The surprise that Ethereum Classic (ETC) was born as part of the Ethereum Hard Fork (ETH) is somewhat digested. However why the price of ETC continues to rise is difficult to comprehend (at the time of writing the price of ETC is USD 2.70).
ETC should theoretically behave like the dead skin dropped by a snake which does not require it anymore. Yes, in the past, there was a purpose to that skin, but like the growing snake requires a fresh and bigger skin in the future, the Ethereum ecosystem does as well. ETC should remain as the past protocol, impaired by the DAO debacle. It is incapable of evolving, as chocked by the immutability and non-forking promise of its promotors. Like dead skin, it should be abandoned with good reason.
Vitalik Buterin confirmed via Twitter that he will work 100% on ETH and still won't support ETC, even if the price of ETC overtakes the price of ETH. Based on his statement on the Ethereum.org Blog, the Ethereum Foundation will focus its resources on the development of ETH as well. Subsequently, Vitalik received the backing of the who is who of the Ethereum Community. Just follow the replies of the Twitter links above or google "I am working 100% on ETH" and complete your search by adding the name of your favourite Ethereum celebrity to confirm.
About every single project that matters in Ethereum's ecosystem seems to support and and will run on ETH. ETC will be left out. See this Reddit post for a listing ETH supporting projects. Of course, projects and the respective ETH Dapps might be copied to ETC. However, lag and friction are presets of such undertaking. As a result, ETC will always remain as the second best option vs. ETH. And worse, for the future Dapps to run on ETC, ETC will have to implement the same updates like ETH, in order to enable Swarm, Whisper and any other brilliant upgrade that waits for its invention. How can the immutability and non-forking promise be kept while ETC has to follow ETH by every upgrade step it takes?
ETC goes currently for a high price for several reasons. ETC is still a pretty decent crypto asset compared to its current alternatives. ETC is a neat trading opportunity and thus greatly pumped by traders. ETC is being held as a hedge for the phantasy that it could overtake ETH. However with the facts at hand, that is probably not going to happen. More likely ETC will cripple and be abandoned like dead skin. Other crypto assets will evolve and overtake ETC, traders will dump it, and finally: the phantasy bursts.
What will matter in the future is ETH.
