Coinbase now supports Etherium; Is this a threat to Bitcoin dominance

[gentlemand]

i said this because litecoin has been around for a long time and despite being similar to bitcoin it has some differences too which sets it apart. and i agree that a runner up can be a complete different thing, but something like ethereum can never be the number 2 or even in the 10 top in long term in my opinion because it lacks certain attributes like decentralization or even a good developer.

There's no doubt it's an 'honest' coin compared to ETH, and it's not a disaster either. Ultimately though it does the exact same thing as Bitcoin, albeit probably better, and I can't see that being enough to maintain that position. Time will tell.

[Cuidler]

Heavily pre-mined (80%-ish currently), endlessly inflationary, 'cryptocurrency' which doesn't even provide ledger immutability...

Such huge premine funded the development costs, but it didnt took long for DAO to execute contract with unforseen outcome. This points to the question whether ethereum smart contract can even be usefull in future, in current form ethereum is usefull for price speculation only in my opinion so Im surprised people still value it so much.

ETC still provides ledger immutability because smart people behind it realizes there cannot be hardfork everytime to reverse the transactions when smart contract is executed with unforseen outcome.

[Lionidas]

Heavily pre-mined (80%-ish currently), endlessly inflationary, 'cryptocurrency' which doesn't even provide ledger immutability...

Such huge premine funded the development costs, but it didnt took long for DAO to execute contract with unforseen outcome. This points to the question whether ethereum smart contract can even be usefull in future, in current form ethereum is usefull for price speculation only in my opinion so Im surprised people still value it so much.

ETC still provides ledger immutability because smart people behind it realizes there cannot be hardfork everytime to reverse the transactions when smart contract is executed with unforseen outcome.

So you are essentially saying that ETC is safe compared the former?

[olubams]

Coinbase have announced that they have started supporting Ethereum on their system, this is an excerpt from their Coinbase bloq 'We are pleased to announce that Coinbase is adding support for Ethereum. Consumers can now easily buy, sell, send, and store Ether in their Coinbase account. To get started, visit the “Trade” page on Coinbase.com or tap on “Buy” or “Sell” options in our iOS or Android apps".

I was just wondering whether this could be a threat to Bitcoin dominance. Your views

I will also share the views of others who have commented earlier on. Just like some have said I also didn't see any threat whatsoever to Bitcoin because of its acceptance is still at the minimal level for now. Even in the long run rather that deflating the dominance of bitcoin it will rather give it more relevance by being a worthy competitor... My 2 cents...

[Cuidler]

Such huge premine funded the development costs, but it didnt took long for DAO to execute contract with unforseen outcome. This points to the question whether ethereum smart contract can even be usefull in future, in current form ethereum is usefull for price speculation only in my opinion so Im surprised people still value it so much.

ETC still provides ledger immutability because smart people behind it realizes there cannot be hardfork everytime to reverse the transactions when smart contract is executed with unforseen outcome.

So you are essentially saying that ETC is safe compared the former?

I dont think ethereum is much useable for smart contracts, as most people have no way to check whether particular contract can be executed in unforseen way, so it can behave differently than they expected - the possibilites for scams are huge with complicated ethereum smart contracts.

From this perspective both ETH and ETC are unsafe the same way. Would it not be developer funds, Vitalik would not forked and reversed the transactions. I dont know whether ETH or ETC going to be more popular next year (or whether one chain dies), I just say we will see whether ethereum smart contracts going to be useful in future at all - namely whether there can be developed tools to eliminate risks with complicated ethereum smart contracts for normal people so they can not be scammed easily. Because in current form ethereum is basically useless and can not be any threat to Bitcoin.

[outatime1]

I think what this does is give ehterium more relevancy. For all these years, coinbase only supported bitcoin and there were rumors that that were going to add litecoin. Now they support etherium instead of litecoin.

[shintosai]

it is just pure business so whatever the move they take it won't affect the bitcoin industry since bitcoin already have more supports from many establishment around the web.

[BTCLovingDude]

coinbase, like other exchanges has seen the huge volume ethereum had in the past because it is the biggest pump and dump coin so far in the history so they want to take part in it and make some profit from the fees and maybe contribute to the pump with their bots and make even some more money.

p.s this topic is turning into eth/etc pros and cons

[ASHLIUSZ]

it is just pure business so whatever the move they take it won't affect the bitcoin industry since bitcoin already have more supports from many establishment around the web.

This is just an advertisement, the volume of etherium is microscopic compared to bitcoin volume, in no way it affects bitcoin price.

[vdotcash]

Ethereum just looks like a gigantic Ponzi right now, especially with two chains that are backwards compatible up to the fork (replay attack). so, no I do not see how it is a threat to Bitcoin's dominance.

[ObscureBean]

Ethereum just looks like a gigantic Ponzi right now, especially with two chains that are backwards compatible up to the fork (replay attack). so, no I do not see how it is a threat to Bitcoin's dominance.

I'm sure you guys must have heard by now, there is talk that the DAO hack could have been an inside job. That's actually the first thing that came to my mind after I read about the hack, it felt like those loopholes were purposefully allowed to exist, it could even be that the whole code was built around them. As if the hacker had just been biding his time all along, testing the other coders to see if they would notice the flaw. And then when he was happy nobody had noticed he acted. If it was indeed an inside job and the hacker is not found, trust within the community will definitely take a serious hit.

https://www.cryptocoinsnews.com/source-ethereum-insiders-believe-dao-hack-inside-job/

[groll]

Ethereum just looks like a gigantic Ponzi right now, especially with two chains that are backwards compatible up to the fork (replay attack). so, no I do not see how it is a threat to Bitcoin's dominance.

Ethereum is not a threat to bitcoin and it never was but a complementary coin to bitcoin. It is also not a ponzi scheme and it is trustworthy second to bitcoin.

But if I am wrong and you have solid evidence to back-up your claim then I suppose you could lay it down the table so we can also be equipped with data and warn other users about ethereum.

[BayAreaCoins]

ETH is for faggots and Coinbase sucks dick... it's a good match.

Fuck Coinbase and their employees.

[X-ray]

it is just pure business so whatever the move they take it won't affect the bitcoin industry since bitcoin already have more supports from many establishment around the web.

it's not about business,every coinbase step will could affect bitcoin even just a little because coinbase is a well known company for cryptocurrency,and also they're holding so many funds today and so many people also use their services

[pbleak]

Ethereum just looks like a gigantic Ponzi right now, especially with two chains that are backwards compatible up to the fork (replay attack). so, no I do not see how it is a threat to Bitcoin's dominance.

I'm sure you guys must have heard by now, there is talk that the DAO hack could have been an inside job. That's actually the first thing that came to my mind after I read about the hack, it felt like those loopholes were purposefully allowed to exist, it could even be that the whole code was built around them. As if the hacker had just been biding his time all along, testing the other coders to see if they would notice the flaw. And then when he was happy nobody had noticed he acted. If it was indeed an inside job and the hacker is not found, trust within the community will definitely take a serious hit.

https://www.cryptocoinsnews.com/source-ethereum-insiders-believe-dao-hack-inside-job/

Indeed, I am amazed he has not been caught because it's obviously someone within the team.

[pbleak]

Eth has assumed ltc place and is currently the silver crypto,

I find the use of the word 'currently' rather telling. Silver will always be silver. Who knows what the next jumble of code will be that gives pumpers a boner?

Probably the next 6 months.

Besides the silver to bitcoin is litecoin.

Those days are clearly gone. Ethereum has been around long enough as number 2 to have officially displaced Litecoin (which is great, but is basically just for holders).

[jak3]

i can not rxcatly say that this is the first altcoin which got a wallet after bitcoin but as we know coinbase is a rather big company which is accepting bitcoin from maybe 2010 if it have surely seen something rising in people which cause him to make this happen. why don't doge or ltc had got accepted in coinbase why only etherium was the first?after bitcoin.

[Wevariant]

Eth has assumed ltc place and is currently the silver crypto,

I find the use of the word 'currently' rather telling. Silver will always be silver. Who knows what the next jumble of code will be that gives pumpers a boner?

Probably the next 6 months.

Besides the silver to bitcoin is litecoin.

Those days are clearly gone. Ethereum has been around long enough as number 2 to have officially displaced Litecoin (which is great, but is basically just for holders).

Ethereum is in some trouble at the moment. If it survives the crisis, it will be much stronger. Many people will use it.

[pbleak]

i can not rxcatly say that this is the first altcoin which got a wallet after bitcoin but as we know coinbase is a rather big company which is accepting bitcoin from maybe 2010 if it have surely seen something rising in people which cause him to make this happen. why don't doge or ltc had got accepted in coinbase why only etherium was the first?after bitcoin.

I suspect a few years ago it may have been LTC, but these days if you were expanding what would you pick? You'd pick Ether based on pure market forces. They also seem to get on well with the team whereas LTC is sort of dead (which is ironic because Lee works there).

[pbleak]

Eth has assumed ltc place and is currently the silver crypto,

I find the use of the word 'currently' rather telling. Silver will always be silver. Who knows what the next jumble of code will be that gives pumpers a boner?

Probably the next 6 months.

Besides the silver to bitcoin is litecoin.

Those days are clearly gone. Ethereum has been around long enough as number 2 to have officially displaced Litecoin (which is great, but is basically just for holders).

Ethereum is in some trouble at the moment. If it survives the crisis, it will be much stronger. Many people will use it.

It's fine, just some drama that tends to fill crypto land