH. They were very happy that another cryptocurrency who were trying to do something new failed. Their joy knew no bounds.
But ETH Community did not Give Up
It took the entire ETH community to work together for the next couple of weeks to bring things back on track and fortunately for them, they managed to rectify their mistakes. It took them some time to shift all the data from the old blockchain to the new blockchain, but finally, the money was given back to their rightful owners.
Hard work of the ETH community paid off. They started working on the project from where they had left. Things started going their way but then a new cryptocurrency was launched.
ETC was launched by Grayscale
Barry Silbert’s Grayscale, a subsidiary company of Digital Currency Group (also owned by Barry) launched ETC, what you know today as Ethereum Classic. Now let us look who is Barry Silbert?
As per his LinkedIn profile:
It is very much clear that ETC is BTC’s evil plan to not let ETH rise.
The project is majorly backed by BTC holders. So, before thinking to invest your money in ETC, think twice.
BTC community in Reddit never let any of their users to share any story related to ETH. But when ETH was hacked, they let users post about ETH hacking. Later, they also encouraged their users to post about ETC.
So, the question is:
Should you invest in ETC?
After reading everything, what is your take? Do you think you should invest in ETC? If you believe in ETH, you may not want to invest in ETC. But isn’t diversification needed? Definitely.
Invest in BTC if you would like to diversify your portfolio. BTC and ETH are the real deal. But ETC? I don’t think so.