Topic: Reddit: Why not bitcoin? - page 3. (Read 632 times)

Proof-of-stake, to which Ethereum wants to switch to, it theoretically unsecure. Vitalik is till a dictator and a single central point of failure, though it indeed might be not as critical as some may think. Also their scaling solution will only further centralize the network, which is already becoming more and more centralized with their 3 TB blockchain as of now.

All right, Ethereum is growing, it may be out of its infancy. But those still remain black spots in its history and many won't rule them out as easily as you do (I don't say that you or others are wrong, history will tell).
And Vitalik still has a way too strong hand in deciding this or that.



This is imho the best explained problem.
So many come and call this and that altcoin be the next Bitcoin. But those altcoins have no (or bad) history of stress over the network.
From what I know Ethereum had such difficulties after the crypto kitties boom too.
OK, the truth is that Bitcoin had its problems too during the 2017 spam attack, but I think that we are past such problems.
In the past people claimed that Ethereum code is quite a mess. I don't know if it also got better in time. Bitcoin was always an example of better code.

Bitcoin is not perfect, I won't deny it. But claiming this or that on altcoins is unfair and useless for now. Make better ones first.
(And probably the same applies in the Ethereum vs other token/dApp platforms "war".)

they used to accept bitcoin but they (like some others) removed this option during the 2017 ridiculous fee rises. it is yet another damage that the 2017 spam attack inflicted on bitcoin adoption.

bitcoin confirmations are fast, even faster than ethereum. your mistake is comparing 1 bitcoin confirmation with 1 etherum confirmation which would be wrong because the security that 1 confirmation has in bitcoin doesn't exist in any altcoin. that is why exchanges always require a lot more confirmation to credit your account for all the altcoins specially those with faster confirmation speeds. not to mention that ethereum is not immutable so you can never truly call a transaction "finalized" because they can roll it back at any time.
besides if the confirmation time and fees is the only reason then ethereum is 10 times worse than bitcoin. remember 2017? ethereum fees weren't supposed to be higher than a couple of cents, but they reached as high as $10-$20. and that's for a blockchain with 1 second blocks!!! not to mention that a lot of services such as exchanges had to shut down their deposits/withdrawals for weeks due to the network not functioning properly because of traffic.

i disagree. the only reason why they rejected this fork is because they (the ethereum foundation and Vitalik) haven't been affected by this. that is unlike DAO where the big part of the loss was from them. which is why they pushed the fork although most of the community was against the roll back.

Vitalik thinks it could decentralize subreddit moderation.


Regarding poor security, are you referring to proof of work? Or censorship and rollbacks, like the DAO hard fork?

My theory about any Bitcoin hard fork is they would become increasingly difficult to implement over time, as stakeholders become increasingly entrenched in the ecosystem and as usership exponentially grows. Vitalik or no Vitalik, I believe this applies to Ethereum too. This is why the the community rejected a hard fork to recover the frozen Parity wallet funds, even though the losses were triple the size of the DAO. As time goes on, I'm less worried about that kind of security -- rollbacks and such.

I strongly agree that ethereum can indeed be relied upon to facilitate each contract, because they are better prepared for this, and are already very trustworthy.

is it true that ethereum has a better future? still a question too when compared to bitcoin. but it is one of the best and promising, it cannot be denied. comparing with bitcoin still needs more analysis.

1. Sure Bitcoin isn't fast enough. But if you think Ethereum will be able to handle the stress, I don't know. Remember crypto kitties?

2. Reddit can implement such feature without using smart contracts. What's the point in using smart contracts anyway? It's not like Reddit is trying to be decentralized or non-custodial or something.

3. Continue trying to convince yourself that. Dig deeper and you'll immediately realize that Ethereum isn't even decentralized hence pointless.

Most altcoins are and usually those that don't react to Bitcoin's pumps and dumps are worthless shitcoins that pump and dump at random and with those coins you can be sure to experience great volatility completely out of the blue.

Bitcoin is fast enough for payments especially if you're making online purchases. These days with the virus in the air online shopping is booming. Bitcoin with its value and transaction cost probably won't be used to buy beer or coffee but the markets are much bigger than that. Buying a car or a house with your bitcoins will always be an option.

Ethereum was created for making dapps and issuing tokens, and just like Bitcoin has a first-mover's advantage in being a cryptocurrency, Ethereum has strong first-movers advantage in its own field. There are systems for creating tokens on Bitcoin's blockchain too, I even owned some such tokens in the past, but Bitcoin is less suitable for it.

So, does this mean that ETH will overtake Bitcoin? No, because Bitcoin is much more secure and resilient. It's a better currency and it will not change in the future. Coins like Ethereum might have cool features, but because of their poor security they are not in the same cathegory as Bitcoin, so they are actually not direct competitors to each other.

I know a lot of you guys already know what's going on with Reddit taking on ethereum based tokens integrated with the platform. They are currently experimenting a point system where communities can give extra benefits to their users. Apparently they are using ERC-20 based tokens, obviously they are going to make it possible with Ethereum and most of you guys might ask why not bitcoin?

Here is my personal opinion about it.

1.It's not because Bitcoin is not fast enough for confirming transactions like ethereum, so if it happens that the experiment goes well then millions of users are going to receive monetary benefits that will only take a seconds.

2. Ethereum Integration is the best fit for the platform simply because Ethereum was made for facilitating smart contracts and applications under its own currency.

3. Ethereum has a brighter future than bitcoin, since ethereum is used to run applications there will be time in the future that we will be making payments using ethereum and not bitcoin.