{"id":573699,"date":"2022-07-25T17:38:59","date_gmt":"2022-07-25T16:38:59","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=573699"},"modified":"2022-07-25T17:38:59","modified_gmt":"2022-07-25T16:38:59","slug":"vitalik-buterin-ethereum-classic-will-definitely-welcome-pow-fans-it-is-a-totally-fine-chain","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/vitalik-buterin-ethereum-classic-will-definitely-welcome-pow-fans-it-is-a-totally-fine-chain\/","title":{"rendered":"Vitalik Buterin: Ethereum Classic Will Definitely Welcome PoW Fans, it is a Totally Fine Chain"},"content":{"rendered":"<p>Summary:<\/p>\n<ul>\n<li>Ethereum&#8217;s Vitalik Buterin has suggested that the Ethereum Classic community will definitely welcome proof-of-work fans after the Merge.<\/li>\n<li>He points out that Ethereum Classic is &#8216;totally fine chain.&#8217;<\/li>\n<li>ETC&#8217;s price has benefited from the speculation that the Ethereum Classic network will absorb some of Ethereum&#8217;s ecosystem in terms of miners and dapps post-Merge.<\/li>\n<\/ul>\n<p>Ethereum&#8217;s co-founder, V<a href=\"https:\/\/en.ethereumworldnews.com\/ethereums-vitalik-criticizes-3acs-yacht-purchase-says-there-are-better-ways-to-burn-50m\/\" target=\"_blank\" rel=\"noopener\">italik Buterin<\/a>, has pointed out that anyone wishing to continue operating on a proof-of-work network after <a href=\"https:\/\/en.ethereumworldnews.com\/ethereum-developers-eth-difficulty-bomb-delayed-by-2-to-4-months-as-merge-nears-completion\/\" target=\"_blank\" rel=\"noopener\">the Merge<\/a> has the option of using Ethereum Classic (ETC). Mr. Buterin made the comments in <a href=\"https:\/\/www.youtube.com\/clip\/Ugkxjp2lf6i0UXgtzR_gRrKqdTq5g7CGKGF8\" target=\"_blank\" rel=\"nofollow noopener\">a July 21st speech<\/a> where he also pointed out that Ethereum Classic is a &#8216;totally fine chain.&#8217;<\/p>\n<p>He said:<\/p>\n<blockquote><p>There are plenty of blockchains, such as Ethereum Classic, which is you know, the original Ethereum. Which did not betray the vision by forking the DAO.<\/p>\n<p>It is a very welcoming community, and they will definitely welcome proof of work fans&#8230;if you like proof of work, you can go use Ethereum Classic. It is a totally fine chain.<\/p><\/blockquote>\n<h2>ETC Gains Value on Speculation that Ethereum Classic Will Absorb Some of Ethereum&#8217;s Ecosystem Post-Merge.<\/h2>\n<p>The possibility of proof-of-work fans migrating to Ethereum Classic has led to the speculation that the network could become a direct beneficiary of the Merge in terms of migration of decentralized applications and miners. The Ethereum Classic team has even anticipated such a move and started &#8216;welcoming disenfranchised Ethash miners&#8217; on <a href=\"https:\/\/ethereumclassic.org\/blog\/2022-03-18-etc-welcomes-ethash-miners\" target=\"_blank\" rel=\"nofollow noopener\">their website<\/a>.<\/p>\n<p>In addition, the July 14th <a href=\"https:\/\/twitter.com\/superphiz\/status\/1547643255335968771\" target=\"_blank\" rel=\"nofollow noopener\">Tweet<\/a> by Ethereum core developer @superphiz giving a September 19th timeline for the implementation of the Merge caused a knee-jerk effect on the price of ETC.<\/p>\n<p>Consequently, the value of Ethereum Classic has more than doubled from $14, before the Merge announcement providing an estimated September 19th date, to a local peak of $28.19 set on the 23rd of this month.<\/p>\n<p>The daily ETC\/USDT chart below provides a visual cue of the situation.<\/p>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/ETCUSDT_2022-07-25_19-26-12.png\"><img class=\"aligncenter size-full wp-image-573700\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/ETCUSDT_2022-07-25_19-26-12.png\" alt=\"\" width=\"958\" height=\"603\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/ETCUSDT_2022-07-25_19-26-12.png 958w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/ETCUSDT_2022-07-25_19-26-12-300x189.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/ETCUSDT_2022-07-25_19-26-12-770x485.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/ETCUSDT_2022-07-25_19-26-12-500x315.png 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/ETCUSDT_2022-07-25_19-26-12-269x169.png 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/ETCUSDT_2022-07-25_19-26-12-746x470.png 746w\" sizes=\"(max-width: 958px) 100vw, 958px\" title=\"\"><\/a><\/p>\n<p>From the chart, it can be observed that Ethereum Classic could be in the process of printing a bull flag that could allow it to break past the resistance set by the 200-day (green) moving average around the $27.50 price area.<\/p>\n<p>However, its daily MFI, MACD, and RSI point towards an overbought scenario that could result in a pullback this week, back to the 100-day (yellow) moving average around the $21 price level.<\/p>\n<p>Also worth mentioning is that the US Fed is expected to announce a 75 bps interest rate hike this Wednesday. Therefore, caution is advised going long on <a href=\"https:\/\/en.ethereumworldnews.com\/dcg-to-buy-shares-of-grayscales-ethereum-classic-trust-worth-50m\/\" target=\"_blank\" rel=\"noopener\">Ethereum Classic<\/a>.<\/p>\n<p>[Feature image courtesy of Shutterstock.com]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary: Ethereum&#8217;s Vitalik Buterin has suggested that the Ethereum Classic community will definitely welcome proof-of-work fans after the Merge. He points out that Ethereum Classic is &#8216;totally fine chain.&#8217; ETC&#8217;s price has benefited from the speculation that the Ethereum Classic network will absorb some of Ethereum&#8217;s ecosystem in terms of miners and dapps post-Merge. Ethereum&#8217;s co-founder, Vitalik Buterin, has pointed out that anyone wishing to continue operating on a proof-of-work network after the Merge has the option of using Ethereum [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":573702,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[823],"tags":[1322,7936,108388,256],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/573699"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=573699"}],"version-history":[{"count":2,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/573699\/revisions"}],"predecessor-version":[{"id":573703,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/573699\/revisions\/573703"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/573702"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=573699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=573699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=573699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}