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I cannot find a good analogy, but I am starting to look at Ethereum as a really good proof of concept, but one that probably won't survive. I cannot put my fin
by wtvanhest 8y ago
I cannot find a good analogy, but I am starting to look at Ethereum as a really good proof of concept, but one that probably won't survive. I cannot put my finger on exactly why, but I am starting to feel like nothing will survive that is not built on Bitcoin itself.
- EthanHeilman 8y agoSome projects will die in this during this current crash. The most likely force to kill off projects will be: 1. lack of developers to adapt to cheap 51% attacks, 2. cheap 51% attacks will lead to those coins getting delisted from exchanges since attacks will cheat exchanges via 51% double spending attacks (something which has happened a few times already) 3. With no ability for people to safely buy or sell coins those coins will die. I don't think this will happen to BTC or ETH. I think Ethereum will look very different in 5-10 years.
- Animats 8y agoBTC may survive, but ETH is down more than 90% and it's not looking good.[1] [1] https://coinmarketcap.com/currencies/ethereum/ https://coinmarketcap.com/currencies/ethereum/
- EthanHeilman 8y agoIt is counter-intuitive but 90% drops in the price of a cryptocurrency don't result in that cryptocurrency dying. What kills a cryptocurrency is exchanges delisting it and/or having no developers. Price decreases are unlikely to directly cause either of these to happen to Ethereum.
- wtvanhest 8y agoIsnt the price reduction what can lead to the 51% attack?
- roymurdock 8y agothere's no pressing need for ethereum, it's a cool experiment but it's much less efficient than the centralized databases that power 99.9% of the worlds computing needs today. it will die from lack of use once the hype and funding runs out. bitcoin will survive because people actually use it to evade currency control laws and launder money. not to mention traders will keep it alive as an alternative asset and good source of volatility
- dahdum 8y agoCentralized databases power 99.9% because Ethereum like technologies aren’t ready for general use yet. My money is on Ethereum getting there first with sharding, proof of stake, and adoption but whichever one does will unlock many, many use cases.
- nradov 8y agoWhich use cases?
- XorNot 8y agoBitcoin will just die. The problem wit pretending it's an asset is you're doing exactly that - pretending. When you hold stocks you hold actual ownership of a productive corporation, when you hold bonds you hold repayment promises from productive corporations or governments which can tax their citizens etc. When you hold Bitcoin...you don't hold anything which can convert into something useful at the end of the day - you hold the useless result of expended computing power. A bitcoin isn't a password which unlocks anything, it doesn't convert back into computing power - it can't do anything into the future.
- handsomechad 8y agoI don't hold any bitcoin or cryptocurrency and am a crypto skeptic in general but isn't this argument commonly rebutted with the comparison to gold, to which all of the same criticisms apply but which has nonetheless maintained value for millenia?
- zby 8y agoI put my finger on it being too expensive. It works when it is subsidized by all these speculators - but eventually this cost needs to be paid.
- tomrod 8y agoReplication of fixed infrastructure and computing costs come to mind.