Etherium Classic exists because somebody hacked an extremely valuable wallet and funneled 13% of all eth into their wallet. The people who control the mining pools, (rich assholes) wanted that transaction reversed, so they hard forked. Classic is the main fork that didn’t reverse that transaction. It’s much less popular, despite being run by people who are demonstrably more principled.
Paraphrased from Dan Olson’s video “line goes up” about crypto’s history and affect on the world. Spoiler: it’s a scam, and a tool for the wealthy to get even richer. Computing power can be bought with dollars.
Technically true, but chains nowadays aren’t really vulnerable to that same kind of attack just due to their sheer scale and diversification of controlling stakes compared to what they used to be, so I wouldn’t consider it a particularly relevant issue today.
About the “nobody can take your money” part.
Etherium Classic exists because somebody hacked an extremely valuable wallet and funneled 13% of all eth into their wallet. The people who control the mining pools, (rich assholes) wanted that transaction reversed, so they hard forked. Classic is the main fork that didn’t reverse that transaction. It’s much less popular, despite being run by people who are demonstrably more principled.
Paraphrased from Dan Olson’s video “line goes up” about crypto’s history and affect on the world. Spoiler: it’s a scam, and a tool for the wealthy to get even richer. Computing power can be bought with dollars.
Technically true, but chains nowadays aren’t really vulnerable to that same kind of attack just due to their sheer scale and diversification of controlling stakes compared to what they used to be, so I wouldn’t consider it a particularly relevant issue today.
The relevant part isn’t which mistake happened, but that the fact that no mistake can be reversed.
Fixing one mistake is great and all, but it’s still a method of accounting whose ledger — by design — cannot be revised.