Bitcoin may not be number one for long

[Marsipos]

This is just pure bullshit. Just because Ethereum got a little increase today, you are now confident this is the new king. But common... Bitcoin has so many reason to remain number one that it would be too long to detail it here. Even when ZCash price was higher than 1BTC, we did not say tha it was the new king, so price means nothing to elect the chief of the crypto-currencies. Ether is not a proper crypto-currency, it is rather the fuel of a decentralised computer, and this is the major difference with Bitcoin.

[1715504890]

1715504890

[AK47-]

I thought for sure it would take until the end of 2018 but it looks like this summer ethereum might pass it up. With the turmoil around BTC potential splitting, it might be very soon. IMO this is healthy, we will always value bitcoin for being the one that started it all, but it's time for a more dynamic and adaptable currency to take the lead.

It is difficult to grasp for me why people always compare BTC to ETH. Both are entirely different, one is finite in number, the other have endless supply, it is way too easy to get an idea what would happen in the long run. There is a simple logical reason why bitcoin is called digital gold. Secondly Ethereum is a smart contact based development platform, Ether the currency. Compared to bitcoin client, the scripting language of Ethereum is susceptible to hacks and attacks, DAO hack.

Comparing BTC to ETH is like comparing an animal to a bird, both have different working models. Ethereum has the potential to give this world many innovations which would make it a better place. But if you are going to compare Ether with BTC as a currency, Ether would not stand a chance against BTC in the long run.

Yeah, the scaling issue is causing some problems right now. But it would be fixed. If BIP148 does not the the split chain and Segwit gets activated we would have a solution within he next few months or most probably by 2018, Segwit2x.

I cannot agree more. You just wrote exactly what I wanted to write. ETH and BTC were never in competition as a currency. They both have completely different features which make it stupid to compare them. Regarding that scaling issue Segwit can certainly solve it.

[jubalix]

it looks like this summer ethereum might pass it up.

can you tell me what the problem with bitcoin is?

It can't scale, it's too slow to be a currency even when the blockchain isn't congested, too factional. Segwit isn't even a longterm solution and asic mining means centralization. Bitcoin doesn't do what it was intended to do after 9 years, imagine what problems there will be in 9 more? I'd like to see an asic proof coin become top.

your beloved ethereum that you are advertising here:

• has worst scaling issues that bitcoin does

Yes but there will be solutions that will be adopted.

That's the difference

[thesavoyard]

Rationalizing that ethereum isn't a cryptocurrency? Funny, spends like btc but faster.

Segwit

Yeah that's a solution that should last a year or two, until 2mb block size isn't enough.

[mamaya]

This is just pure bullshit. Just because Ethereum got a little increase today, you are now confident this is the new king. But common... Bitcoin has so many reason to remain number one that it would be too long to detail it here. Even when ZCash price was higher than 1BTC, we did not say tha it was the new king, so price means nothing to elect the chief of the crypto-currencies. Ether is not a proper crypto-currency, it is rather the fuel of a decentralised computer, and this is the major difference with Bitcoin.

Zcash was never close to the marketcap of btc, the price of a single unit is irrelevant if the supply is much lower.

Ether is not the fuel of a decentralised computer, it is the reserve currency of all new developments in the crypto world. Where once btc dominated the donations towards ICOs now it is ether that overwhelmingly dominates.

You also did not list one of the so called reasons why bitcoin has to remain number 1. In fact Ethereum is more decentralised mining wise than bitcoin, it is more programmable and it is more adaptable to changes.

[Emoclaw]

it looks like this summer ethereum might pass it up.

can you tell me what the problem with bitcoin is?

It can't scale, it's too slow to be a currency even when the blockchain isn't congested, too factional. Segwit isn't even a longterm solution and asic mining means centralization. Bitcoin doesn't do what it was intended to do after 9 years, imagine what problems there will be in 9 more? I'd like to see an asic proof coin become top.

your beloved ethereum that you are advertising here:

• has worst scaling issues that bitcoin does.
• it is not a currency, it is a token to be used only for smart contracts on the platform
• to this date it has no solution for scaling. they have said some stuff but we have not yet seen any code, or project.
• the fees are extremely high for an altcoin that is not even yet adopted by any major amount of users. the number transactions are extremely low but the average fee per transaction is already nearing $1.5
• it is the similar PoW algorithm which can technically have similar equipments such as ASICs called something else. the reason why there isn't any ASIC-like equipment for efficiently mining ethereum is because of the intentional difficulty bug that was introduced in the early days of ethereum's release which means the difficulty will rise up with a fast speed pretty soon which is known as a little fact called ethereum difficulty bomb so no manufacturer bothered with inventing an ASIC-like miner for mining business that will die soon
  
• people don't even run or are willing to run a full node because the client is terribly designed and it is going to take up a lot of system resources because the blockchain size is growing at an fast speed. that leads to more centralization. what will become of ethereum in 9 more years?
• smart contracts are known to be easily exploitable. we have already seen a big scale DAO which lead to a roll-back hard-fork and a couple of more smaller ones which didn't have a big enough effect to lead to a hard fork. what will they do next time another DAO happens?
  
• it is a known fact that ethereum is centralized, you have no say in anything. the reason why SegWit, BU, Classic, XT have never been able to be implemented is because bitcoin is decentralized. you can't fork without having a consensus. with ethereum THEY will fork whether miners and users want it or not and will end up with 2 or more chains.
• smart contracts which is the only thing etherum is supposed to do is not really something great, it can be done on other more efficient platforms (there are a couple of them out there currently, give them a try and you will see how efficient they are) at a lower cost for the developers to register their contracts. also there is rootstock which will work pegged on bitcoin that will practically make ethereum useless.

1. Ethereum can dynamically adjust the block size for scaling. It can handle about 15 TX/s currently. Bitcoin can handle 3 TX/s
3. Yes it does, besides the tech I mentioned, look up 'Raiden Network'.
4. You have no idea what you're talking about. It has had 238,939 transactions in the last 24 hours, where Bitcoin has had 241,886. The fees aren't even $1.5, they haven't gone higher than $1.2. Median transaction fees are 0.5% of the transacted value, whereas Bitcoin's are 7%.
5. Ethereum's PoW is ASIC-resistant. It was designed in a way to give GPUs the advantage. Besides that and the difficulty bomb, Ethereum will eventually go PoS.
6. Again, you have no idea what you're talking about. Ethereum currently has 31k nodes, whereas Bitcoin has 7.4k.
7. This has nothing to do with the Ethereum network itself, which is not vulnerable to any such attacks.
8. Maybe that's for the best. I mean look where all that decentralization has left Bitcoin at. Ethereum has real, solid leadership and the developers have ETH's best interests at heart.
9. Rootstock is a sidechain which will depend on a consortium of third parties for smart contracts. So much for decentralization...

[SHAWN-MIDWAYS]

Competition is good for business but ethereum is far from dethroning bitcoin because the future does not guarantee its gain in value and eth network has not been fully tested and loaded to see how well it will hold up. If only btc transactions with low low fees could not be broadcast on the network am sure this scalability problem would not have happened.

[talkbitcoin]

Rationalizing that ethereum isn't a cryptocurrency? Funny, spends like btc but faster.

because it is not. the developer himself said it and it is not designed to do it either.
i guess you missed it because you were busy only trading it and not caring about much else than profit.
and also with your logic 90% of the altcoins are better than bitcoin and by extension ethereum.
heck while we are on the subject lets all go use RDD it is super fast and nearly free. you can spend it with zero fees and it will get 10 confirmation in 5 seconds.

[thesavoyard]

Rationalizing that ethereum isn't a cryptocurrency? Funny, spends like btc but faster.

because it is not. the developer himself said it and it is not designed to do it either.
i guess you missed it because you were busy only trading it and not caring about much else than profit.
and also with your logic 90% of the altcoins are better than bitcoin and by extension ethereum.
heck while we are on the subject lets all go use RDD it is super fast and nearly free. you can spend it with zero fees and it will get 10 confirmation in 5 seconds.

Lol an idealist promoting money.... Damn you puritans make me laugh.

[DGulari]

can you tell me what the problem with bitcoin is?

Blockstream / Core = Adam Back and Greg Maxwell.  They ruined bitcoin with their very stupid attempt to monopolize transactions on their private bullshit 'Lightning Network' which has failed.  To make it all work and drive demand for their little 'for profit' service, they had to cripple Bitcoin throughput. 

Small blocks was a very stupid idea by these two stupid guys who managed to destroy bitcoin.  But don't worry, a very smart Russian (really Canadian) guy built a much better system.  It is called Ethereum.  

RIP Bitcoin.  It was nice knowing you.

[YuginKadoya]

if the split would truly occur, and we can not surely know the real effects of the split on bitcoin if it will be surely for the better or for the worst, but I think we should be prepared for the impending split and if the date of the split would occur and they say that it is on Aug. 1 then selling your coins is the best way or get a wallet that can surely convert your bitcoin fast enough before the bitcoin split because we might know what really might happen.

I'd actually hold, after the split you'd own bitcoin and bitcoin classic. If both hit a bull run you could be making money like altcoin holders make money.

Well if that's the case then it is a good thing for us to really hold it and never sell our bitcoin when that split would surely come, but many speculation are not really sure if what's really gonna happen that we should really make preparations regarding the split that is gonna happen, let's just wait for that time to come and be ready for the impending changes that may happen with bitcoin and if Altcoins gonna surpass bitcoin in the process.

[talkbitcoin]

Rationalizing that ethereum isn't a cryptocurrency? Funny, spends like btc but faster.

because it is not. the developer himself said it and it is not designed to do it either.
i guess you missed it because you were busy only trading it and not caring about much else than profit.
and also with your logic 90% of the altcoins are better than bitcoin and by extension ethereum.
heck while we are on the subject lets all go use RDD it is super fast and nearly free. you can spend it with zero fees and it will get 10 confirmation in 5 seconds.

Lol an idealist promoting money.... Damn you puritans make me laugh.

[DGulari]

Rationalizing that ethereum isn't a cryptocurrency? Funny, spends like btc but faster.

Segwit

Yeah that's a solution that should last a year or two, until 2mb block size isn't enough.

2mb already is not enough. 

[Netnox]

Competition is good for business but ethereum is far from dethroning bitcoin because the future does not guarantee its gain in value and eth network has not been fully tested and loaded to see how well it will hold up. If only btc transactions with low low fees could not be broadcast on the network am sure this scalability problem would not have happened.

Yeah... I also don't understand the mad rise in Ethereum exchange rates. The number of users for that currency is much lower than that with Bitcoin. And in addition to that, every now and then new bugs are being discovered. Apart from the faster confirmations, there is nothing in Ethereum which justifies a market capitalization of $40 billion.

[BitcoinzB]

Nothing seems a problem with bitcoin, right now ethereum has made a big growth. This makes people think that bitcoin might go down in value. But the reality is that more the growth experienced, more will be the competence and based on this always bitcoin stands first.

Definitely. Only because an alt coin has been going up it doesn't mean that bitcoin will go down as a consequence.

[DGulari]

Segwit

SegWit was a scam from the beginning.  It has nothing at all to do with scaling.  SegWit is to enable Lightning.  But people wouldn't swallow that, so they promote it as a 'scaling' solution.  Fortunately the community if far smarter than Blockstream anticipated and they saw through the bullshit and stopped Blockstream's attempt to take over the transaction processing on their private network.  Unfortunately, Greg Maxwell stuck to his guns for two years and now Bitcoin is fucked.  

[qiman]

I am wondering if by the end of the year we see Ehtereum reach at least 1k USD. It's a shame I did not buy any when it was just ten dollars a few months ago. We see how fast Ethereum has grown this year in comparison t Bitcoin and if this trend continues we will see Ethereum marketcap grow bigger that Bitcoin marketcap I think within the next 6-12 months.

[DGulari]

Yeah... I also don't understand the mad rise in Ethereum exchange rates. The number of users for that currency is much lower than that with Bitcoin. And in addition to that, every now and then new bugs are being discovered. Apart from the faster confirmations, there is nothing in Ethereum which justifies a market capitalization of $40 billion.

lol.  You don't understand?  I'll make it so easy a moron like you will get it.  Ethereum is a Swiss army knife, Bitcoin is a toothpick.  Ethereum market cap with be twice as high as Bitcoin by Jan 1, 2018.

[Ichijou025]

I thought for sure it would take until the end of 2018 but it looks like this summer ethereum might pass it up. With the turmoil around BTC potential splitting, it might be very soon. IMO this is healthy, we will always value bitcoin for being the one that started it all, but it's time for a more dynamic and adaptable currency to take the lead.

I dont know about that but it doesn't need to be always number one.

[BitcoinzB]

Yeah... I also don't understand the mad rise in Ethereum exchange rates. The number of users for that currency is much lower than that with Bitcoin. And in addition to that, every now and then new bugs are being discovered. Apart from the faster confirmations, there is nothing in Ethereum which justifies a market capitalization of $40 billion.

lol.  You don't understand?  I'll make it so easy a moron like you will get it.  Ethereum is a Swiss army knife, Bitcoin is a toothpick.  Ethereum market cap with be twice as high as Bitcoin by Jan 1, 2018.

Let me take note of your words; I hope so too, but it's highly unlikely to happen