Eth is no different than a fiat currency? - page 3.

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Quote from: mike_spr on March 03, 2020, 10:01:23 AM

https://offthechain.substack.com/p/eth-is-no-different-than-a-fiat-currency

I just read the article above and would like to know whats your take on this. For me it seems true that Bitcoin is much more decentralized than Ethereum and so, much different than fiat money compared to Ethereum, still Ethereum aim is to reduce Eth issuance and it's much more transparent than fiat money. I would say Eth it's not so different as Bitcoin but still very different than a fiat currency and more decentralized.

The was written by one of the highly experienced crypto enthusiast and the information provided in the article was to make people more about ETH which i also supported what he said because ETH was somehow not different to fiat ever since it was stated not have total supply cap.

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Quote from: mike_spr on March 03, 2020, 10:01:23 AM

https://offthechain.substack.com/p/eth-is-no-different-than-a-fiat-currency

I just read the article above and would like to know whats your take on this. For me it seems true that Bitcoin is much more decentralized than Ethereum and so, much different than fiat money compared to Ethereum, still Ethereum aim is to reduce Eth issuance and it's much more transparent than fiat money. I would say Eth it's not so different as Bitcoin but still very different than a fiat currency and more decentralized.

Most of ETH was printed and sold in ICO for a low price. It is very different then Bitcoin and also different then how fiat is made. Fiat is also printed, but sold for fixed price that decrease over time. Point of ETH is to secure asset platform. Point of fiat is money. Same as point of Bitcoin is/was being money.

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Quote from: mike_spr on March 03, 2020, 10:01:23 AM

I just read the article above and would like to know whats your take on this. For me it seems true that Bitcoin is much more decentralized than Ethereum and so, much different than fiat money compared to Ethereum, still Ethereum aim is to reduce Eth issuance and it's much more transparent than fiat money. I would say Eth it's not so different as Bitcoin but still very different than a fiat currency and more decentralized.

You suddenly sounded completely different because just because of being too much centralized, no cryptocurrency will be looking like a fiat currency but they may look like a corporate cryptocurrency like how XRP is doing. In between cryptocurrency and fiats there is another layer is existing which must be corporate cryptos.

Ethereum must work on making it more transparent and fulfilling all the features of decentralization. Because, by having a central authority for making decisions and to implement enhancements, ethereum looks so centralized but bitcoin is not having any such authority but making decisions through the foundation of bitcoin community. Ethereum also must be looking for changes like that so that it will ensure all the aspects of decentralization.

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It is crazy to even compare eth network with fiat, we know that eth is a revolutionary blockchain network that has the power of decentralization, smart contracts and massive applications across all the segments of life so there is no comparison with fiat.

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Quote from: Jating on March 03, 2020, 01:10:47 PM

Quote from: styca on March 03, 2020, 12:21:53 PM

"Eth is no different than a fiat currency?"

This is misleading. Ethereum is a smart contract platform. If you say it is just a type of money, then you're missing the point. The article does cover this, although it's more implicit than stated outright. Certainly ETH can in one sense be considered to be money, and DeFi is I think extremely important and will become more so as we progress. But the "ETH is money" slogan really means that money is one of the things that ETH can be. It's certainly not the whole or indeed the main use.

It looks like any click bait article, you just have to see the title itself, Lol.

Of course its is a smart contract platform and there's no way it is comparable to fiat currency.
If we are going to compare ETH, then we might as well say that the rest of crypto currency is very similar to the traditional fiat system.

This is definitely a click-bait. And it started to fill in the forum day by day! They share the news of certain platforms in this way, which they show as free ads, without any contribution to the forum.

Jating

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Quote from: styca on March 03, 2020, 12:21:53 PM

"Eth is no different than a fiat currency?"

This is misleading. Ethereum is a smart contract platform. If you say it is just a type of money, then you're missing the point. The article does cover this, although it's more implicit than stated outright. Certainly ETH can in one sense be considered to be money, and DeFi is I think extremely important and will become more so as we progress. But the "ETH is money" slogan really means that money is one of the things that ETH can be. It's certainly not the whole or indeed the main use.

It looks like any click bait article, you just have to see the title itself, Lol.

Of course its is a smart contract platform and there's no way it is comparable to fiat currency.
If we are going to compare ETH, then we might as well say that the rest of crypto currency is very similar to the traditional fiat system.

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It's very incorrect to say ETH is also fiat money. It has a fixed supply and it's chain also harbour numerous valuable tokens in the market cap. Bitcoin on the other hand code can't be edited and it's created as a payment method only. There are many Dapps on the ETH chain and also a large community.
It's very wrong to compare crypto to fiat.

styca

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"Eth is no different than a fiat currency?"

This is misleading. Ethereum is a smart contract platform. If you say it is just a type of money, then you're missing the point. The article does cover this, although it's more implicit than stated outright. Certainly ETH can in one sense be considered to be money, and DeFi is I think extremely important and will become more so as we progress. But the "ETH is money" slogan really means that money is one of the things that ETH can be. It's certainly not the whole or indeed the main use.

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Quote from: amishmanish on March 03, 2020, 11:08:47 AM

The article says that "Eth is money" is being memefied. Like seriously? I truly have been off radar. Its terrible that when then original promises won't work, they are relying on shifting goalposts. Ethereum with its planned change to PoS is nowhere near sound money.
Ethereum wanted to be the currency as well as the "computing engine". With PoS, those currency ambitions are all but over. As far as computing for Dapps is concerned, nobody still seems to have an answer that why do we need these applications to be decentralized. Even if we do find a use-case, then why do it on PoS?

Ethereum has a large community and all but this proposed shift to PoS signifies that Vitalik has realized that his ambitious, ideological dreams won't be fulfilled. That is one sad thing that they basically gave up.

Why do you say with PoS those currency ambitions are over? Regarding Dapps I believe the answer is easy, their benefits like being decentralized, censorship resistant, not having a single point of failure is why we need them. You can see Bitcoin as the first ever Dapp and Ethereum made possible to create other kinds of Dapps for different types of transactions (not just token transfers). E-voting in elections is one obvious use case among many others.

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The article says that "Eth is money" is being memefied. Like seriously? I truly have been off radar. Its terrible that when then original promises won't work, they are relying on shifting goalposts. Ethereum with its planned change to PoS is nowhere near sound money.
Ethereum wanted to be the currency as well as the "computing engine". With PoS, those currency ambitions are all but over. As far as computing for Dapps is concerned, nobody still seems to have an answer that why do we need these applications to be decentralized. Even if we do find a use-case, then why do it on PoS?

Ethereum has a large community and all but this proposed shift to PoS signifies that Vitalik has realized that his ambitious, ideological dreams won't be fulfilled. That is one sad thing that they basically gave up.

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Quote from: mike_spr on March 03, 2020, 10:01:23 AM

https://offthechain.substack.com/p/eth-is-no-different-than-a-fiat-currency

I just read the article above and would like to know whats your take on this. For me it seems true that Bitcoin is much more decentralized than Ethereum and so, much different than fiat money compared to Ethereum, still Ethereum aim is to reduce Eth issuance and it's much more transparent than fiat money. I would say Eth it's not so different as Bitcoin but still very different than a fiat currency and more decentralized.

Correct. Ethereum is nowhere near fiat currency. Bitcoin has a small and limited supply compared to ethereum and fiat. Ethereum still has not a limit but the issuance of new coins would be highly regulated after the issuance and transfer to proof of stake. It would still work as a utility token but would not be as effective to use for general day to day transactions.

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Bitcoin is the fastest reliable and recognized payment system in the world.

For example: $ 1.1 billion payment

https://www.blockchain.com/btc/tx/4410c8d14ff9f87ceeed1d65cb58e7c7b2422b2d7529afc675208ce2ce09ed7d
Transferring such amounts to other blockchains can cause panic on exchanges.

Not one payment system in the world can complete this operation in 15 minutes. Swift payment takes 5-7 days Sad

If the computing power of the Bitcoin network exceeds 10,000 times the performance of the most powerful supercomputer in the world, Ethereum has chosen a different development path.
Bitcoin is the world currency of the future

mike_spr

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https://offthechain.substack.com/p/eth-is-no-different-than-a-fiat-currency

I just read the article above and would like to know whats your take on this. For me it seems true that Bitcoin is much more decentralized than Ethereum and so, much different than fiat money compared to Ethereum, still Ethereum aim is to reduce Eth issuance and it's much more transparent than fiat money. I would say Eth it's not so different as Bitcoin but still very different than a fiat currency and more decentralized.

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