Eth is no different than a fiat currency?

[mike_spr]

"Eth is no different than a fiat currency?"

This is misleading. Ethereum is a smart contract platform. If you say it is just a type of money, then you're missing the point. The article does cover this, although it's more implicit than stated outright. Certainly ETH can in one sense be considered to be money, and DeFi is I think extremely important and will become more so as we progress. But the "ETH is money" slogan really means that money is one of the things that ETH can be. It's certainly not the whole or indeed the main use.

It looks like any click bait article, you just have to see the title itself, Lol.

Of course its is a smart contract platform and there's no way it is comparable to fiat currency.
If we are going to compare ETH, then we might as well say that the rest of crypto currency is very similar to the traditional fiat system.

This is definitely a click-bait. And it started to fill in the forum day by day! They share the news of certain platforms in this way, which they show as free ads, without any contribution to the forum.

Did you fully read the article that I mention? The title of the post is exactly the title of the article and if you read it you will probably understand why this is relevant. Also Eth stands for Ether, not Ethereum.

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[suzanne5223]

I heard it before that some expert said that Ethereum is semi-decentralized so comparing it to bitcoin, it's bitcoin that's more decentralized.

Theoretically,yes it semi-decentralized because some of it new network upgrade/policy decisions are sometime decided by a small group of individuals. Although, the public are usually aware about their new feature/policy but the community only advise them and didnt make the decision.

[flagpara]

https://offthechain.substack.com/p/eth-is-no-different-than-a-fiat-currency

I just read the article above and would like to know whats your take on this. For me it seems true that Bitcoin is much more decentralized than Ethereum and so, much different than fiat money compared to Ethereum, still Ethereum aim is to reduce Eth issuance and it's much more transparent than fiat money. I would say Eth it's not so different as Bitcoin but still very different than a fiat currency and more decentralized.

Ethereum and Bitcoin those are quite different than each other in transaction speed, cost, supply and privacy. Your big transaction always will be following by someone. I think Ethereum is so much different than Fiat currency. Although main article is different than topics but if Ethereum Fiat currency than Bitcoin also Fiat currency, which is not possible.

[Asuspawer09]

https://offthechain.substack.com/p/eth-is-no-different-than-a-fiat-currency

I just read the article above and would like to know whats your take on this. For me it seems true that Bitcoin is much more decentralized than Ethereum and so, much different than fiat money compared to Ethereum, still Ethereum aim is to reduce Eth issuance and it's much more transparent than fiat money. I would say Eth it's not so different as Bitcoin but still very different than a fiat currency and more decentralized.

Correct. Ethereum is nowhere near fiat currency. Bitcoin has a small and limited supply compared to ethereum and fiat. Ethereum still has not a limit but the issuance of new coins would be highly regulated after the issuance and transfer to proof of stake. It would still work as a utility token but would not be as effective to use for general day to day transactions.

Still, the word (No Different) is kinda wrong at some point, Ethereum was justs different from bitcoin since Ethereum was just a replica of bitcoin.

Ethereum was obviously just like a fiat currency that is digital because of  "the asset's lack of fixed supply, inflationary supply schedule, and centralized decision-making group".
Still, circulation and inflation, etc could somehow be relatable in ETH and fiat money. Ethereum is still a cryptocurrency or digital money.

[Bonwin]

Fiat and Crypto are two different entities. I have never seen any place where Ethereum was called a fiat. I think this is my first seeing an article with such content. Ethereum cannot be a fiat currency. Aside from its supply, proof of whatever it is, contract and other features, the value of ethereum is not fixed. this I believe to be the characteristic feature of fiat. The two are entirely different. Decentralization is also another feature you cannot find in fiat.

[ampere]

I do not know what you try to insinuate, but etherum and fiat are 2 parallel lines.
Why ?

Fiat currency maintains its constant value over time, i.e your 100$ cash will remain 100$ if you refuse to spend it or convert it to euros.

But Etherum is a blockchain, With a huge volume on coinmarketcap and a volatile price. Etherum can be 280$ today and 260$ tomorrow or 280$ today and 500$ tomorrow.

Don't mix up the two and always dyor.

[LbtalkL]

Bitcoin, Ethereum and Fiat are in a different category no need to compare them. Bitcoin is the king of cryptocurrency no doubt about it, and For me, Ethereum is the king of altcoins. Cryptocurrency and fiat have their advantages and disadvantage and they should co-exist and they should not fight or be compared they have their own unique purposes.

[GreatArkansas]

https://offthechain.substack.com/p/eth-is-no-different-than-a-fiat-currency

I just read the article above and would like to know whats your take on this. For me it seems true that Bitcoin is much more decentralized than Ethereum and so, much different than fiat money compared to Ethereum, still Ethereum aim is to reduce Eth issuance and it's much more transparent than fiat money. I would say Eth it's not so different as Bitcoin but still very different than a fiat currency and more decentralized.

Correct. Ethereum is nowhere near fiat currency. Bitcoin has a small and limited supply compared to ethereum and fiat. Ethereum still has not a limit but the issuance of new coins would be highly regulated after the issuance and transfer to proof of stake. It would still work as a utility token but would not be as effective to use for general day to day transactions.

Still, the word (No Different) is kinda wrong at some point, Ethereum was justs different from bitcoin since Ethereum was just a replica of bitcoin.
(....)

Something like that. But I disagree on the second sentence that Ethereum is just replica of Bitcoin.
I am much satisfied if you say Litecoin is since Litecoin is forked from Bitcoin.
And ethereum's key feature is the smart contract in it.
You can use both Ethereum and Bitcoin for payments but they have also different use or function.

[mindrust]

Ethereum Foundation is the central bank of ethereum and Vitalik is the CEO of BoE (bank of eth), so yes, eth has some the features of a FIAT currency.

No hard cap on the supply, mutable chain, changing inflation rate... what else you want? It is just like FIAT. Shit.

[Greatchu]

https://offthechain.substack.com/p/eth-is-no-different-than-a-fiat-currency

I just read the article above and would like to know whats your take on this. For me it seems true that Bitcoin is much more decentralized than Ethereum and so, much different than fiat money compared to Ethereum, still Ethereum aim is to reduce Eth issuance and it's much more transparent than fiat money. I would say Eth it's not so different as Bitcoin but still very different than a fiat currency and more decentralized.

For me Bitcoin is very closer to Fiat than Ethereum, I don't know what this guys talks like this without thinking about Bitcoin and it's capability as a whole, as a matter of fact Bitcoin is more decentralized

[GreenStox]

yes maybe because the total supply is not limited to fiat, the government will print fiat if they lack or reduce the money in circulation, while bitcoin has a total amount of supply and even then it is small.
so if in the process of sending the same amount of value may eth will be longer.
but the vision of each of the founder coins is of course different.

[irixo10]

https://offthechain.substack.com/p/eth-is-no-different-than-a-fiat-currency

I just read the article above and would like to know whats your take on this. For me it seems true that Bitcoin is much more decentralized than Ethereum and so, much different than fiat money compared to Ethereum, still Ethereum aim is to reduce Eth issuance and it's much more transparent than fiat money. I would say Eth it's not so different as Bitcoin but still very different than a fiat currency and more decentralized.

Truly, Bitcoin is more decentralized than every other coin inclusive of ETH and also both are different from fiat currency. Fiat currency is the currency of a country which is managed by that country, it has no smart contracts in the case of Ethereum, has no blockchain but instead a centralized system managed by Individuals. Also not only ETH, Bitcoin as well is more transparent than fiat and can be used for different payments without absurd charges like the one seen in fiat currency. In fact there is a whole lot of difference between fiat and cryptocurrencies like Eth and Bitcoin.

[thiscomm]

Yes, it is true. bitcoin and ETH were created to make a difference from today's general economy. they have advantages in terms of speed and price that are far above those of ordinary banknotes and a decentralized system. but the disadvantages of both are that hacks often occur which makes some people still don't want to use them. crypto security is still being developed and reduces the amount of price fluctuations that are so large.

[posi]

yes maybe because the total supply is not limited to fiat, the government will print fiat if they lack or reduce the money in circulation, while bitcoin has a total amount of supply and even then it is small.
so if in the process of sending the same amount of value may eth will be longer.
but the vision of each of the founder coins is of course different.

You're right when you said the vision of each crypto foundef is different and i hope the ETH team knew what they are doing when the changed the total supply of ETH.

Yes, it is true. bitcoin and ETH were created to make a difference from today's general economy. they have advantages in terms of speed and price that are far above those of ordinary banknotes and a decentralized system. but the disadvantages of both are that hacks often occur which makes some people still don't want to use them. crypto security is still being developed and reduces the amount of price fluctuations that are so large.

No hard feelings but your reply is somehow of topic because this thread was about the features on the Ethereum network that make Ethereum operate in the way Fiat currency does.

[nutriagrigia]

I generally think that ETH cannot be called decentralized. I would say that it is partially decentralized, but when there is a person who can close the project, then this project cannot be called decentralized. Vitalik is the  person who can kill Ethereum if the government will tell him to do it

[TemTum]

Bitcoin is the fastest reliable and recognized payment system in the world.

For example: $ 1.1 billion payment

https://www.blockchain.com/btc/tx/4410c8d14ff9f87ceeed1d65cb58e7c7b2422b2d7529afc675208ce2ce09ed7d
Transferring such amounts to other blockchains can cause panic on exchanges.

Not one payment system in the world can complete this operation in 15 minutes. Swift payment takes 5-7 days

If the computing power of the Bitcoin network exceeds 10,000 times the performance of the most powerful supercomputer in the world, Ethereum has chosen a different development path.
Bitcoin is the world currency of the future

But it’s not being used as a currency unlike temtum

Meetings with the Angullia government and premier of Angullia is showing how temtum is the leader in being the chosen cryptocurrency architecture for a country’s aim to deploy their own digital currency !

Why invest in companies that only have a white paper or an idea - pick one that has real contracts with the potential of millions of users 

https://twitter.com/wearetemtum/status/1235231478893727746

[passwordnow]

I heard it before that some expert said that Ethereum is semi-decentralized so comparing it to bitcoin, it's bitcoin that's more decentralized.

Theoretically,yes it semi-decentralized because some of it new network upgrade/policy decisions are sometime decided by a small group of individuals. Although, the public are usually aware about their new feature/policy but the community only advise them and didnt make the decision.

I hold it and also aware of that kind of setting. Having that said that we're aware of their features and policies, it's actually true and they're letting the community converse with whatever update that they will end up with just to make the network better.

[Blue_oxen]

Fiat and Crypto are two different entities. I have never seen any place where Ethereum was called a fiat. I think this is my first seeing an article with such content. Ethereum cannot be a fiat currency. Aside from its supply, proof of whatever it is, contract and other features, the value of ethereum is not fixed. this I believe to be the characteristic feature of fiat. The two are entirely different. Decentralization is also another feature you cannot find in fiat.

I agree with you. This market only has altcoin and stable coins and there is no fiat present. In fact, viewing ETH as a fiat is ridiculous because the coin is usually never stable for a long time and usually follows the rise of Bitcoin. Personally, it is necessary to clarify this issue many times for investors to have a more accurate view when investing in this market.

[julius caesar]

https://offthechain.substack.com/p/eth-is-no-different-than-a-fiat-currency

I just read the article above and would like to know whats your take on this. For me it seems true that Bitcoin is much more decentralized than Ethereum and so, much different than fiat money compared to Ethereum, still Ethereum aim is to reduce Eth issuance and it's much more transparent than fiat money. I would say Eth it's not so different as Bitcoin but still very different than a fiat currency and more decentralized.

Bitcoin is well known than the ethereum. It is the one who fits to become a fiat currency. Actually transparency is impossible since the cryptocurrency is promoting transaction as anonymous. So it is impossible still to compete against fiat currency. There is a possibility only if the characteristic of fiat become characteristic of bitcoin or eth.

[fuer44]

after reading the article, it makes little sense that etherum is basically similar to fiat in terms of total unknown supply, to a value that does not depend on a particular monetary policy. that is, it underlines that fiat prices will depend on the state of the world or global economy or the country itself, which means the same that etherum is also determined by the trading volume of the etherum itself, whether there is inflation or deflation. it's clear that it's different from bitcoin whose supply has been determined. I think that's the basis that there is a similarity between etherum and fiat.