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Q&As with Anthony Lusardi on Coinbase listing ETC

Anthony will be answering questions about Coinbase's decision to list ETC on Thursday, June 14 at 1pm pst.

Ethereum Classic posted 9 months ago

with or if you'd like to join the discussion.
Soona Amhaz
Hey Anthony, thanks for joining us. Some people attribute the ETC listing to Barry Silbert/DCG being an investor in Coinbase - what are your thoughts on this claim?
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Anthony
@soonaorlater

First, thank you very much for hosting this Q&A. I've been a fan of Token Daily since I discovered it and it really helps me keep up to date on the latest blockchain news now that I'm waist deep in ETC. Previously I had the luxury of reading all blockchain news; now I don't have enough time!!

To answer your question, I really don't think Barry/DCG have much influence over Coinbase, certainly not enough to get them to list ETC. Below is my reasoning why. Plus, even if he had influence, I don't see what's wrong with Coinbase listing a mature, stable, actively developed blockchain that sticks to the core tenants of blockchain philosophy. Plus we do 2x the transactions of Bitcoin Cash and about the same amount as Litecoin.

Anyway, I think it's best to look at some numbers. According to Crunchbase their only investing round was in May 2013. Total raised was $6,100,000 million and they were 1 of 8 companies. So an average of $762,250 per company.

https://www.crunchbase.com/funding_round/coinbase-series-a--d406d17f#section-overview

To put that number in perspective, to date Coinbase has raised $225.3 million in VC funding (of what Crunchbase shows publicly; there's also 2 rounds with undisclosed amounts; maybe owners of Crunchbase premium can see this?).

https://www.crunchbase.com/organization/coinbase#section-locked-marketplace

Coinbase pulled in $1 billion revenue in 2017.

https://www.recode.net/2018/1/22/16911692/cryptocurrency-bitcoin-trading-coinbase-revenue-secondary

DCG's monetary influence over Coinbase seems to be very small. Certainly outweighed by many other companies with a variety of interests of their own. 45 companies in total have invested in Coinbase. DCG is but one; and they were never a lead investor.

I'd also like to add to this that this particular point is only ever made about ETC. DCG has a wide array of investments listed in their portfolio with ties to most major blockchains. ETC seems singled out based on the assumption that we're a dead pump-and-dump chain being propped up by no one. As I'll likely touch on in other questions we have quite a lot of active development and lots of financially independent support.

DCG's Portfolio: https://dcg.co/portfolio/
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Myles Snider
Hi Anthony, thanks for doing the Q&A. A lot of people were surprised when Coinbase announced the ETC listing. Many people even thought it was a completely dead project. What are the projects that are building on ETC and what's on the development horizon for the ETC chain itself?
3
Anthony
@myles_snider

People typically think ETC is a dead chain because at the start all we had was our principles. All the money left. All the social media channels left. We went from being Ethereum to Ethereum Classic over night. But we still felt we were Ethereum; many still do. It took a long time to get organized. It took a long time to get funding. We have that now, we still have our principles, and we're not going anywhere.

Development-wise we have very solid but less flashy projects on the horizon. No whitepapers here but we definitely need to improve our communications on these.

First we have two tools that are going to open up ETC to run on many devices (think IoT) and be highly accessible by many developers. These are, SputnikVM, and Emerald Platform (SDK) respectively.

SputnikVM is the IoT portion which already works and allows very low powered devices to interface with the ETC blockchain (and run blockchain programs off of the blockchain). This is a simplified non-developer explanation but it's very neat. ETCDEV is hard at work reaching out to various industries and people in search of blockchain solutions with a solution that already works. I expect lots of good news out of them.

Emerald Platform (SDK) simply makes developers lives much easier. Right now working with blockchains is very archaic, there are no platforms/SDKs that make programming on blockchains as reliable and failsafe as many other modern languages.

For regular users Emerald Platform may not sound like much but it's going to allow for very nice, usable, and most importantly reliable software. For a great example of it in action you should check out Emerald Wallet; easily the best Cryptocurrency wallet I've seen so far.

https://github.com/ETCDEVTeam/emerald-wallet/releases

Anyway I've typed a lot so here's some more things to look forward to/Google:

ETC Lab projects (to be announced): https://www.etclabs.org/

IOHK's extended roadmap, also to be announced

Potential partnerships/work with OpenStack and their Passport system

Stampery and OriginalMy (OriginalMy even has some interesting identity/ticketing things they're piloting in Brazil)

Several other projects out there that I'm waiting to see more on, namely SATURN Exchange, Metronome, and ETC Game.
2
sito
Does it really make sense that ETC actually meet the coinbase/GDAX framework for listing tokens on GDAX or coinbase? I think it is a terrible decision by coinbase. Coinbase has done great so far despite some criticisms. However, this WILL damage its reputation. The reason being is that there is definitely a lot more stronger with less suspicions and legal risks to list. I don't think it is too late to back out of this decision. Coinbase terms do warrant that listing may not be guaranteed. In my humble opinion, this is not worth it.
2
Anthony
@sito92989134

This is a loaded question. It's more accusation than question. I've answered quite extensively how ETC fits the GDAX Digital Asset Framework.

https://medium.com/ethereum-classic/why-did-coinbase-list-etc-2c6078149c18

As for the rest, it's a lot of unsupported accusations and it's hard to tell exactly what you're alluding to but I'll try my best to answer anyway.

In terms of strength ETC is supported by many strong and independent teams as well as volunteers. The chain itself has operated uninterrupted since 2015.

https://ethereumclassic.org/teams/

In terms of legal risk people often claim two so I assume you're referring to one of these:

SEC/ICO crackdown: The only people at risk of a crack down from the SEC are the issuers of securities. No one who maintains ETC has issued any sort of security or done any sort of ICO.

DAO Attacker: Bitcoin had far larger attacks than The DAO. The maintainers have faced zero legal risk. Some attackers/abettors (Mt. Gox) have even been found, brought to justice, and had their assets seized. Exactly as it's supposed to happen.

Disclaimer: I am not a lawyer.
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ŁitecoinFam ✳️
Sounds like ETC cooperative is just a shill group for ETC, what else are you doing for the coin? Are you actually working on the project?
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Anthony
@LitecoinFam

Most generally, we fill a need for community management and awareness for ETC.

What have we done so far? (Since I started end of Feb/early March)

- Got EthereumClassic.org a much needed redesign.
- Launched an EthereumClassicAsia.org
- Creating many chat channels and various other supports for our previously under-served communities in Asia
- Serving as a liason between the various teams and new companies interested in ETC.
- Planning ETC Summit 2018 in Seoul ( https://etcsummit.com ) on 9/12-9/13. Feel free to join!
- Gotten ETC well represented in Andreas Aantonopolous' coming book Mastering Ethereum.
- Running nodes, setting up a few more bootnodes.
- Promoting the development of our open source Ethereum block explorer; and requisite hosting at https://etherhub.io .
- Funding some revised documentation, writing some HOWTOs
- Making in-roads into other open source projects (MetaMask, Parity).
- Getting development started on PeaceRelay to bridge ETH/ETC transactions (2-way peg of the base coins).
- Presentations and interviews about where ETC is and where it's going.
- Helping out miners and exchanges with support and notifying them of upgrades as needed.
- Probably other things that I've forgotten

Regarding being a "shill"; it's a loaded word where any response can be construed as shilling. Your accusation is very insulting. I hope the irony of getting called a shill by someone with the name LitecoinFam is not lost on you.

Anyway, some history on me:

I've been volunteering for ETC since block 1.92 million. I spent the entire month prior arguing and eventually begging against the fork and the prior year believing in ETH.

I also argue against misconceptions about many blockchains on Twitter/Reddit so if I'm an ETC shill then I'm probably an ETH shill, a BTC shill, a Monero troll, and many others too.
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Anthony
@LitecoinFam There's no reason it couldn't, it's up to 0x to determine if they do or not though.
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ŁitecoinFam ✳️
@LitecoinFam@pyskell First I want to say thank you for the detailed reply! As for using the word "shill" maybe I need to choose my words more carefully... NO disrespect meant by it, was really just asking if you were more of a PR for ETC or if you are involved in the project itself, again, no disrespect. I love all cryptos (except bcash) that have a real life use.

Seoul... As much as I'd love to, I'm going to have to regretfully decline (unless etc moons) just not in the cards right now.

I really like how active you are in everything that surrounds etc, I'm looking for to see how ETH/ETC plays out, even more interested if we were to see flippening.

On the subject of ETH, I'm a huge 0x project believer and it's future is super bright! What are your thoughts on 0x protocol and ZRX? Can ETC play well with it like ETH?

Thank you again! p.s. still waiting for that follow back...
1
Classic is Coming
Does ETC have any folks in Asia?
2
Anthony
@ClassicIsComing ETC Coop has Christian in China and ETC Lab's is based out of China with offices in Singapore and San Francisco.
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Kevin @classic_kevin
So Ethereum and Bitcoin have been declared Not securities....what does that mean for ETC?
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Anthony
@developerkevin

Was Ethereum declared not a security? I may have missed that news. I know the DAO was declared a security but they decided not to pursue.

As for ETC I think we're fine. No company that works on ETC is at risk of being accused or prosecuted for issuing an unregistered ETC-related security. Ethereum Foundation ran the ICO.

Also see my reply [email protected] above
2
Dennis Stücken
How does the process of getting listed on Coinbase look like?
2
Anthony
@dstuecken No clue.
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Jonathan Rogiest
Hi Anthony, You're doing a great job and ETC has all the right fundamentals. Currently, ETC seems to be slowly moving from the speculation stage towards utility. With so much noise/hype in the crypto space what differentiates ETC to its competitors and what would be the most appropriate use case for a public blockchain like ETC?
2
Anthony
@Jonathan-Rogiest

Thanks for the kind words, they are very much appreciated.

In my mind the key differentiators are:

Real, working tooling for developers (see my response [email protected]_snider).
Diverse support from a variety of teams; rather than a single team driving everything.
A highly distributed community; rather than centralized control of key social media.

I also think we're going to see real world applications of ETC's sidechains this year and next. OpenStack's interest comes to mind but I'm sure we'll see many others once they realize they can get ETC's immutability and reliability *without* needing to put their sensitive information on chain.

More reading and videos related to the above:

OpenStack:
https://medium.com/etcdev/exploring-minimum-viable-sidechains-on-etc-3f4b06246aaf
https://www.youtube.com/watch?time_continue=4&v=gtsWHXSSiiE

Others:
https://medium.com/ethereum-classic/why-did-coinbase-list-etc-2c6078149c18
https://medium.com/ethereum-classic/long-term-outlook-for-ethereum-classic-b6f1643f8f70
https://medium.com/ethereum-classic/beyond-the-decentralized-chain-9154361c89a7
3
Ali Rizvi
Hi Anthony,

Great job in securing ETC on Coinbase and Binance. What's the plan going forward and how do you see ETC gaining mainstream use and value over time?
1
Anthony
@Ali-Rizvi

Great question! My response to @myles_snider above should cover it. Let me know if you have any follow-up questions.

P.S. I didn't do anything personally to get ETC on Coinbase or Binance. Hopefully my work over the last 2+ years contributed in some small way.
2
Олег
The news is very good! But for some reason, the price does not grow at all and only falls. Investors are afraid to take such an asset. At me at the most it lays on 37 $. why is this happening?
1
Anthony
@72SPjqUc63OcOCg

We're in a bear market. Prices are going down across the board. ETC's performance is not significantly different from other cryptocurrencies. We appear to have much better liquidity than most though (as evidenced by price vs. volume). Low price relative to our relatively high volume. Much closer to what a Cryptocurrency should strive to be, less appealing to certain groups of get-rich-quick investors and that's fine by me.

There's a variety of reasons for this which I will go into in my next article on ETC and Coinbase.

Back to your point:

Retail investors seem a bit wary to touch ETC because of a combination of a lack of communication about ETC and an active misinformation campaign to disparage ETC.

Kevin (IOHK), Christian and I (ETC Coop) are leading the charge on improving the ETC message globally with Kevin and I working out of the US and Christian out of China.

Institutional investors are highly interested in ETC as evidenced with the recent listing, trading of ETC-backed assets on non-blockchain exchanges, global Fiat/ETC pairs (LBX, Circle, and many others). I mention LBX and Circle in particular because they each list very few Cryptocurrencies and ETC is one of them.
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Saad Azizi
Congratulations Sir Going to Coinbase ease let me know Y should i Choose ETC now as a business Hodl Point of view any idea about its price in the coming Future?
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Anthony
@Saad-Bashir-Azizi I'd never tell anyone what to invest in; sorry.
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Saad Azizi
@Saad-Bashir-Azizi @pyskell That is Wise I appreciate that Jus a random Question any proce predictions by the end of 18!This would ne enough for me
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Saad Azizi
I am a Studnet with a Low Budget Convince me Y ETC? Y should I HODL it Any price predictions by the end of 2k18?
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Cryptocoin Alerts
Sell us on why people should invest in ETC besides being put on @coinbase. Projects etc.
1
Anthony
@cryptocoindaily I wouldn't want to tell people to invest or not but check out my responses to @myles_snider and @LitecoinFam for status on the project.
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mr chen
etc Will there be candy, airdrops? you know this is a good way to let more peoplestand by

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Bryant Van
When is coinbase listing etc?
0
Anthony
@Bryant-Van No idea.
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Classic is Coming
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Classic is Coming
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Anthony
@ClassicIsComing

They can do whatever they want as long as they don't complain to me about it. :)

For your other question I've pretty much answered it in my reply [email protected]_snider above.
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Classic is Coming
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