DAO token holder can extract ETC for ETH, ETC million dollar may soon be dumped on the market
Ethereum Classic (ETC) on the price and network computing power can achieve a considerable market share, this is indeed a lot of money in the field of digital people by surprise, but not the blockchain change may soon face the problem, because there will be some new money into the market, the best interests of these people do not care about the ETC block chain.
In the coming weeks, two things will happen. First, there are about 4 million 100 thousand ETC on the morning of August 30th can be used for the extraction of these coins from the so-called “white DAO”, this is a personal team created by DAO, who is committed to the protection of the DAO token holder does not affected by those DAO ETH The allows an attacker to learn (now ETC) Holdings bad code damage. Since the etheric Fang hard bifurcation to receive these funds since the DAO token holder for the first time in the open market to sell ETC for ETH or other assets. This allows the DAO token holders of their ETC processes have been extracted by the Swiss digital currency exchange over Bity.
In addition to white hat DAO withdrawals, The DAO has learned ETH holdings in September 2nd will also an attacker complete control in the ETC chain of funds. According to the Bity Legal Manager Alexis Roussel, The DAO, an attacker can access DAO, the number of which ETC accounted for the total circulation of 5%.
White hat DAO problems
Although the DAO token holder will soon be able to access some ETC, but they hold, white hat group originally controls about 7 million 200 thousand ETC. The group’s plan is to recover the ETC into ETH, so that the white hat group in the best interests of the holders of the DAO token. The reason for taking this action has a clear reason, including the ETH chain replay attack threat, ETC chain block and other necessary lack of browser tools for the ETC chain is the potential force or speculative attacks based on.
Some people think that the white hat DAO ETC tried to convert ETH behavior is equivalent to the ETC attack.
White hat group ETC control about 14% were converted into ETH and other currencies, but Poloniex and Kraken in the white hat groups continue to freeze allowed their accounts before the plan. Bity representatives have made contact on several occasions with Kraken and Poloniex, but the two did not account for why the exchange of freezing response.
Roussel also said that Bity is Kraken regulars, they were asked to reply to Bity. Bitcoin Magazine to Kraken CEO Jesse? Powell (Jesse Powell) of the mail, he also did not reply, but Powell recently by Reddit on the issue of comments. His words showed that the causes of these accounts may be frozen for they are white group action investigation.
Sorry, we are not the only one that requires additional investigation of the “white hat” groups. We are currently seeking other stakeholders approval, so these funds into the extraction contracts.”
Powell said in a commentary on the other:
“If we don’t talk about what is happening, you might guess yourself. I also want to say more. Our goal is to make the money back to the right owner. White hat group earlier attracted the attention of many people, the problem is complicated.”
At present, 28% white hat DAO funds controlled by Poloniex, 16% by Kraken control.
Impact on the price of ETC
When the first available white hat DAO fund and the The DAO attacker together, the result is that by September 2nd, the total supply of nearly 10% of the ETC will be the first to be sold. This may have a significant impact on the price and the market value of ETC.
Brave New Coin research director Tone Vays said:
“I can’t guess what the attacker will do, but because the relationship between supply and demand may lead to falling prices.”
When asked how to do DAO token holders will after their first visit to ETC, Roussel said, “I don’t know.”
ETC spokesman Arvicco said:
“The market is a kind of allocation of scarce resources in the most effective way to the mechanism. If you really like many people worry about (or hope) that the “large-scale toppling”, this is just to ETC from those who do not know how ETC allocation of value proposition to the hands of the hands of people know.”
“I don’t think the possibility of large-scale dumping is very large.”
ETC price decline in August.
Ethernet Fang investment Exchange group: 309135234