Comment by rglullis | Hacker News Reader

Comment by rglullis | Hacker News Reader

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Compare with Ethereum and you can quickly be disabused of this notion that they are at all similar.

- Ethereum uses PoS, and you can run a validator with commodity hardware which costs a couple of hundred dollars.

- All the validators online at this moment consume a fraction of electricity used by all current videogame consoles in stand-by.

- Ethereum's value is not derived from the expectation that it is a "store of a value", but that it will be required to run a lot of basic activities in its blockchain. "If BTC is digital gold, ETH aims to be digital oil" is a good analogy coined by Buterin.

- Because of this focus on the blockchain and its applications, very few people working in ETH actually worry about its price. Bitcoiners by and large do nothing but try convince other people that their coin is the chosen one. Ethereum developers don't really care about any specific coin, just that it runs on the Ethereum blockchain.

Do you need more examples?

So vi vs emacs then.

I understand your points (I stayed up to watch the switch from PoW to PoS on my Ethereum nodes as one example) but no one else does, and that's my point. If anything you mentioned offered value other than "trade vs USD" there would be adoption - like oil and consoles.

All you have to do is take a quick look at a block explorer, dappradar[0], tokens, etc to discover very quickly no one (0.5% of global internet users - literally) uses any of this stuff other than gambling. Horrible "play to earn" games, NFTs, tokens, DEXes to swap tokens around (more gambling and criminality), etc. The only thing the improved technology of Ethereum has done is continue the "crypto way" of inventing new ways to gamble and scam people.

Even the vast majority of people that interact with the space see ETH, BTC, etc as just another trade ticker they denominate value in fiat with. All of these trades operate on an order book in an exchange and has nothing at all to do with the underlying blockchain and whatever supposed differences/advantages/etc the technology has.

The entire underlying technology could disappear tomorrow and it would have meaningful impact to an even smaller group of people than your favorite text editor. No actual utility lost.

[0] - https://dappradar.com/rankings

The fact that the majority of people don't use "as intended" does not mean that they are the same. One has a potential for (and welcomes) change, the other is treated as a cult with a single doctrine.

> The entire underlying technology could disappear tomorrow (...) no actual utility lost.

The same could be said, e.g, ActivityPub. Doesn't stop me and others to try to dismantle Facebook/Twitter or at the very least to provide an alternative.

None of this addresses control of code base, limited exchanges handling the majority of traffic, or the scam aspect.

Sure eth solved some of bitcoins issues, it also increased the scope of crypto scams to a whole new level.

The fact that a crypto 'currency' is supposedly operating at prices irrelevant to it's value is not an argument that helps you in any way in this situation.

- Ethereum has (last I checked) 9 different independent implementations of the client. No centralized development.

- Uniswap (one of the first decentralized exchanges running on the blockchain) has more transaction volume than Coinbase. All you need to use is an Ethereum wallet. No dependency on central exchanges.

As for scams: do you also blame Western Union for the billions of dollars they enabled?

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