Some members of the crypto community were surprised Tuesday when the U.S.-based exchange startup Coinbase announced that it plans to list ethereum classic (ETC).
ETC traces its origins back to 2016 and the collapse of the DAO, the ethereum-based, smart contract-powered funding vehicle that fell apart following a debilitating code exploit. The network is known by some as "a continuation of the original ethereum blockchain" following a hard fork that reversed the losses stemming from the DAO.
As of the time of writing, ethereum classic is the eighteenth largest cryptocurrency by market capitalization – more than $1.5 billion – according to data from CoinMarketCap, which tracks price developments in the market.
A scan of reactions on Twitter suggests that a number of market observers were taken aback by the listing announcement, which sparked a 25 percent price increase following the revelation.
In one case, the response was pretty blunt:
$ETC? Really?
— Salmon Addict (@EthereumAddict) June 12, 2018
This observer took criticism to the next level, suggesting that the listing had more to do with spurring user activity than anything specifically to do with ETC.
@coinbase is like "Oh shit we better do something, no one wants to buy anything in this market."
"Well we have all this $ETC laying around from the fork that we never gave out."
"Fuck it, just list it."
— Josh McGruff [Ex-CEO of $DOGE] (@PotatoMcGruff) June 12, 2018
Ripple effect?Amidst the social conversation, some tried to draw a connection between the ETC listing and the fact that, to date, the exchange hasn't added support for the cryptocurrency XRP. Back in April, Bloomberg(https://www.bloomberg.com/news/articles/2018-04-04/ripple-is-said-to-struggle-to-buy-u-s-listing-for-popular-coin) reported that distributed ledger startup Ripple tried unsuccessfully to get the token listed on Coinbase.
This is the dead sea, the saltiest place on earth, second only to the XRP community after coinbase decided to add ETC. pic.twitter.com/iCBDpKxptU
— Crypto฿ull (@Crypto_God) June 12, 2018
On the other hand, those supportive of the token and Ripple's efforts struck optimistic tones as the story spread.
Coinbase plans to add a single coin.
Ripple adds a bank a week to their network.
Who needs who again?$XRP $ETC
— Robert (@outlaw2097) June 12, 2018
Guys you know me, and I'm against everybody again. We don't need coinbase, and coinbase will not push up your XRP to the moon alright. Don't be outraged like "Fuck" coinbase or deleting the app. #XRP have a usecase, be adding on coinbase will be a shame for me
We deserve better
— XRP News (@XRPtheone) June 12, 2018
Glass half-fullWhile much of the discussion today centered around what the listing might mean for ETC in the long-term, others rode the social waves by taking a more humorous approach to their commentary.
For example, several observers tied the development to this week's summit between U.S. president Donald Trump and North Korean dictator Kim Jong-un.
Rumour has it that one of Kim Jong Un's conditions for denuclearization was Coinbase adding $ETC.
— Emptybeerbottle (@Fullbeerbottle) June 12, 2018
Kim - Trump Agreement leaked$ETC pic.twitter.com/fB0yy5c4aX
— FatihSK87 (@FatihSK87) June 12, 2018
Still, a (small) portion of people in the crypto community decided to stay positive after the announcement.
Doesn't matter if you like $ETC or not, Coinbase adding more coins is bullish for Crypto. Coinbase is one of the biggest fiat to Crypto Ramps in the whole world of Crypto right now, and this is bullish for Crypto overall. Stop beeing a hater ✌️
— Cryptopatush [Vice President of Altcoins] (@Topkek1337xd) June 12, 2018
Image via Shutterstock
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