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557 sats \ 3 replies \ @anipy 4 Feb 2023 \ parent \ on: Daily discussion thread
No matter what Ethereum may promise, it can't compete with Bitcoin when it comes to features and security. Ethereum's reliance on AWS for hosting its blockchain is a major red flag for many, as it indicates a high level of centralization. Furthermore, Ethereum's high gas fees mean that transactions are often more expensive than those made with Bitcoin. When it comes to cryptocurrency, Bitcoin is still the gold standard.
No matter what Ethereum may promise, it can't compete with Bitcoin when it comes to features and security.
I think its the other way around. Give it a few more halvings and double spending and censoring BTC will become a feature and not a bug due to hashrate falling off a cliff.
Furthermore, Ethereum's high gas fees mean that transactions are often more expensive than those made with Bitcoin.
Bitcoin fees need to become much higher in order to justify the current market cap but you argue that if fees rise on one chain users move to another so according to your argument if i understand it correctly, bitcoin fees will never rise enough to pay for security because users will just move to the cheapest and fastest option
When it comes to cryptocurrency, Bitcoin is still the gold standard.
It has first mover advantage and some decent maintainers througout the years, it can probably run for alot of years without intervention now, but censoring it and double spending will mos likely become cheaper and cheaper as time goes on. Its not bullish imo.
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I completely disagree with the points you mentioned.
I used to consider myself a part of the Ethereum community as a developer around 2yrs ago, as evidenced of my work on projects such as writing smart contracts in Solidity and developing dApps, which you can see on my GitHub at https://github.com/aniketambore/Flutter-Blockchain. Even my articles written on DApps development which ethereum org display on their official website https://ethereum.org/en/developers/docs/programming-languages/dart/#top .
However, after conducting more research and examining Ethereum's history, I've come to see it as a centralized project with a focus on making money through marketing tactics, rather than a decentralized network of warriors as it's often portrayed. This view was solidified by events such as the DAO attack and the subsequent hard fork that split Ethereum into ETH and ETC, as well as the use of Infura, which is essentially just AWS nodes in disguise.
As a developer, not an investor, these factors have led me to question the true nature of Ethereum. You can hear more of my thoughts on the topic in my interview, available here: https://www.youtube.com/watch?v=xXsAHNclU3k. That's all I wanted to say. Peace.
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