Play stupid games... win stupid prizes!
Two important lessons from this shitcoin's demise:
1- The price has barely budged, which shows that demand for these shitcoins has nothing to do with their function, security, or safety and is entirely driven by speculation on exchanges.
1- The price has barely budged, which shows that demand for these shitcoins has nothing to do with their function, security, or safety and is entirely driven by speculation on exchanges.
2- It took more than a day for ETC fans & promoters on Twitter to even realize this attack was happening after @pierre_rochard told them about it, because they couldn't find anyone who runs a node!
This was Barry last February when this shitcoin was being pumped to 6x its value today. Not watching today, Barry?
According to the easily-inflatable "market cap" metric ETC is the 17th most valuable coin. We now know that anything below it can be easily attacked, but how far up the shitcoin food chain do you have to go to be safe?
The longer the bear market goes on, the more idle hashrate can be mobilized to kill shitcoins. The most lucrative to kill are the ones that can be shorted on exchanges because the attack can be really profitable that way.
Could this happen to Bitcoin? Yes. Bitcoin has only been operating safely for 10 years, and you should be extremely cautious about putting serious money into Bitcoin. But...
Bitcoin may fail, but it has a non-zero chance of success. Shitcoins, on the other hand, have no hope of succeeding in anything except enriching their makers. That's why shitcoins NEED promoters to survive, whereas Bitcoiners don't care if you buy BTC.
Shitcoiner who owns 20% of a shitcoin's supply: "Watch my coin go! This is the Bitcoin killer! Buy now before it's too late!"
Bitcoiner:
Bitcoiner:
