Topic: eth 2.0 is this the end of bitcoin? (Read 472 times)

it's vollar

29,250$ 

im a bitcoin fan not eth fan, and this thread is my fear from getting dominated by eth

some of you given a good point about pos make rich poeple richer.

Bitcoin and Ethereum are often presented as competing projects. A lot of people really believe that. But these are completely different things. The only thing that unites them is the use of blockchain. Ethereum, especially in general, has a difficult situation, many were waiting for explosive growth but nothing happened

Not only eth many projects wants to take the place of BTC but no one sees any light in it. ETH is a very good project and ETH 2.0 upgrade made it more demandable for future investment but still, it's not like BTC. People trust BTC and BTC has over 60% dominance over the whole crypto market which is pretty high.

Bitcoin has been pronounced dead countless times by countless people. Those in fiat banking, those in traditional finance, and even those in crypto. People attacked it from ETH in 2016 and 2017. People attacked it from within during the 2017 chain split of Bitcoin Cash.

Yet Bitcoin still survived. And it only becomes stronger.

I have to say bitcoin will always be bitcoin, even when transactions costs nearly 10 dollars, even when you pay 10 dollars to get your bitcoin after 1 hour, even when price has increased so much and looks dangerous, people still prefer bitcoin over anything else. This could be because we trust it more than anything else as well. Look at all other coins, they either have "foundations" which is basically organizations that control it, or they have groups working for them, which means all of those projects looks as centralized as it gets, while bitcoin is untouched and awesome.

Definitely we moved to segwit but we moved our blockchain, not bitcoin, so I doubt that counts plus almost all of us wanted it, got a 90% acceptance so I still think that is better. This is why I think ETH will definitely be better than it is right now, but it can't pass bitcoin in the rankings.

I don't think it would be the end of Bitcoin well the Ethereum 2.0 was really a success but that doesn't mean it is the end of Bitcoin's era well we're not quite sure about that but I don't think many people would stop using it just because of the 2.0.

ETH is a good investment and everyone who wants to diversify his crypto portfolio should be holding some. But bitcoins is and likely will always be the number one out there. With a price of 28.000 USD for one coin we see so much demand for bitcoins that there is no way of the coin dying anytime soon.

I read this article, the author does not understand what he is writing about.
This propaganda and advertising of Bitcoin SV.
All his articles on Bitcoin SV
https://coingeek.com/author/kurt-wuckert-jr/
This cannot be read to people who do not understand cryptocurrencies, otherwise they will become adherents of Bitcoin SV

You invest to what you prefer. There's no debate to ETH's POS and bitcoin being a PoW is much secured than POS.
Bye bye to bitcoin? You see that quick coming? Well you have to say that to other coins, although I have ETH too but those words could come earlier to ETH if chance make it happen.

Ethereum has alot of work to do before getting ahead of bitcoin. However, eth had potentials in the future as it has application to create new alts. In fact, this can boost potential crypto adoption if the latter would act as utility token/coins. As we know defi has been attached on ethereum network. It provide traditional like transactions made upon in crypto world.  So possibly the spot of being second as largest crypto would still prevail and i think years may still pass before nearing its price same currently with what bitcoin achieved over 10 years milestone.

It's because Bitcoin is the most famous of all coins. Anyone could offer the same function Bitcoin could offer, but no one can beat the community being established that supports the whole system. It takes a lot of years to be able to get a strong support system. Before someone can dethrone the value of Bitcoin, it has to undergo a lot of interest from the mainstream media. Bitcoin is still not in its maximum potential, there were still big number of people who has to enter and come in to this digital currency. Once most of the people get the whole idea of Bitcoin, it will continue to rise.

Your thoughts are logical, because you're comparing Ethereum to Bitcoin. That might not help alot, we don't need everything to be identical in the crypto field buddy, it's not a mirror, it's a diversified market. About the Pow and the Pos, you're right, POS will enable the early adopters and the ones hodling bigger bags of Ethereum to stake their holdings and earn more when providing security to the blockchain which is good. It's so hard to make an update to the whole bitcoin core, we need satoshi to be around here, which i think is going to happen soon, my predictions says that satoshi is going to showoff very soon to fix the whole protocol, we hope so.

Why do many famous coins use the POW algorithm? This algorithm has many drawbacks (for example, a 51% attack, as happened with coins such as ETC).
But this algorithm has one big plus - decentralization.
I have not yet seen coins on the POS algorithm that can be called centralized, because most of the validator nodes belong to developers or large investors.
Ethereum currently has the best implementation of a decentralized protocol based on the POS algorithm.

Ethereum 2.0 is just a marketing strategy, nothing has changed, all their scaling promises are mainly theory. Ethereum need to decide on the future of the platform, I don't rely see this as Ethereum thing because the solutions we have in the space are not rely pushing Ethereum  for that Smart contract spot. If there is a blockchain that can offer better tech than Ethereum with faster and cheaper transaction fee then Ethereum will buckled up

PoS is indeed more efficient than PoW but each one of them have their own advantage while PoW is more secure than PoS. Blockchain size becomes high issue will resolve itself because in the future we will see larger storage with smaller forms and there's many research regarding this already ongoing.
Regarding whether ETH will overtake BTC maybe in term of market dominance, I doubt it will happen and even if it is, it's gonna take a long time for ETH considering so many projects already on ETH platform that makes the whole network clogged but the market cap is still a fraction of what BTC has.

There are many ETH holders claiming that ETH is better than BTC years ago so it's not new to hear something like this from it's supporters . But we need to understand that even ETH is also dependent in BTC price so I don't think it's possible for ETH  to overtake Bitcoin in price and ethereum has more problem compared to BTC like stuck transaction high fees and being congested with too many transaction And they don't even solve it in ETH2.0 release.

Well if this possible, then it would have done it in the launching itself right also we would have saw a massive rally in eth as well. Nothing happened like that and I say every coin is dependent here, and I believe you are aware of the news coming across in daily basis about BTC like hundreds of investors are pouring money in BTC which means of popularity and demand.  I am not against eth but the expectation of 2.0 is not upto the mark.

first of all useless shitcoins such as ethereum don't have any effects on bitcoin whatsoever. they are only there to fill the pockets of experienced trades that participate in that shitcoin's pump and dumps.

secondly 2.0 is a newbie fooling technique whereas nothing fundamental changed about ethereum. it is still the same useless shitcoin that is only used to create useless scam ICO tokens to dump on newbies and make a ton of money.
otherwise all the bugs, scaling issues, huge fee, network congestion, network failure, lack of immutability, slow synchronization, no security, centralization, huge premine,... still exist.

the only difference that 2.0 makes is that it will eventually give a shitton of profit to those who are holding the 72 million premined ETH.

Everyone has their time to shine. Many also said that bitcoin will not reach this X number because it is impossible, look at what happened, they did not expect the "bubble" to grow bigger again even though there is no popping. Maybe it will not reach that same height but it will be reaching higher than expected.

OP, laughable. How high should the price be, and how many more years should Bitcoin exist, before all the anti-Bitcoin trolls stop, and admit defeat?


OP, Coingeek ALSO says it won't scale. COINGEEK! Hahaha!

I see the Ethereum ecosystem outperforming Ethereum itself in the future because of DeFi. For example YFI is more valued then ETH. So the chance of Ethereum dethroning Bitcoin is negligible.

Another reason why Bitcoin cannot be dethroned is its popularity. People identify cryptocurrencies as Bitcoin and not Ethereum or any other altcoin.

Yes I agree but none can literally get close to its volume and marketcap. I can see ethereum as next contender or the one that could pulled off but with eth 2.0? Is really that they confident enough to surpass what bitcoin achieved in terms of popularity? Maybe it is being used for how many countries. But in terms of tech, eth2 could really change the system. Anyway I am more bullish on eth2 than bitcoin but still I hold some of those two major giants and will still holding in the future.

With PoS, with more ETH you have, the more power you have over the network. Think about it. If someone has a huge business and that people pay them a lot of ETH, they will automatically have significant power over the network because of that alone. It's one of the biggest flaws of PoS in my opinion.

One thing is for sure, bitcoin isn't going to end anytime soon, and I bet it won't ever reach that point. The thing is most people love bitcoin not for its security or any advanced updating mechanism, but for its value. And most of them don't really pay close attention to the technical side of it. There are people who do but they represent a small fraction of the trading population. The larger portion, which has the greatest impact on bitcoin's value, pay attention to other less technical factors. And even if another coin manages to outperform bitcoin in terms of updating mechanism, it's not like bitcoin won't be able to catch up. It will.

You can read up about some issues and things about ETH 2.0;

https://cryptobriefing.com/eth-2-0-wont-fix-ethereums-scalability-problems-analyst-argues/
https://coingeek.com/a-ethereum-2-0-still-not-scalable/

Lots of projects do try their best on dethroning Bitcoin in the spot but its already a decade they do still able to fail to do so.

as of many of you know that changing how cryptocurrency protocols works is not easy, like what happen with bitcoin in (2013?) when they made the 0.7 version which increase block size to make bitcoin faster , but all users most update in the same time, users who did not updated will have its transaction not counted in bitcoin core 0.7 blockchain. then whats happen!! most users did not updated which split-ed the blockchain, and the community forced to go back to the previews version of bitcoin core.

nowdays bitcoin still working with its first made block size, but ethereum developed an multi year updating mechanizem that will make it able to handle 100k transaction/sec with new powerful proof of stake mining algorithm, and supporting old versions in the same time.

as for me i was not think that pos is better then pow, but lastly i read i article from vitalic the co-founder of eth about why pos is better then pow, which his article was not really neutral , but it made me re-think about pos and starting researching and discovered that attacking pos with 51% attack is hard like attacking pow, and pos have super less energy consumption add to that they will make eth 2.0 can handle more transaction for next generation.

the only problem i faced that blockchain size will be super high and there is no way to cut it because if 51% attack happen we will need that data to recover eth and also bringing ability to cut blockchain into limited size will increase ability to exploit it because of some complicated things

now with this problem if eth converted to eth 2.0 in next 2 years, and bitcoin developers did not respond fast, you can say bay bay to bitcoin, lightening network will not help much , we need POS , which need changing how bitcoin DNA works what might cause problem like in bitcoin core 0.7v ethereum also will able to support old version of eth 1.0 in the sametime

i think if developers simply send and first update that make bitcoin core refuse to work if it did not updated and then send the new version that support pos , this will force old bitcoin core versions to update, so we can say at least 90% of users will updated there softwares, then we can say we did it

any thought?

sorry for my bad English, i just wanted to give my opinion