Ethereum Classic 51% Attack Fallout Predictions

A 51% attack is currently being carried out against Ethereum Classic. ETC is currently trading at $5.05. Before February 1, 2019, ETC will at one point have a market price below $2.50. The goal of a blockchain is to maintain consensus. Once that’s gone, the value is gone. Incorrect. ETC dropped as low as $3.84 on January 28 2019 but not quite the drop I predicted. I wrote about some things I learned from the attack, one of which why the price didn’t drop as much as I expected.

Before February 1, 2019, Bitcoin will at one point trade below $3632, a 10% drop in value. BTC is currently trading at $4,031.13. This price drop will be caused by the fall out from the Ethereum Classic attack as more question the security of other blockchains. E.g. A large portion of Bitcoin is controlled by a small group of mining pools. Correct: On January 20 2019 $BTC traded below $3632, falling to $3410 on January 29th. I’ll consider this prediction correct, but it would be a stretch to definitively claim this was a result of the $ETC attack.

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