Thoughts on BNB (Why it won’t replace ETH) - page 2.

eckmar

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Quote from: eaLiTy on February 21, 2021, 04:45:28 AM

Quote from: eckmar on February 20, 2021, 05:44:02 PM

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Alright, let me answer you and others that call out eth decentralization and defend binance shitcoin.
Imagine this scenario:

I am not defending ETH nor BNB and the limitless shitcoins, i care less about the token market. The point i will make is that i like the ETH concept and Vitalik wanted that in BTCitcoin and since the developers knew that it is nearly impossible to have everything in one umbrella and it might be a disaster as anything could go wrong with all these scripts and make things worst and he created his own scalable script and they were mocking the snail ridden transaction delays of BTCitcoin and years down the line what happened to ETH, they need to change the algorithm altogether and their initial theory which they thought was infallible failed multiple times.

The rest of the things you mentioned i also do not have a different opinion, majority or all of the coins are mere clones and if developers wants to use a different clone with less transaction charges can you complain them ?.

I'm not sure you understood what I meant. Read my post again. In order to understand why Binance is faster, you need to understand how the network works. Etehreum is hosted on 11000+ nodes that can be ran by ANYONE. That means you can go right now, download a node and run it, help secure the network etc. Each transaction that happens on Ethereum chain needs to be synced across all nodes. What Binance did is, change the tiny bit of code, to only allow only their nodes to validate transaction (21 of them). On Binance chain, each transaction is only synced with that 21 nodes ran by Binance. Thats one of the reasons its faster. If thats fine with anyone, then honestly you are not meant to be here.

You didn't answer my question, would you use FastBitcoin or not?

eaLiTy

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Quote from: eckmar on February 20, 2021, 05:44:02 PM

~
Alright, let me answer you and others that call out eth decentralization and defend binance shitcoin.
Imagine this scenario:

I am not defending ETH nor BNB and the limitless shitcoins, i care less about the token market. The point i will make is that i like the ETH concept and Vitalik wanted that in BTCitcoin and since the developers knew that it is nearly impossible to have everything in one umbrella and it might be a disaster as anything could go wrong with all these scripts and make things worst and he created his own scalable script and they were mocking the snail ridden transaction delays of BTCitcoin and years down the line what happened to ETH, they need to change the algorithm altogether and their initial theory which they thought was infallible failed multiple times.

The rest of the things you mentioned i also do not have a different opinion, majority or all of the coins are mere clones and if developers wants to use a different clone with less transaction charges can you complain them ?.

magneto

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There's disparate use cases for both.

I think that most people aren't disputing the fact that BNB will not replace the smart contract applications on ETH, but rather simply saying that BNB may one day eclipse ETH in terms of its market cap.

Which is completely possible imo considering that a completely centralised coin in XRP held the #2 spot on CMC for a long time over ETH. But I do think it's quite improbable given than a) market cap of BNB is still around 1/5 compared to ETH and b) ETH has seen fast fundamental growth over the past year or so.

SlimShadyMmp

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I did the high cost of gas is the number one issue with the ethereum network and once they can solve that perfectly I think we will be fine but until that happens more and more coins will make runs like BNB I personally don't hate using it but still is not better than ETH and there will be no replace for ETH

eckmar

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Quote from: ?? on ??

of course BNB has a very high potential to replace ethereum because if you look at the technology that Binance Smart Chain has, many people have used it so that ethereum smart chain is not very useful anymore so it is certain that BNB has a brighter future than ethereum and because of the influence of the price is still cheap so you can still get a lot of profit.

What technology? Read my post above, or you are just posting nonsense for your signature campaign lol

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Quote from: JNR on February 20, 2021, 06:13:12 PM

yes, i also think, even BNB now become stronger, but for sure its hard for BNB to replace ethereum as the king of altcoins now
because as many people know, ethereum is the first smart contract platform in this crypto industry and supported by string community with smart dev too

Bnb holders was just hoping too much for an impossible situations but, as the scenario of eth that kepts rising I must say struggles is very hard before overtake speculations happens. Both of these coins are strong but eth is more in demand compared with binance coin.

doctor877

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People are fond of using little profit from a reigning project and then talk down rhe old projects. There are some flaws with bnb, i don't think burning is a purpose for a project. BNB is so so far from ETH.

Danslip

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I completely agree and it is funny to see the counterarguments by BNB shillers. Maybe the market performance of BNB beats the ETH market performance but it doesn't mean the whole network should be swapped after that trend. People prefer being ignorant to reading and understanding it. The BNB has potential but this potential is limited. Going over this limit will not be good for long-term BNB trades.

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Quote from: Bellarg on February 20, 2021, 10:13:00 AM

There are still a lot of ETH fans, they will use eth despite of everything

Is obvious that ethereum has more fans but that does not mean than BNB, but people values coins that increases than any another who has low increment, but never the less after bitcoin its ethereum in line and people will likely trade with the crypto that has name, and it mighty surprise people ETH will speed up like bitcoin because ethereum always follow up BTC.

JNR

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yes, i also think, even BNB now become stronger, but for sure its hard for BNB to replace ethereum as the king of altcoins now
because as many people know, ethereum is the first smart contract platform in this crypto industry and supported by string community with smart dev too

eckmar

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Quote from: eaLiTy on February 20, 2021, 03:59:16 PM

Quote from: eckmar on February 19, 2021, 02:21:13 PM

What is the point of Ethereum? To run decentralized applications. What Binance did, is basically saying lets copy Ethereum code and change (remove) the decentralized (the most important) part of it and rebrand it as something new.
Will it replace eth? No.

Is it really decentralized, how about DAO fork if it was truly decentralized it will never happen and do you have any idea about how many unplanned forks happened in ETH and with all this you cannot call them truly decentralized Tongue

.

Replacing ETH depends upon project developers and if they find some other platform attractive and it could help them without any hassle they might choose another platform and we are literally in the initial stages and only time will tell what all will survive.

Quote from: eckmar on February 19, 2021, 02:21:13 PM

This remind me the most of Shitcoin Cash and what they tried to do before.

It took years of debates to reach a decision to fork and that is what decentralized means and not like ETH simply forking without any consensus Tongue

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Alright, let me answer you and others that call out eth decentralization and defend binance shitcoin.
Imagine this scenario:
1) I go to github.com right now, find Bitcoin code, click clone repository
2) I change the consensus algorithm, so that only my nodes can approve transactions
3) Instead of thousands of nodes, I run whole 21 of them
4) I market my new coin called FastBitcoin as solution to high Bitcoin fees, because its so slow to make transaction secure and propagate it across large network, its faster to do it with my 21 nodes
5) Present my super smart solution to newbie investors
6) I watch my $$$ go up because of said newbie investors buying FastBitcoin

Would you use FastBitcoin?
If your answer is no, then you are buying into Binance marketing hype. Thats all there is.

In above example replace the word Bitcoin with Ethereum and you got Binance Shitcoin.

eaLiTy

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Quote from: eckmar on February 19, 2021, 02:21:13 PM

What is the point of Ethereum? To run decentralized applications. What Binance did, is basically saying lets copy Ethereum code and change (remove) the decentralized (the most important) part of it and rebrand it as something new.
Will it replace eth? No.

Is it really decentralized, how about DAO fork if it was truly decentralized it will never happen and do you have any idea about how many unplanned forks happened in ETH and with all this you cannot call them truly decentralized Tongue

.

Replacing ETH depends upon project developers and if they find some other platform attractive and it could help them without any hassle they might choose another platform and we are literally in the initial stages and only time will tell what all will survive.

Quote from: eckmar on February 19, 2021, 02:21:13 PM

This remind me the most of Shitcoin Cash and what they tried to do before.

It took years of debates to reach a decision to fork and that is what decentralized means and not like ETH simply forking without any consensus Tongue

.

pealr12

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Quote from: eckmar on February 19, 2021, 02:21:13 PM

What is the point of Ethereum? To run decentralized applications. What Binance did, is basically saying lets copy Ethereum code and change (remove) the decentralized (the most important) part of it and rebrand it as something new.
Will it replace eth? No.
This remind me the most of Shitcoin Cash and what they tried to do before.
Only ones buying this are inexperienced in the crypto space, or those looking to make short term profit.

To app developers: Imo your app would be more decentralized if you bought 10 servers from aws and host it there, than making a dapp for binance eth clone.

Too many misconception about stuff on crypto space to be honest, people just like to insinuate things that are not there, am sure the idea behind binancesmartchain is not to replace ethereum but to create an alternative for people who might need it, but unfortunately, all you here around here is what will replace what, very disappointing to say this list,

If you guys are so into eth and don't mind this heavy transaction fees then go ahead and knock yourself out, I hope a more reasonable projects will like to give bsc try for a change, there is room for all kinds of projects to co-exist, centralise or not.

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Quote from: Yogee on February 20, 2021, 11:04:01 AM

I don't know if it will ever replace ETH by market cap but one thing I observed is that retail traders prefer lesser fees.

I agree with you, Binance coin might not be able to surpass Ethereum's marketcap just because it's offers lower gas fess than Ethereum, I mean tron transaction fees are insignificant(zero to nothing) and people still don't feel it can replace eth, the stuff about retail traders moving away from eth blockchain is true, since the gas fees are quite high now, they prefer trading on BSC DEX since it requires lesser fees compared to Ethereum.

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Quote from: eckmar on February 19, 2021, 02:21:13 PM

What is the point of Ethereum? To run decentralized applications. What Binance did, is basically saying lets copy Ethereum code and change (remove) the decentralized (the most important) part of it and rebrand it as something new.
Will it replace eth? No.
This remind me the most of Shitcoin Cash and what they tried to do before.
Only ones buying this are inexperienced in the crypto space, or those looking to make short term profit.

To app developers: Imo your app would be more decentralized if you bought 10 servers from aws and host it there, than making a dapp for binance eth clone.

To be honest i do not like these comparisons, yes bnb cannot replace eth but at the same time we have to support binance as top crypto project as well their chain is also efficient plus a lot of services that is really helping adoption so we should move forward together.

m_nief

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i as small trader will still think about the decentralized of ethereum. high gas costs will reduce my profitability. that's why at the moment i still excel at binance than ethereum

Review Master

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ETH always will be ETH and many projects will come to replace with so many attractive products. At the end, it won't have any effects on ETH. Also, it's reality that dapps on BSC are having small fees compare to Ethereum and it's just like on kind of hype/trend to participate on those. TBH, only small amount of projects are having real use-cases and most of the BSC projects are shit one without any fundamentals. And surprisingly, those projects pump more than 5x or 10x whenever it's get listed on coingecko because of the hype of that hype/trend. Beware of those projects whoever's using BSC to interact with any projects.

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Quote from: eckmar on February 19, 2021, 02:21:13 PM

What is the point of Ethereum? To run decentralized applications. What Binance did, is basically saying lets copy Ethereum code and change (remove) the decentralized (the most important) part of it and rebrand it as something new.
Will it replace eth? No.

Binance create their Binance coin (BNB) to shill their exchange in 2017 with airdrops. Last year, they created Binance Smart Chain to give people cheap transaction fee internally on Binance. And in past months, they moved further to try to attract more users, developers on Binance Smart Chain. They want to take over Ethereum network but I don't think it will be an easy task for them.

They grow a lot and fast but to take over Ethereum will not be too easy.

https://twitter.com/binance/status/1359162971130392582

KuromaYoichi

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Quote from: DoublerHunter on February 20, 2021, 09:01:48 AM

^ BNB was rise because of the binance exchange and most trader use their coin just to cut fees, there is nothing else matter. We know that BNB will impossible to replace ETH, which is far behind. Besides, as they said, BNB is fully centralized rather than ETH and that is the reason probably that BNB can not surpass ETH. I think there is nothing special with the BNB, it is coincidentally that the fees on ETH were ridiculous these days and traders find a way to move their money and to save from the high fees.

The price was indeed increased because people can use it to cut fees, but if it just like that then there's no way the price explode like right now. It's more like because ethereum transaction fee is so high that people move their project to binance smart chain and people see it as the second coming of ethereum, meaning the price is very undervalued for that kind of use case (not just as exchange token to cut fee). If the transaction cost problem of eth is solved then i believe people will move back and the value of bnb will decrease again.

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Quote from: Coin_trader on February 20, 2021, 10:49:44 AM

BSC is more superb rather than ETH blockchain right now in terms of speed and transaction fee. Decentralized feature is least concern of traders compared on suffering from high transaction fee with slow confirmation. Let's be honest. A lot of DEX such as Uniswap and 1inch is suffering from it that's why they are giving airdrop to compensate those users that suffering huge transaction fee just to trade on there exchange.

Decentralized but prone to attacks and hacks, tell me what is so decentralized about all this? Even centralised project are far more secured than decentralized projects in crypto space today so let's just for once stop thinking that the centralised project are the future they are not safe

Topic: Thoughts on BNB (Why it won’t replace ETH) - page 2. (Read 465 times)