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> Does nothing for humanity Really? If that energy consumption problem wasn't there, what advantages does Ethereum have over Bitcoin? Would it even exist, sinc

by webXL 5y ago

> Does nothing for humanity Really? If that energy consumption problem wasn't there, what advantages does Ethereum have over Bitcoin? Would it even exist, since it offers many of the same features?

meowface 5y ago
Ethereum natively supports smart contracts. Bitcoin doesn't support them natively; any attempt to add them has to be a separate layer on top. That's why the past few years have seen a rise in fungible and non-fungible tokens (average merit of those aside for the sake of argument, since this is just answering the question "it offers many of the same features"), pretty much all of which are hosted on Ethereum or Ethereum code forks like Binance Smart Chain.
- webXL 5y ago
  So back to the OP's point, Ethereum minus smart contracts and efficient energy use is "nothing for humanity", as if the basic features of money haven't improved our standard of living and there's nothing wrong with central banks and the powerful that benefit from them. The energy used provides immense value today. The costs need to be internalized though.
  - sobani 5y ago
    > Ethereum minus smart contracts [...] is "nothing for humanity" No shit, if you take away the defining feature of something, you will be left with very of value indeed. That's like saying the web without HTTP is nothing for humanity.
    - webXL 5y ago
      The “as if” part means it can only be true if the regular money aspect of these two cryptos has no value, which is laughable.
- miohtama 5y ago
  For more details on advantages of Ethereum over Bitcoin, and advantages other new blockchains have over Ethereum, please see my recent presentation: https://capitalgram.com/posts/history-of-cryptocurrencies/ https://capitalgram.com/posts/history-of-cryptocurrencies/
  - RhodoGSA 5y ago
    Interested to hear your thoughts on Polkadot. At the end of the first section, you stop the 'innovation train' at NPOS. Polkadot takes all the ideas presented in your article, combines them and adds a couple unique ideas such as parachains.
    - meowface 5y ago
      (Not the parent poster.) I've looked at it and think it looks interesting, but I think Ethereum may be approaching something like JavaScript's status, now. It's not necessarily technically ideal, but it has first-mover advantage, tons of network effects, and an entrenched position, so it might have already won. I think there's a decent chance they may eventually pivot a bit and rebrand Polkadot or Substrate as an Ethereum layer 2 platform. They already seem to be leaning in that direction a bit.
      - RhodoGSA 5y ago
        Most of the development team of polkadot is the team that made eth.

by webXL 5y ago

> Does nothing for humanity Really? If that energy consumption problem wasn't there, what advantages does Ethereum have over Bitcoin? Would it even exist, since it offers many of the same features?

meowface 5y ago

Ethereum natively supports smart contracts. Bitcoin doesn't support them natively; any attempt to add them has to be a separate layer on top. That's why the past few years have seen a rise in fungible and non-fungible tokens (average merit of those aside for the sake of argument, since this is just answering the question "it offers many of the same features"), pretty much all of which are hosted on Ethereum or Ethereum code forks like Binance Smart Chain.

webXL 5y ago
So back to the OP's point, Ethereum minus smart contracts and efficient energy use is "nothing for humanity", as if the basic features of money haven't improved our standard of living and there's nothing wrong with central banks and the powerful that benefit from them. The energy used provides immense value today. The costs need to be internalized though.
- sobani 5y ago
  > Ethereum minus smart contracts [...] is "nothing for humanity" No shit, if you take away the defining feature of something, you will be left with very of value indeed. That's like saying the web without HTTP is nothing for humanity.
  - webXL 5y ago
    The “as if” part means it can only be true if the regular money aspect of these two cryptos has no value, which is laughable.
miohtama 5y ago
For more details on advantages of Ethereum over Bitcoin, and advantages other new blockchains have over Ethereum, please see my recent presentation: https://capitalgram.com/posts/history-of-cryptocurrencies/ https://capitalgram.com/posts/history-of-cryptocurrencies/
- RhodoGSA 5y ago
  Interested to hear your thoughts on Polkadot. At the end of the first section, you stop the 'innovation train' at NPOS. Polkadot takes all the ideas presented in your article, combines them and adds a couple unique ideas such as parachains.
  - meowface 5y ago
    (Not the parent poster.) I've looked at it and think it looks interesting, but I think Ethereum may be approaching something like JavaScript's status, now. It's not necessarily technically ideal, but it has first-mover advantage, tons of network effects, and an entrenched position, so it might have already won. I think there's a decent chance they may eventually pivot a bit and rebrand Polkadot or Substrate as an Ethereum layer 2 platform. They already seem to be leaning in that direction a bit.
    - RhodoGSA 5y ago
      Most of the development team of polkadot is the team that made eth.