mexfogel5 - 6 years account age. 150 - 300 comment karma.10 months ago
It proves that the majority of traders trade using solely financial tools and indicators that analyse the momentum and trends of price and volume exclusively.
They don't look at any real data that has any bearing on the actual possible value of what they are trading.
Bitcoin tanking does not necessarily mean the whole market tanks with it. There are examples (even recent) where Bitcoin and the rest of the market move in opposite directions. Overall, they tend to move together but it's a relatively weak correlation.
My personal opinion is that most cryptocurrencies are garbage and don't offer any real value. Bitcoin is huge only because it's the original, established, and therefore most widely accepted (for now.. at this rate, this will change and I'll explain why). However, its technology is actually very outdated compared to many newer coins like Ether and Litecoin.
Hence, I think Bitcoin will be the first to tank when the bubble bursts because of both its inferior technology (it takes minutes to process compared to seconds like LTC and ETH--this is especially important because of its extreme volatility, and is why many major producers have started rejecting Bitcoin, like Steam for instance), and its holders' stubbornness in updating this technology (I.e. governance). It will bring the garbage coins down with it when people realize that they're valueless.
But there are coins that offer service outside of being a currency. Ethereum offers a platform to develop decentralized apps. HempCoin is specifically tailored for the agriculture/marijuana industries, and Cardano was designed with governance AND decentralization in mind. As long as these services are deemed valuable, sure their values may drop, but they won't tank necessarily..
Finally, as an analogy, I like to compare it to the dot com bubble, as it very much is a parallel to it. It's all speculation right now, but the reality is that we're seeing development of this amazing new technology (the blockchain) that will change a major aspect of society's functions in the upcoming decade (as did the internet) regardless of the bubble eventually bursting.
> However, [bitcoin's] technology is actually very outdated compared to many newer coins like Ether and Litecoin.
This is not true. Litecoin was a fork of Bitcoin source, has been around _pretty much_ as long as Bitcoin has (2011 vs. 2009), and has only a few technical differences from Bitcoin.
: See their [github](https://github.com/litecoin-project/litecoin). A lot of it is pretty much just upstreaming from github. It's even a Github fork which you can see in the UI!
: Litecoin runs scrypt as opposed to originally sha256 for the proof-of-work algorithm and aims to have a different block mining rate. Other than that, it's just a relatively up to date fork.
I have some in ETH, it's pretty good. I think it should go up, as it only recently started picking up traction and is starting to get pretty popular (more money, but this is just from a 100% non-expert view. In the end it's up to you and just don't like put your life savings in it.
If it wasn't for this guy, I would have been able to justify a new GPU this year. I almost pulled the trigger on an RX 480 for ~$200 but decided to wait for a price drop when the RX 580 launched. Then Ethereum boomed and the prices shot up to $400.
Thanks to its adjustable "block-size", Ethereum processes more transactions a day than [all decentralised cryptos combined](https://np.reddit.com/r/ethtrader/comments/7erjvg/ethereum_is_now_processing_more_transactions_a), and Ethereum transactions are faster and cheaper than the few transactions processed by Bitcoin.
Ethereum is so well designed that [its blockchain is smaller than Bitcoin's](https://dev.to/5chdn/the-ethereum-blockchain-size-will-not-exceed-1tb-anytime-soon-58a) while hosting way more transactions.
microRaiden [has been released](https://github.com/raiden-network/microraiden/milestone/2), allowing for [thousands of instant and free transactions per second](https://raiden.network/micro.html) on Ethereum's network.
Casper will update Ethereum's network [in 2018](http://www.newsbtc.com/2017/10/30/ethereum-casper-advance-launch), abandoning the energy-wasting mining invented by Bitcoin. The tests of a first implementation [are starting](https://np.reddit.com/r/ethtrader/comments/7g2tc1/tweeted_today_casper_proof_of_stake_testnet_is). Meanwhile, **Bitcoin's consumption rises exponentially so it will necessarily become a huge problem quickly and mining will be shut down by the Chinese government.** Yes, 65% of Bitcoin's miners (the persons securing the network) [are Chinese](https://www.bitcoinmining.com/bitcoin-mining-centralization). With Casper, everyone on Earth will have the resources to secure Ethereum with zero environmental impact.
**ETH** Futures start trading [before June 2018](https://www.bloomberg.com/news/articles/2017-11-16/ether-derivatives-are-coming-from-a-pioneer-of-credit-swaps).
Thousands of developers and [hundreds of big companies](https://entethalliance.org/members) deal with Ethereum. This is much more than Bitcoin, [abandoned by big companies in 2017](https://np.reddit.com/r/ethereum/comments/68822h/a_list_of_companies_which_used_bitcoin_and) because of its unreliable Core team as well as high transaction delays and fees.
> and mining will be shut down by the Chinese government
No. If Chinese gov will shut down ferms, stop mining, difficulty will adjust (especially on Bitcoin Cash chain) and mining will continue elsewhere. Bitcoin is the most secure network
Mining difficulty adjusts every second week. With a 65% drop of power, BTC transactions would be super slow and super expensive for up to 45 days. The confidence in Bitcoin will vanish and people will run to PoS networks such as Ethereum.
Mining provides security, it's true, but it consumes tons of energy for only 5 transactions per second. It's obviously a waste, worsening exponentially, and governments will not allow that forever.
> The confidence in Bitcoin will vanish and people will run to PoS networks such as Ethereum
No. Last time that was happening Bitcoin Cash was sucking all liquidity. People were escaping the most secure but crippled ledger for the second most secure ledger with great future. It'll happen again, it's iterative
> Mining provides security, it's true, but it consumes tons of energy
I don't know about u, but I will store my wealth in the most secure ledger. All "green" stuff is after that. I used to care until I though it through and acquired more money to store. Security costs money and heat, there's no free lunch. Prove me wrong, Ethereum
> and governments will not allow that forever
They are powerless. It doesn't mean there'll be no blood spilled during transition
What's your point? the price of BTC crashed. Should I remind you that BTC has no utility at all since 2016 due to its costs and delays? Price bubble is its only interest. If its price crashes due to a mining ban, BTC disappears. That's my point.
Bitcoin Core (BTC) has a utility as a speculation tool and currently as a safe heaven (will change). It also adjust difficulty only once per ~2k blocks
Bitcoin Cash on the other hand is safe both from congestion and drop of hashrate
> What's your point?
Bitcoin Cash > Ethereum. I hold both
If a government were to attack Bitcoin's PoW, they would have to create the ASICs (i.e. a factory) connect them and power them.
To be a majority of PoS, in ethereum, all governments would have to do is print money (which they are very good at) and buy ETH?
Is there a protection against this in PoS?
More average people will stake with PoS. Barely anybody has any reason to get an asic miner (electricity costs more than you make) and large miners build their own. So PoS has a greater cost to 51% because wayyyyyy more people will be staking.
13% of transactions at the moment are for the trade/breeding of digital kittens. Reminds me of the doge days. Freaking awesome way to introduce people to crypto. Not going to lie, I bought a few kitties and watch my transaction confirm in seconds with < 1 penny fees.
It really is Ethereum's Doge. Doge got a lot people into cryptocurrency as something approachable and fun, CryptoKitties is even better, and a showcase of Ethereum's vast capabilities.
I have BCH and support it, but ETH is my dominant holding for a reason. If BTC is $11,000, ETH is disgustingly undervalued.
Even though the concept is pretty silly, this is an *amazing* proof of concept for non-fungible tokens using the ERC721 standard. The implications of this in terms of asset tokens and their management is immense.
Today digital kitties each with their own unique DNA. Tomorrow vehicle tokens with unique VINs and real estate tokens with unique parcel numbers.
The point of Ethereum was never to replace Bitcoin. Ethereum is a platform for an entirely different use case than bitcoin.
I don't see holding Bitcoin as an investment and using Ethereum for day trading and tokens is making me a loser.
Please explain your insult or be quiet.
This sub is where I come because it also promotes constructive and interesting conversation without bashing opposition all the time.
ETH says, and advertises, that it doesn't want to be treated like currency (and along those lines), but people are doing it anyways which I don't consider a bad thing. We can't control what people will do with what they are given.
Ethereum is a very long way away from scaling up to a lot of people's expectations for a lot less utility. Its blockchain is now growing at 10 x's the rate of the legacy bitcoin blockchain, which would be able to process over 30 tps for the same growth rate with no increase from there.
That is before pruning removes 95% plus of the data. Bandwidth is not an issue at these rate.
If Legacy bitcoin doesn't want the payment traffic Bitcoin Cash and Dash will happily accommodate.
I own zero ETH.
Apples to oranges comparison.
The ethereum stats count non-listening nodes and non-full nodes (almost no ethereum nodes are fullnodes anymore because sync will more or less never complete on ordinary hardware).
If you count non-listening bitcoin full nodes you get a [much higher count](http://luke.dashjr.org/programs/bitcoin/files/charts/services.html).
Nodes do lots of different things from archiving to validation to broadcasting, so it's impossible to do like for like on variant protocols. But the point that ethereum is centralised I don't think holds water. As I said I am not an ethereum fanboy and own no ether.
Luke includes them when its a convenient metric for you. http://luke.dashjr.org/programs/bitcoin/files/charts/software.html
When node count was being pushed as the true consensus mechanism you guys included every possible redundant and useless node that you could.
/r/bitcoin also denounced and shadowbanned sites that pruned listening nodes and redundant IPs in their tracking. See: http://nodecounter.com/from_slush_to_bitcoin_com_pool.php
How many of those are full nodes? Given that geth and parity both sync in "fast mode" by default, which means not validating the chain, and that validating the chain takes an indefinite amount of time, my guess would be zero.
Archiving is not the same function as transaction validation. A pruned node only needs the unspent output to validate transactions.
> A pruned node only needs the unspent output to validate transactions.
Absent some yet-nonexistent crypto magic, there is no way to verify the unspent output set without verifying all the past transactions.
We're only one week from segwit activation, so this post is drama. Bitcoin will then process more transaction than ETH does, as segwit is adopted. At least for the short term future. I can't predict how much transactions costs will go down due to this, but regarding cost, there's also the fact that bitcoin's market cap is 2~3 times higher than ETH's, so this should be factored in too in the calculation.
TLDR; Making such a post one week from a bitcoin change that will considerably change things is willful ignorance.
You didn't need to TLDR it's only 3 and a half lines long.
Please don't call me ignorant I watched Pieter Wuille presentation nearly 2 years ago when he project a 1.8x increase in transaction throughput, but I couldn't be bothered to correct you.
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