ETH is always one step behind the competition

[Abiky]

I don't get why people are so hyped about ETH's switch to PoS (The Merge) when we already had other PoS blockchains in the first place (eg: Cardano, BNB). Competing chains often add new features before ETH does. Even Zilliqa adopted "Sharding" (which is a scaling technique), before ETH did. Yet, ZIL's price is nothing compared to ETH. If ETH is always one step behind, then why it's extremely valuable? Doesn't that make ETH overpriced? I'd say the same about Bitcoin, but no other crypto outmatches its level of decentralization and censorship-resistance.

What are your thoughts?

[1715042161]

1715042161

[libert19]

Ethereum was first to have smart contracts afaik — being early advantage, and community matters a lot in valuing a coin. Just look at doge.

[cryptoaddictchie]

Its because its the first one and we all knew that early projects have edge on this and trusted more by people. Look on bitcoin, it doesnt have much dapps or any use case aside from being traded, and store of value but still its number 1. Theres a lot of other projects with expandable and flexible features that those but they are yet to be beaten. Its not all about tech but also the mark they imprinted on community. They are famous enough that the competition on tech which is more advance are disregarded.

[Coyster]

I'd say ethereum is as valuable as it is now because it has a large community of investors, one that is far greater than any other altcoin in the market, most of those altcoins that implement new features earlier than Ethereum are relatively unknown, and even if they have made a good implementation to their network, nobody talks about it, and thus if Ethereum makes that same move/implementation, it breaks the news, and thus most people erroneously think Ethereum was the first to make the implementation. But it is what it is, they have the trust of a large community, so these are the advantages they receive in return.

[danherbias07]

Reputation and being the early bird.
It's human nature to go back to its ancestors which works better than the new ones.
Thinking about the learning process when you transition to a new kind of chain or project, it will consume time and there's the chance of having a hard time getting used to it.
Its value will still reflect in the usage and I think a big amount of investors and developers are not ready for a change yet.

[mindrust]

It is all about the marketing. ETH has many shills everywhere willing to defend their investments like it is a matter of life and death. IOTA used to have that kind of shills too but now they are all gone. I wonder why? 

You are right that they bring out PoS like it is the world’s 8th wonder even though it has been around for years.

People are looking for any news to pump their bags now. They don’t care if the news is good or bad. Anything will do and PoS is just that. It is just another nothingburger they are hyping up.

[fuguebtc]

Ethereum was first to have smart contracts afaik — being early advantage, and community matters a lot in valuing a coin. Just look at doge.

Yes, Ethereum is the first coin with a smart contract, it's like bitcoin. Bitcoin is regarded to be the creator of the crypto market, while Ethereum is regarded to be the creator of the altcoin market. Ethereum has been deeply imprinted on people's minds, it is the pioneer coin in altcoins, most trusted by many people. Like we compare bitcoin to gold, bitcoin is superior to gold in many ways but gold is a proven older asset so it is safer than bitcoin.

[Z390]

I used to hype Ethereum merge because I thought it will fix the high gas fee, if this was the case Ethereum might likely out perform BTC in this bear market in terms of profit but now we have been given more reason to find a better ETH instead, bravo @ vitalik buterin, bravo.

[fvb]

People worry about the fact that usually something new is scary than already established moments. Initially, as always, there will be suspicions and checks. ETH is one of the founders of the whole technology in general and this important component cannot be underestimated. Progress is moving forward and such dinosaurs will always be in their place and offer new development.

[so98nn]

Hype was regarding its existence through PoW and large number of miners working on it around the world and question about “what will happen next to their equipment’s”? Everyone is still terrified since mining is no longer option for them in terms ETH mining.

That’s the hype about it and it’s reasonable.

Now there is option (which isn’t official) they can operate the proposed fork network tagged ETHPoW, for EthereumPoW (ETHW). But this isn’t available and that’s why it’s problem for the miners.

[theskillzdatklls]

Networks effects and infrastructure is too valuable. It doesn't matter, for instance, if someone develops a cool privacy feature that Bitcoin doesn't have. It would lack the userbase, the brand, the everything.

Similar for Ethereum. Network effects are too powerful.

Copying Ethereum and then "making it better" (very debatable) has proven to be, over the long run, a failing strategy.

In order to be successful you need to invent something. You need to create Bitcoin for money. You need to create Ethereum for smart contracts. You need to create XYZ to fill a market need that doesn't exist to become a market leader with sufficient network effects.

[bitbollo]

historically speaking, ethereum has always had a very enthusiastic community behind the project, and has been supported by operators in the sector (exchanges) or other "big companies" (it is not just that google has supported the merge with a lot of doodle or countdown)
they also have the advantage of being a well-known crypto even outside the circle of those interested in this sector.

the price pump from launch to date has created an attraction, as well as several tokens or NFTs that have chosen the launch on their blockchain as their primary option.
We have all seen how in 2017 ICOs "changed" this sector making it extremely mainstream ... and vast majority/successful have been launched here.

[zasad@]

I don't get why people are so hyped about ETH's switch to PoS (The Merge) when we already had other PoS blockchains in the first place (eg: Cardano, BNB). Competing chains often add new features before ETH does. Even Zilliqa adopted "Sharding" (which is a scaling technique), before ETH did. Yet, ZIL's price is nothing compared to ETH. If ETH is always one step behind, then why it's extremely valuable? Doesn't that make ETH overpriced? I'd say the same about Bitcoin, but no other crypto outmatches its level of decentralization and censorship-resistance.

What are your thoughts?

Because the Ethereum project is supported by very serious market makers, who act as manipulators. It is thanks to them that Ethereum and its futures are traded on major world exchanges. Zil and other projects do not have such support and liquidity, so this project is not interesting and its price is falling.

[tbct_mt2]

Initially Ethereum is a Proof of Work coin that is understandable back in years ago when Bitcoin is the biggest cryptocurrency and other altcoins copied its algorithm, code. Ethereum is a pioneer in altcoin space with smart contract but Vitalik and Ethereum team decided to stay with PoW.

You are right that many altcoins had Proof of Stake years ago, even in the 2017 bull run, not recently.

I guess Ethereum team believed in PoW in early years and when they decided to build and switch to PoS, their network simply was too big already. Consequently, they were fearful of mistake, bugs and delayed the upgrades for years.

[AmoreJaz]

Initially Ethereum is a Proof of Work coin that is understandable back in years ago when Bitcoin is the biggest cryptocurrency and other altcoins copied its algorithm, code. Ethereum is a pioneer in altcoin space with smart contract but Vitalik and Ethereum team decided to stay with PoW.

You are right that many altcoins had Proof of Stake years ago, even in the 2017 bull run, not recently.

I guess Ethereum team believed in PoW in early years and when they decided to build and switch to PoS, their network simply was too big already. Consequently, they were fearful of mistake, bugs and delayed the upgrades for years.

also, even if eth platform seems to be late with switching to PoS, i think people have more confidence as Vitalik is a visible figure behind this network. and we know, he won't fail his supporters. unlike some new networks, the possibility of cashing out and disappear is highly probable. but with Buterin behind Eth, i don't think we will not see some warning signals if he decides to exit this market.

[goaldigger]

Ethereum was first to have smart contracts afaik — being early advantage, and community matters a lot in valuing a coin. Just look at doge.

This is a proof that once you lead the market at the early stage, you will get the respect of many and that's why ETH remains the top altcoins despite of many problems we have encountered especially with slow transactions and a higher fees. Yes, ETH got hyped by merging into POS network maybe because many sees a good update for this one since POW is not working good for ETH anymore. This is a long term plan for ETH that's why many are so optimistic about the possible result of this merge. We all have our own analysis with regards to this, and personally I'm also bullish on this.

[Jeger.Kiting]

Before Cardano or BNB existed Ethereum was the first to exist for crypto, that's why from the past until now many people still hold their Ethereum, it's just that at that time Ethereum gas was getting higher and some people might switch to BNB. After the Ethereum merger, there may be a lot of people chasing Ethereum because the current price is still relatively low and gas is not as high as it used to be.

[jostorres]

I don't get why people are so hyped about ETH's switch to PoS (The Merge) when we already had other PoS blockchains in the first place (eg: Cardano, BNB). Competing chains often add new features before ETH does. Even Zilliqa adopted "Sharding" (which is a scaling technique), before ETH did. Yet, ZIL's price is nothing compared to ETH. If ETH is always one step behind, then why it's extremely valuable? Doesn't that make ETH overpriced? I'd say the same about Bitcoin, but no other crypto outmatches its level of decentralization and censorship-resistance.

It's a normal feeling that humans feel every time there as an upcoming event and maybe those who are so hyped about it have been a fan of eth since then. They are expecting that the merge can help eth became better in terms of value, fees and others. Sure there are first pos projects than eth but they are not the main altcoin. I think the impact will be different when the same thing have been applied to eth.

Eth may be one step behind compared to those coins but that was before but now not anymore because eth have finally joined the bandwagon. Eth isn't overpriced yet but its current value is still lower compared to it's last year's price.

[bitcoin-shark]

in fact, ethereum was the first, it was the forerunner to have smart contracts and to have erc 20 tokens and nft on its blockchain is true there are already other altcoins that are pos, the only difference? that ethereum is worth much more

[o48o]

I don't get why people are so hyped about ETH's switch to PoS (The Merge) when we already had other PoS blockchains in the first place (eg: Cardano, BNB). Competing chains often add new features before ETH does. Even Zilliqa adopted "Sharding" (which is a scaling technique), before ETH did. Yet, ZIL's price is nothing compared to ETH. If ETH is always one step behind, then why it's extremely valuable? Doesn't that make ETH overpriced? I'd say the same about Bitcoin, but no other crypto outmatches its level of decentralization and censorship-resistance.

What are your thoughts?

Tech, even if it would be developed first by other chains is irrelevant without developers building with it and user base using it. And most of this tech is easy to adapt to eth anyway. Not everything but most. If there will be a superior chain that's not eth, using cutting edge tech that's hard implement to eth, developers slowly will move to it. But ETH has all the brainiacs and no other chain attracts as much geniuses so i woudn't hold by breath anyone beating eth any time soon.