Ethereum Classic Market Update: ETC/USD falls as community turns down Charles Hoskinson’s offer to help

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  • IOHK CEO Charles Hoskinson had offered to help the ETC community reduce 51% attacks on a condition.
  • He demanded the community institute a decentralized treasury system like Cardano. 
  • ETC has reportedly turned down Hoksinson’s offer.
  • ETC/USD bears stayed in control of the market for the second straight day.

Charles Hoskinson, the CEO of IOHK (Cardano’s parent company) had recently offered to help the troubled Ethereum Classic (ETC) community on one major condition. The community would first have to institute a decentralized treasury system like Cardano. If ETC failed to do so, Hoskinson felt his help would be a waste of time and money. 

It’s not worth my company’s time or our strategies to pivot for a grant or a one-off payment to go and bail us out. If there is a treasury system, it means that I can be in the business of building open source innovations and open source software and bringing these things to market and be paid to do that patent-free and open source.

In recent times, Ethereum Classic has suffered numerous 51% attacks, leaving its fate uncertain. Hoskinson noted that IOHK has done significant research in the proof-of-work space and is aware of how to prevent such attacks from occurring in the future. 

IOHK has come up with a hybrid proof-of-work, proof-of-stake protocol that uses a periodic checkpoint system to mitigate hostile network reorganizations. Hoskinson has clarified that he is not willing to make any future commitments unless Ethereum Classic leadership accepts his aforementioned terms. 

The CEO said that he feels morally obligated to help ETC despite leaving the Ethereum project to work on Cardano. Interestingly, the ETC community feels it has enough internal resources to deal with the tough situation before them, according to a Cointelegraph report. 

ETC/USD daily chart

ETC/USD daily chart

ETC/USD bears stayed in control of the market for the second straight day. The price has dropped from $6.74 to $6.64 in the early hours of Wednesday. The MACD shows increasing bearish momentum.

ETC/USD has strong resistance levels at $7.42, $7.12, $7.05 (SMA 20) and $6.99 (SMA 200). Healthy support lies at $6.496, $6.47 (SMA 50) and $6.28.

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