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Why Ethereum Is Outpacing Bitcoin (venturebeat.com)
Even as Bitcoin hits its all-time high, people's interest in other cryptocurrencies hasn't waned, especially Ethereum. But what makes Ethereum popular among some? From an article on VentureBeat: Despite its recent appreciation in value, as a technology, Bitcoin has stagnated over the last three years. Two rival factions have emerged with violently opposing views on what should be done to allow the Bitcoin network to handle more transactions than it can right now. While Bitcoin has been paralysed by indecision, Ethereum has raced ahead with technology that not only does everything Bitcoin can do faster, in higher volume, and at lower cost -- it does a lot more besides. [...] Bitcoin is really only useful as a store of value. Even then, its usefulness for actually transacting value is limited. In a world where people are used to online payments being confirmed instantly, Bitcoin transactions can take anywhere from tens of minutes to several hours, depending on how busy the network is. It's also expensive -- especially if you're only sending small amounts. The average transaction currently costs about $1.50. Ethereum, on the other hand, was never intended as a Bitcoin competitor. Ethereum is actually a platform for new kinds of decentralized (often financial) applications (dApps) that run on a peer-to-peer network of computers. These dApps are designed to disintermediate the kinds of relationships and transactions for which we have traditionally required things like banks, public registries, and the legal system. For technologists, this is exciting stuff, and a vibrant community of software developers has enthusiastically embraced it. Hundreds of projects, startups, and companies at every scale -- including the likes of Intel, Microsoft, and Samsung -- are building software using Ethereum.
Seriously, please stop the virtual currency spam.
Yes, I get it: 1% of /.ers had high end gaming rigs back when Bitcoin first started, so some old /.ers are Bitcoin Millionaires and want to dump their coins. But the other 99% of us aren't Bitcoin Millionaires, and we're getting really tired of this shit on the frontpage all the time.
#FuckThe21stCenturyTulipFarmers
Can we stop reposting press releases verbatim? VentureBeat has been a shill site since its inception.
Oh yes, that's a completely unbiased story. Completely. Ignore.
Despite its recent appreciation in value, as a technology,
Bitcoin has stagnated over the last three years.
- 3 years ago I think the price was about 640USD or so, today it's about 2640USD.
Bitcoin is really only useful as a store of value.
- value of what? Bitcoin cannot keep value, it can move by 20% up or down in a single day.
Even then, its usefulness for actually transacting value is limited.
- all speculative crypto-currencies are of limited value of transacting, as they appreciate they become more expensive to deal with and nobody actually wants them, people want to get some money that is more stable (even though AFAIC USD is inherently flawed and failing as money, it is still more stable in intraday trading so far, it doesn't jump up and down by 20% in a day)
Ethereum, on the other hand, was never intended as a Bitcoin competitor.
- of-course not. All crypto-currencies that are not backed by anything exist for the reason of creating inflation in the crypto-currency world (expansion of the money supply), the only real difference is who gets their hands on the newly created coins first. So people who are interested in mining Bitcoins but are too late in that game come up with a different currency of their own, then this repeats. Bitcoin itself may be limited in total number of coins that can be created but the supply of crypto-currencies in general is absolutely limitless. A new one can be started every day (or more often than that).
Hundreds of projects, startups, and companies at every scale -- including the likes of Intel, Microsoft, and Samsung -- are building software using Ethereum.
- until they all jump ship to another one.
You can't handle the truth.
Thank goodness we have the good people of slashdot and Venture Beat (TM) to alert us to these important investing opportunities! We should Act Now because Prices Will Surely Rise!
soon as you mentioned MS intel and samsung, the answer is no fookin way
intel and ms are spyware happy and backdoor happy stooges for you know what.
SAMSUNG well fook it if they lump in with two stooges , the saying goes
if it smells like shit it is shit
NO THANKS
from da world that values privacy
Thanks for this PR piece
Practically every recent item on Ethereum promotes its virtues and potential and completely ignores its many problems. I see this ending in tears.
People don't actually use ETH for anything except ICO scams and speculation https://medium.com/@WhalePanda/i-was-wrong-about-ethereum-804c9a906d36
Isn't Ethereum something you mine for in Azeroth or something?
Or it could be that people in South Korea are out to make a quick buck in ICOs...
https://cointelegraph.com/news/ethereum-price-closes-on-400-can-it-take-over-bitcoin-soon
America is already in the dust. All that is sustaining it is the dregs of previous momentum.
It doesn't matter which one is technologically superior. The one that will become the most adopted is the one that is most widely accepted for the purchase of drugs and other illegal goods.
Even as Bitcoin hits its all-time high, it has waned people's interest in other cryptocurrency,
What the? Do you mean interest in Bitcoin has waned? Or are you trying to say it is whetted or perhaps piqued people's interest in other cryptocurrency? That's what the rest of the story is stating, while the above seems to state the exact opposite.
Better known as 318230.
Every time I think about crypto currencies.
Thank you posting about Ethereum. Most news sites only talk about Bitcoin. As a nerd, I like hearing what's next and what tech works better.
Never change, slashdot. Never change.
I can't believe the average Bitcoin transaction fee is (currently) $1.50. I swear I read a couple years ago it was a few satoshis (fractions of pennies). How did a decentralized system become more expensive than the credit-card oligopoly's processing fees? Epic fail, Bitcoin. I guess that explains why it wasn't being used for micropayments. I have a feeling this is like the real-estate market, where everyone wanted the prices to go up, and then people wonder why noone's buying homes anymore.
Corruption is convincing someone that the selfless ideal is the same as their selfish ideal.
But since the KGB is gone, who will do the possible programming?
And a 400x increase in less than two years.
A currency with a built-in effective inflation rate of negative 99.75% isn't useful as a currency at all.
j'ai découvert une démonstration vraiment admirable (de ce théorème général) que cette si
Which one does Elon Musk prefer?
Or if he's busy bilking the taxpayer, umm I mean being entrepreneurial, then ask Bennett Haselton.
Confucius say, "Find worm in apple - bad. Find half a worm - worse."
Disclosure: I am a contractor at the Ethereum Foundation. We have no marketing department and almost everyone there are researchers and developers.
Ethereum is simply growing. Who cares if it is outpacing Bitcoin? Bitcoin might be as big as it needs to be, and if not, more people will adopt it. Forget all of the hype, price discussions, its position vs. bitcoin or other technology. Just check out what it can do for you, either as a technologist or just someone using technology.
Basically, Ethereum offers a vast, shared memory and computation space, secured by cryptography and economics, and this enables smart contracts to run without interference or modification. There are clients enabling users to interact with Ethereum smart contracts, either on their phone or on their desktop. That is all functioning now, and busily powering and even funding dozens of startups.
Under active development by Foundation devs and the community are some new pieces: sharding, faster and cheaper transactions with state channels, off-blockchain file/data storage, real-time signaling, and a decentralized name service.
Popular ethereum wallet sends all of your coins to the developer.
https://twitter.com/ButtCoin/status/874393234037932032
In Soviet Russia the programming does the KGB!
Since you're here what do you think of the book "Introducing Ethereum and Solidity " by Apress? There are currently no reviews and Apress books are usually hit and miss (Pro Docker for example).
Bitcoin works and the security had been solid for a very long time.
Ethereum has a lot of extra features (ie. major changes compared to the stock bitcoin system). These are almost completely unproven. It would only take one cryptography bug or similar and the whole thing will crash down.
Blockchains is where the real research is. The cryptocurrency angle is the sugar making everything sweet enough to get people's attention, because, after all everyone loves money.
You don't need a block-chain to validate contracts. At best cryptography like what's in PGP will serve well enough. I and three other witnesses "sign" the contract with our private keys.
Ethereum is getting a lot of attention because developers think they have a new language to code away every problem. Except, as we already saw with the hard fork and creation of Ethereum Classic, a turing complete language that is bound to *real value* is not safe.
This very important point aside, the devs pre-mined 12 million coins! There are 21 million bitcoins ever. From the start they printed over half of the tokens the bitcoin network has. Then, because actual circulation is low, we have tokens worth $100. Check it out.
https://etherscan.io/stat/supply
https://www.etherchain.org/tx/0x9c81f44c29ff0226f835cd0a8a2f2a7eca6db52a711f8211b566fd15d3e0e8d4
Genesis block makes up still the majority of the network, and they have printed 4.3 times as many tokens as bitcoin will ever have.
This is a straight Tulip pump built on a dangerous promise. We have already seen them roll back the chain once. This can and will happen again.
That has got to be the most I'll informed, paranoid and stupid statement I've heard.
I agree.
Keep believing mainstream media and a war will break out that will leave millions dead in hours because we are tired of the shit.
This one is about as ill informed, paranoid and stupid as the statement you criticized.
Anything which has a value that increases with supply and demand only serves to divide and enslave people, not set them free.
...from layered pyramid schemes (ICOs).
Vitalik Buterin created an elaborate ponzi scheme built upon the liquidity and hype available from the bitcoin ponzi.
Get any experienced coder to look at Ethereum and they all agree it is a total mess.
Everytime ICO's are issued they lock up a portion of ETH which boosts the price of those ETH which are not locked up. It really is that simple.
Ethereum is simply a more clever version of the bitcoin ponzi which counts on supply to be kept off the market through a tiny group of participants owning the majority.
Ethereum is more clever in that it gives off the illusion that some 'development' for the future of mankind is developing on all its many layers. Made up tech vocabulary leads to the necessary confusion needed to mask the ponzi.
ICO's promise quick riches which create a demand for ETH. The supply of sellable ETH is reduced with this mechanism. Which ultimately drives up the price of ETH and makes the original holders rich.
Under this mechanism you can get multi billion dollar market caps without any products or services adding value to anything.
Ethereum represents the most successful implementation of the 'ponzi within a ponzi' concept that is bitcoins real innovation.
What we are seeing now is a golden age of boiler room scams except engineered towards the generation who grew up on the internet.
Vladimir Putin has installed Donald James TRUMP as a KGB puppet. TRUMP has been brazen enough to flaunt it by marrying Russians. Putin in recent days has decided to have an Etherium like cryptocurrency to take over the Russian Rooble. The next step in the process is likely to be TRUMP issuing a parallel cryptocurrency to replace the dollar and then merge with the Russian cryptocurrency. In this way the Dollar will die for the world currency and Russia will use its cyber warfare/tactics to undermine e-security of the USA and leave America in the dust.
Rooble? Seriously?
You're a Russian Rooble.
"What the American public doesn't know is what makes them the American public." -Ray Zalinsky (Tommy Boy)
What kind of fool do you take us for?
LOL, you really want to know?
"What the American public doesn't know is what makes them the American public." -Ray Zalinsky (Tommy Boy)
I am one of the 99% who did not get in on the bitcoin craze early on, so I am not a multi-millionaire. I think this is totally unfair. We need government to take away all that bitcoin from the 1% and re-distribute it to the rest of us! I'm sure that the only reason they are now rich is because of their "tech privilege" while the rest of us were using inferior desktops. Something must be done about this INJUSTICE.
1849.
Don't get me wrong, bitcoin and the like are great for buying weed on the internet, but surely that wasn't what it was made for?
What's the point of it all?
If I had spent only a few hundred dollars to buy bitcoins... I didn't even need to mine the damn coins, I would have been a millionaire right now LOL !!!
1. There is no firm “upper cap” on Ethereum issuance, the schedule is 99 Million by 2025, 101 Million by 2128, and 104 Million by 5189.
2. Storage requirements for the barely 2-year crypto-currency will approach 1,024 GB inside a year. (By comparison, Bitcoin is 8.5 years old and uses 126 GB).
3. Ethereum mining supply is a huge overhang on the market. 26,205 ETH was mined in the last 24 hours compared to 1,838 BTC. This is approximately 14 times the rate, which must be absorbed by the Ethereum market every DAY to just maintain their current price.
4. Of the total ~92.4 Million ether in existence, 60 Million were pre-mined for the “presale” and another 12 Million are controlled by the select centralized group doing development. That represents 77% sitting in very few hands compared to the outstanding float.
For those reasons and more, including lack of technical competence, Ethereum has a lot of obstacles to overcome before they can start gloating about taking away Bitcoin’s market share.
I understand that ethereum has its fans, and rightly so. However, vaporium is much more widely accepted. Who wouldn't prefer being paid with vapor instead of ether?
Citation needed
There are three kinds of falsehood: the first is a 'fib,' the second is a downright lie, and the third is statistics.