Topic: [2017-06-01]ETH Listed in China Exchanges, BTC Compared to “Nokia” (Read 5037 times)

ETH also has another problem.

Its developers don't understand security as it relates to cryptography. The exploits you've seen so far are a result of this kind of lapse. In the implementation of wallets, its even worse. Someone found a public key of an ETH wallet due to the fact the software wasn't generating with proper entropy.

All I see here is people leaping into a market that they don't understand so they can make a quick gain. Some will draw parallels to the Bitcoin rally, but we've been through this exercise multiple times and survived, whereas ETH is going through their own version of it this one time. There is no guarantee that they will survive long enough to see another.

Vitalik is the knighted czar of Ethereum, and as a public figure he is due scrutiny and other attempts to unearth his personal agendas. This is precisely why Satoshi disappeared, to allow the system to "speak" for itself and be improved by other people. In ETH's case, Mr. V is the "face" of ETH, so any shortcomings become his to own. He may wish later that this wasn't true.

Combine this with the fact that ETH is now an experiment in relativistic morals - i.e., "if we don't like what you are doing, we fork it away from you", an argument could be made that the situation that happened after the DAO debacle will occur again and the same kind of thought process will be employed. This is a large risk for anyone doing any kind of serious work within the ETH ecosystem.

Speaking of ecosystem risks, there's been rumors circulating about a potential SEC investigation into their fundraising techniques. Apparently soliciting investors, especially those from the USA, is frowned upon by several regulatory agencies, including the SEC. If this is true and gains any kind of traction, expect some rather huge sell orders to hit the ETH market as people rush for the exits before pending litigation hits.

Be aware of the risks, they are real. ETH has had its Icarus flight to the sun, but its getting close to that star and the wax is beginning to melt.

It is more like ETH is programmable fiat - centrally controlled, perpetual inflation with a programming language attached.

It's not though, is it?

Historical gold prices have moved around loads.  If you had to retire in a certain 5-year timeframe, you could be talking about losing half of your initial investment at many points.

You might be getting something that's safer than fiat currency because of its scarcity, but you're not getting something that's a very strong savings account.

Bitcoin is different to that because any other coin can provide the exact same utility.  You mentioned Litecoin - oh look, Litecoin has SegWit and a faster block time, and a few other improved characteristics.  So who's to say that Litecoin doesn't suddenly become the "very strong savings account"?  And if another coin is more scalable than that and does away with some of Litecoin's problems, then who's to say that that coin doesn't become a "very strong savings account"?

My point is that digital assets can be scarce, but there can be any number of assets with different characteristics.  Therefore the only ways to ensure that the price of a cryptocurrency is stable enough to use are:

-Systems which give the price a fundamental reason
-A cryptocurrency which is good enough that people don't feel the need to rush off to a new one

Both of these things are difficult and could take several years.

Litecoin has segwit.
bitcoin is the gold standard a very strong  savings account.

"MySpace" was the funniest one I've seen.

It really means nothing.  ETH is currently impractical for micropayments.  ETH fees are at least $0.1 or so right now, which is still impractical for those same microtransactions that people are supposedly trying to sort out.

Bitcoin will remain a dominant cryptocurrency for as long as a truly great cryptocurrency hasn't become popular yet.  Bitcoin is not a truly great cryptocurrency, nor is Ether (not that Ether is a cryptocurrency either).  As soon as there's a system which makes micropayments practical and gives a fundamental reason for the price to remain relatively stable, that system will be dominant.

OKCoin announced ETH trading would be launched at 12PM on 31st May. ETH price soared to over 0.1BTC/ETH on Poloniex, the exchange with the largest ETH trading volume at the moment. The statement of “ETH is better than BTC” leads to a question: will BTC be replaced by ETH?
On OKCoin’s announcement, the scaling issue of bitcoin network was mentioned and BTC was compared to “Nokia” and “IE Browser”.



http://news.8btc.com/eth-listed-in-china-exchanges-btc-compared-to-nokia-and-ie-browser