As a response to the divided support of the community, developers, and miners, Ethereum co-founder Vitalik Buterin has made clear that he has no intentions to support Ethereum Classic, even if it surpasses the market value of Ethereum.
On August 1, Buterin announced his decision to devote himself to the development of Ethereum. Notable companies including Coinbase and other developers have since continuously shown support towards Buterin and Ethereum, refusing to provide ETC-related features and trading services.
However, as the support for Ethereum Classic from miners, developers, and exchanges grew exponentially since its creation in late July, members of the Ethereum community began to ponder the possibility of Buterin and the Ethereum Foundation migrating to Ethereum Classic if and when it becomes the surviving chain.
Buterin’s response was clear and simple, “I still won't support ETC,” he said. “I am working 100% on ETH,” he added.
Immediately after the statement of Buterin was released on social media, some members of the Bitcoin community heavily criticized his principles and mentality, providing the recent Bitfinex security breach as evidence.
The Bitfinex security breach, which plummeted the Bitcoin price by nearly 20%, led to twice of the damage the DAO dealt to the Ethereum network. Yet, the proposal to hard fork the Bitcoin network to restore Bitfinex Bitcoin funds is being considered a jest, because it contradicts the underlying principles of cryptocurrencies in general.
Market Selection
An increasing number of developers and entrepreneurs have advised the Ethereum foundation to support whichever chain that the market selects, as major mining pools and developers have begun to support Ethereum Classic.
Barry Silbert, founder and CEO of Digital Currency Group, believes that the Ethereum developers must follow market selection for long-term success of Ethereum.