I’M GOING ALL IN FOR ETHEREUM!! HERE’S WHY…. - YouTube

A war is coming to Ethereum…but for those  who HODL Ether this war may just put some  

extra money in your pocket. The Ethereum  merge is coming and there are rumors that  

it’s going to be contentious, leading to a fork.  Just like in the modern world war isn’t good…but  

it can bring economic prosperity to  those who know how to play the game.  

So are you ready to level up…because  it’s time for Chico Crypto!!

Yup, the Ethereum merge is knocking on the  doorstep. Last week the Ethereum foundation posted  

this blog “Goerli/Prater Merge Announcement” and  the blog states “After several devnets, shadow  

forks and merges on deprecated testnets, Sepolia  was recently transitioned to proof-of-stake. Now,  

only one more testnet remains: Goerli,  and its associated Beacon Chain, Prater.

So when is this happening? Well the  blog states “the Goerli/Prater merge  

will happen when Goerli hits a total difficulty  of 10,790,000, expected between August 6-12, 2022”

In just a couple days this merge will go down.  Why is this important? Well because it’s the  

final step before the Ethereum mainnet merges  with the Ethereum proof of stake beacon chain.  

This means proof of work and miners  will go bye bye into the Ether.

In the blog under the FAQ and question “wen  merge” the blog states “Assuming no issues  

are found during the Goerli/Prater merge,  once clients have feature-complete releases,  

a slot height will be chosen for the  Bellatrix upgrade on the mainnet Beacon Chain  

and a total difficulty value will be set for  the mainnet transition. In other words, soon!”

So when!? Well in Mid July, Ethereum  core devs had a call on just this  

and Ethereum core developer Tim Bieko  said this regarding the mainnet merge.

September 19th or slightly  earlier is highly likely  

if everything plans with the Goerli/Prater merge…

But September 19th could also be the day war is  waged on Ethereum…as there are rumblings already  

that the Ethereum miners may be planning a fork  and keeping the fork proof of work…yes this is  

bad for Ethereum as a whole, but it may not be  so bad for the holders of Ether…let me explain

To begin, who has started the  ETHPOW fork rumors?? Well last week,  

a Chandler Guo tweeted this “ethpow will  coming soon” with a video of what looks to  

be a group of mostly asian/chinese talking  about something most likely forking ETH.  

But at the end of the video, Chandler says this  to the group “ETH Will be Fork. EthPOS vs EthPOW”

Now, this isn’t just some  Rando, posting this on Twitter.  

Chandler is a guy who has major influence in the  mining industry…for both bitcoin and Ethereum…

From this profile on Chandler we can see it says  

“Chandler is one of the most well known  Bitcoin and cryptocurrency figures in China.  

He was one of the first bitcoin miners and was  championing bitcoin and other crypto assets  

before they had become mainstream. Now he runs one  of the largest bitcoin mines in China, BitBank”

But it’s not only Bitcoin…in 2016 he tweeted this  

“I am Chandler Guo, a 51% attack on Ethereum  Classic (ETC) is coming with my 98G hashrate”

He had enough hashrate to 51 percent  attack Eth Classic back then…I can  

only imagine the hashrate he has today…and  the influence he has with other miners….

Chandler obviously likes to be in  the middle of fork controversy,  

he was in the middle of ETHClassic…but also in  2017, he supported Roger Ver and Bitcoin Cash,  

by creating Bitcoin Unlimited, a client  for Bitcoin Cash, a fork of Bitcoin…

But could he get the miner support for this to be  a success? Well back in January of 2021, Ethereum  

was implementing an controversial upgrade,  EIP1559, which burned a portion of transaction  

fees, that normally went to the miners. Well  a big uproar happened within the community,  

and a campaign was launched by flexpool to stop  the eip from moving forward. As we can see from  

the website, many mining pools supported the  effort. Those who opposed included flex pool,  

sparkpool, ethermine, nanopool, hiveon  and many others. And the website stated  

“They do not value their miners because they  plan to dump them when 2.0 comes. Miners are no  

longer vital to the Ethereum developers or big  mining pools because they’ve made their money,  

and now miners are an embarrassment.” So it’s  likely these pools, may support Chandler…

And Looking at current miner distribution by  blocks, we can see from just 4 who opposed,  

Ethermine, Hiveon, Flexpool, Nanopool…they  have nearly 47 percent of the mining power.  

With the other opposers, they have  close to 50 percent of the hashrate.

Now…it seems like this is fork is going forward,  on Chandler’s twitter, we can see he retweeted a  

Mister Ser, who said “Chandler's ETH PoW fork  to be called ETH-W, with perps launching on  

Poloniex this month & Justin Sun's $USDD to  be first stablecoin on the EthPoW ecosystem.”

Which ole Justin Sun, basically confirmed. He said  “Poloniex is one of the world's first exchange  

to support Ethereum and EthereumClassic.  Poloniex will support any Ethereum fork  

if it happens. Feel free to deposit  your ETH to Poloniex and get fork ETH.

Yes, my friends if you have Ethereum and this  fork moves forward, you will get forked ETH.  

Chandler tweeted this about the fork last week.  “We will fork ETH, you will get free cash!”

So for 1 Ethereum, each hodler will get one  forked ETH or ETHW. How much could the payout  

be?? Well let’s look back at other forks, and how  much money you could have gotten for each fork.

Number 1, Ethereum Classic which happened in 2016.  

The fork of ETH Classic initiated on July 20th  of 2016, and as we can see from the price chart,  

ethereum pumped leading up to the fork, and  topped out at 14 dollars on the day of the fork.

So you could have purchased 100 ETH at max  price of 13 dollars the day before the fork  

costing you only 1300 dollars. That would mean  you would have received 100 Eth Classic. We can  

see from this price chart, if you would have  HODL’d ETC to its peak of 136 dollars, set last  

year in 2021…that 100 ETC which cost you 1300  bucks, would have been a cool $13,600 dollars.

What about another? The Bitcoin Cash fork  in 2017….this happened in August 1st,  

of 2017 and as we can see from the  price chart of Bitcoin back then,  

in the days leading up to fork BTC was around  650 bucks, but dumped on the day of the fork.

So 10 Bitcoin then would have cost you,  $6500 dollars….of which you would have  

received 10 Bitcoin Cash. If you would have  held that Bitcoin Cash to it’s peak of $3800,  

just months later…that 10 Bitcoin  Cash would be worth $38,000 dollars.

Now, I’m not saying this is going to happen once  again…but in the history of previous contentious  

forks, that get large amounts of community  support…the payout has been pretty dang solid.

Although, this eth-w fork, if much different than  any before as Ethereum has a large DeFi ecosystem  

and NFT ecosystem…what is going to  happen with this?? Are stablecoins  

going to be doubled? What about staked ETH?  What about liquidity pools like from AAVE??

Well a proof of work Ethereum, means no  staking, which means staking projects ethereum  

like stETH and rETH from rocketpool, can’t be  redeemed…which means their value will be zero.

Stablecoins? Well you can't have fiat-backed  stablecoins double their supply overnight and  

keep their value at 1 dollar, as there is no  fiat backing them. So USDC and USDT on ETH-W  

will also be worth zero. Since over  70 percent of DAI is backed by USDC  

and USDT on ETH, that means DAI  on ETH-W would also be near zero.

Which affects liquidity pools,  across the DeFi ecosystem. Uniswap,  

Sushiswap, and more will also be worth  nothing…ETH-W DeFi is dead on arrival.

But what about NFTs?? Well this one  is interesting…since the NFT was  

minted on ETH when it was proof of  work, is the NFT on ETH-W the original!?

A Maximus on twitter explained this well. They  said “Hmmm I wonder if an NFT “black market”  

will develop on ETH1. I bet there’s people who’d  love some free money for punks / apes they already  

will have on ETH2, but for some it would be a  chance to own a “legitimate copy” of the original…

NFTs, could find some sort of value on  ETH-W…this is going to get very interesting,  

and it’s looks like it’s going to happen next  month. Cheers viewers I’ll see you next time!!