Ethereum is Now the Most Secure Public Blockchain, Overtaking Bitcoin

[jonald_fyookball]

http://www.trustnodes.com/2017/05/21/ethereum-now-secure-public-blockchain-overtaking-bitcoin

This is VERY relevant to the scaling debate. All the arguments of "Bitcoin doesn't need to be a payment network because it will be the digital gold of crypto with the highest security" went right out the window.

At least bitcoin is immutable and simple and no one is calling for complicated new transaction types, certainly not with kludgey soft forks...oh wait.. /S

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[BrewMaster]

maybe it is just me but i don't consider a centralized altcoin with a very high chance of another exploit and yet another hard fork (for the 5th or 6th time) as a safe thing!

and as the worst part is, the developers admit ethereum is not even a currency! how people keep comparing it with bitcoin is beyond me!

oh, and i forgot to mention the 70-75 million ether ICO

[dissident]

XEM is what this individual meant to say. Secure. Highly scalable. Development ongoing. Track record of dependability. Lowish fees (though they need to lower them more at this point)

[Catmony]

I consider ETH as just a good platform to deploy dapps and not as currency like bitcoin. We should not compare bitcoin and ETH because one was developed for financial transactions while another one to develop blockchain based apps (decentralized apps).

[Holliday]

This is VERY relevant to the scaling debate. All the arguments of "Bitcoin doesn't need to be a payment network because it will be the digital gold of crypto with the highest security" went right out the window.

Has anyone ever used Ethereum to pay for anything?

So you are trying to tell us that something which isn't being used as a payment network is going to overtake Bitcoin because Bitcoin is a poor payment network.

You better stick to begging favors from your pool operator overlords, jonald.

[gentlemand]

I don't think the blockchain security matters all that much if the actual programming leaves some gaping holes. I wouldn't pretend to know the slightest thing about Ethereum's innards but the complexity must leave some openings waiting to be exploited.

It does demonstrate the benefit of GPU mining though. It's had many more nodes for quite some time.

[Nagadota]

ETH is:

-Not supposed to be a currency, just a token for app development/smart contract systems
-Heavily centralised in development
-Capable of several hard forks, each of which screws with fundamental aspects of it and could change the supply, which would mean that it's not immutable as a store of value

[dennyd999]

ETH is:

-Not supposed to be a currency

But darknet merchants have accepted ETH as a payment method starting this month I think.

We all remember how price of Bitcoin was skyrocketed after it started to use at Silkroad market

[MingLee]

This is VERY relevant to the scaling debate. All the arguments of "Bitcoin doesn't need to be a payment network because it will be the digital gold of crypto with the highest security" went right out the window.

Has anyone ever used Ethereum to pay for anything?

So you are trying to tell us that something which isn't being used as a payment network is going to overtake Bitcoin because Bitcoin is a poor payment network.

You better stick to begging favors from your pool operator overlords, jonald.

Ethereum is definitely a unique crypto to say the least, as in it's not used like how Bitcoin is, and is more of just a speculative vessel for things like contracts and other potential application designs. It doesn't really make sense as to why it has as high of a market cap as it does, especially considering it is on the backburner a lot of the time when it comes to merchants.
I'm interested as to the market behavior, but I'm not going to start calling BTC or ETH anything yet.

[Leonard2016]

ETH is:

-Not supposed to be a currency

But darknet merchants have accepted ETH as a payment method starting this month I think.
We all remember how price of Bitcoin was skyrocketed after it started to use at Silkroad market

NO, that only means your sources are either wrong or lying to pump the coin some more because of hype.
darknet merchants have always been using bitcoin for the most part and when they want to make things more secure they go to Monero which offers real anonymity. there is absolutely no reason for using another altcoin that doesn't even offer that!

[Pfeff]

No, it's not

[erikalui]

Ethereum is still not widely accepted as its market size is $13,011,056,495 while bitcoin has a market size of $33,755,081,848. The $10000 million difference itself proves how strong bitcoin is in the market and there are several brands accepting bitcoins as their payment mode. ETH is yet unknown with barely few websites converting it into fiat. It's mainly altcoins that use ETH as an investment. Only benefit for me is that transactions get confirmed very fast with a low fee.

 

[dothebeats]

Correct me if I'm wrong, but isn't ETH kind of a centralized altcoin? Also, the way I see it, ETH is a good platform to build dapps and other projects on due to its nature but as a currency like bitcoin, it would somehow struggle since there aren't that much stores/establishments that accept it as a payment option to begin with.

[Iranus]

ETH is:

-Not supposed to be a currency

But darknet merchants have accepted ETH as a payment method starting this month I think.

We all remember how price of Bitcoin was skyrocketed after it started to use at Silkroad market

"Darknet merchants" (of which there are many who don't all do the same thing, by the way) can accept whatever coins they want, and can accept several different currencies at once provided that they don't think any of them will compromise their privacy.

It's hard to underestimate how much of the Bitcoin and altcoin markets are actually made up of darknet markets.

In reality it's not very much, and it'll be even less for Ether when it's not even meant to be a currency in its own right.

[gentlemand]

In reality it's not very much, and it'll be even less for Ether when it's not even meant to be a currency in its own right.

Doesn't matter what it's intended to be. What matters is how people choose to use it.

[mindrust]

The most secure yet hacked just after it made appearance...

Everybody's talking about eth's smart contracts and how it differs from bitcoin yet i never ever heard somebody who made use of that feature. Ethereum offers us bunch of shiny shit which won't ever find use in real life.

So, people don't use it as a currency... People don't use its smart contracts... Then what good is it? I'll tell you.

It is a pump&dump centralized scamcoin.

[Iranus]

In reality it's not very much, and it'll be even less for Ether when it's not even meant to be a currency in its own right.

Doesn't matter what it's intended to be. What matters is how people choose to use it.

How people choose to use it is the same way that people have (mostly) chosen to use Bitcoin so far - as a speculative investment.  This is obvious since Ether is more convenient for transactions right now but the Bitcoin market is much bigger and Bitcoin is used more.  

Bitcoin's tech is absolutely revolutionary and creates a new world for currency, while Ethereum's system is a great development for app technology, but this doesn't have to instantly translate into usage as this will take a long time.

To pretend that Ether is naturally better as a currency wouldn't really be true, since as long as Bitcoin's fees are low relative to fiat (which they will be when SegWit happens) people will keep Ether to its real purpose.  Ether shows a big development in decentralised applications and eventually it will be used mostly for that, in the same way that eventually Bitcoin will be used more as a currency.

[Kprawn]

A Blockchain is just as secure as the track record it had and I think Bitcoin had a much better track record than Ethereum. Bitcoin and it's future

is also based on how strong the consensus model is working and as we have seen the consensus model working with the scaling debate. Nobody

can quickly add a few changes as it suites them and I doubt if the same can be said about Ethereum. 

[gentlemand]

Nobody can quickly add a few changes as it suites them and I doubt if the same can be said about Ethereum.  

I think more people would regard that a bonus than they're willing to admit. It's cool to say you love decentralisation until it starts to impact on you, then you'll fall into the arms of the nearest smooth talker who'll slide your panties off and centralise you before you can hit your rape alarm.

Decentralisation is an inconvenience, commitment and long game that eventually pays off in spades when you sit back and think about it. Most people aren't strategic or disciplined enough to realise that.

[Lauda]

1) This article is nonsense and written by an ETH bagholder.
2) The starter of this thread is a BU shill, constantly claiming he's in support of Bitcoin but constantly spreading fake altcoin news.

This is VERY relevant to the scaling debate.

Zero relevance as the comparison is nonsensical.

All the arguments of "Bitcoin doesn't need to be a payment network because it will be the digital gold of crypto with the highest security" went right out the window.

More bullshit from the BU shill. ETH is a mutable and highly centralized chain. It is everything but digital gold.

At least bitcoin is immutable and simple and no one is calling for complicated new transaction types, certainly not with kludgey soft forks...oh wait.. /S

As long as we get rid of the mining cartels and incompetent, high school level developers such as the BU team, Bitcoin will be fine. FYI: Segwit is only complicated if your intelligence and knowledge-subset is under that of an average human.