'Creeping' war vs. bitcoin? | Bitcointalksearch.org

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: richsoon on June 21, 2017, 03:28:08 PM

Quote from: deisik on June 21, 2017, 03:20:13 PM

Quote from: hase0278 on June 20, 2017, 08:08:59 PM

Quote from: gregory51gosh on June 13, 2017, 05:39:36 AM

Did you notice that derivatives basing on ETH together with ETH may create a centralized role of ETH? This model is called 'creeping' war - step by step dethronement of BTC.

Nothing will be the same. Graham's Law in force:

https://en.wikipedia.org/wiki/Gresham%27s_law

Don't ever think of ETH winning the creeping war for now, because it's big price is caused probably by many ICO's out there that is happening or has been finished which mainly accepts ETH in their crowdsale. ETH won't win the war unless it has a hidden trump card to compete against bitcoin, which is unlikely because it still cannot be used to pay for services and goods online.

Right now a few major exchanges suspended Ethereum withdrawals

There seem to be like 300k unconfirmed transactions in the mempool (or how it is called in Ethereum) with fees skyrocketing. So, ironically, the only thing that Ethereum has likely been able to surpass Bitcoin in is the amount of money it takes to confirm a payment. I don't think this is the trump card you refer to, though it would be interesting to see how this coin is going to cope with these transaction jams if they become a regular thing like they are in Bitcoin nowadays. It kinda looks they should develop their own SegWit and Lightning Network

Ethereum definitely needs to scale but the congestion seen since yesterday is a temporary one due to badly made coin offerings leading to mass transations sent in a short amount of time.

Funny thing is ethereum already has a scaling mechanism but it is a very slow one to see results, each time a block is full the miner can increase the block size a little

I'm afraid this is not scaling

This is more like leaving things where they are, though I admit that there can be different opinions on the issue. Other than that, just increasing the block size (with blocks filled to the hilt) would only lead to the blockchain bloating. So while increasing the block size may help alleviate current issues somewhat, in the longer term it might in fact turn counterproductive. In this way, there is little reason to consider such an approach as a genuine scaling solution or mechanism

ImHash

hero member

Activity: 924

Merit: 506

Not only ETH but any coin with a significant hash power could dethrone bitcoin, lets be honest with ourselves, who is running the show currently in bitcoin? miners, what miners have other than ASICs and full nodes? nothing, therefore if any coin could reach the high levels of BTC in hash power and infrastructure and of course if it has a code as good then all it takes is a few million people and few thousands of big investors, but now they are busy and focused on the first crypto coin and it's hard to imagine something else given it's a decentralized network could potentially compete with BTC in the next 3 years at least.

hatshepsut93

legendary

Activity: 3024

Merit: 2148

Quote from: richsoon on June 21, 2017, 03:28:08 PM

Quote from: deisik on June 21, 2017, 03:20:13 PM

Quote from: hase0278 on June 20, 2017, 08:08:59 PM

Quote from: gregory51gosh on June 13, 2017, 05:39:36 AM

Did you notice that derivatives basing on ETH together with ETH may create a centralized role of ETH? This model is called 'creeping' war - step by step dethronement of BTC.

Nothing will be the same. Graham's Law in force:

https://en.wikipedia.org/wiki/Gresham%27s_law

Don't ever think of ETH winning the creeping war for now, because it's big price is caused probably by many ICO's out there that is happening or has been finished which mainly accepts ETH in their crowdsale. ETH won't win the war unless it has a hidden trump card to compete against bitcoin, which is unlikely because it still cannot be used to pay for services and goods online.

Right now a few major exchanges suspended Ethereum withdrawals

There seem to be like 300k unconfirmed transactions in the mempool (or how it is called in Ethereum) with fees skyrocketing. So, ironically, the only thing that Ethereum has likely been able to surpass Bitcoin in is the amount of money it takes to confirm a payment. I don't think this is the trump card you refer to, though it would be interesting to see how this coin is going to cope with these transaction jams if they become a regular thing like they are in Bitcoin nowadays. It kinda looks they should develop their own SegWit and Lightning Network

Ethereum definitely needs to scale but the congestion seen since yesterday is a temporary one due to badly made coin offerings leading to mass transations sent in a short amount of time.

Funny thing is ethereum already has a scaling mechanism but it is a very slow one to see results, each time a block is full the miner can increase the block size a little.

This is a good proof that Ethereum, together with BTC, can't handle any serious amount of transactions, meaning that it's also not suitable to be your everyday currency. ETH can be interesting for its tokens, ICOs and smart-contracts, but it's also quite centralized, and can't compete with Bitcoin in terms of being the best digital storage of value. Even if the Flippening will happen at some point, Bitcoin will still be relevant and will always have its own uses.

richsoon

member

Activity: 118

Merit: 100

Quote from: deisik on June 21, 2017, 03:20:13 PM

Quote from: hase0278 on June 20, 2017, 08:08:59 PM

Quote from: gregory51gosh on June 13, 2017, 05:39:36 AM

Did you notice that derivatives basing on ETH together with ETH may create a centralized role of ETH? This model is called 'creeping' war - step by step dethronement of BTC.

Nothing will be the same. Graham's Law in force:

https://en.wikipedia.org/wiki/Gresham%27s_law

Don't ever think of ETH winning the creeping war for now, because it's big price is caused probably by many ICO's out there that is happening or has been finished which mainly accepts ETH in their crowdsale. ETH won't win the war unless it has a hidden trump card to compete against bitcoin, which is unlikely because it still cannot be used to pay for services and goods online.

Right now a few major exchanges suspended Ethereum withdrawals

There seem to be like 300k unconfirmed transactions in the mempool (or how it is called in Ethereum) with fees skyrocketing. So, ironically, the only thing that Ethereum has likely been able to surpass Bitcoin in is the amount of money it takes to confirm a payment. I don't think this is the trump card you refer to, though it would be interesting to see how this coin is going to cope with these transaction jams if they become a regular thing like they are in Bitcoin nowadays. It kinda looks they should develop their own SegWit and Lightning Network

Ethereum definitely needs to scale but the congestion seen since yesterday is a temporary one due to badly made coin offerings leading to mass transations sent in a short amount of time.

Funny thing is ethereum already has a scaling mechanism but it is a very slow one to see results, each time a block is full the miner can increase the block size a little.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: hase0278 on June 20, 2017, 08:08:59 PM

Quote from: gregory51gosh on June 13, 2017, 05:39:36 AM

Did you notice that derivatives basing on ETH together with ETH may create a centralized role of ETH? This model is called 'creeping' war - step by step dethronement of BTC.

Nothing will be the same. Graham's Law in force:

https://en.wikipedia.org/wiki/Gresham%27s_law

Don't ever think of ETH winning the creeping war for now, because it's big price is caused probably by many ICO's out there that is happening or has been finished which mainly accepts ETH in their crowdsale. ETH won't win the war unless it has a hidden trump card to compete against bitcoin, which is unlikely because it still cannot be used to pay for services and goods online.

Right now a few major exchanges suspended Ethereum withdrawals

There seem to be like 300k unconfirmed transactions in the mempool (or how it is called in Ethereum) with fees skyrocketing. So, ironically, the only thing that Ethereum has likely been able to surpass Bitcoin in is the amount of money it takes to confirm a payment. I don't think this is the trump card you refer to, though it would be interesting to see how this coin is going to cope with these transaction jams if they become a regular thing like they are in Bitcoin nowadays. It kinda looks they should develop their own SegWit and Lightning Network

gregory51gosh

sr. member

Activity: 364

Merit: 250

Analysis is the key.

Hey guys, thank you for all replies.

The main thesis was that ETH becomes centralized and BTC still is decentralized (but pools have ability to manage it, so not as decentralized as everybody thinks). Ti is not about the function of ETH vs. BTC, it something else. I mean, BTC was the main asset in transactions, now single ETH becomes the "carrier". That is why I pointed out that there may be (or not) a problem in the future that if BTC role is minimized, transfers may be under central authority, which is nothing more like a come-back to the financial structure as we now.

magneto

hero member

Activity: 1666

Merit: 753

Ethereum is definitely a very big competitor right now against bitcoin. However I really don't think that Ethereum will be able to take over bitcoin any time soon. My reasoning is simple - ethereum wasn't the first cryptocurrency, bitcoin was. Ethereum wasn't the first altcoin, Namecoin once was. Lisk has all the things that Ethereum has, and is based on javascript which is much more widespread than solidity.

Bitcoin on the other hand, is the first cryptocurrency, has the trust of the masses, is not centralized like Ethereum(where Vitalik just hard forks whenever he feel like it), and even though bitcoin has problems with transaction fees and a potential hard fork itself, I think that people that invest in Ethereum sometimes forget about the fact that etherum has its own counterpart blockchain, ethereum classic that is currently the #6 altcoin.

Eth can come close but it won't ever overtake BTC.

darthmaul

sr. member

Activity: 714

Merit: 252

Quote from: Monnt on June 14, 2017, 03:52:41 PM

Nothing impossible. We have been seeing the universe evolve for billions of years to make itself habitable for us, so why not bitcoin be replaced by something superior ? But the biggest question is, how long will it take to evolve and will be be there to witness it at all ?

But in sight, we cannot see anything like that. Some people may argue some altcoins gain power. But I never agree with them.

According to you Ethereum seems to be point of universe which was at Big Bang. But the reality is bitcoin already taken place of Big Bang and is evolving much faster than any other crypto cosmos! ETH may stand a chance but the relativity says different thing, bitcoin will always be ahead of them because it stays ahead in the time itself, and catching this fish is not that easy at seems to be. No matter how many investors you bring but bitcoin will have atlas one more investor for sure. Its just speculation and not a reality. We can anyway just guess what might happen.

mrcash02

hero member

Activity: 1190

Merit: 525

CryptoTalk.Org - Get Paid for every Post!

So the bad money is ETH and good money BTC? People will use ETH and keep the BTC (most valuable) stored.

While BTC price continues unstable, people will hold it hoping to make more profit on long term, if the same happens with ETH price, people will hold it samehow. But if ETH price becomes stable people will use it more often, keeping their Bitcoins, that is possible...

However most people trust Bitcoin only, if they don't use it, they will use fiat, for me it's the most probable to happen. BTC = Good money / fiat = Bad money.

hase0278

hero member

Activity: 882

Merit: 544

Quote from: gregory51gosh on June 13, 2017, 05:39:36 AM

Did you notice that derivatives basing on ETH together with ETH may create a centralized role of ETH? This model is called 'creeping' war - step by step dethronement of BTC.

Nothing will be the same. Graham's Law in force:

https://en.wikipedia.org/wiki/Gresham%27s_law

Don't ever think of ETH winning the creeping war for now, because it's big price is caused probably by many ICO's out there that is happening or has been finished which mainly accepts ETH in their crowdsale. ETH won't win the war unless it has a hidden trump card to compete against bitcoin, which is unlikely because it still cannot be used to pay for services and goods online.

Sundark

hero member

Activity: 560

Merit: 502

Quote from: freebutcaged on June 20, 2017, 05:07:36 PM

Well who says Bitcoin didn't have a premine? there are 1M coins mined by just the founder but regardless it is better distributed than ETH.

it wasn't de facto a premine, but in the time Satoshi was mining, there wasn't simply anyone to follow him, which gave him a significant headstart.
Apparently, it seems that Satoshi never used any of his 'premined' coins, ever. Unlike Ethereum creators...

Quote from: freebutcaged on June 20, 2017, 05:07:36 PM

If Antpool and their bosses along with other pools be so stupid to actually fork Bitcoin this could hold it behind of other accelerated in growth

Antpool agreed to SegWit2x they won't try to tinker with bitcoin's network anymore. We should have swift and clear scaling upgrade ahead.

freebutcaged

hero member

Activity: 588

Merit: 541

Well who says Bitcoin didn't have a premine? there are 1M coins mined by just the founder but regardless it is better distributed than ETH.

If Antpool and their bosses along with other pools be so stupid to actually fork Bitcoin this could hold it behind of other accelerated in growth

Altcoins for at least 2 years which I guess is more than enough time for ethereum and some other coins to catch up and simply surpass Bitcoin.

But if they were stupid then they would've never entered mining industry in the first place, so no chance mate for ETH to replace BTC.

SaShiRaJaVu

hero member

Activity: 1694

Merit: 541

Quote from: gregory51gosh on June 13, 2017, 05:39:36 AM

Did you notice that derivatives basing on ETH together with ETH may create a centralized role of ETH? This model is called 'creeping' war - step by step dethronement of BTC.

With the N number of ETH tokens coming out on a daily basis it will not be a big surprise to hear that the volume in all the alt coins will be bigger than bitcoin,it is bound to happen like that and it is really difficult to control now unless there is a regulation in place for running a new ICO.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: talkbitcoin on June 20, 2017, 05:36:13 AM

Quote from: gregory51gosh on June 13, 2017, 05:39:36 AM

Did you notice that derivatives basing on ETH together with ETH may create a centralized role of ETH?

- the derivatives are either forks which are stand alone projects,
- or completely different platform doing the same thing as ethere platform is supposed to do and do it better
- or they are ICO scams that are made using etherum platform

none of these can change anything about ethereum being centralized and nobody has any control over the 77% of the supply which the foundation holds, any say in the future of the platform or any upcoming hard fork it is going to have.

Quote from: gregory51gosh on June 20, 2017, 03:38:57 AM

Look at the smaller and smaller cap difference btwn ETH and BTC..

yes i am noticing these things:
- 92.6 million current coins of ether VS 16.4 million coins of bitcoin
- 70+ million premine of ether VS 0 of bitcoin
- unlimited aka no cap supply of ether VS 21 million cap of bitcoin
- 25000 ether reward per day VS 1800 BTC reward per day
- 0 merchant adoption of ether VS about 700,000 merchants adopting bitcoin
- 76 GB blockchain size of ether in 2 years VS 142 GB blockchain size of BTC in 8+ years. in 2 more years there won't be anybody left who is holding ether blockchain because it will require multiple HDDs!
- ....

so yeah market cap is very important factor Grin

I certainly agree that market cap is a "very important factor"

But we still shouldn't forget that Bitcoin is nowhere near being perfect in at least some of the points you enumerated. First, Bitcoin is sort of premined too, and 1 million bitcoins which belong to Satoshi simply cannot be wrong. Second, 142 Gb blockchain of Bitcoin is not good either. If we forget about Ethereum for a moment, any meaningful scaling of Bitcoin is next to impossible, and it is not just about the size of its blockchain as such but rather its future increase (provided Bitcoin doesn't stagnate, of course). And finally, unlimited versus hard capped supply is irrelevant as long as the supply of both coins continues to rise, which is the case for the time being

iamTom123

hero member

Activity: 490

Merit: 501

Personally, I believe that Bitcoin and Ethereum are good and efficient cyptocurrencies that can exist into the future. There is actually no need to compare as both platforms are different and each have their own users and, of course, fans and community of supporters. I would be happy for their success both.

I have Bitcoin as well as Ether so there is no need to choose one against the other. The whole marketplace is getting bigger everyday so in the future we can see many cryptocurrencies servicing small niches.

I would be happy when these two coins are rising in price.

krishnapramod

legendary

Activity: 1470

Merit: 1079

Quote from: gregory51gosh on June 13, 2017, 05:39:36 AM

Did you notice that derivatives basing on ETH together with ETH may create a centralized role of ETH? This model is called 'creeping' war - step by step dethronement of BTC.

Nothing will be the same. Graham's Law in force:

https://en.wikipedia.org/wiki/Gresham%27s_law

Quote

Gresham's law is a monetary principle stating that "bad money drives out good". For example, if there are two forms of commodity money in circulation, which are accepted by law as having similar face value, the more valuable commodity will disappear from circulation.

This law is similar to natural selection. When bad money has a survival advantage over good money it drives out the good money.

I guess BTC is the good money and ETH the bad.

Quote

One practical application of Gresham's Law and perhaps the most important is to avoid becoming part of systems where good behavior cannot win due to the nature of the Law.

And that's what exactly bitcoin is doing, being a decentralized currency, it is staying away from becoming part of a centralized ecosystem and thus avoiding the natural of law, the governments.

So I do not think Gresham's law applies to bitcoin and as far as ETH is concerned, just wait and let a couple of big ICOs scam and then the blame game begins and being a centralized organization it would be logical to put the blame on at least one person.

https://www.farnamstreetblog.com/2009/12/mental-model-greshams-law/

gabmen

hero member

Activity: 1246

Merit: 529

CryptoTalk.Org - Get Paid for every Post!

Quote from: gregory51gosh on June 13, 2017, 05:39:36 AM

Did you notice that derivatives basing on ETH together with ETH may create a centralized role of ETH? This model is called 'creeping' war - step by step dethronement of BTC.

Nothing will be the same. Graham's Law in force:

https://en.wikipedia.org/wiki/Gresham%27s_law

Nah! Eth has always been second to btc though a very far second at that. I think i've heard about this quite a lot of times already even last year and i don't think the basis is justifyable. Eth may even be overtaken by another alt as a second to btc

jpouza

legendary

Activity: 2716

Merit: 1116

Just my personal view for ETH: I really don't like it, at all, since the begining, it looks pumped right now, but in a very artifical way for my taste.

Market cap is not a good measure for a coin, and you should think in one of the most important things in a cryptocoin: adoption, the coin must be used, and in that case, Bitcoin is years ahead every other altcoin in the market.

talkbitcoin

legendary

Activity: 1372

Merit: 1032

All I know is that I know nothing.

Quote from: gregory51gosh on June 13, 2017, 05:39:36 AM

Did you notice that derivatives basing on ETH together with ETH may create a centralized role of ETH?

- the derivatives are either forks which are stand alone projects,
- or completely different platform doing the same thing as ethere platform is supposed to do and do it better
- or they are ICO scams that are made using etherum platform

none of these can change anything about ethereum being centralized and nobody has any control over the 77% of the supply which the foundation holds, any say in the future of the platform or any upcoming hard fork it is going to have.

Quote from: gregory51gosh on June 20, 2017, 03:38:57 AM

Look at the smaller and smaller cap difference btwn ETH and BTC..

yes i am noticing these things:
- 92.6 million current coins of ether VS 16.4 million coins of bitcoin
- 70+ million premine of ether VS 0 of bitcoin
- unlimited aka no cap supply of ether VS 21 million cap of bitcoin
- 25000 ether reward per day VS 1800 BTC reward per day
- 0 merchant adoption of ether VS about 700,000 merchants adopting bitcoin
- 76 GB blockchain size of ether in 2 years VS 142 GB blockchain size of BTC in 8+ years. in 2 more years there won't be anybody left who is holding ether blockchain because it will require multiple HDDs!
- ....

so yeah market cap is very important factor Grin

gregory51gosh

sr. member

Activity: 364

Merit: 250

Analysis is the key.

Look at the smaller and smaller cap difference btwn ETH and BTC..

Topic: 'Creeping' war vs. bitcoin? (Read 1193 times)