Ethereum, Ethereum, And Ethereum

With the upcoming ‘Merge’ update slated for September, Ethereum ($ETH.X) is taking up a good chunk of the cryptocurrency news space. Here’s what’s been happening with Ethereum:

The Merge Update

In case you missed it or are out of the loop, the ‘Merge’ for Ethereum is a transition from Ethereum being a Proof-of-Work (PoW) blockchain to a Proof-of-Stake (PoS) blockchain. The main purpose of the ‘Merge’ is to increase scalability, reliability, efficiency, and accessibility. 

Another Ethereum Hard Fork?

Not everyone in the Ethereum community wants to see the Merge occur. A PoW hard fork of Ethereum exists but isn’t getting much traction. Tron ($TRX.X) founder Justin Sun supports the Ethereum PoW fork, but it’s not getting a ton of momentum.

Is there any interest in an Ethereum PoW hard fork pair? It’s mixed. 

Only a few exchanges have committed to hosting the new ETHPoW pair, the most notable are: MEXC, DigiFinex,, and Poloniex. 

Chainlink ($LINK.X) is sticking with the PoS Merge. The CEO of crypto exchange OKX took to Twitter to confirm support of the Merge, and that ‘potential’ hard forks could be looked at. 


Another exchange, Huobi, put out a presser detailing what criteria must be met for any hard forks to be listed. Finally, Binance said it was monitoring the Merge, and would ‘evaluate’ any hard forked tokens.

Two of the biggest stablecoin issuers, Tether ($USDT.X) and Circle ($USD.X) support the Merge.

And the big ETH man himself, Vitalik Buterin, believes any PoW hard fork is just an attempt by others to make a quick buck. 🥸

Ok, so why is Ethereum Classic pumping?

First, let’s get some context on the difference between Ethereum Classic ($ETC.X) and Ethereum. Ethereum Classic is the original Ethereum blockchain. The Ethereum you know today is a hard-fork of the original Ethereum blockchain. 

Why was there a fork? Because of the DAO hack in 2016, there was a sort of civil war in the ETH community. One group wanted to reverse the hack and do a hard fork; the other group felt that blockchains are immutable. 

As a result, the original Ethereum blockchain’s ticker changed to ETC, while the new hard-fork of Ethereum kept the ETH ticker. 

So why is Ethereum Classic spiking? The simple answer is it’s probably just following the rest of the market. However, a relatively unknown reason for its outperformance is likely due to what happens to the miners. 

Currently, Ethereum and Ethereum Classic are PoW, requiring a crazy amount of energy to mine. Proof of stake is more efficient. Quite literally, the energy needed for PoW can match the entire energy output of several countries, whereas PoS requires the same amount of energy to power a standard home in the US. 

So what happens to the Ethereum miners after the Merge? Since mining won’t work on Ethereum anymore, the next best thing is probably switching to mining Ethereum Classic. Ethereum Classic will still be PoW. 

We’ll keep you updated as this story develops. 🤑

More in   Crypto

View All

Crypto Exchange News – August 29, 2022

A few updates here regarding some cryptocurrency exchanges: the subject of our first story is not an active exchange anymore, but its collapse was one of the biggest and most historical events in the young history of crypto: Mt. Gox. 

Read It

Do ‘Con’ Kwon Arrest Warrant Issued

Well, it finally happened. After several months of waiting to see what, if anything, would happen to Do Kwon after Terra’s Luna ($LUNAC.X) and TerraUSD ($UST.X) collapsed, the crypto community got an update today. 

The Seoul Southern District Prosecutors Office (South Korea) issued an arrest warrant for Do Kwon and several others on Terraforms team. Complaints continue to be filed against Kwon and Terraform. Kwon is accused of operating a Ponzi scheme, fraud, and tax evasion. 

Read It

Technically Speaking – August 29, 2022

Last Friday’s Litepaper highlighted an important time-based element on Bitcoin’s ($BTC.X) daily chart within the Ichimoku Kinko Hyo system known as a Kumo Twist. Kumo Twists occur when Senkou Span A (green line of the Cloud) crosses Senkou Span B (red line of the Cloud). 

Kumo Twists can be important ‘heads-up’ warnings to traders and investors. When an instrument moves in a single direction into a Kumo Twist, there is a high probability of price action reversing into a brand new trend or a strong corrective move. 

Read It

ST Exclusive: VanEck CEO Talks Crypto

The Daily Rip and Litepaper had a fantastic opportunity to sit down with the CEO of one of the biggest names in ETFs: Jan van Eck. With the upcoming Merge for Ethereum ($ETH.X), Cardano’s ($ADA.X) Vasil hard fork, and the myriad of other events in the crypto space, there hasn’t been a lot of focus on the upcoming SEC decision over the fate of VanEck’s third spot Bitcoin ETF application.

The SEC has consistently rejected every spot ETF application. Why is that? And what is Bitcoin/crypto’s role in an overall investment portfolio anyway? We get into these questions and more in today’s exclusive chat with one of the biggest names on Wall Street.

Can you give us a brief intro on who you are and what VanEck is for those who are unfamiliar?

VanEck was founded in 1955, and our approach to investing is what I call ‘macro.’ It’s what international investors are very used to, which is looking at what’s happening worldwide. History as it reminds us that the world is radically changing all the time. As money managers, we try to offer funds that take advantage of the changes in the markets.

My father started the firm and is best known for creating the first gold fund in the United States in 1968, which led to our breakthrough. At the time, gold was pegged to around $35 an ounce and had been pegged against the dollar, not for just a couple of months but the entirety of US history—almost 200 years. 

He took his fund and almost all the assets and bought gold mining shares, thinking that that would change. And it did a couple of years later. So I think that’s the kind of perspective we bring to the market. 

Coming to Bitcoin in 2017, we had to determine: is Bitcoin ($BTC.X) going to be a real competitor to gold or not? We determined that it was. There was not much to read on Bitcoin back then unless you read the whitepaper or listened to some podcasts, but that was our conclusion. Since then, we’ve been saying that it should be considered a part of people’s portfolios. 

Speaking of Bitcoin, let’s get right into that discussion. What role do you see Bitcoin playing in a portfolio?

Read It