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on August 23, 2016
Hello, dear fellows cryptomaniacs. I wish to share some inside info with you about the Eth Classic ''Scam''. As you may know from the BitcoinMagazine article (there were too many shitty articles after that one), Eth Classic was founded by a group of members of the Russian, British and Chinese bitcoin community. Because I was working with some of those Russians behind the idea for more than 3 years, I have some words to say about them for your consideration.
Disclaimer: This piece is pure author's opinion and is not an official instruction on how to behave on markets. The final decision about the topic is left to the Reader.
Who Stands Behind It?
Ethereum Classic started working due to the efforts of a group of miners, who are responsible for creating the Bitcoin news site Bitnovosti.com. This site were providing a wide range of Bitcoin news and translated videos from all over the planet to present all this valuable info to Russian swampy Internet space, rolling good since 2013. Just to mention, althougt many of my friends use russian sites, I cant rememeber one such Ive often used since 2014, except for Bitnovosti and Lurkmore. Because, I don't know, it's kinda more safe to live virtually abroad?
So, a specific policy that is preserved and respected among the Bitnovosti team encourages participants to use their creativity while creating content. Editors love the articles that touch not only the benefical aspect of cryptocurrencies, but also the cipherpunk/libertarian ideology behind it. No matter what content do the community produce, it is alsways mind-blowing and unusual.
Site administrators never accept requests regarding articles or hidden ads featuring thousands of similar Bitcoin exchanges, faucets, services or online shops. If they do not offer something new or revolutionary to the Bitcoin audience, business projects have zero chance to appear on Bitnovosti pages. The project admins strictly forbid using the original articles for promotion of pure commercial Bitcoin businesses. When it comes to Ethereum, its blockchain immutability, ''Code is the Law'' principle and other decentralization things are at the first place here. Business policy doesn't work like in ETH space. Like: «It turned out that blockchains immutability causes money loss. We've decided to take down the immutability, but it is still the blockchains». Well, what can you say? UH NO, ITS NOT THE BLOCKCHAINS ANYMORE.
I feel like ETC people don't care about money as hellishly as I do. Why?
I am still shocked to tell people that Bitnovosti is the only site about Bitcoin in Russian space (and maybe in worldwide too) with a wide range of really useful articles, crypto news, and huge audience that has absolutely no advertising. Think about it again: no ad spots since 2013 on a leading Russian Bitcoin news site. Furthermore, the articles about Bitcoin businesses are allowed only if the business represents some really useful product or service and enjoys international reputation (both good or bad).
The question of profits from maintaining this site, together with regularly paying to more than 35 authors (in bitcoins) from all former USSR countries, always remained open.
For about 2 years ago I asked Arvicco and Priest (Arvicco now handles international ETC PR) whether the founders want to put ads on the site, and I was told that they are going to monetize it after a year or two of extensive social media promotion. Two years have passed, but there are still no signs of monetising. I assume it will never happen. Those anonymous Bitnovosti founders are already benefiting from the growing Bitcoin price and the only thing they really want to do is to promote the cryptocurrencies for life in the most anonymous and effective way possible — via online.
The First Russian Film About Bitcoin
This story covers how the first Russian Bitcoin documentary was released thanks to the efforts of Roger Ver, who helped film producers with obtaining the film rights (previously belonged to one of Putin's channels), Bitcoin journalists and generous Bitnovosti readers, donating 30 BTC for the project's sake. I doubt that people who gained 30 BTC and actually released the promised film (instead of stealing the money and shutting the Bitnovosti down) are scammers.
Nathaniel Popper's ''Digital Gold''
Russian Publishing house ''Dialectics'' presented the ''Digital Gold'' book to its audience this year. It has been translated to Russian for the first time!
The book is now for sale not only in a wide network of Dialectics bookshop partners, in Russia, Israel, USA and other countries, but also in leading Russian online book shops such as Ozon.ru. Dialectics publishing house exists since 1992. They are professionals of a highest level, especially given the fact that they successfully operated in Russia all this time. Such people won't be doing the business with scammers.
If we believe the people (like Tual or Seaman) who keep talking over the media that ETC is a scam project, then its weird that the Russian translation of the ''Digital Gold'' was made by the team of freelance translators working with Bitnovosti for 4 years, and carefully reviewed by Alex Impgun, the man who by himself brought the first edition of ''Code Complete'' by Steve McConnell to Russian audience and is the best translator in the Universe I know.
When Will Ethereum Classic Die?
Ethereum Classic, just like Bitcoin, already died several times thanks to the mainstream media. Despite that, Poloniex tradings show the opposite.
Considering the people who started the project are likely to be more of an ideologists than businessmen, You can be sure ETC has long-term purpose and will clearly follow the Ethereum's Core Principles, no matter what ETC investors say or I say, or Obama says.
Investor advice?
Am I a good investor to take advices from? Well, I can't tell that, so here's my personal trading history in short, so you can judge. I only traded 2 times — during the Chinese Litecoin pump from 3 to 10 usd, when I gained 4300$ on btc-e LTC trading, just by reading the news and thinking for a while. And second - during the 300% ETC Polo pump, when I was reading the news and thinking for a while, making around 3000$ profits in 1 day, and I know 4 fellas who did the same. However, constant reading of the crypto news for 2 years helped. This time Im buying ETC for long term. And I suggest you to do the same, while selling your ETH to avoid future hard-forks.
Good luck.
Evil Root: https://depthsofsun.com/blog/why-ethereum-classic-is-not-a-scam