The Ethereum Classic team addressed the current ICO hype, warning against “manipulative crowdsale tactics,” while promising not to vouch for coin offerings “in the same capacity” as the Ethereum Foundation.
Ethereum Classic on ‘Irrational Appcoin Exuberance’
The Ethereum Classic development team has shared its opinion on what Nick Tomaino’s called, the “Irrational Appcoin Exuberance.” This exuberance is currently seen in Ethereum and may soon come to Ethereum Classic as more capital flows into the network.
Citing concerns regarding the way Initial Coin Offerings (ICOs) are structured in Ethereum and even within the Ethereum Classic network, the post seeks to caution investors against potentially risky investments in poorly planned or outright scam ICOs that can result in monumental losses for naive investors.
— Matt Mazur (@snaproII) April 6, 2017
The post also showcases some examples where the Ethereum Classic community and dev team has performed its due diligence and warned against ill-conceived crowdfunding campaign on the ETC network, noting the different attitudes that the two competing blockchains, ETC and ETH, employ towards the Initial Coin Offering frenzy. The post reads:
As one might expect, ETCDEV will not vouch for coin offerings in the same capacity as the Ethereum Foundation members who signed on as curators for the launch of The DAO crowdsale.
Appcoins Coming to ETC
The Ethereum Classic team sees yesterday’s launch of the Grayscale Ethereum Classic (ETC) Investment Trust, whose shares are the first securities solely invested in and deriving value from the price of ETC , as a possible incentive for developers to run their ICOs on Ethereum Classic’s “immutable chain.”
“If stakeholders profit in a short span of time as a consequence of the launch of the Ethereum