Ethereum, the polycephalic coin that may eat itself

in #money5 years ago (edited)

This weekend has been quite interesting in the crypto-dome. As you know, ETC is gaining traction at different exchanges. Bitfinex is set to make an announcement later today - 7.25.2016.

Already, the market cap of ETC is at 37m and was at 53m which was roughly 5% that of ETH. Why is this significant?
If you are an ETH holder, the likelihood that ETC makes a run on pure speculation is significant. People will liquidate some ETH to roll the dice with ETC. ETC will rise and fall violently as it just did on Polo over the last 24 hours. Much glee and much despair will ensure. There are whales out there ready to create new and broken bag-holders who are chasing a quick buck. Chances are really high that they'll beat you to the punch - just be prudent with your trading/speculation amounts.

I bought into ETC at .0014 just before it dipped last night - now I'm a 50% haircut taker like many. There will be another wave and another of chances to exit. Just don't be greedy if you are playing this.

The real problem is that this is turning into a Frankenstein experiment that got out of hand. Like a polycephalic snake that tried to eat itself, in the end, Ethereum will lose market share as it contorts with itself. Big players like Microsoft are likely wondering about how it looks to be a big backer of a fiasco such as this.

The ETH attacker likely has had a lot to do with how this is playing out. Some lessons are being exacted upon the community, but this tutelage isn't free.

#ethereum #trading #investing #money #crypto #steemit