Ethereum Classic

Ethereum Classic (ETC), regardless of what you may think of it, is not going away anytime soon. While it is no longer steadily rising, it has the hash power and marketcap to ensure enough people have an interest in keeping the thing going, and maybe even help it thrive.

What the hacker got away with is immaterial at this point.

Early on, things didn’t seem so secure. Most of the Ethereum community: miners, merchants and exchanges, seemed on board with the hardfork. Immediately after, media outlets called the fork a resounding success. Then, seemingly out of nowhere, Ethereum Classic emerged.

That is a bit of a misnomer. Classic never really emerged from anywhere. As the unmodified chain, it would be more accurate to say Core emerged from Classic. But Classic didn’t have the support, or critically, the hashing power to gain much attention. After a few Reddit announcements and a post literally titled a Declaration of Independence, it caught the ire of Ethereum Core supporters.

Chandler Guo, a well-known Ethereum Miner and an angel investor in cryptocurrency startups, initially pledged an attack on Ethereum Classic. Armed with nearly 100GH/s of hashing power, Guo promised a 51% attack on the rebellious chain.

That resulted in increased attention from the media and public for Ethereum Classic. Those who opposed a “censored” blockchain moved to support it and its network power soared. Soon after, Guo abandoned his support for Ethereum Core and announced that his hashing power (now over 100GH/s) would instead be used to support the unmodified chain.

What is unclear is why. Why did he plan to attack Ethereum Classic and why did he change his mind? We caught up with Guo, and put these questions to him.

Guo is Chinese and there was a bit of a language barrier, the first time we asked him why he originally opposed classic, he didn’t seem to understand the question, but eventually we got to it.

Ian DeMartino: At first you said you were going to attack Ethereum Classic, what went into your decision-making at that time?

Chandler Guo: Only one reason: Don’t do evil.
I know the Ethereum Hardfork is wrong. [You shouldn’t] change a blockchain’s history.
I hope to do the right thing. [People should] never change the blockchain.

[After some explaining that I am asking about his initial plan to attack Classic, not his later decision to defend it.]

DeMartino: Can you tell me about this tweet? 

Guo: Vitalik Buterin is my friend. So the Hardfork originally got my support. I attacked the hacker to help Vitalik Buterin, but later I thought maybe he made a huge mistake. Changing the blockchain is very wrong. Then, I thought I made a mistake too in supporting the hardfork. I want to fix that. So now I am supporting ETC.

DeMartino: How much did the increase in hashing power affect your decision to support Ethereum Classic? Did it demonstrate to you that people were supporting it and therefore it had value?

Guo: I told bw and f2pool to get on board Ethereum Classic pool and today Chinese miners combined have more than 400GH to support Ethereum Classic.

DeMartino: What do you think the future holds for Ethereum Classic and Ethereum Core? Can they coexist? Or do you think Ethereum Classic will eventually replace Ethereum Core?

Guo: Ethereum Classic will replace Ethereum Core. We have a group of people who want to support an immutable blockchain. A [pure] blockchain is AAAA, but Ethereum is CCCC.

When Vitalik Buterin said he is 100% on Ethereum Core, I said I am 100% on Ethereum Classic. I hope all Chinese support the immutable blockchain.

DeMartino: Do you feel that has a particular importance in China as opposed to elsewhere?

Guo: It should be that the entire world supports immutable blockchains.

DeMartino: Is it an anti-censorship issue to you?

Guo: Ethereum Core’s decision to change blockchain is very wrong. I supported the hardfork and I was very, very wrong. I made a huge mistake. I will never make that mistake again. So, I will 100% only support ETC. I hope Vitalik Buterin will do the same. Wrong is wrong. [He should] fix it and do the right thing. Right is 100% on the side of Ethereum Classic.

Right now, Chinese developers are preparing Proof-of-Work in case Proof-of-Stake does not work.

DeMartino: Assuming both coins continue, do you think ETC will stay Proof-of-Work Or change to POS as Core is planning?

Guo: Ethereum Core is [now the] testing network for Ethereum Classic. Poof-of-Stake has risks. If it works and is safe, I think Ethereum Classic will take it. If it does not work and is not safe, then Ethereum Classic will stay Proof-of-Work. Classic is safer than Core.

DeMartino: Do you have anything else you want to say about Ethereum Classic or changing the blockchain or hardforks or anything else?

Guo: I hope Vitalik Buterin comes back to Ethereum Classic and becomes a good leader for Ethereum Classic.

We would like to thank Chandler Guo for taking the time to speak with us. We will continue to cover the Ethereum Classic/Core split as it develops.

  • Dojomi

    Screw this guy. He voted with a massive amount of hash power for the hardfork. So he was one of the biggest votes that helped make it happen. He was a part of the “clear consensus” that gave the whole thing the green light. And now he is going to screw over the community by just changing his mind? His motivations are purely economic, with his hash power he can mine a ton more ETC than ETH. And if he can get the price to rise he will have made a lot more money than he was from mining ETH. But now he suddenly claims some philosophical immutability purist reasoning to justify his complete 180 turn, which is complete crap. Of course he hopes Vitalik changes his mind and supports ETC, he would make a fortune. Screw you.

    • Ian DeMartino

      To be clear, he changed his mind a while ago, when it was still pretty early in Ethereum Classic’s history.

      • Dojomi

        He changed his mind only after ETC had a decent value and it was clear he could mine ETC and make more money than ETH. He has now amassed a very large ETC holding, of course he is going to come out and say people should support ETC. Guo should support the community continuing down the path he helped steer it towards. Ethereum had tremendous momentum before the DAO hack. We all voted, made a decision, and are trying to get back to working on the great things we had planned. Anyone supporting ETC at this point is working to derail the future of Ethereum. And most people are doing that for their own short term benefit but trying to disguise it as as some moral stance on blockchain immutability.

    • MKimID

      IMO,
      Everybody can make a wrong(against on his trust) decision, and some people try to fix it. but, some people just try to hide it. at least, I am +1 to him, because he tried to follow his own thinking clearly.
      As you know, when ETC pump up, how much hash power has been came that time, and has been gone now. We can not ignore a economical reason also.

    • ultimatecurse

      lets not make anyone bad guy though. All we are doing is starting drama like its a race war. We never had all this drama before over crypto. We are ethereum believers they are ETC believers. So be it. The fork is over with no businesses dropped ethereum, apple just stated they accept it which excites me so lets just move on and see what happens from here. I think things are just getting started for ethereum I am excited to hear all the new stuff coming out for ethereum. Maybe ETC will come out with some cool things too and they can do well too. Chandler chooses ETC so be it. People have the right to choose what crypto they want to invest in. And they can change their mind if they want.

      • Dojomi

        It’s fine to choose ETC but don’t do interviews where you lie about your reasons. This guy is now saying Vitalik “made a huge mistake” and “you shouldn’t change the blockchain” as completely false reasons why he is supporting ETC. If you bash people in public with false statements when all you really care about is your own financial gain, then yes, you are a bad guy.

        • Cascadia Coin

          “Chandler Guo voted for the hard fork, before he rallied against it.”

          Sums up the clown show entirely in one statement.

          As it stands, ETC still has yet to realize its only real use case would be dark web related as no legitimate and legal company wants to touch it.

          They should look into embracing the lawless image they have. After all they’re the chain which a thief has a not-so-insignificant stake of ETC funds to run amok with.

          Why not embrace that and join the dark side? Look what simple adoption by AlphaBay did to the price (and market share) of Monero for example…

  • Cascadia Coin

    The only reason they are so interested in Ethereum Classic in China is many in the Ethereum Classic community vow Proof-of-Work forever so that opens the door to Chinese ASIC makers. There never was a a huge technical hurdle why one couldn’t be made, it was more a business decision not to bother based on the amount of time it would take develop vs the countdown to Ethereum going to Proof-of-Stake.

    ETC removing the difficulty bomb and pledging in some cases to be Proof-of-Work forever is going to allow those ASIC manufacturers to centralize the ETC (and ETH until Pos) mining in China just as they have done with Bitcoin.

  • Shakedog

    The guy is mining for a profit first and foremost so it’s in his best interest to keep proof of work humming along as long as possible. When you know the guy’s agenda, entertaining his ideological position is laughable.

    • ultimatecurse

      We don’t know if chandler is doing this out of pure profit or if he really just doesn’t like a fork. he could be a good guy with good intentions and wants an alternative to what ETH is doing. Nothing wrong with that. He believes in ETC he has the right to choose which crypto he likes better just like we do. I like ETH its bringing in big businesses into it and I am going to stick with it. Imo the fork won already. He likes ETC and he can work on that. Maybe they both can coexist. They both have smart developers behind each project and we don’t need to compete and start drama with each other. Crypto is about learning and making things better for everyone so we can get out of that paper money.

      • Shakedog

        I completely agree with what you said. My point is his primary agenda has more to do with his wallet than his ideologies. The real story is that ETC doesn’t plan to move to PoS and ETH does, so his mining days with ETH are numbered therefore, this is a non-story imo.

  • ultimatecurse

    Doesn’t really matter what anyone ssays about ETC or ETH the truth comes from business and franchises in what crypto will succeed. its pretty obvious ethereum is bringing in all the big businesses. They have no interest in ethereum classic. Apple announced it wont take ethereum classic only ethereum. The fork won people need to get over it and move on and just try to be apart of ethereum eco system. They are bringing in all these huge franchises your either apart of it or getting left behind imo. Even Andres said he thinks bitcoin will fork one day because of the log jam on transactions so its not the end of the world if their is a fork. Businesses are loving it they are sold out at devcon. Whatever makes businesses happy makes crypto eco system grow stronger and thats what really matters imo it opens doors to all the crypto in the future. Maybe ETC makes it one day but right now its not looking to good if businesses don’t want it.

    • Cascadia Coin

      Like I said, ETC should target the illicit, “dark” businesses since no legit ones care about it.

  • Poppyowner

    Most of us think about economic profit.
    Did Guo change his mind due to making money?? YES, I think So.
    Then what about Vitalik? hard fork?? Independent decision far from money???
    Both side follow economic profit.
    However one thing is clear.
    The Unchanged blockchains is more closer to the principle and the spirit of cryptocurrency.