Shit just got real

[shyliar]

According to http://www.flippening.watch/ , ethereum surpassed bitcoin in volume, mining reward ( aka most secure chain by hashrate ) and nodes, having 4 times more. To be noted that even though ethereum has 92% of bitcoin's transactions, technically it has MUCH more because tokens that work on it aren't taken into consideration.

Which means, today, ethereum surpassed bitcoin by any metric, except for the market cap. Some of you listened to trolls and thought ethereum is a scam, some of you saw past that.

Can you please explain how mining reward means most secure chain by hashrate?

Bitcoin maximalists brought this into existence. They kept claiming that the most secure chain by hashrate, aka the chain which pays miners the most (say, every ~24hours), is the most secure. Because by definition it is the hardest chain to 51% attack. Ethereum pays miners 9million a day, bitcoin 5mil and ETC less than 1mil. Let's look at etc. Because there's just 1 mil ( number pulled out of thin air, i didn't check ) to be shared among all miners, automatically the hashrate will be limited because you can't put as many miners to work on ETC compared to ETH, it becomes unprofitable so much faster. The less miners there are, the easier it gets if you wanna buy / rent hashrate to 51% attack.

The concept is that since miners are motivated by profit that as mining reward increases they invest more in equipment resulting in an increased hashrate. This increase in hashrate takes time obviously, because equipment needs to be purchased. It can also occur in the opposite direction (usually more quickly) if price drops. In that case mining equipment is taken offline as price drops rather than operate at a loss. So in general hashrate follows price and a higher price leads to increased security.

Mining profits have definitely increased at current price; but, that does not mean ETH is instantly more secure. That would take months to purchase more equipment and there simply isn't enough hashpower available for rent to have much effect.

ETH currently is somewhat unique for miners though because even with an increased price there is no motivation to purchase new equipment. With the foundations intention to abandon miners in favour of POS a miner would be a fool to invest further. Nice for miners though to currently receive a windfall before their equipment becomes useless. This lack of incentive to increase hashrate makes ETH less secure. I won't claim to know much about security once POS is implemented.

Ultimately as a turing complete solution ETH will always face security and incompetency problems as the DAO demonstrated. This is not to say these issues relate directly to mining.

[Blitzboy]

this is unbelievable. I didn't think that it happens very soon. I expected that ethereum will surpass bitcoin after 5 years, not in only a few months. Damn, I need to buy more ethereum for my future or I will never have any chance to buy it with a cheap price

[benthach]

According to http://www.flippening.watch/ , ethereum surpassed bitcoin in volume, mining reward ( aka most secure chain by hashrate ) and nodes, having 4 times more. To be noted that even though ethereum has 92% of bitcoin's transactions, technically it has MUCH more because tokens that work on it aren't taken into consideration.

Which means, today, ethereum surpassed bitcoin by any metric, except for the market cap. Some of you listened to trolls and thought ethereum is a scam, some of you saw past that.

eth will always be a freak scam play with poloniex, like i always said eth and polo do or die by each others. when is moving to POS? never? that's what i say so.

[rafajunior99]

this is unbelievable. I didn't think that it happens very soon. I expected that ethereum will surpass bitcoin after 5 years, not in only a few months. Damn, I need to buy more ethereum for my future or I will never have any chance to buy it with a cheap price

I'm not sure what you're talking about will be right, because I see the BTC price is already high this year, and I do not know in the next 5 years what price for 1 Btc, maybe it will be higher than the current price. Because I am sure Eth will not be able to compete with Btc price, let alone have to exceed the price above Btc I guess it seems will not happen in the future.

[IamAltcoinfan]

According to http://www.flippening.watch/ , ethereum surpassed bitcoin in volume, mining reward ( aka most secure chain by hashrate ) and nodes, having 4 times more. To be noted that even though ethereum has 92% of bitcoin's transactions, technically it has MUCH more because tokens that work on it aren't taken into consideration.

Which means, today, ethereum surpassed bitcoin by any metric, except for the market cap. Some of you listened to trolls and thought ethereum is a scam, some of you saw past that.

Its good to hear that I am a big ether fan. I was reading some article about ether and ether classic scam . Ether is proving that its having strong potentiality against bitcoin . How about ethereal classic

[kryptqnick]

According to http://www.flippening.watch/ , ethereum surpassed bitcoin in volume, mining reward ( aka most secure chain by hashrate ) and nodes, having 4 times more. To be noted that even though ethereum has 92% of bitcoin's transactions, technically it has MUCH more because tokens that work on it aren't taken into consideration.

Which means, today, ethereum surpassed bitcoin by any metric, except for the market cap. Some of you listened to trolls and thought ethereum is a scam, some of you saw past that.

Obviously eth hadn't surpassed btc in every metric except marketcap if we consider its price per coin as a separate criterion. Btc is far more expensive which means it is far more trusted. As for eth having more transactions than btc.. Perhaps these transactions are mostly related to trading. I don't believe eth is more used than bitcoin in real life.

[European Central Bank]

If it eth actually surpasses btc, what do you think it will happen ? The only thing that backs it, faith, will be gone.

not for me at least. i have no intention of ever putting money into ethereum no matter what the price. i don't have faith in its integrity, security, control over its own complexity or the current market moves.

i wish everyone luck. i'll be shopping elsewhere.

[CardShare]

I think again dew to the bitcoin price rise and the media its had people before were not sure about crypto now getting into the alt markets because the bitcoin price is still very high.

The drive from new money flowing new miners starting and the vast amounts of trading going on between them it would bound to happen at some point.

ETH has some very amazing benefits to it and not matter what people say now its here to stay

[crypticj]

I think Ethereum will be huge I just hate Bitcoin with its transactions cost... only reason I would even hold .01 BTC is because I have FOMO

what if i sell my .15 BTC and Bitcoin goes to $10k or even $1million

[eddie13]

How many TXs can ETH handle before it runs into the same scaling issues?

Or wait.. Do they care at all about decentralization to have a cap like BTC?

Nah, they will proly just fork it and roll back transactions if/when it breaks like usual in their centralized manner..

[BitcoinNewsMagazine]

Miners can always use their GPUs to mine Monero instead of Ether so not much risk to buying new mining rigs.

[lizardbtc]

First of all ETH and BTC are two different worlds. ETH was made to be  a gass a fuel for the network.

Because of many ICOs popping out there and because some big companies are backing it up people feel that it is a safe heaven, but every high and fast rise will eventually dump. Yes ETH can surpass btc by all means, if btc pass scaling issue I don't see that ETH will surpass bitcoin even by volume.

ETH don't have a coin limit as far as I am informed. But again it can surpass the bitcoin as BTC has scaling issues and as people tend to feel that it is not stable specially when you hear of possible chain split in august.

[John Titor]

Still doesn't actually have any new practical application, still doesn't have a scaling solution even if it did, and it's worth 32 billion.  This is not a new paradigm, this is the next South Sea Bubble.  Put down the kool-aid people.

[mining1]

The concept is that since miners are motivated by profit that as mining reward increases they invest more in equipment resulting in an increased hashrate. This increase in hashrate takes time obviously, because equipment needs to be purchased. It can also occur in the opposite direction (usually more quickly) if price drops. In that case mining equipment is taken offline as price drops rather than operate at a loss. So in general hashrate follows price and a higher price leads to increased security.

Mining profits have definitely increased at current price; but, that does not mean ETH is instantly more secure. That would take months to purchase more equipment and there simply isn't enough hashpower available for rent to have much effect.

ETH currently is somewhat unique for miners though because even with an increased price there is no motivation to purchase new equipment. With the foundations intention to abandon miners in favour of POS a miner would be a fool to invest further. Nice for miners though to currently receive a windfall before their equipment becomes useless. This lack of incentive to increase hashrate makes ETH less secure. I won't claim to know much about security once POS is implemented.

Ultimately as a turing complete solution ETH will always face security and incompetency problems as the DAO demonstrated. This is not to say these issues relate directly to mining.

You're dead wrong. You're thinking that people won't buy video cards to mine because there's 1 more year left to mine, or slightly more. Keep in mind that video cards to mine eth cost 200$ not 2k usd, in the case of asics. ROI is like 1.5-2 months if you take into consideration the resale value of video cards. Yes, people sell these cards when they don't mine. Asics become garbage.

This is the most important thing that makes ethereum more decentralized and more easy to mine by anyone; mining EQ is extremely cheap, compared to btc. BTC asics have an artificial high price because of the monopoly. It probably costs them 50-100$ to build one, and charge 20 times that.

About last part; keep in mind that, whatever project fails, it doesn't mean it will affect eth price. Not every failing project has millions of ether locked in a smart contract where everyone can interact with it. That was dao's achilees heel. Everyone could interact with that contract that held all the funds. No other project does this. Naive / unknowledgeable people always assume that if a project fail millions will be lost.

[Spoetnik]

I love the idea behind Ethereum. I am not sure it justifies the current market rate and adoption. I feel the drive is caused by ICOs and I strongly feel that all the ICOs launched so far are not worth investing, at least in term of true value. I understand people can still make good money by shorting ICOs, but I have not found any great implementation of the Ethereum network so far.

Exactly, market is driven because all of these projects and ICO.
I bought ethereum only because i needed to send some tokens which are using ethereum network. Unfortunately i was one of guys who were listening all shits about how ether is scam and I never invested in it.

I'm sorry that you listened to those goons Spoetniktard and Spartak_nt. I estimate that their 'advice' have cost you a clear $100,000.

If they invested in Bitcoin they would have made how much again ?
Or Litecoin ? that went from $3 to $30 ?
Or ? ...

You are a fraud.. the community knows it too but they tolerate it because they are greedy.
The scene is mostly greedy losers with no integrity.
I'm trying to get them to be honest and you are trying to make me out to be the bad guy.

Got real ?
This topic is fraud.
You are deceiving this noobs showing up.
But they want it.. so fuck 'em.
Choke to death on your scam coin bullshit for all i care.

I would never own an ICO coin period.

I don't care if it means i could brag about having 100k in Bitcoin.
See the retarded fucked up part of all this ?
You spend vast amounts of time bashing Bitcoin then tell some noobs they missed out on 100k worth of BTC profits.

BTC is so horrible that uhhh well... you need to sell ETH to get some more LOL

App's ?
Oh yeah everyone was clamoring for "App's" on a block-chain..
What a revolution  

Reality ?
No one gives a shit about *USING* Ethereum.
They all simply want to profit from it.
Which means they would just as easily support ANY coin that gave them profits.

You are clowns  

[toknormal]

i have no intention of ever putting money into ethereum no matter what the price. i don't have faith in its integrity, security, control over its own complexity or the current market moves.

+1

I'm fairly well invested in Ether because I kept some back from the original ICO.

But I'm nowhere near as bullish on it as most of the fevered posters on here.

For a start, I don't think it has anything close to the longevity that bitcoin has - even if if did exceed its marketcap at some point. The reason is precisely the same reason that it's booming now. (Note, I'm refering to the Eth/BTC exchange ratio. The chain might last a long time as a technology platform though).

Ethereum is the Electronic Typewriter Investment of the 1950's. It wasn't designed as a store of value in its own right, it was designed to carry equity products (who's value by the way does not directly transmit to the underlying blockchain token. You buy Ether, you don't get a stake in Golem).

Right now we are at "peak Ether" for 2 reasons:

1. It's the only smart contract chain in existence that's mature enough to host a significant number of equity models
2. We're in the middle of a storm of ICOs who's front doors require Ether but who's value does not derive from the value Ether but rather from the value of their business models

Over the net 5 years we're going to see a wave of improved smart contract chains which will have a far more competive impact on the Ether marketcap than altcoins had on Bitcoin's marketcap. Thats mainly because there was very little advantage in investing in a competing monetary token whereas there's potentially a HUGE advantage for ICOs to launch on a competing technology blockchain if it offers competitive features.

Wait and watch (But I won't be going any deeper from here).

[SilverCoin300]

So what happens when these ICOs gets dumped or turns to complete scam? What going to be the effect on ETH?

[Huge Black Woman]

this is unbelievable. I didn't think that it happens very soon. I expected that ethereum will surpass bitcoin after 5 years, not in only a few months. Damn, I need to buy more ethereum for my future or I will never have any chance to buy it with a cheap price

You g'wan, boy.  Buy it awl up when it's higher then Rodney King on a good nite, then sell it low'r afta y'nuts drop off.  Y'all'd only be doin' whut everrbody else up'n this forum do, which is why you all is a buncha broke ass niggas, chasin' coins while they be sailin' out the ballpark.

[g___]

No one gives a shit about *USING* Ethereum.
They all simply want to profit from it.

same with bitcoin 👍

[machinek20]

I knew eth is a great alt coin, but the support for eth is still too low, until there are a lot of shop accepting eth, then we can compare eth and bitcoin, all of those number only come from trading and people just do pump and dump when people think it is not profitable anymore they will find other coin