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Ethereum is not a currency though. It's a decentralised platform to build apps on, like the App Store. ETH is the oil that pays for the decentralised processing
by charlesdm 9y ago
Ethereum is not a currency though. It's a decentralised platform to build apps on, like the App Store. ETH is the oil that pays for the decentralised processing resources used by said apps that are run on the platform.
A platform that isn't finished needs a leader, and I would say Ethereum needs a leader a lot more than Bitcoin. If all development on Bitcoin would stop tomorrow, it would still keep running and have a potential future as digital gold. If all development on Ethereum would stop tomorrow, it would most likely fail as a project. The value proposition is very different.
Also, since oil isn't very useful without something to use it in (a car, plane, other use cases), it actually makes perfect sense (to me).
ETH could very well also become a functional currency once the supply gets capped in a future hard fork. But for now, it's more oil than currency.