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| comment | | "parent_author":"",<br>"parent_permlink":"steemit",<br>"author":"blendplayz",<br>"permlink":"steemit-and-ethereum-classic-fad-can-be-over-as-newcomers-enter-scene",<br>"title":"Steemit and Ethereum Classic Fad Can Be Over As Newcomers Enter Scene",<br>"body":"<html>\n<p><img src=\"https:\/\/cointelegraph.com\/images\/725_Ly9jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy8wODc1NGJiYjlhYzg3ODFlOWMwZmE4NjlhM2QyZjRhYi5qcGc=.jpg\" width=\"725\" height=\"483\"\/><\/p>\n<p> Is time <a href=\"https:\/\/www.reddit.com\/r\/btc\/comments\/4zlkgq\/eth_classic_starting_to_fade\/\">running out for Ethereum Classic<\/a> and Steemit?The two top-six cryptocurrencies come from very different origins,<br> with Steemit being a deliberately engineered blockchain-based social network,<br> while Ethereum Classic was an unplanned fork of Ethereum created after the DAO hack.However,<br> they do share several important similarities: both came to prominence about a month ago,<br> both experienced massive growth spurts over a short period of time,<br> and both are now seeing their value melt away daily.<\/p>\n<h2>Ethereum Classic\u2019s dubious beginning and decline after an initial bubble<\/h2>\n<p>Following the DAO debacle in which millions of Ether were stolen,<br> Ethereum was forked in an attempt to isolate and possibly recover the stolen funds. This lead to two Ethereums,<br> the main fork and Ethereum Classic,<br> the latter of which quickly <a href=\"https:\/\/cointelegraph.com\/news\/ether-slumps-ethereum-classic-surges-300-finds-support-with-exchanges-miners\">jumped in price<\/a>,<br> leading to speculation that it might quickly become the <a href=\"https:\/\/cointelegraph.com\/news\/by-tomorrow-ethereum-classic-can-be-third-top-crypto\">third-ranked cryptocurrency<\/a> after its creator and Bitcoin.Ethereum\u2019s co-founder Vitalik Buterin clearly stated that he <a href=\"https:\/\/cointelegraph.com\/news\/vitalik-buterin-wont-support-etc-if-it-takes-over-eth\">would not support Ethereum Classic<\/a>,<br> even in the event that it overtook the original.That did not turn out to be the case. As soon as it burst onto the scene,<br> Ethereum Classic quickly rose to almost $2 USD in late July.Then,<br> in the early days of August,<br> the price peaked at $2.76,<br> maintaining a price of above $2 for the rest of the month\u2019s first week. However,<br> over the two weeks since then,<br> the price has been in steady decline,<br> resting at $1.42 at present.<\/p>\n<h2>Steemit out of steam as Synero approaches<\/h2>\n<p>The bubble which drew a host of new content providers to Steemit seems to be rapidly deflating. In mid-July,<br> the price of Steem shot up to over $4 USD per unit.This led to fantastic tales from authors claiming massive payouts,<br> which in turn led to a host of posts about how to <a href=\"https:\/\/steemit.com\/steemit\/@steemsmart\/should-i-hold-steem-power-with-piedpiper-steem-smart-podcast-ep-6b\">get the most out of Steemit<\/a>,<br> finally devolving into even more circular,<br> navel-gazing posts <a href=\"https:\/\/steemit.com\/steemit\/@pseudopoise\/thank-you-steemit\">generically about Steemit<\/a>.Since mid-late July,<br> the price has maintained a steady decline. Just over the last week it has lost almost a third of its value,<br> and now rests at $0.90,<br> barely over one fifth of its peak value one month ago.Meanwhile,<br> Synereo,<br> a new competitor to the ostensibly decentralized,<br> <a href=\"https:\/\/cointelegraph.com\/news\/beware-facebook-decentralised-social-network-is-approaching\">blockchain-based social networking<\/a>,<br> approaches for a piece of Steemit\u2019s former glory. The newcomer promises the usual package of a peer-to-peer internet through user control over content,<br> profiles,<br> and monetization of content. Synereo plans to move to its alpha phase this September. <\/p>\n<p>source>https:\/\/cointelegraph.com\/news\/steemit-and-ethereum-classic-fad-can-be-over-as-newcomers-enter-scene<\/p>\n<\/html>",<br>"json_metadata":" \"tags\":[\"steemit\",<br>\"story\" ,<br>\"image\":[\"https:\/\/cointelegraph.com\/images\/725_Ly9jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy8wODc1NGJiYjlhYzg3ODFlOWMwZmE4NjlhM2QyZjRhYi5qcGc=.jpg\" ,<br>\"links\":[\"https:\/\/www.reddit.com\/r\/btc\/comments\/4zlkgq\/eth_classic_starting_to_fade\/\",<br>\"https:\/\/cointelegraph.com\/news\/ether-slumps-ethereum-classic-surges-300-finds-support-with-exchanges-miners\",<br>\"https:\/\/cointelegraph.com\/news\/by-tomorrow-ethereum-classic-can-be-third-top-crypto\",<br>\"https:\/\/cointelegraph.com\/news\/vitalik-buterin-wont-support-etc-if-it-takes-over-eth\",<br>\"https:\/\/steemit.com\/steemit\/@steemsmart\/should-i-hold-steem-power-with-piedpiper-steem-smart-podcast-ep-6b\",<br>\"https:\/\/steemit.com\/steemit\/@pseudopoise\/thank-you-steemit\",<br>\"https:\/\/cointelegraph.com\/news\/beware-facebook-decentralised-social-network-is-approaching\",<br>\"https:\/\/cointelegraph.com\/news\/steemit-and-ethereum-classic-fad-can-be-over-as-newcomers-enter-scene\" " | | vote | "voter":"blendplayz",
"author":"blendplayz",
"permlink":"steemit-and-ethereum-classic-fad-can-be-over-as-newcomers-enter-scene",
"weight":10000 |
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