It is never a joyous event when a classic may fade away, yet this seems to the be the case for Ethereum Classic.
The Ethereum classic community broke away from the Ethereum and stayed true to themselves and to their belief of making sure that the code was, indeed, immutable and that it was law.
It seemed that this rift would be the first of their many problems, the consensus was with Ethereum, the majority was on the side of Ethereum, leaving the Ethereum Classic community with a faithful few (investors, community, developers, miners, and nodes).
Ethereum Classic was left weakened, the number of developers and investors interested in ETC waned, there were a few but most of the attention, interest, and investment went to Ethereum.
Ethereum Classic shared a few of the Ethereum characteristics as well, it served as a smart contract development platform and even hosted a couple of initial coin offerings as well. ETC generally differed from Ethereum in ideology and in their monetary policy.
Ethereum Classic would have an upper bound on their issuance and the total number of coins while Ethereum would not. These differentiations, especially the restriction on coin supply helped to spur some interest from token holders.
But trouble came throughout 2018. There were developer skirmishes within the ETC network. In the latter half of the year, ETC had to scale back on operations and experienced a decline in developer interest. This was the second sign of potential fall of Ethereum Classic.
The next unfortunate event was yet to come.
In the first month of 2019, Ethereum Classic witnessed block reorganizations, seeming double spend transactions appeared, transaction manipulation was suspected and Coinbase and other exchanges halted trades of the coin.
An altered block history makes the affected blockchain lose credibility, it could significantly affect the value of the tokens and send the project and token into an unhealthy downward spiral.
According to reports, a total of 219,500 ETC was double spent.
Investing in smaller projects which run PoW mining algorithms require vigilance, as their hash power could be marginal and the cost to place a 51% attack on the network is much lower.
ETC is not necessarily dead, there is potential for survival but trust in the system may not be as present as before and trust in the blockchain is core, without that, what is there?
Finally, the core developers of the Ethereum Classic community is denying that such an attack ever took place, seems as if they are the minority (again), the consensus believes the opposite.
Will you continue to hold ETC?