Thoughts on BNB (Why it won’t replace ETH)

[Zeehaxan]

What is the point of Ethereum? To run decentralized applications. What Binance did, is basically saying lets copy Ethereum code and change (remove) the decentralized (the most important) part of it and rebrand it as something new.
Will it replace eth? No.
This remind me the most of Shitcoin Cash and what they tried to do before.
Only ones buying this are inexperienced in the crypto space, or those looking to make short term profit.

To app developers: Imo your app would be more decentralized if you bought 10 servers from aws and host it there, than making a dapp for binance eth clone.

To be honest i do not like these comparisons, yes bnb cannot replace eth but at the same time we have to support binance as top crypto project as well their chain is also efficient plus a lot of services that is really helping adoption so we should move forward together.

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[Traderbtcc]

I don't know if it will ever replace ETH by market cap but one thing I observed is that retail traders prefer lesser fees.

I agree with you, Binance coin might not be able to surpass Ethereum's marketcap just because it's offers lower gas fess than Ethereum, I mean tron transaction fees are insignificant(zero to nothing) and people still don't feel it can replace eth, the stuff about retail traders moving away from eth blockchain is true, since the gas fees are quite high now, they prefer trading on BSC DEX since it requires lesser fees compared to Ethereum.

[pealr12]

What is the point of Ethereum? To run decentralized applications. What Binance did, is basically saying lets copy Ethereum code and change (remove) the decentralized (the most important) part of it and rebrand it as something new.
Will it replace eth? No.
This remind me the most of Shitcoin Cash and what they tried to do before.
Only ones buying this are inexperienced in the crypto space, or those looking to make short term profit.

To app developers: Imo your app would be more decentralized if you bought 10 servers from aws and host it there, than making a dapp for binance eth clone.

Too many misconception about stuff on crypto space to be honest, people just like to insinuate things that are not there, am sure the idea behind binancesmartchain is not to replace ethereum but to create an alternative for people who might need it, but unfortunately,  all you here around here is what will replace what, very disappointing to say this list,

If you guys are so into eth and don't mind this heavy transaction fees then go ahead and knock yourself out,  I hope a more reasonable projects will like to give bsc try for a change,  there is room for all kinds of projects to co-exist,  centralise or not.

[eaLiTy]

What is the point of Ethereum? To run decentralized applications. What Binance did, is basically saying lets copy Ethereum code and change (remove) the decentralized (the most important) part of it and rebrand it as something new.
Will it replace eth? No.

Is it really decentralized, how about DAO fork if it was truly decentralized it will never happen and do you have any idea about how many unplanned forks happened in ETH and with all this you cannot call them truly decentralized  .

Replacing ETH depends upon project developers and if they find some other platform attractive and it could help them without any hassle they might choose another platform and we are literally in the initial stages and only time will tell what all will survive.

This remind me the most of Shitcoin Cash and what they tried to do before.

It took years of debates to reach a decision to fork and that is what decentralized means and not like ETH simply forking without any consensus .

[eckmar]

What is the point of Ethereum? To run decentralized applications. What Binance did, is basically saying lets copy Ethereum code and change (remove) the decentralized (the most important) part of it and rebrand it as something new.
Will it replace eth? No.

Is it really decentralized, how about DAO fork if it was truly decentralized it will never happen and do you have any idea about how many unplanned forks happened in ETH and with all this you cannot call them truly decentralized  .

Replacing ETH depends upon project developers and if they find some other platform attractive and it could help them without any hassle they might choose another platform and we are literally in the initial stages and only time will tell what all will survive.

This remind me the most of Shitcoin Cash and what they tried to do before.

It took years of debates to reach a decision to fork and that is what decentralized means and not like ETH simply forking without any consensus .

Alright, let me answer you and others that call out eth decentralization and defend binance shitcoin.
Imagine this scenario:
1) I go to github.com right now, find Bitcoin code, click clone repository
2) I change the consensus algorithm, so that only my nodes can approve transactions
3) Instead of thousands of nodes, I run whole 21 of them
4) I market my new coin called FastBitcoin as solution to high Bitcoin fees, because its so slow to make transaction secure and propagate it across large network, its faster to do it with my 21 nodes
5) Present my super smart solution to newbie investors
6) I watch my $$$ go up because of said newbie investors buying FastBitcoin

Would you use FastBitcoin?
If your answer is no, then you are buying into Binance marketing hype. Thats all there is.

In above example replace the word Bitcoin with Ethereum and you got Binance Shitcoin.

[JNR]

yes, i also think, even BNB now become stronger, but for sure its hard for BNB to replace ethereum as the king of altcoins now
because as many people know, ethereum is the first smart contract platform in this crypto industry and supported by string community with smart dev too

[GeorgeJohn]

There are still a lot of ETH fans, they will use eth despite of everything

Is obvious that ethereum has more fans but that does not mean than BNB, but people values coins that increases than any another who has low increment, but never the less after bitcoin its ethereum in line and people will likely trade with the crypto that has name, and it mighty surprise people ETH will speed up like bitcoin because ethereum always follow up BTC.

[Danslip]

I completely agree and it is funny to see the counterarguments by BNB shillers. Maybe the market performance of BNB beats the ETH market performance but it doesn't mean the whole network should be swapped after that trend. People prefer being ignorant to reading and understanding it. The BNB has potential but this potential is limited. Going over this limit will not be good for long-term BNB trades.

[doctor877]

People are fond of using little profit from a reigning project and then talk down rhe old projects. There are some flaws with bnb, i don't think burning is a purpose for a project. BNB is so so far from ETH.

[MiF]

yes, i also think, even BNB now become stronger, but for sure its hard for BNB to replace ethereum as the king of altcoins now
because as many people know, ethereum is the first smart contract platform in this crypto industry and supported by string community with smart dev too

Bnb holders was just hoping too much for an impossible situations but, as the scenario of eth that kepts rising I must say struggles is very hard before overtake speculations happens. Both of these coins are strong but eth is more in demand compared with binance coin.

[eckmar]

of course BNB has a very high potential to replace ethereum because if you look at the technology that Binance Smart Chain has, many people have used it so that ethereum smart chain is not very useful anymore so it is certain that BNB has a brighter future than ethereum and because of the influence of the price is still cheap so you can still get a lot of profit.

What technology? Read my post above, or you are just posting nonsense for your signature campaign lol

[SlimShadyMmp]

I did the high cost of gas is the number one issue with the ethereum network and once they can solve that perfectly I think we will be fine but until that happens more and more coins will make runs like BNB I personally don't hate using it but still is not better than ETH and there will be no replace for ETH

[magneto]

There's disparate use cases for both.

I think that most people aren't disputing the fact that BNB will not replace the smart contract applications on ETH, but rather simply saying that BNB may one day eclipse ETH in terms of its market cap.

Which is completely possible imo considering that a completely centralised coin in XRP held the #2 spot on CMC for a long time over ETH. But I do think it's quite improbable given than a) market cap of BNB is still around 1/5 compared to ETH and b) ETH has seen fast  fundamental growth over the past year or so.

[eaLiTy]

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Alright, let me answer you and others that call out eth decentralization and defend binance shitcoin.
Imagine this scenario:

I am not defending ETH nor BNB and the limitless shitcoins, i care less about the token market. The point i will make is that i like the ETH concept and Vitalik wanted that in BTCitcoin and since the developers knew that it is nearly impossible to have everything in one umbrella and it might be a disaster as anything could go wrong with all these scripts and make things worst and he created his own scalable script and they were mocking the snail ridden transaction delays of BTCitcoin and years down the line what happened to ETH, they need to change the algorithm altogether and their initial theory which they thought was infallible failed multiple times.

The rest of the things you mentioned i also do not have a different opinion, majority or all of the coins are mere clones and if developers wants to use a different clone with less transaction charges can you complain them ?.  
  

[eckmar]

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Alright, let me answer you and others that call out eth decentralization and defend binance shitcoin.
Imagine this scenario:

I am not defending ETH nor BNB and the limitless shitcoins, i care less about the token market. The point i will make is that i like the ETH concept and Vitalik wanted that in BTCitcoin and since the developers knew that it is nearly impossible to have everything in one umbrella and it might be a disaster as anything could go wrong with all these scripts and make things worst and he created his own scalable script and they were mocking the snail ridden transaction delays of BTCitcoin and years down the line what happened to ETH, they need to change the algorithm altogether and their initial theory which they thought was infallible failed multiple times.

The rest of the things you mentioned i also do not have a different opinion, majority or all of the coins are mere clones and if developers wants to use a different clone with less transaction charges can you complain them ?.   
 

I'm not sure you understood what I meant. Read my post again. In order to understand why Binance is faster, you need to understand how the network works. Etehreum is hosted on 11000+ nodes that can be ran by ANYONE. That means you can go right now, download a node and run it, help secure the network etc. Each transaction that happens on Ethereum chain needs to be synced across all nodes. What Binance did is, change the tiny bit of code, to only allow only their nodes to validate transaction (21 of them). On Binance chain, each transaction is only synced with that 21 nodes ran by Binance. Thats one of the reasons its faster. If thats fine with anyone, then honestly you are not meant to be here.

You didn't answer my question, would you use FastBitcoin or not?

[Japinat]

I like how you explain how important ETH than BNB, but let's admit it, people are turning to BNB because they found it as a better investment, this blockchian is now way better than ETH since they can't control the high fees, if ETH had improve, then probably this would not happen.

I hope this is only brought by the hype, but BNB getting in the number 3, this is quite scary for ETH and it could replace on its  spot now.

It happened before, XRP replaced ETH, that's a centralized coin, and now BNB might do the same.

[eaLiTy]

~
Alright, let me answer you and others that call out eth decentralization and defend binance shitcoin.
Imagine this scenario:

I am not defending ETH nor BNB and the limitless shitcoins, i care less about the token market. The point i will make is that i like the ETH concept and Vitalik wanted that in BTCitcoin and since the developers knew that it is nearly impossible to have everything in one umbrella and it might be a disaster as anything could go wrong with all these scripts and make things worst and he created his own scalable script and they were mocking the snail ridden transaction delays of BTCitcoin and years down the line what happened to ETH, they need to change the algorithm altogether and their initial theory which they thought was infallible failed multiple times.

The rest of the things you mentioned i also do not have a different opinion, majority or all of the coins are mere clones and if developers wants to use a different clone with less transaction charges can you complain them ?.   
 

I'm not sure you understood what I meant. Read my post again. In order to understand why Binance is faster, you need to understand how the network works. Etehreum is hosted on 11000+ nodes that can be ran by ANYONE. That means you can go right now, download a node and run it, help secure the network etc. Each transaction that happens on Ethereum chain needs to be synced across all nodes. What Binance did is, change the tiny bit of code, to only allow only their nodes to validate transaction (21 of them). On Binance chain, each transaction is only synced with that 21 nodes ran by Binance. Thats one of the reasons its faster. If thats fine with anyone, then honestly you are not meant to be here.

You didn't answer my question, would you use FastBitcoin or not?

I clearly understood what you said, just read what i marked in bold. What i was trying to tell is that if any developers wants to move to other platforms it is their choice and CZ knows how to do business and i never invested in any of these projects and i care less if developers are moving to any N number of clones and the price starts pumping.

Do you think people are here in the market for the novelty of any project, in the early days you might see only developers but majority that came after just wants to cash the profits when some shit coins pump and they do not care about anything else.

Since you are asking repeatedly whether i would jump into FastBitcoin or any shit coins in 2021 i will not, in the past i jumped into Namecoin, Litecoin Peercoin Doge and other projects for fun and so does everyone but right now it is not fun anymore.

[disconnectme]

You people can say whatever you want but the project is getting stronger because there is a huge incentives for developers to run Dapps on it, 30% of the transaction fees goes to developers, which blockchain offer this kind of incentives to their developers, recently SFI said their V2 is going to launch both on Ethereum and Binance Smart Chain this shows that people are watching how the space is unfolding

[Mpamaegbu]

If Ethereum 2.0 already launched, the fees will be cheaper and there's another story will be make by Ethereum.

We waited that long throughout 2020 for it with great expectations but now ETH kicks us in the face with extortion in gas fee. That sucks!

^ BNB was rise because of the binance exchange and most trader use their coin just to cut fees, there is nothing else matter.

Nope, that isn't the reason. BNB is on the rise because of BSC which is cheaper for swap deals unlike ETH which holds a "knife" to our throat.

[Jamesdila1]

I'm not going that BNB is going to replace ETH but i need to give some credits to binance coin.
The supply of BNB is shrinking, yet the supply of ETH is expanding. BNB is the token on the Binance Smart Chain (BSC). BSC is fast and cheap and works just like ETH. New projects are exploding onto BSC. It also gives you trading discounts at Binance, where they have done things from the beginning to increase demand for BNB while doing quarterly burns of the token.

The Binance CEO has always impressed me. His new wealth isn't going to his head. He continues to work hard and do amazing things. I don't see this changing anytime soon.