Editors Note: This article comes fromHoneycomb Finance News (ID: fengchao-caijing)Editors Note: This article comes from
Honeycomb Finance News (ID: fengchao-caijing)
, Author: Kyle, Editor: Wen Dao, reproduced by Odaily with authorization.
People in the currency circle with entertainment spirit have nicknamed many currencies. For example, BTC is big pie, EOS is grapefruit, and BCH is prince.
Even a professional investor like Lin Jiapeng, the founder of LinkVC, bluntly said that it is difficult to judge the reason.
As a forked currency, ETC has gradually weakened its voice after breaking away from the ETH community and forming its own school. At the time of the public chain melee, ETH, EOS, and Tron became the mainstream, and the fork coin ETC was left behind by all the public chains. As one of the first public chains to launch Dapp, ETC lost its voice when Dapp exploded last year. The two major Dapp data websites, dappradar and dapp.review, did not include the application data of ETC.
The light of Ethereum Classic has dimmed. Some people lament that todays ETC seems to be specifically for shorting BTC. Judging from the market conditions in recent days, this curse is still continuing.
ETC alone rose 40% before the market fell
At around 2 a.m. on August 29, BTC broke the pattern of multi-day shocks, pouring down from $10,250, falling as low as $9,320, falling below the $10,000 mark.
Investors who like to call ETC the chariot of doom found that before this round of decline, the chariot had sent a signal.
On August 20, ETC suddenly started, starting a three-day consecutive rise. According to OKEx data, ETC jumped from $5.47 on the 20th to a high of $7.67 in the early morning of the 23rd, an increase of 40%. In the following days, ETC has been in a state of high volatility.
In the same period of time, BTC, the big pie that often drives the trend of the market, is completely different. On the 21st, BTC suddenly dived, falling from $10,800 to $9,860, a drop of 8.7%. Since then, it has been fluctuating in the range of 10,000 US dollars to 11,000 US dollars.
Looking at the remarks of currency analysts in recent days, it can also be found that many people regard the independent rise of ETC as a bearish signal. Village chief currency theory believes that this has become a curse, In fact, the rise and fall of ETC has little direct relationship with the market, but more and more people have forged the consensus of chariot of doom based on past experience , this power cannot be underestimated.”
In the impression of the old currency miner A Kuan, ETC was still normal before 2017. Until September 1, 2017, ETC began to rise without warning. In 3 days, it rose from $15.8 to $18.68, a surge of 18 %. However, BTC fell from $4,700 to $4,500 and began to fall.
There are many other examples of similar regularity.
One counterpoint is a coincidence, and it becomes a rule that similar situations occur many times. Until now, there is still no powerful analysis to explain why ETC is so special, which has become an unsolved mystery in the currency circle.
On the occasion of September 4, which made people in the currency circle linger, BTC began to fall, falling from 4,500 to 3,500 US dollars, evaporating 22% of its market value. At such a major node, the abnormal fluctuations of ETC were captured and amplified by people in the currency circle, and the name of Doomsday Chariot became a hit.
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Repeated disasters and market value drop
Based on the previous abnormal changes of ETC, it is not too much to compare it to monster coins. But in fact, ETC has a pure lineage of Ethereum, but it has not improved after the fork, and its market value has been falling all the way. Perhaps this is another reason why it is called the Doomsday Chariot.
In 2016, The DAO, a crowdfunding platform based on Ethereum smart contracts, was breached by hackers, and ETH with a market value of 50 million U.S. dollars was transferred by hackers. At that time, the Ethereum community voted to change the code of Ethereum, and performed a hard fork at block 1,920,000 of Ethereum, hoping to roll back the transaction and recover the loss.
The ideal of the ETC community is pure. But as we all know, the founder and spiritual leader of Ethereum, Vitalik Buterin (V God), did not stay in the ETC community, but continued to develop with the forked ETH, which also led to the outside world still pouring consensus on ETH.
ETC has also made some progress. ETC is the first digital currency to publish a research report on the Bloomberg terminal; it has also been used to combat scalpers.
In mid-September 2018, ETCDEV, the core development team of ETC, released the Dapp Development Kit (SDK) based on Emerald (Emerald Platform). This is a one-stop shop with all the resources and tools to design and build ETC Dapps. The original intention of the design is to allow developers to create dApps on ETC easily and conveniently.
ETC official website introduces Emerald SDK
At that time, the EOS mainnet had only been launched for three months, and ETC had a first-mover advantage. However, EOS has attracted a large number of developers by virtue of its high TPS and gas-free advantages. At the end of 2018, EOS dominated the Dapp explosion, and it was in the limelight for a while, and it has the potential to surpass Ethereum.
However, ETC directly lost its voice in the competition of Dapp. According to the data of dapp.review, EOS now has 590 Dapps, ETH has 1904 Dapps, and ETC is not included in the mainstream Dapp statistics website, and Dapps are not a development focus on its official website.
On December 3 last year, the technical team of ETCDEV, who developed the ETC Emerald (Emerald platform), announced that it would cease operations due to financing obstacles. Igor Artamonov, the founder of ETCDEV, expressed regret on Medium, If we had accepted investment from the beginning, it would have been a completely different story. Maybe ETH would cease to exist, or ETC would be on par with it.
The loss of a technical support team with strong development capabilities has dealt a big blow to ETC. At the beginning of 2019, ETC suffered another double-spending attack. It has to be said that the road ahead of ETC is somewhat bumpy, especially after the public chain war, people rarely think of the name of ETC when they mention mainstream public chains.
The stubborn little aunt gradually receded from the mainstream view. Today, its market value ranking has dropped from around 6th in 2017 to 17th.
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As a public chain, the popularity of ETC is gradually weakening, and the name of Chariot of Doom is getting louder and louder. As a result, many newcomers in the currency circle simply regard ETC as an indicator for judging the rise and fall of the market, and even think that the role of ETC today is to short Bitcoin.
In the eyes of cryptocurrency analyst EC, ETCs anti-reference is related to its identity as a fork currency. “Whether it’s ETC or a forked coin, we call it the old hot spot. Only when the new hot spot is finished and the speculation is rotten, will the old hot spot be speculated. At this time, it is often the turning point of the market.”
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From this point of view, the main reason why ETC has become a chariot of doom is that the project itself lacks progress and topicality, and has gradually become the deputy captain among mainstream currencies.
