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Bitcoin unleashes a million possibilities and overall guides the market. Check out Ethereum, Polkadot and Cardano if you want to see a real use case - Until the

Bitcoin unleashes a million possibilities and overall guides the market. Check out Ethereum, Polkadot and Cardano if you want to see a real use case - Until then the usecase for bitcoin is the same as gold. But one day Bitcoin will pour it's 'Gold' Into the broader crypto market.

graeme 6y ago
Does ethereum in some way depend on bitcoin? I could see there being some crypto use case I haven’t understood yet. But I don’t understand why bitcoin specifically needs to rise in value. It seems like a rent based system rewarding the original owners. And that would only work if other systems depended on bitcoin.
- acapybara 6y ago
  No, Ethereum does not specifically depend on Bitcoin. However, the use cases are very different. Bitcoin is about money (as a distinct concept from currency). Think of it as a new type of central bank --that's Bitcoin's target market, and always has been (look up "Chancellor on the brink" in the 1st Bitcoin block). Bitcoin also intends to be peer-to-peer cash. This is what the lightning network aims to be, or the BCH fork depending on your point of view. Ethereum is about smart contracts. Think: decentralized organizations, tokenized probabilistic outcomes, insurance, yield generating investments, etc. As it turns out, the two can be very complementary. For example, Bitcoin can be wrapped (WBTC or similar) and represented on the Ethereum chain. This allows Bitcoin to be a store of value which can be collateralized and borrowed against using an Ethereum contract (e.g. Compound, AAVE, etc.). This is one narrow, but important use case: Ethereum can enable BTC holders to access liquidity.
ma2rten 6y ago
Can you name a single compelling use case for Ethereum, Polkadot or Cardano?
- bouncycastle 6y ago
  For Ethereum, Defi.(Decentralized finance). Basically crypto based financial services run on smart contracts as Decentralized Autonomous Organizations (DAOs). Services include lending and borrowing, decentralized exchange, insurance, stablecoins, derivatives, portfolio management and more. MakerDao, Uniswap, Compound Finance, Yearn Finance, just to name a few. It's only just starting to take off, see more metrics here https://defipulse.com/ https://defipulse.com/ Another area taking off on Ethereum right now are "Non Fungible Tokens". Basically digital art trading on crypto.
- RhodoGSA 6y ago
  Think of everything you do, but under one roof. I pay subscriptions, bank, get paid internationally, consume on the internet without selling my data, manage my stocks. Theoretically, this is all possible within the polkadot ecosystem. I have complete animosity across my transactions. I can browse the different smart contracts across the various parachains. I can transact online without worrying that due to my past purchase history that it's going to charge me more such as Airbnb and other flight aggregators. I can cancel my subscriptions by not no longer executing the contract instead of going through GUI's designed to be hard to cancel. I can get paid internationally without extremely high fees. I can buy synthetic stocks, other coins, use Yield farming, or just stake my polkadot to earn 14% more DOT a year. Fiat money is automatically -2% a year. Exchange it seemlessly into bitcoin to buy a Tesla.
pjc50 6y ago
The unbanked aren't using gold either.

graeme 6y ago

Does ethereum in some way depend on bitcoin? I could see there being some crypto use case I haven’t understood yet. But I don’t understand why bitcoin specifically needs to rise in value. It seems like a rent based system rewarding the original owners. And that would only work if other systems depended on bitcoin.

acapybara 6y ago
No, Ethereum does not specifically depend on Bitcoin. However, the use cases are very different. Bitcoin is about money (as a distinct concept from currency). Think of it as a new type of central bank --that's Bitcoin's target market, and always has been (look up "Chancellor on the brink" in the 1st Bitcoin block). Bitcoin also intends to be peer-to-peer cash. This is what the lightning network aims to be, or the BCH fork depending on your point of view. Ethereum is about smart contracts. Think: decentralized organizations, tokenized probabilistic outcomes, insurance, yield generating investments, etc. As it turns out, the two can be very complementary. For example, Bitcoin can be wrapped (WBTC or similar) and represented on the Ethereum chain. This allows Bitcoin to be a store of value which can be collateralized and borrowed against using an Ethereum contract (e.g. Compound, AAVE, etc.). This is one narrow, but important use case: Ethereum can enable BTC holders to access liquidity.

ma2rten 6y ago

Can you name a single compelling use case for Ethereum, Polkadot or Cardano?

bouncycastle 6y ago
For Ethereum, Defi.(Decentralized finance). Basically crypto based financial services run on smart contracts as Decentralized Autonomous Organizations (DAOs). Services include lending and borrowing, decentralized exchange, insurance, stablecoins, derivatives, portfolio management and more. MakerDao, Uniswap, Compound Finance, Yearn Finance, just to name a few. It's only just starting to take off, see more metrics here https://defipulse.com/ https://defipulse.com/ Another area taking off on Ethereum right now are "Non Fungible Tokens". Basically digital art trading on crypto.
RhodoGSA 6y ago
Think of everything you do, but under one roof. I pay subscriptions, bank, get paid internationally, consume on the internet without selling my data, manage my stocks. Theoretically, this is all possible within the polkadot ecosystem. I have complete animosity across my transactions. I can browse the different smart contracts across the various parachains. I can transact online without worrying that due to my past purchase history that it's going to charge me more such as Airbnb and other flight aggregators. I can cancel my subscriptions by not no longer executing the contract instead of going through GUI's designed to be hard to cancel. I can get paid internationally without extremely high fees. I can buy synthetic stocks, other coins, use Yield farming, or just stake my polkadot to earn 14% more DOT a year. Fiat money is automatically -2% a year. Exchange it seemlessly into bitcoin to buy a Tesla.

pjc50 6y ago

The unbanked aren't using gold either.