Bet you've told your younger self that once or twice.

The only shitcoins I've owned are the ones airdropped to me before I dumped them.

How did you get shitcoins airdropped to you?

I'm guessing he means like BCH, Stellar, Byteball. The ones you got from holding BTC.

Oh man Byteball, haven't heard that name in a while. Dumping those free drops was so satisfying.

They should start denominating Bitcoin as MiliBits, where a MiliBit is 1/1000 of a Bitcoin. I’m guessing a lot of newer people feel that Bitcoin is too expensive and as a default purchase Ethereum, Litecoin, Doge, or some other coin. If another coin surpasses Bitcoin’s market cap then faith in Bitcoin could falter and the price would tank.

Dont mind me, posted in wrong thread.

How can an asset hitting ATHs have a lot of bag holders?

The idea that cryptographic tokens representing fiat dollars on a blockchain "aren't crypto" seems wrong.

ETH is completely broken at a technical level?

Doesn't seem true from my point of view. It actually seems like it's superior in every way imaginable to bitcoin. Thus i'm 60/40 ETH:BTC currently. I actually think ETH is going to eat bitcoins lunch. Wish I was confident enough to sell all my bitcoin now, i'll probably regret it later.

Immutability, decentralization and fixed supply.

I don't view Bitcoin as well decentralized as PoS ETH will be. ASIC tech is a barrier to entry, while a PoS validator could be run on a raspberry pi and use practically no energy at all. Who can even afford the ASIC and warehouse necessary to mine bitcoin? Rich companies, and people. It also makes it less censor proof because any government can easily trackdown the mining operations, they use a lot of energy. Much more difficult to point out where the PoS validators are located, they don't expenditure as much energy, thus much more stealth (and more security.)


Anyway it's the bitcoin thread. I'm still holding it, but i'm more skeptical every single day.

I don't view the fixed supply as a particularly compelling reason to be invested in it, never did. The more I read about ETH upgrades coming down the pipeline the more I realize they have come up with a better solution than mimicking gold.

I could be wrong though. Like I said, still holding bitcoin.

So in the future ETH may become superior in every way imaginable to bitcoin. I can’t disprove that. You didn’t address immutability btw.

Interesting take. I feel like Ethereum's biggest thing going for it, is that a lot of other coins depend on its platform. A lot of things have to go right for Ethereum to be a big success in the long run. PoS has been a goal for years, but I have doubts they will pull it off. Also fees don't really help it for being a currency. Bringing fees down is another huge obstacle and I don't know much of the risks involved.

I see it more as a digital commodity than currency, and I'm not really sure how to evaluate its worth. The biggest reason I could see it as a buy is the chance that one of the coins that depend on it has a breakthrough and Ether piggy backs on its success.

I like it so much more when almost everybody is bearish on BTC and is looking into the next shiny thing like BSC/SOL/ETH etc. Being the underdog feels more natural.

Why is everyone talking about ETH taking over BTC so much recently? I get the thesis for why it might, but it seems like the narrative has swung a lot in ETH's favor in the past week or 2 and I don't know what's changed during that time.

It's not just from that JP Morgan article about ETH outperforming BTC is it? Rollups, EIP-1559 have been known about for a while now I think? Or is it just people reacting to price action? But hasn't ETH been outperforming BTC for a while now? Just trying to understand the seemingly sudden change of how these crypto discussions are being framed.

I thought ETH and BTC were completely different things. How could one overtake the other?

ETH has more utility and is driving a lot of the new trends popping up. Thought is that it could overtake BTC as the market cap leader. I see a world where they coexist as providing separate functions, but certainly see ETH as the superior product

I don't think they are trying to do the same things though

correct but what drives value in them is speculation and investment so i believe they're talking about eventually people ditching one and sending it's price crashing in order to buy the other

Overtake in the sense that it becomes more dominant/relevant. I'm a newb so take this with a grain of salt, but my understanding goes something like this:

-Broader Ethereum network has a lot of potential because so much stuff relies on it

-Some people think that because of this, the overall Ethereum network's market cap will eventually surpass that of BTC

-Regardless of whether this happens, BTC is supposed to have a stranglehold on Store of Value™

-Some are now questioning whether as all this happens, ETH - as it realizes its potential as its own digital economy - may also surpass BTC as a store of value.

-BTC potentially no longer being the SoV champion comes with bearish sentiment (or at least less bullish compared to ETH).

People who know better please correct anything I said that mischaracterizes the situation.

Yeah I get all this, but hasn't this generally been the case for a while? It feels like discussions have taken such a sharp pro-ETH turn lately that there must be something more specific.

DeFi

I think NFTs are built on the back of ETH too.

Probably some other smaller things going on, but mostly DeFi

Technically able computer people might have understood the difference between bitcoin and ethereum for a while but the people wielding the money haven’t. It takes time for these people to enter, experiment and understand/evaluate the space. Their first stop is bitcoin. When they find that interesting they have a play with ethereum.
Bitcoin was catching the attention of financial institutions around July last year onwards, pause, delay, ethereum.
That’s my guess anyway, no proof except my own experience.

I think this is spot on.

I think that's probably an accurate guess.

IMO, it's not a single specific thing, it's just a general shift towards more ETH talk, and no doubt the new ETH ATH has added to that. That is also slightly magnified in this thread I imagine, because myself and a couple of others have mentioned moving some of our holdings from BTC to ETH.

ETH could get it's hooks in with the art community so much more if gas fees weren't a thing

Classic anti-Bayesian take. Unwilling to change your mind from when you decided 6 years ago.

As ETHBTC crossed .05 overnight, ETH is now up >100x vs BTC since inception. BTC maximalism/"ETH is garbage" not performing so hot. Congrats!

Seeing more and more former permbears capitulate is extremely satisfying.






If you're not a trader I get not trading the ETHBTC ratio; and yes if you are from USA it is a taxable event. But if you hold some BTC, some ETH, or both, you are implicitly trading it. Having 0 allocation to ETH as a passive investor is insane.

I sold the last of my BTC at .031 on 3-18. Will probably buy it back at some point in the future but not yet. EIP-1559 having a firm inclusion date was just too good to pass up. I look forward to when BTC capitulates and includes BIP-1559.