What Twitter Is Saying About Coinbase’s Surprise ETC Listing

by Admin
4 minutes
What Twitter Is Saying About Coinbase’s Surprise ETC Listing

That might sum up the reaction among some members of the crypto community Tuesday when U.S.-based exchange startup Coinbase suddenly announced its plans to list ethereum classic (ETC).

Ranking just inside the highest 20 cryptocurrencies, ETC traces its origins to 2016 and therefore the collapse of the DAO, an ethereum-based funding vehicle that fell apart following a code exploit. As such, the network is understood by some as “a continuation of the first ethereum blockchain,” a reputation bestowed after a code change on ethereum reversed losses stemming from the failed project.

Still, it'd be the tiny size of the market that's grabbing most of the eye .

As of the time of writing, ethereum classic is that the eighteenth largest cryptocurrency by market capitalisation – valued at quite $1.5 billion – consistent with data from CoinMarketCap, which tracks price developments within the market. However, it’s important to notice , it’s one among the most important by volume (ranking within the top five).

But despite that boost from traders, a scan of reactions on Twitter suggests that variety of market observers were stunned by the listing announcement, which sparked a 25 percent increase following the revelation.

In one case, the response was pretty blunt:

Alt Addict

@EthereumAddict

$ETC? Really?

53

4:31 AM - Jun 12, 2018

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This observer took criticism to subsequent level, suggesting that the listing had more to try to to with spurring user activity, to place it lightly, than anything specifically to try to to with ETC.

Ripple effect?

Amidst the social conversation, some tried to draw a connection between the ETC listing and therefore the incontrovertible fact that , to date, the exchange hasn’t added support for the cryptocurrency XRP. As XRP is that the third-largest crypto by market capitalisation , much of the surprise stemmed from the very fact that Coinbase would move to list a “lower value” coin.

Yet the shortage of an inventory is probably unsurprising, given past reports. Back in April, Bloomberg reported that distributed ledger startup Ripple tried unsuccessfully to urge the token listed on Coinbase.

Crypto₿ull

@CryptoBull

This is the Dead Sea , the saltiest place on earth, second only to the XRP community after coinbase decided to feature ETC.

View image on Twitter

4,679

2:24 PM - Jun 12, 2018

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856 people are talking about this

On the opposite hand, those supportive of the token and Ripple’s efforts struck optimistic tones because the story spread.

Robert

@outlaw2097

Coinbase plans to feature one coin.

Ripple adds a bank every week to their network.

Who needs who again?$XRP $ETC

242

6:04 AM - Jun 12, 2018

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56 people are talking about this

Glass half-full

While much of the discussion today centered around what the listing might mean for ETC within the long-term, others rode the social waves by taking a more humorous approach to their commentary.

For example, several observers tied the event to the present week’s summit between U.S. president Donald Trump and North Korean dictator Kim Jong-un.