Bitcoin Forum

What is the point of Ethereum? To run decentralized applications. What Binance did, is basically saying lets copy Ethereum code and change (remove) the decentralized (the most important) part of it and rebrand it as something new.
Will it replace eth? No.
This remind me the most of Shitcoin Cash and what they tried to do before.
Only ones buying this are inexperienced in the crypto space, or those looking to make short term profit.

To app developers: Imo your app would be more decentralized if you bought 10 servers from aws and host it there, than making a dapp for binance eth clone.

People aren't learning before investing, this is why they will loss in the long run. Just like many people are more prefer to choose Centralized exchanges rather than Decentralized exchanges. I know the problem is about the liquidity, I mean if many people are joining more into DEX the liquidity will goes up and no lack of liquidity.

Since the fees on Ethereum network is ridiculous, many investors with low budget can't buy Ethereum or they only loss with the fees. That's why they migrate to another coin with cheap fees.

If Ethereum 2.0 already launched, the fees will be cheaper and there's another story will be make by Ethereum.

The recent rise of Binance Coin is because of the low fees of it compare to Ethereum and its Binance Smart Chain. More new projects prefer BSC compare to ETH.

Like they said, when Ethereum 2.0 will be released those new Dapps and DeFi projects will return to Ethereum for sure. The recent rise and development of Binance Coin isn't enough for it to replace Ethereum. If you bought BNB at the bottom and you are having a huge profit right now. better sell it now :D. Binance are just duplicating other people's work that's it.

Altcoin people have learned from Bcash, BSV and other forks that you can't just replace Bitcoin by saying that you have lower fees. Eventually they will learn the same about Ethereum - it has support of developers and crypto community, whiile Ethereum competitors are only interesting for speculators who sit on bags of some shitcoin and want to dump it on new investors.

You're right that BNB is centralized, and the same applies to a lot of other Eth competitors like TRON, ADA, Polkadot, etc. Ethereum itself is becoming more and more centralized with each day, so I'd be worried for its long-term future too.

BNB is fully centralized and as a matter of fact BNB is an exchange coin, Ethereum is superb and can't be compared to BNB, I don't ever even think about this once because they aren't the same, this doesn't mean I like decentralized projects more, it actually depends for me but high gas fee is what's stopping ethereum right now, to me 2000$ per ETH is still undervalued, I knew it has something to do with the high gas fee if not ethereum will worth more

^ BNB was rise because of the binance exchange and most trader use their coin just to cut fees, there is nothing else matter. We know that BNB will impossible to replace ETH, which is far behind. Besides, as they said, BNB is fully centralized rather than ETH and that is the reason probably that BNB can not surpass ETH. I think there is nothing special with the BNB, it is coincidentally that the fees on ETH were ridiculous these days and traders find a way to move their money and to save from the high fees.

yep, basis of blockchain technology is a decentralized structure. but Binance Smart Chain released by the Binance exchange(centralized).
We will see what the BSC will turn into over time. ETH is decentralized and ETH is advantageous.

I think ETH will fix this(high gas fee) after Ethereum 2.0 fully launched. But this was the losing side in this bull season.

I'd never think that will happen, and even in the future.

People make a choice of BNB but they are not also saying goodbye to ETH. Ethereum a having a big role in crypto development more than to a thing that BNB can do. The surge of BNB in its early days until now, was proven to have a market potential but it only just stop there. As long as there is a high demand for ETH, no other coins could dethrone its position. I disregarded the fees this time as it wasn't the basis why Ethereum will be replaced.

I don't think so, BNB is in fact a fork of ETH and all those flaws have ETH recycled chain BSC, cheap and fast transactions in network there is enough ordinary man in the street, no matter what, people are interested in profit here and now.

There are still a lot of ETH fans, they will use eth despite of everything

That's right, man. I'm also still convinced that someone out there is using the Binance platform only temporarily, and not completely leaving ethereum. I'm sure someone still needs ethereum, especially for coin holders who are generated from bounty projects. they are just waiting for the right time to sell and while waiting for gas costs to come down.

Binance have too much power right now. They have a lot of money for marketing, so they can push bsc to one of the most popular chain

BSC is more superb rather than ETH blockchain right now in terms of speed and transaction fee. Decentralized feature is least concern of traders compared on suffering from high transaction fee with slow confirmation. Let's be honest. A lot of DEX such as Uniswap and 1inch is suffering from it that's why they are giving airdrop to compensate those users that suffering huge transaction fee just to trade on there exchange.

You means those dex and dapps that were hacked or exploited? Nah, they aren't decentralized as we think they are either.

People have accepted Binance even though it's a centralized exchange and it makes no sense at all for them not to accept BSC even if it's centralized as you claim.

I don't know if it will ever replace ETH by market cap but one thing I observed is that retail traders prefer lesser fees. We don't even know if those who are investing in ETH actually believe in the decentralization" it's marketed for or they just look at it as an investment asset waiting to pump higher.

isn't the purpose behind this all referring to changing Ethereum to BNB. They tried to attract all traders to glance at BNB. and as a result we saw a massive increase from BNB. But the question is, can BNB shift Ethereum position? while everyone was sick and desperate seeing Ethereum's growth making it difficult for small traders to send $ 5 Tokens. more precisely a digital wallet-based ban ..

Finally, BNB took various complaints seriously. so which will be the real shitcoin.

Decentralized but prone to attacks and hacks, tell me what is so decentralized about all this? Even centralised project are far more secured than decentralized projects in crypto space today so let's just for once stop thinking that the centralised project are the future they are not safe

The price was indeed increased because people can use it to cut fees, but if it just like that then there's no way the price explode like right now. It's more like because ethereum transaction fee is so high that people move their project to binance smart chain and people see it as the second coming of ethereum, meaning the price is very undervalued for that kind of use case (not just as exchange token to cut fee). If the transaction cost problem of eth is solved then i believe people will move back and the value of bnb will decrease again.

Binance create their Binance coin (BNB) to shill their exchange in 2017 with airdrops. Last year, they created Binance Smart Chain to give people cheap transaction fee internally on Binance. And in past months, they moved further to try to attract more users, developers on Binance Smart Chain. They want to take over Ethereum network but I don't think it will be an easy task for them.

They grow a lot and fast but to take over Ethereum will not be too easy.

https://twitter.com/binance/status/1359162971130392582

ETH always will be ETH and many projects will come to replace with so many attractive products. At the end, it won't have any effects on ETH. Also, it's reality that dapps on BSC are having small fees compare to Ethereum and it's just like on kind of hype/trend to participate on those. TBH, only small amount of projects are having real use-cases and most of the BSC projects are shit one without any fundamentals. And surprisingly, those projects pump more than 5x or 10x whenever it's get listed on coingecko because of the hype of that hype/trend. Beware of those projects whoever's using BSC to interact with any projects.

i as small trader will still think about the decentralized of ethereum. high gas costs will reduce my profitability. that's why at the moment i still excel at binance than ethereum

To be honest i do not like these comparisons, yes bnb cannot replace eth but at the same time we have to support binance as top crypto project as well their chain is also efficient plus a lot of services that is really helping adoption so we should move forward together.

I agree with you, Binance coin might not be able to surpass Ethereum's marketcap just because it's offers lower gas fess than Ethereum, I mean tron transaction fees are insignificant(zero to nothing) and people still don't feel it can replace eth, the stuff about retail traders moving away from eth blockchain is true, since the gas fees are quite high now, they prefer trading on BSC DEX since it requires lesser fees compared to Ethereum.

Too many misconception about stuff on crypto space to be honest, people just like to insinuate things that are not there, am sure the idea behind binancesmartchain is not to replace ethereum but to create an alternative for people who might need it, but unfortunately,  all you here around here is what will replace what, very disappointing to say this list,

If you guys are so into eth and don't mind this heavy transaction fees then go ahead and knock yourself out,  I hope a more reasonable projects will like to give bsc try for a change,  there is room for all kinds of projects to co-exist,  centralise or not.

Is it really decentralized, how about DAO fork if it was truly decentralized it will never happen and do you have any idea about how many unplanned forks happened in ETH and with all this you cannot call them truly decentralized  :P.

Replacing ETH depends upon project developers and if they find some other platform attractive and it could help them without any hassle they might choose another platform and we are literally in the initial stages and only time will tell what all will survive.

It took years of debates to reach a decision to fork and that is what decentralized means and not like ETH simply forking without any consensus :P.

Alright, let me answer you and others that call out eth decentralization and defend binance shitcoin.
Imagine this scenario:
1) I go to github.com right now, find Bitcoin code, click clone repository
2) I change the consensus algorithm, so that only my nodes can approve transactions
3) Instead of thousands of nodes, I run whole 21 of them
4) I market my new coin called FastBitcoin as solution to high Bitcoin fees, because its so slow to make transaction secure and propagate it across large network, its faster to do it with my 21 nodes
5) Present my super smart solution to newbie investors
6) I watch my $$$ go up because of said newbie investors buying FastBitcoin

Would you use FastBitcoin?
If your answer is no, then you are buying into Binance marketing hype. Thats all there is.

In above example replace the word Bitcoin with Ethereum and you got Binance Shitcoin.

yes, i also think, even BNB now become stronger, but for sure its hard for BNB to replace ethereum as the king of altcoins now
because as many people know, ethereum is the first smart contract platform in this crypto industry and supported by string community with smart dev too

Is obvious that ethereum has more fans but that does not mean than BNB, but people values coins that increases than any another who has low increment, but never the less after bitcoin its ethereum in line and people will likely trade with the crypto that has name, and it mighty surprise people ETH will speed up like bitcoin because ethereum always follow up BTC.

I completely agree and it is funny to see the counterarguments by BNB shillers. Maybe the market performance of BNB beats the ETH market performance but it doesn't mean the whole network should be swapped after that trend. People prefer being ignorant to reading and understanding it. The BNB has potential but this potential is limited. Going over this limit will not be good for long-term BNB trades.

People are fond of using little profit from a reigning project and then talk down rhe old projects. There are some flaws with bnb, i don't think burning is a purpose for a project. BNB is so so far from ETH.

Bnb holders was just hoping too much for an impossible situations but, as the scenario of eth that kepts rising I must say struggles is very hard before overtake speculations happens. Both of these coins are strong but eth is more in demand compared with binance coin.

What technology? Read my post above, or you are just posting nonsense for your signature campaign lol

I did the high cost of gas is the number one issue with the ethereum network and once they can solve that perfectly I think we will be fine but until that happens more and more coins will make runs like BNB I personally don't hate using it but still is not better than ETH and there will be no replace for ETH

There's disparate use cases for both.

I think that most people aren't disputing the fact that BNB will not replace the smart contract applications on ETH, but rather simply saying that BNB may one day eclipse ETH in terms of its market cap.

Which is completely possible imo considering that a completely centralised coin in XRP held the #2 spot on CMC for a long time over ETH. But I do think it's quite improbable given than a) market cap of BNB is still around 1/5 compared to ETH and b) ETH has seen fast  fundamental growth over the past year or so.

I am not defending ETH nor BNB and the limitless shitcoins, i care less about the token market. The point i will make is that i like the ETH concept and Vitalik wanted that in BTCitcoin and since the developers knew that it is nearly impossible to have everything in one umbrella and it might be a disaster as anything could go wrong with all these scripts and make things worst and he created his own scalable script and they were mocking the snail ridden transaction delays of BTCitcoin and years down the line what happened to ETH, they need to change the algorithm altogether and their initial theory which they thought was infallible failed multiple times.

The rest of the things you mentioned i also do not have a different opinion, majority or all of the coins are mere clones and if developers wants to use a different clone with less transaction charges can you complain them ?.  
  

I'm not sure you understood what I meant. Read my post again. In order to understand why Binance is faster, you need to understand how the network works. Etehreum is hosted on 11000+ nodes that can be ran by ANYONE. That means you can go right now, download a node and run it, help secure the network etc. Each transaction that happens on Ethereum chain needs to be synced across all nodes. What Binance did is, change the tiny bit of code, to only allow only their nodes to validate transaction (21 of them). On Binance chain, each transaction is only synced with that 21 nodes ran by Binance. Thats one of the reasons its faster. If thats fine with anyone, then honestly you are not meant to be here.

You didn't answer my question, would you use FastBitcoin or not?

I like how you explain how important ETH than BNB, but let's admit it, people are turning to BNB because they found it as a better investment, this blockchian is now way better than ETH since they can't control the high fees, if ETH had improve, then probably this would not happen.

I hope this is only brought by the hype, but BNB getting in the number 3, this is quite scary for ETH and it could replace on its  spot now.

It happened before, XRP replaced ETH, that's a centralized coin, and now BNB might do the same.

I clearly understood what you said, just read what i marked in bold. What i was trying to tell is that if any developers wants to move to other platforms it is their choice and CZ knows how to do business and i never invested in any of these projects and i care less if developers are moving to any N number of clones and the price starts pumping.

Do you think people are here in the market for the novelty of any project, in the early days you might see only developers but majority that came after just wants to cash the profits when some shit coins pump and they do not care about anything else.

Since you are asking repeatedly whether i would jump into FastBitcoin or any shit coins in 2021 i will not, in the past i jumped into Namecoin, Litecoin Peercoin Doge and other projects for fun and so does everyone but right now it is not fun anymore.

You people can say whatever you want but the project is getting stronger because there is a huge incentives for developers to run Dapps on it, 30% of the transaction fees goes to developers, which blockchain offer this kind of incentives to their developers, recently SFI said their V2 is going to launch both on Ethereum and Binance Smart Chain this shows that people are watching how the space is unfolding

We waited that long throughout 2020 for it with great expectations but now ETH kicks us in the face with extortion in gas fee. That sucks!

Nope, that isn't the reason. BNB is on the rise because of BSC which is cheaper for swap deals unlike ETH which holds a "knife" to our throat.

I'm not going that BNB is going to replace ETH but i need to give some credits to binance coin.
The supply of BNB is shrinking, yet the supply of ETH is expanding. BNB is the token on the Binance Smart Chain (BSC). BSC is fast and cheap and works just like ETH. New projects are exploding onto BSC. It also gives you trading discounts at Binance, where they have done things from the beginning to increase demand for BNB while doing quarterly burns of the token.

The Binance CEO has always impressed me. His new wealth isn't going to his head. He continues to work hard and do amazing things. I don't see this changing anytime soon.

We all saw how the price of BNB was growing before our eyes and how quickly BNB approached Ethereum, and now we can say for sure that if the big players will want, they will do so that BNB will reach incredible heights and of course BNB can overtake Ethereum, but here the question is different, do big players need it  and, in general, what are their goals for BNB is still unclear, but it is already clear that BNB will grow to incredible heights in the future and will compete with Ethereum.

I would have never put a single cent on BNB when it was created but I now have to admit I was proven wrong since I like the way BNB and its corresponding blockchain has been developed.
Ethereum is struggling to fuel the countless applications that are being deployed over its VM and it is logic that new projects look for more reliable ecosystems.
BNB is a big threat to ETH so long as ethereum doesn't scale its clogged environment.

yes. especially the cost issue on the ethereum network, as we have seen that gas costs on the ethereum platform are very expensive and it doesn't make sense to make a withdrawal or delivery at a high cost. but there is one thing behind this problem in that Binance started to take a good stance when etehreum was having cost issues, Binance is currently in the spotlight for crypto investors, due to its low fees compared to ethereum. The surprise coming that Binance was up 60% in the past week and it was Binance all-time high price increase.

BNB and its developers just tried to prove themselves that they are worthy of our trust and investment, but I was not sure if they have the plan to replace ETH, probably not. Many investors keep eyeing BNB because of its impressive market performance since its early days and it was a really progressive project. Everyone who knows BNB had never disappointed and they become hot as Binance takes the lead among all exchanges(correct me if I'm wrong).

This simply means that BNB has a competitive power and it is no wonder why it gets the 3rd position next to ETH. It was on the developers now to push and replace ETH or just to stay where they are today.

Overtaking is the strong word! I think people use it too easily here on the forum...
Take another perspective, both are good projects, and both wish to take a big share of the market, as much as they can! Ethereum is an older project, which is an advantage... Binance is the top crypto exchange, they took another way to build their project and they are doing it great! If you don't believe it, you can take a look at the price!
Well, I sold at $110, and I am eating my ass over that! Now I am thinking about what to do about BNB!

I agree BNB wont replace  ETH because its the first coin to introduced smart contracts and become the most widely used blockchain for creating dapps but for now many developers are planning to use the BSC network from Eth because of its high transaction fees we all know that at the moment the anticipated eth 2.0 which will solve all this problems still in testing and has no final date when to goes live meanwhile BSC in a good alternative to dapps who are in eth chain while waiting for 2.0, BNB usecase are growing fast from a utility to its own exchange to dapps created in bsc bnb use as a fuel just like eth, if eth 2.0 will delayed more years BSC IMHO users will grow tremendously it can even surpass the current MC of eth when burning of BNB has done and the supply becomes limited to only 100m.

In some articles I have seen, BSC developers are making some massive amount in terms of BNB fee, this is just beginning and it will surely improve its standards once many projects start, launching on the BSC platform, the demand for ETH block chain only the transaction fee should decrease.

I am one of those who believe BNB can replace ETH, because I see CZ as the CEO of BNB who understands the crypto world very well. That's why
it's no wonder Binance exchange is the platform most used by traders right now. Likewise with BNB, CZ will definitely do their best so that BNB can
become number one. With the Binance Smart Chain fees which are much cheaper than Ethereum smart contracts, this is clear evidence that CZ
delivers what investors need. I am really amazed by all the hard work CZ has done so far. So I will HODL my BNB.

That's right, we really have to adopt changes and if one project didn't move that much, I mean slow to no progress at all, then its better to switch to another project. This is not just about the rankings honestly, its about the services that you offer to the public that makes you more valuable. ETH and BNB are both good in the past but we can't tell the future of these two because they both continue to grow, we'll see the effect of this soon.

I think they are going to pass ETH for sure without a doubt, there is not a single doubt in my mind that BNB will one day be second ranked coin, not because the coin itself is strong or whatever, but because it has so many reasons to be used. That is why I think it is going to definitely be used more than any other coin for things, and when you are used that much obviously that means people are buying it, not like it is going to waste, some other people take it, but in the end we are talking about speed of buying being faster than speed of spending and that is why the price will keep on increasing as long as BNB is better than other coins for these things.

There is only a small chance ETH could continue to be good, and that would be if ETH managed to make the gas fee's about 95% cheaper, and that is not an easy task to handle, that would be very difficult.

What a strange logic. He is not the only one who understands crypto, believe me  :D
There is a huge team behind Binance. They do a lot of brainstorming to come up with sometning new and profitable. CZ is just a good person to make a presentation. Or you though that CZ is the only one who releases all updates, competition, updates, promotions and etc?

It's not about fans to a blockchain-based. It's because many don't have choice about the so called defying ( if that actually exist ). Uniswap, Sushiswap are the home base of Defi projects because of they are fully decentralized. Their activities are responsible for the actions in gas fee and hence they don't have choive as most of this hype project are mainly built on Ethereum.

Now that BSc has scale up the main game Ethereum has been trying to achieve since last months. I still think more development is needed but if BSc proves to be better, many will leave Ethereum for Binance chain.

What about the fact that Binance is just going to conquer the crypto world and they truly succeed in it? They become the number one exchange, they acquired Coinmarketcap that was between top 100 websites across the world in 2017. Binance has a lot of resources, a lot of money and the influence. Just look, these shit people in Binance makes you lose a lot of money in leverage because they shut down the servers. They do different activities to pump their coin like they did 2-3 days ago. It's dirty what they do but finally, they can replace the Eth.

Binance will compete with Ethereum, but competition is the norm for market participants. Here whoever managed to offer the best option on time won. Binance now has every chance not just to make money on defectors from Ethereum, but to prove to many the benefits of cooperation on good terms. Although we must admit that there is now a division of the crypto community, some accuse Binance of dishonestly enticing customers, while others see great potential and confidence that BNB will be able to achieve Ethereum's success.