ETH is always one step behind the competition

wxa7115

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Quote from: Ngemmeng on September 20, 2022, 04:01:42 AM

seems a bit difficult to explain this problem and this is just my personal opinion. why is ETH and BTC so much more valuable than cardano and BNB when their technology is ahead of ETH and BTC? the same thing also happens when doge and shiba that do not have any utility have a price or market capitalization that is greater than the ICP which has a lot of utility.
basically the price is not only influenced by utility or technology because many factors also affect the price.

You are only thinking about cryptocurrencies as a piece of technology which can be discarded at will and that is not the way it works, any currency in order to thrive needs the trust from its users.

And bitcoin has a trust that is way above all the cryptocurrencies we have in the market put together, and if to this we add that bitcoin is actually used to buy and sell things and not only to speculate then it is easy to see why even if other coins claim to have a better technology they will never surpass bitcoin despite the best efforts of their developers.

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Quote from: Miaallen on September 22, 2022, 01:38:39 PM

The only thing I see about ethereum is that it enjoys being the first alternative to Bitcoin and being the first to house a lots of external projects on its blockchain.

Another about the reason for ethereum being performing in price more than other alternatives which are obviously (to the pros) better in term of development is because most of the new crypto investor do not know about the technology and technical aspects of what they invest into. So, they rather go for the big name in the Cryptocurrency world which ethereum conveniently belongs to.

Exactly. The only thing keeping ETH as the biggest crypto after Bitcoin is the first-mover advantage. If it wasn't by that, ETH would've been "eaten" by its competitors already. I guess it's not about what new features a coin has, but rather how secure and reliable a coin is. Compared to other smart contract platforms, ETH is the most widely-developed and trusted cryptocurrency on the planet after Bitcoin. I guess that's more than enough for ETH to retain its place as the "King of altcoins" for a long time.

While I don't like the ever-rising gas fees of the ETH blockchain, no other competitor outmatches its level of decentralization and censorship-resistance (although it can be debated with the recent switch to PoS). People will ultimately decide which coin stays at the top, and which coin goes all the way down the drain. At least, the competition is healthy. As long as there are a wide variety of options to choose from, nothing else matters. Just my opinion

Miaallen

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The only thing I see about ethereum is that it enjoys being the first alternative to Bitcoin and being the first to house a lots of external projects on its blockchain.

Another about the reason for ethereum being performing in price more than other alternatives which are obviously (to the pros) better in term of development is because most of the new crypto investor do not know about the technology and technical aspects of what they invest into. So, they rather go for the big name in the Cryptocurrency world which ethereum conveniently belongs to.

Vaculin

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Quote from: libert19 on September 17, 2022, 11:27:36 PM

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

Ethereum has already established its own smart network before these new arising competitors have shown up. The reason that even Ethereum has its own flaws, people will never lost their trust in it because it has already been built through the years. And knowing the fact that all these new competitors are only clones from Ethereum, so they will never get the full trust from its own users.

Abiky

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Quote from: mindrust on September 18, 2022, 04:43:58 AM

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? Grin

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.

That's certainly true, mate. I think there are more shills on Ethereum than any other competing cryptocurrency project. So many VCs, institutional investors, and companies are pouring money into ETH like crazy, even though the same is heavily congested and utterly-expensive. Competing chains often have better features than ETH, but they're overlooked simply because the latter has all of the publicity. It's all a matter of marketing/promotion tactics. ETH has first mover advantage on the market, so it's unlikely it'll lose its place as the second-largest crypto by market cap anytime soon. At least, there are a wide array of options to choose from. As long as decentralization prevails, nothing else matters. Just my opinion

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seems a bit difficult to explain this problem and this is just my personal opinion. why is ETH and BTC so much more valuable than cardano and BNB when their technology is ahead of ETH and BTC? the same thing also happens when doge and shiba that do not have any utility have a price or market capitalization that is greater than the ICP which has a lot of utility.
basically the price is not only influenced by utility or technology because many factors also affect the price.

wxa7115

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Quote from: Abiky on September 17, 2022, 08:05:54 PM

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? Huh

Ethereum has a first mover advantage over the majority of the coins we have in the market, and even if the ethereum developers take a lot more time to implement some features that have been available in other coins for a long time people still get excited over it.

However while like the first mover advantage that bitcoin has is insurmountable, this is not the case for the first mover advantage that ethereum has, in my opinion ethereum will eventually be surpassed by another coin and when that happens its value will decrease dramatically.

Cremi

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eth has a huge trust advantage over new projects and even if they have better features this will not change so fast

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Yes it looks like Ethereum is lagging behind projects like ziliqa and BNB, but Ethereum was the first developer to create a smart contract system and adopt POW consensus because at that time mining systems like Bitcoin became Hype.
The idea of ethereum is very good, when the ecosystem is running well and many projects are using the network, then this (POS) idea appears to solve the congestion problem that often occurs.

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The trust ethereum enjoy is far bigger than any other cryptocurrency and staying the most trusted currency need you to stay in best of your shape. Ethereum achieved that by always being very objective and critical in a market of gambling. Achieving the success no other currency could.

They are consistent in developing their product and constantly updating it until it becomes better than before. If you know how bad their website was back then, you will appreciate their work when you look at the site right now. That's one of the secrets of a successful project when you are true to your roadmaps and won't leave your investors hanging when things are not going right. They're just amazing when it comes to adopting the current trend and they won't gonna be outdated because they know exactly what to do when a new popular thing will appear in the future in the crypto industry.

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it's about trust. unless ziqilla is able to get the same or greater public trust than ethereum at this time, it can only be said that ziqilla exceeds ethereum. However ethereum is a long built project of course its fundamentals are much more solid and more trustworthy than the others.

electronicash

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The trust ethereum enjoy is far bigger than any other cryptocurrency and staying the most trusted currency need you to stay in best of your shape. Ethereum achieved that by always being very objective and critical in a market of gambling. Achieving the success no other currency could.

but becoming a POS is like taking more than 100 steps backwards which is now making it more centralized. we have seen USDT being frozen before the POS shifting. this time the freezing of funds might be rampant if the SEC get the hold of ETH holders and exchanges.

they are also targeting BTC to change its codes to become POS. crypto will die so we really need something better than ETH which tokens can migrate there.

icalical

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Ethereum is big, both the community and company scale, so the decision to finally move to PoS will not be as easy as other smaller project. And the reasons why ETH is still preferred by most people is because it's the first, it already built it's reputation. I don't think this issue is a big problem for ETH as long as they do the things better than the competitors.

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Quote from: Abiky on September 17, 2022, 08:05:54 PM

...Even Zilliqa adopted "Sharding" (which is a scaling technique), before ETH did. Yet, ZIL's price is nothing compared to ETH...

If Zilliqa there are problems with the introduction of Sharding, then these problems would not have such a big significance for the cryptocurrency market, as if the Ethereum network had faced this. For this reason, Ethereum developers will again test Sharding technology in test networks before it appears on the main network in 2023.

Reid

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It's the hype of the long-awaited big change. I doubt it will be long unlike ICO, NFT, and others who made the trend for quite a while before it calmed down. Maybe because it's brand new, from POW to POS, how will it happen. From high charges in fees and slow transaction to an expectation of cutting it down in cents and less traffic.
But it's not happening yet but imo, that's all I want to witness and maybe others have the same expectation.

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Quote from: danherbias07 on September 18, 2022, 04:25:46 AM

Reputation and being the early bird.

If it's not bitcoin, It is Ethereum, people have already gotten used to that, and it is going to be difficult to change that narrative.

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Ethereum has a well-established community and it's honestly one of the most trusted altcoins of all time.

Just after bitcoins, people trooped to ETH hence its very large community. Just as some hold bitcoins and then some selected altcoins, people hold ETH with some selected altcoins still.

dragonb

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i'm curious to see how Ethereum develops further, now that they supposedly want to be so power efficient... that certainly goes down well these days....

libert19

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Quote from: libert19 on September 17, 2022, 11:27:36 PM

~

...ethereum is highly trusted by investors so that it has a strong network that will continue to be developed by developers, although so far it has not been able to overcome the problem of transaction fees incurred...

Meanwhile,

And it has been so since last few months, not just rare occurance.

Gayong88

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Quote from: Abiky on September 17, 2022, 08:05:54 PM

If ETH is always one step behind, then why it's extremely valuable? Doesn't that make ETH overpriced?
What are your thoughts? Huh

Highly speculative investments do not come without risk! For Ethereum, I think it has a lot of potential. The biggest challenge in the last few months was scaling the network to allow more transactions to be processed per second. Once those issues are resolved, I'm sure we'll see Ethereum used in new and exciting ways.

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Quote from: libert19 on September 17, 2022, 11:27:36 PM

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

And that makes ETH more valuable than others. I have no claim if it was overpriced or not but because we see ETH gains such a reputation and trust, people will still buy and buy this coin.
Maybe we could say how ETH wins the competition, it was the choice of the investors even though there are other projects similar to its market application. Besides, we can't dictate these investors just like how the invest in shitcoins and meme coins.

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