it looks like Ethereum can’t compete against Bitcoin at all.
PoS can be abused by rich stakers and makes a project centralized in many ways like premined coins and devs can create much influence by staking a large amount of PoS coins. PoW is not having such issues.
Many Altcoins don’t offer anymore to create private and public keys to prove ownership of funds and access it. It is very concerning and seems mind blowing to many experienced coders.
For example, when creating a Solana wallet or similar new Altcoins. Altcoin developers are not focussing on security.
Or even MEW is bitching around more and more every time going away by implementing insecure patches. We need to have our private key offline.
Many Altcoins are leaving people vulnerable which is very concerning.
Bitcoin is better like Electrum for example. Its design is not so nice but Electrum is good tech and recommended by many experts.
it looks like Ethereum can’t compete against Bitcoin at all.
First of all, Ethereum have different goal compared with Bitcoin, primarily due to smart contract and token feature.
From a more practical perspective, Ethereum is an open source, globally decentralized computing infrastructure that executes programs called smart contracts. It uses a blockchain to synchronize and store the system’s state changes, along with a cryptocurrency called ether to meter and constrain execution resource costs.
The Ethereum platform enables developers to build powerful decentralized applications with built-in economic functions. While providing high availability, auditability, transparency, and neutrality, it also reduces or eliminates censorship and reduces certain counterparty risks.
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Unlike Bitcoin, which has a very limited scripting language, Ethereum is designed to be a general-purpose programmable blockchain that runs a virtual machine capable of executing code of arbitrary and unbounded complexity. Where Bitcoin’s Script language is, intentionally, constrained to simple true/false evaluation of spending conditions, Ethereum’s language is Turing complete, meaning that Ethereum can straightforwardly function as a general-purpose computer.
Earlier, I have had a much more positive view about Altcoins but when reviewing opinions of computer scientists, coders and developers, it looks like Ethereum can’t compete against Bitcoin at all.It's important to say that Ethereum had rollback of coins, and they made so many changes that makes it inferior to bitcoin in many ways.
Security is better for bitcoin and there is no founder that can be arrested and blackmailed.
He centralizes too much power over the network... he can be coerced by governments to make changes in the protocolOr maybe he was already coerced by some government. :P
Security is better for bitcoin and there is no founder that can be arrested and blackmailed.
I agree. This is a problem of Vitalik's blockchain.
He centralizes too much power over the network... he can be coerced by governments to make changes in the protocol
Well, in defense of Ethereum though, they do have different full nodes and reference implementations, and they can't all be coerced into implementing the same EIPs.
I'm not even sure if Vitalik is able to get an EIP approved all by himself, in the event that he was compromised by a government. Because the EIP would need to be published in order to start a change.
I somewhat agree with this part. In addition, it's not easy to find altcoin wallet which are open-source and let user have access private keys.In my research about wallets, bitcoin is the only wallet that does not have any other coin wallet. When I checked MEW for Ethereum, I saw other wallets in the MEW but I didn't see it like that in the bitcoin wallets I have use. Such as Electrum, bluewallet etc.
I somewhat agree with this part. In addition, it's not easy to find altcoin wallet which are open-source and let user have access private keys.In my research about wallets, bitcoin is the only wallet that does not have any other coin wallet. When I checked MEW for Ethereum, I saw other wallets in the MEW but I didn't see it like that in the bitcoin wallets I have use. Such as Electrum, bluewallet etc.(https://www.talkimg.com/images/2024/05/28/LvgeZ.jpeg)This is MEW interface with other Blockchains. This is the quality of open Open Source with other projects. And another differences are the PoW and the Whitepaper specifications. Bitcoin made their very clear for all to see.
You see other coins in MEW for 2 main reasons:Thanks for the information +1 karma for you. There was a time I was looking for a wallet that suitable only for Ethereum and a wallet suitable for Solana and the rest but none. So the real decentralization are f those projects are not. And most of those coins are just surviving from Ethereum and Solana network. And that is wrong.
1 - lots of layer 2 looks like coins, you are basically changing network to use optimism, arbitrum, base, Linea, etc... all of those are ethereum L2.
2 - many other projects are ethereum copy-cats. For example, BNB is a CTRL C CTRL V ethereum. You just need to change the network to use it
When someone is asking me or I need to explain and compare fundamental differences between Bitcoin and Ethereum, I would be happy to give a good explanation, why Ethereum can’t compete against Bitcoin.
It is big controversy for a long time, if a coin makes PoW or PoS, like it was for Ethereum [ETH]. Not for Bitcoin because Bitcoin developers have decided PoW is best because of security. From what Experts have said so far, PoW is very hard or almost impossible to compromise instead of PoS, where more attack vectors can be found.
I won't say unreliable but self centered coders
Still, people are buying coins from unreliable coders like Tron from Justin Sun or even weaker DeFi coins like Acala Stablecoin from Polkadot’s supplier Web 3.
Unfortunately, some people will only learn after a loss.
PoS can be abused by rich stakers and makes a project centralized in many ways like premined coins and devs can create much influence by staking a large amount of PoS coins. PoW is not having such issuesPOW still has its flaws but it's strength made up for it especially with Bitcoin.
Ethereum, I would be happy to give a good explanation, why Ethereum can’t compete against Bitcoin.well they ain't really competing since they have different function and utility hence different market.
well the altcoin market is shared among various token unlike Bitcoin that enjoy the attention of many developers.
I somewhat agree with this part. In addition, it's not easy to find altcoin wallet which are open-source and let user have access private keys.
Well introducing POS started it all and not to mention Ethereum enjoyed been close second with Bitcoin then but now it's barely holding to that position since many are collecting the pie of smart contracts market.
It's important to say that Ethereum had rollback of coins, and they made so many changes that makes it inferior to bitcoin in many ways.
Another thing is fair distribution of coins for Bitcoin, there was no presale of coins like in the case with ethereum.
Security is better for bitcoin and there is no founder that can be arrested and blackmailed.
-snip-The move of ETH to POS called "The Merge", did make a very, very significant difference.
Well introducing POS started it all and not to mention Ethereum enjoyed been close second with Bitcoin then but now it's barely holding to that position since many are collecting the pie of smart contracts market.