[2021-11-12] Ken Griffin says Bitcoin will be replaced by Ethereum-based currenc

[waybesuricata]

Kenneth Griffin, billionaire CEO of American hedge fund Citadel, thinks a currency on the Ethereum network will replace Bitcoin (BTC) as crypto’s top dog. Citadel manages over $40 billion of capital — a quarter of the trading volume in the United States stock market.

During this Wednesday’s Nov. 10 DealBook summit hosted by The New York Times, Griffin said that he anticipates that the “Bitcoin-based conception [will be] replaced by the Ethereum-based conception in the next generation of cryptocurrencies.”

He added that Ethereum-based cryptocurrencies have “the benefits of higher transaction speeds [and] lower cost per transaction.”

Ethereum is only slightly faster than Bitcoin at present but will significantly scale up transaction speeds and lower costs when Ethereum 2.0 is fully implemented.

Griffin is a long-time crypto skeptic, especially of Bitcoin, which he claims there are “no commercial use cases for.”

Although he noted that crypto and its underlying blockchain technology are a “really interesting technology” and “a powerful way to maintain a decentralized ledger around the world,” he ultimately said that “for most problems, it’s really not the solution that we need.”

“People are very focused on a world of new ideas and new creation,” he said, “I worry that some of this passion is misplaced when it comes to cryptocurrencies.”



Source and continuation of news: https://cointelegraph.com/news/ken-griffin-says-bitcoin-will-be-replaced-by-ethereum-based-currency

[davis196]

Ethereum based currency?Is this a joke?
Calling a bunch of shitcoins and tokens "a currency" is a pretty undeserved compliment.
Bitcoin doesn't solve problems?Well,BTC solves one problem-being a good store of value.I can't figure out any  problem that's bigger than this one.
Bitcoin having high fees and slow transactions?This guy is living in 2017 I guess.
The Bitcoin blockchain can become faster and cheaper.The ethereum blockchain will always be filled with scams,shitcoins and useless tokens.The cost and speed of transactions doesn't matter,if a coin is a shitcoin.

[SFR10]

He added that Ethereum-based cryptocurrencies have “the benefits of higher transaction speeds [and] lower cost per transaction.”

The latter one isn't accurate! AFAIK, the Ethereum network has ridiculous fees at the moment and that's been the case for the past few months!

Ethereum is only slightly faster than Bitcoin at present but will significantly scale up transaction speeds and lower costs when Ethereum 2.0 is fully implemented.

Lightning network is already doing those things!

“Bitcoin is incredibly expensive to manage payments on,” he said. It currently costs approximately $4.1 per Bitcoin transaction.

There's a big difference between the average TX fees and the actual TX fee. The former is "mostly" derived from exchanges or those who use unnecessarily high fees due to the limitations of the wallets or services that they're using:

[aoluain]

Kenneth Griffin, billionaire CEO of American hedge fund Citadel, thinks a currency on the Ethereum network will replace Bitcoin (BTC) as crypto’s top dog. Citadel manages over $40 billion of capital — a quarter of the trading volume in the United States stock market.

....who isnt interested in a currency which isnt controlled by a centralised authority

He added that Ethereum-based cryptocurrencies have “the benefits of higher transaction speeds [and] lower cost per transaction.”

.... who obviously doesnt know anything of the technical upgrades applied to Bitcoin
as posted above.

Griffin is a long-time crypto skeptic, especially of Bitcoin, which he claims there are “no commercial use cases for.”

....that says a lot, should we expect anything else from this non-believer?

“People are very focused on a world of new ideas and new creation,” he said, “I worry that some of this passion is misplaced when it comes to cryptocurrencies.”

...seems like he is advocating for a lot of passion to be put (misplaced) into a $hitcoin
centralised on the Ethereum network

[dansus021]

i dont think so bitcoin is the mother of crypto  its unreplaced  most pair are traded with btc aswell
maybe the technology of current altcoin like ethereum is more advance but bitcoin is the true gold

[Woodie]

Any other coin the possibility is possible as these cryptocurrencies are people drive and should we the people feel bitcoin isn't our fancy or taste anymore a new king could be born! But for Christ sake...of all coins it had to be Ethereum based, hello for your information ethereum right now has crazy fees which doesn't make it attractive to use...i believe its the reason why blockchains like binance, tron and many others are thriving at the moment which sends the message clear that eth based isn't on the radar...