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I do think Ethereum will overtake Bitcoin eventually in usage. In some ways it already has. Ethereum's transaction fees are set to drop like a rock over the nex

I do think Ethereum will overtake Bitcoin eventually in usage. In some ways it already has. Ethereum's transaction fees are set to drop like a rock over the next few years, and so many useful things are built on it already.

burkaman 6y ago
Doesn't Ethereum have the same environmental issues?
- HideousKojima 6y ago
  Ethereum is supposedly changing over to proof of stake, but it's been a years long process
  - DennisP 6y ago
    Right now it has >$5 billion staked and >100,000 validators on the PoS network. What remains is to transition the rest of the network and eliminate miners, which is a relatively simple process.
    - neither_color 6y ago
      >eliminate miners Yes please. Ive been trying for weeks to buy a gpu.
  - BTCOG 6y ago
    Love that username! XD Yes, Ethereum has been working towards several long-tail projects for years. I think it's more important to distinguish that nothing good or important has come of Ethereum though, and that it is NOT money, and it is not a safe currency. The blockchain is fraught with front-ran txs, the mining is very centralized, and all projects atop ETH suffer dependency on it's success. The blockchain is growing very large which leads to further centralization on very expensive customized equipment. DeFi is a buzzword that means little but "super alpha experimental money leveraging tools" and financial instruments on the cutting edge. Ethereum is Dave & Busters tokens in comparison to Bitcoin being real money.
    - capableweb 6y ago
      > more important to distinguish that nothing good or important has come of Ethereum though I mean, Ethereum has the second largest marketcap of all cryptocurrencies and it feels like 80% of the research & development either comes from Ethereum directly or close-by ecosystems. To say that Ethereum is Dave & Busters tokens when compared to Bitcoin is funny, since every single cryptocurrency is magic internet money anyway.
- meddlepal 6y ago
  Not once Proof of Stake is adopted next year (hopefully).
- gnrlst 6y ago
  Yes. Ethereum 2.0 "promises" to fix most of them though. We'll see.
- mumblemumble 6y ago
  They're moving toward PoS, which should help with that: https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/ https://ethereum.org/en/developers/docs/consensus-mechanisms...
  - Ceezy 6y ago
    They are talking about POS in ethereum since years.
    - ChrisClark 6y ago
      And now the PoS chain has already launched and been working great. Next step is just to move the PoW chain to it. But they are definitely going slowly and safely. And it is definitely a slow process. :(
    - kristofferR 6y ago
      Yeah, duh, it's not like it's a small project: https://twitter.com/VitalikButerin/status/1333922620857745408/photo/1 https://twitter.com/VitalikButerin/status/133392262085774540... It's pretty bad that Bitcoin still hasn't started working on it.
    - bouncycastle 6y ago
      Their mainnet PoS network went live last december. The aim is to turn off PoW next year.
    - wcoenen 6y ago
      The recent activation of the beacon chain (and ether staking on it) means that they're committed to proof of stake now. All currently staked ether would be stranded otherwise. https://ethereum.org/en/eth2/docking/ https://ethereum.org/en/eth2/docking/
    - tarsinge 6y ago
      The v2 POS is live, but the complete migration of the v1 chain will take one or two years: https://ethereum.org/en/eth2/ https://ethereum.org/en/eth2/
- jweir 6y ago
  Come on - you’d say the same thing about the freeway that plowed through some wonderful neighborhoods and blights us with noise and pollution. It’s all good. Cars are going electric, Ethereum is going to become efficient - problem solved. /s
- serverholic 6y ago
  Ethereum is already transitioning to proof-of-stake which has a number of benefits including much lower power usage. I'm so tired of people equating bitcoin with all cryptocurrencies.
- throwaway4good 6y ago
  Worse as it is specifically designed to run on GPUs. They would like to switch to proof of stake and plan to do so next year.
coldpie 6y ago
What usage? Isn't bitcoin used only for speculation, and a bit of crime on the side? I'm not aware of any usage for bitcoin that isn't purely commodity trading (with zero actual underlying value) or scams.
- flatline 6y ago
  Ethereum has had a few other interesting, non-black-market uses over the years. DeFi, game assets, NFTs, etc. And the technology has actually evolved. Bitcoin is just...still bitcoin.
  - BTCOG 6y ago
    These are all bubble scams.
- rawtxapp 6y ago
  A significant % of Bitcoin hasn't moved in years, people seem to be using it as a store of value. Crime usage is magnitude smaller than traditional currencies (source Citi's Bitcoin on the tipping point report).
  - earthtolazlo 6y ago
    The same Citi report that confused percentages with basis points in reporting that 13% of credit card charges are fraudulent? https://www.ft.com/content/8553aba7-8beb-4b48-9287-be6a08065444 https://www.ft.com/content/8553aba7-8beb-4b48-9287-be6a08065...
- BTCOG 6y ago
  Bitcoin is used daily for paying real people money across the internet. You are in fact speculating on it's uses.
- Zamicol 6y ago
  I know someone who just took out a loan on Ethereum to buy a house. That's its usage. https://defipulse.com/ https://defipulse.com/ Every one of those "apps" is usage on Ethereum, everything from trading (Uniswap, think of it as a Coinbase competitor), loans (Maker), to mutual fund like assets (Yearn). It's hard to convey in a few words how much better buying a house using Maker/Eth was compared to going to a bank. Everything about the process smashes the traditional system.
bingbong70 6y ago
ETH wasn't designed to be a store of value, there is no max supply and the emission rate is higher than even Vitalik predicted/expected... storing your money in ETH is generally a bad idea.
- yokem55 6y ago
  They are changing the transaction fee pricing system though to a model that 'burns' (dumps to /dev/null) part of the transaction fee when there is congestion. Exactly how much will be burned is hotly debated, but it will put a damper on the inflation side from block/staking rewards.

burkaman 6y ago

Doesn't Ethereum have the same environmental issues?

HideousKojima 6y ago
Ethereum is supposedly changing over to proof of stake, but it's been a years long process
- DennisP 6y ago
  Right now it has >$5 billion staked and >100,000 validators on the PoS network. What remains is to transition the rest of the network and eliminate miners, which is a relatively simple process.
  - neither_color 6y ago
    >eliminate miners Yes please. Ive been trying for weeks to buy a gpu.
- BTCOG 6y ago
  Love that username! XD Yes, Ethereum has been working towards several long-tail projects for years. I think it's more important to distinguish that nothing good or important has come of Ethereum though, and that it is NOT money, and it is not a safe currency. The blockchain is fraught with front-ran txs, the mining is very centralized, and all projects atop ETH suffer dependency on it's success. The blockchain is growing very large which leads to further centralization on very expensive customized equipment. DeFi is a buzzword that means little but "super alpha experimental money leveraging tools" and financial instruments on the cutting edge. Ethereum is Dave & Busters tokens in comparison to Bitcoin being real money.
  - capableweb 6y ago
    > more important to distinguish that nothing good or important has come of Ethereum though I mean, Ethereum has the second largest marketcap of all cryptocurrencies and it feels like 80% of the research & development either comes from Ethereum directly or close-by ecosystems. To say that Ethereum is Dave & Busters tokens when compared to Bitcoin is funny, since every single cryptocurrency is magic internet money anyway.
meddlepal 6y ago
Not once Proof of Stake is adopted next year (hopefully).
gnrlst 6y ago
Yes. Ethereum 2.0 "promises" to fix most of them though. We'll see.
mumblemumble 6y ago
They're moving toward PoS, which should help with that: https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/ https://ethereum.org/en/developers/docs/consensus-mechanisms...
- Ceezy 6y ago
  They are talking about POS in ethereum since years.
  - ChrisClark 6y ago
    And now the PoS chain has already launched and been working great. Next step is just to move the PoW chain to it. But they are definitely going slowly and safely. And it is definitely a slow process. :(
  - kristofferR 6y ago
    Yeah, duh, it's not like it's a small project: https://twitter.com/VitalikButerin/status/1333922620857745408/photo/1 https://twitter.com/VitalikButerin/status/133392262085774540... It's pretty bad that Bitcoin still hasn't started working on it.
  - bouncycastle 6y ago
    Their mainnet PoS network went live last december. The aim is to turn off PoW next year.
  - wcoenen 6y ago
    The recent activation of the beacon chain (and ether staking on it) means that they're committed to proof of stake now. All currently staked ether would be stranded otherwise. https://ethereum.org/en/eth2/docking/ https://ethereum.org/en/eth2/docking/
  - tarsinge 6y ago
    The v2 POS is live, but the complete migration of the v1 chain will take one or two years: https://ethereum.org/en/eth2/ https://ethereum.org/en/eth2/
jweir 6y ago
Come on - you’d say the same thing about the freeway that plowed through some wonderful neighborhoods and blights us with noise and pollution. It’s all good. Cars are going electric, Ethereum is going to become efficient - problem solved. /s
serverholic 6y ago
Ethereum is already transitioning to proof-of-stake which has a number of benefits including much lower power usage. I'm so tired of people equating bitcoin with all cryptocurrencies.
throwaway4good 6y ago
Worse as it is specifically designed to run on GPUs. They would like to switch to proof of stake and plan to do so next year.

coldpie 6y ago

What usage? Isn't bitcoin used only for speculation, and a bit of crime on the side? I'm not aware of any usage for bitcoin that isn't purely commodity trading (with zero actual underlying value) or scams.

flatline 6y ago
Ethereum has had a few other interesting, non-black-market uses over the years. DeFi, game assets, NFTs, etc. And the technology has actually evolved. Bitcoin is just...still bitcoin.
- BTCOG 6y ago
  These are all bubble scams.
rawtxapp 6y ago
A significant % of Bitcoin hasn't moved in years, people seem to be using it as a store of value. Crime usage is magnitude smaller than traditional currencies (source Citi's Bitcoin on the tipping point report).
- earthtolazlo 6y ago
  The same Citi report that confused percentages with basis points in reporting that 13% of credit card charges are fraudulent? https://www.ft.com/content/8553aba7-8beb-4b48-9287-be6a08065444 https://www.ft.com/content/8553aba7-8beb-4b48-9287-be6a08065...
BTCOG 6y ago
Bitcoin is used daily for paying real people money across the internet. You are in fact speculating on it's uses.
Zamicol 6y ago
I know someone who just took out a loan on Ethereum to buy a house. That's its usage. https://defipulse.com/ https://defipulse.com/ Every one of those "apps" is usage on Ethereum, everything from trading (Uniswap, think of it as a Coinbase competitor), loans (Maker), to mutual fund like assets (Yearn). It's hard to convey in a few words how much better buying a house using Maker/Eth was compared to going to a bank. Everything about the process smashes the traditional system.

bingbong70 6y ago

ETH wasn't designed to be a store of value, there is no max supply and the emission rate is higher than even Vitalik predicted/expected... storing your money in ETH is generally a bad idea.

yokem55 6y ago
They are changing the transaction fee pricing system though to a model that 'burns' (dumps to /dev/null) part of the transaction fee when there is congestion. Exactly how much will be burned is hotly debated, but it will put a damper on the inflation side from block/staking rewards.