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Author Topic: 'Creeping' war vs. bitcoin?  (Read 1025 times)
magneto
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June 21, 2017, 06:04:23 AM
 #21

Ethereum is definitely a very big competitor right now against bitcoin. However I really don't think that Ethereum will be able to take over bitcoin any time soon. My reasoning is simple - ethereum wasn't the first cryptocurrency, bitcoin was. Ethereum wasn't the first altcoin, Namecoin once was. Lisk has all the things that Ethereum has, and is based on javascript which is much more widespread than solidity.

Bitcoin on the other hand, is the first cryptocurrency, has the trust of the masses, is not centralized like Ethereum(where Vitalik just hard forks whenever he feel like it), and even though bitcoin has problems with transaction fees and a potential hard fork itself, I think that people that invest in Ethereum sometimes forget about the fact that etherum has its own counterpart blockchain, ethereum classic that is currently the #6 altcoin.

Eth can come close but it won't ever overtake BTC.
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June 21, 2017, 08:34:27 AM
 #22

Hey guys, thank you for all replies.

The main thesis was that ETH becomes centralized and BTC still is decentralized (but pools have ability to manage it, so not as decentralized as everybody thinks). Ti is not about the function of ETH vs. BTC, it something else. I mean, BTC was the main asset in transactions, now single ETH becomes the "carrier". That is why I pointed out that there may be (or not) a problem in the future that if BTC role is minimized, transfers may be under central authority, which is nothing more like a come-back to the financial structure as we now.

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June 21, 2017, 08:20:13 PM
 #23

Did you notice that derivatives basing on ETH together with ETH may create a centralized role of ETH? This model is called 'creeping' war - step by step dethronement of BTC.

Nothing will be the same. Graham's Law in force:

https://en.wikipedia.org/wiki/Gresham%27s_law
Don't ever think of ETH winning the creeping war for now, because it's big price is caused probably by many ICO's out there that is happening or has been finished which mainly accepts ETH in their crowdsale. ETH won't win the war unless it has a hidden trump card to compete against bitcoin, which is unlikely because it still cannot be used to pay for services and goods online.

Right now a few major exchanges suspended Ethereum withdrawals

There seem to be like 300k unconfirmed transactions in the mempool (or how it is called in Ethereum) with fees skyrocketing. So, ironically, the only thing that Ethereum has likely been able to surpass Bitcoin in is the amount of money it takes to confirm a payment. I don't think this is the trump card you refer to, though it would be interesting to see how this coin is going to cope with these transaction jams if they become a regular thing like they are in Bitcoin nowadays. It kinda looks they should develop their own SegWit and Lightning Network

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June 21, 2017, 08:28:08 PM
 #24

Did you notice that derivatives basing on ETH together with ETH may create a centralized role of ETH? This model is called 'creeping' war - step by step dethronement of BTC.

Nothing will be the same. Graham's Law in force:

https://en.wikipedia.org/wiki/Gresham%27s_law
Don't ever think of ETH winning the creeping war for now, because it's big price is caused probably by many ICO's out there that is happening or has been finished which mainly accepts ETH in their crowdsale. ETH won't win the war unless it has a hidden trump card to compete against bitcoin, which is unlikely because it still cannot be used to pay for services and goods online.

Right now a few major exchanges suspended Ethereum withdrawals

There seem to be like 300k unconfirmed transactions in the mempool (or how it is called in Ethereum) with fees skyrocketing. So, ironically, the only thing that Ethereum has likely been able to surpass Bitcoin in is the amount of money it takes to confirm a payment. I don't think this is the trump card you refer to, though it would be interesting to see how this coin is going to cope with these transaction jams if they become a regular thing like they are in Bitcoin nowadays. It kinda looks they should develop their own SegWit and Lightning Network

Ethereum definitely needs to scale but the congestion seen since yesterday is a temporary one due to badly made coin offerings leading to mass transations sent in a short amount of time.

Funny thing is ethereum already has a scaling mechanism but it is a very slow one to see results, each time a block is full the miner can increase the block size a little.
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June 21, 2017, 08:48:42 PM
 #25

Did you notice that derivatives basing on ETH together with ETH may create a centralized role of ETH? This model is called 'creeping' war - step by step dethronement of BTC.

Nothing will be the same. Graham's Law in force:

https://en.wikipedia.org/wiki/Gresham%27s_law
Don't ever think of ETH winning the creeping war for now, because it's big price is caused probably by many ICO's out there that is happening or has been finished which mainly accepts ETH in their crowdsale. ETH won't win the war unless it has a hidden trump card to compete against bitcoin, which is unlikely because it still cannot be used to pay for services and goods online.

Right now a few major exchanges suspended Ethereum withdrawals

There seem to be like 300k unconfirmed transactions in the mempool (or how it is called in Ethereum) with fees skyrocketing. So, ironically, the only thing that Ethereum has likely been able to surpass Bitcoin in is the amount of money it takes to confirm a payment. I don't think this is the trump card you refer to, though it would be interesting to see how this coin is going to cope with these transaction jams if they become a regular thing like they are in Bitcoin nowadays. It kinda looks they should develop their own SegWit and Lightning Network

Ethereum definitely needs to scale but the congestion seen since yesterday is a temporary one due to badly made coin offerings leading to mass transations sent in a short amount of time.

Funny thing is ethereum already has a scaling mechanism but it is a very slow one to see results, each time a block is full the miner can increase the block size a little.

This is a good proof that Ethereum, together with BTC, can't handle any serious amount of transactions, meaning that it's also not suitable to be your everyday currency. ETH can be interesting for its tokens, ICOs and smart-contracts, but it's also quite centralized, and can't compete with Bitcoin in terms of being the best digital storage of value. Even if the Flippening will happen at some point, Bitcoin will still be relevant and will always have its own uses.

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June 21, 2017, 09:04:27 PM
 #26

Not only ETH but any coin with a significant hash power could dethrone bitcoin, lets be honest with ourselves, who is running the show currently in bitcoin? miners, what miners have other than ASICs and full nodes? nothing, therefore if any coin could reach the high levels of BTC in hash power and infrastructure and of course if it has a code as good then all it takes is a few million people and few thousands of big investors, but now they are busy and focused on the first crypto coin and it's hard to imagine something else given it's a decentralized network could potentially compete with BTC in the next 3 years at least.

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June 22, 2017, 07:53:50 AM
 #27

Did you notice that derivatives basing on ETH together with ETH may create a centralized role of ETH? This model is called 'creeping' war - step by step dethronement of BTC.

Nothing will be the same. Graham's Law in force:

https://en.wikipedia.org/wiki/Gresham%27s_law
Don't ever think of ETH winning the creeping war for now, because it's big price is caused probably by many ICO's out there that is happening or has been finished which mainly accepts ETH in their crowdsale. ETH won't win the war unless it has a hidden trump card to compete against bitcoin, which is unlikely because it still cannot be used to pay for services and goods online.

Right now a few major exchanges suspended Ethereum withdrawals

There seem to be like 300k unconfirmed transactions in the mempool (or how it is called in Ethereum) with fees skyrocketing. So, ironically, the only thing that Ethereum has likely been able to surpass Bitcoin in is the amount of money it takes to confirm a payment. I don't think this is the trump card you refer to, though it would be interesting to see how this coin is going to cope with these transaction jams if they become a regular thing like they are in Bitcoin nowadays. It kinda looks they should develop their own SegWit and Lightning Network

Ethereum definitely needs to scale but the congestion seen since yesterday is a temporary one due to badly made coin offerings leading to mass transations sent in a short amount of time.

Funny thing is ethereum already has a scaling mechanism but it is a very slow one to see results, each time a block is full the miner can increase the block size a little

I'm afraid this is not scaling

This is more like leaving things where they are, though I admit that there can be different opinions on the issue. Other than that, just increasing the block size (with blocks filled to the hilt) would only lead to the blockchain bloating. So while increasing the block size may help alleviate current issues somewhat, in the longer term it might in fact turn counterproductive. In this way, there is little reason to consider such an approach as a genuine scaling solution or mechanism

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