Why Ethereum?

[null]

Damn, this is alot to analyze. Appreciate y'all taking the time to contribute to the thread.

No one answered your question directly.

If you can ELI5 (Explain it like I'm five), what makes Ethereum the #2 coin? What makes it special? Why do people think it will grow in value?

Instead they started arguing about something else. And supplied lots tangentially connected videos and links.

In other words typical coli "hard facts" thread.

 

[Ish Gibor]

No one answered your question directly.

If you can ELI5 (Explain it like I'm five), what makes Ethereum the #2 coin? What makes it special? Why do people think it will grow in value?

Instead they started arguing about something else. And supplied lots tangentially connected videos and links.

In other words typical coli "hard facts" thread.

It was explained, but you simply didn't get it.

Two terms.

PoS (Proof of Stake).
Use Case, *AAS (*As A Service).

 

[null]

It was explained, but you simply didn't get it.

Two terms.

PoS (Proof of Stake).
Use Case, *AAS (*As A Service).

Oh I got/know-it-already it all right.

You disturbed people keep arguing at the drop of a hat.

I'm not playing along.

-

The answer is: One is a token (treated as an asset) and the other is a token (which acts as an asset) and a component which forms the basis for a platform - based principally on the ability to embed customised actions within each token. These include but are not limited to smart contracts.

Deep dives notwithstanding the *kerfuffle* over something so simple is pure coli.

Take a bow

 

[Ish Gibor]

Oh I got/know-it-already it all right.

You disturbed people keep arguing at the drop of a hat.

I'm not playing along.

You don't have to play along, all you have to do is explain it to him in your best effort, since you aren't content with the replies by others.

 

[null]

You don't have to play along, all you have to do is explain it to him in your best effort, since you aren't content with the replies by others.

That is the answer: https://www.thecoli.com/posts/41051715/

 

[Ish Gibor]

That is the answer: https://www.thecoli.com/posts/41051715/

All you do is argue is circles and not contribute to anything. And I am sure, half of what was exchanged you don't even understand.

Bitcoin is based on the PoS (Proof of Stake) concept.
Ethereum is based on the Use Case, *AAS (*As A Service) concept.

 

[null]

All you do is argue is circles and not contribute to anything. And I am sure, half of what was exchanged you don't even understand.

Bitcoin is based on the PoS (Proof of Stake) concept.
Ethereum is based on the Use Case, *AAS (*As A Service) concept.

thecoli.com

don't @ me

 

[that guy]

As we speak there are projects underway that are more cost efficient than Ethereum. We yet have to see Eth 2.0 will do. When I said replacement, it was a bit exaggerated indeed.

Top 20 Alternatives & Competitors to Ethereum

Top 10 Blockchain Platforms to Explore in 2020 | EM360

Secondly, if Ethereum doesn't solve the high fees, people will look for alternatives, like some mentioned above. In term of the applied technology,"smart contract functionality", they are still ahead. However this can be implemented in other Blockchains as well. The most important thing is cost efficiency. This is what every complex strives managing. As we are posting this costs a lot of energy which translates into bills, but also into waste. Not just waste of money, Kwh, but also the over longterm greenhouse effect, which is toxic waste produced by these devices. And as the network becomes larger with IoT-devices it will take a bigger tole. I guess you are familiar with the Green New Deal?

"As of 05:45 UTC (12:45 a.m. ET), February 4, 2021, the average and median transaction fee on Ethereum reached as high as $23.43 and $11.77, respectively, data from Blockchair indicates."
Ethereum Transaction Fees Hit Record Highs as Ether, DeFi Coins Soar- Yahoo

"Fees for transacting on the Ethereum network breached previous records, passing above $20 for the first time Thursday."

Ethereum Transaction Fees Hit Record Highs as Ether, DeFi Coins Soar - CoinDesk

I was listening to this show last night and the guy The Black Ambassador made some solid arguments, to what Blockchain technology means to Black people now and in the future. He explains what the problem with many Black people is in Blockchain technology, how Black people don't think solution based and just run behind anything, last. And this is how we end up with people saying that Ethereum cannot and will never be replaced. I remember the time when Bill Gates was the richest man on earth and everybody including myself said, nobody can excel (no pun intended) that.

I’m not saying ethereum can not be replaced, there’s just no other replacement at the moment. Firstly, the technology is new, like I stated earlier cell phones used to be the size of a brick and and a cell phone plan was thousands of dollars a month. Now a cell phone can be almost as thin as paper and a cell phone plan is a couple of dollars a month. Over time the technology will improve and become more cost effective and efficient.

Everyone claims to be the ethereum killer but no one has yet to actually prove that they can do what ethereum can do. That’s why the gas fees are so high, because the demand to be on the ethereum blockchain is so high. The miners are going to always take the transactions with the largest fees because mining is so expensive. The reason other crypto fees aren’t so high is because there’s simply no demand for their technology. Their fees may be low now but what do you think will happen when their demand for block space is as high as ethereums?

 

[that guy]

No one answered your question directly.

If you can ELI5 (Explain it like I'm five), what makes Ethereum the #2 coin? What makes it special? Why do people think it will grow in value?

Instead they started arguing about something else. And supplied lots tangentially connected videos and links.

In other words typical coli "hard facts" thread.

I think you might want to read the thread again or you’re just trolling, no one is arguing except you ironically...
I explained in simple terms the difference between ethereum and Bitcoin and why he should pick one over the other. The other poster was explaining the technology itself while I was primarily explaining the purpose of the technology.

Bitcoin was designed to be digital gold as a counter to the never ending inflation and devaluing of the dollar, while ethereum is designed to provide the framework that the entire decentralized banking system is built on top of just like the internet.

You store your money in Bitcoin just like you do cash or gold, except Bitcoin is designed to only increase in value while dollars lose value every year due to inflation. You invest your money in ethereum because it’s a technology that will innovate and fundamentally change the way we bank. Just like apple or Tesla or IBM.

 

[that guy]

Oh I got/know-it-already it all right.

You disturbed people keep arguing at the drop of a hat.

I'm not playing along.

-

The answer is: One is a token (treated as an asset) and the other is a token (which acts as an asset) and a component which forms the basis for a platform - based principally on the ability to embed customised actions within each token. These include but are not limited to smart contracts.

Deep dives notwithstanding the *kerfuffle* over something so simple is pure coli.

Take a bow

See you were so eager to intellectually masturbate that you didn’t even answer the question, the op didn’t ask what ethereum and Bitcoin is, he asked why he should pick one over the other. Your post didn’t explain that to him. As a person that is new to cryptocurrency how would he know what a smart contract is? How would he know what a token is? Your reading comprehension skills are lacking. That’s why I explained the purpose of crypto and the other poster explained the technology itself

 

[that guy]

All you do is argue is circles and not contribute to anything. And I am sure, half of what was exchanged you don't even understand.

Bitcoin is based on the PoS (Proof of Stake) concept.
Ethereum is based on the Use Case, *AAS (*As A Service) concept.

I think he’s trolling, I didn’t get into the proof of stake vs use case because the op said he’s new to crypto so I didn’t want to confuse him. The way I learned about crypto was to first understand the purpose and implications of decentralized finance and then learn the technology itself. It took me a while to actually understand because I was trying to understand the technology first without grasping the actual purpose of defi

 

[Ish Gibor]

thecoli.com

don't @ me

Explain what the difference is between Proof Of Work (PoW) and Proof Of Stake (PoS)? smh

Oh I got/know-it-already it all right.

You disturbed people keep arguing at the drop of a hat.

I'm not playing along.

-

The answer is: One is a token (treated as an asset) and the other is a token (which acts as an asset) and a component which forms the basis for a platform - based principally on the ability to embed customised actions within each token. These include but are not limited to smart contracts.

Deep dives notwithstanding the *kerfuffle* over something so simple is pure coli.

Take a bow

WRONG!!!!

A token has specific functions and is build upon a Blockchain, usually by a third party. Bitcoin and Eth are both independent Blockchains. This is what makes all these "alt coins", build on DAPP Token (DAPPT), ERC20 Token etc. You don't even know what a token is and what it can do. The only thing you got right was that Ethereum is based on peer to peer smart contracts. It is the smart contracts which gives valid use cases.

As That Guy stated prior. How is someone new to this going to understand what "smart contracts" are?

I wrote:

“Bitcoin used to be what Eth became as an exchange, but it’s even more expensive in usage. Bitcoin has become the scarcity commodity, which is expensive in transactions and it doesn’t have solutions for other problems in payloads.[...]
Here are solution based examples what Blockchain technology can do for infrastructure, distribution and logistics…".

And that is fundamentally the concept of Ethereum.

And that was a direct response to the question:

"what makes Ethereum the #2 coin? What makes it special? Why do people think it will grow in value?".

 

[Ish Gibor]

I’m not saying ethereum can not be replaced, there’s just no other replacement at the moment. Firstly, the technology is new, like I stated earlier cell phones used to be the size of a brick and and a cell phone plan was thousands of dollars a month. Now a cell phone can be almost as thin as paper and a cell phone plan is a couple of dollars a month. Over time the technology will improve and become more cost effective and efficient.

Everyone claims to be the ethereum killer but no one has yet to actually prove that they can do what ethereum can do. That’s why the gas fees are so high, because the demand to be on the Ethereum blockchain is so high. The miners are going to always take the transactions with the largest fees because mining is so expensive. The reason other crypto fees aren’t so high is because there’s simply no demand for their technology. Their fees may be low now but what do you think will happen when their demand for block space is as high as ethereums?

You are right about some of the things you said, but the reason why cellular phones became cheaper is because it they became more accessible to the masses. So there is a commercial element to it. However, the technology is still harsh on the ecology. Every time you put out an email, search or post here (for example) it drains energy sources from hardware devices (network components that make the internet). So it's partially due to hardware engineering and partially due to software engineering. The way Bitcoin and Ethereum are designed, are not based on cost effectiveness and efficiency. I am not such if Ethereum 2.0 was rebuild from the ground up, or based on the exact same program language, with different implementations.

When it comes to Blockchain technology I follow this guy (Ian Balina). He was involved in the early Ethereum success. He advised them to change some of the Proof of Work methods and protocol. After that Ethereum popped off. He's now heavy into Helium project. I have ordered a few. Not that I think it will replace Eth. 2.0 anytime soon, but it's a challenge and on an independent Blockchain. The future is most likely DeFi and protocols alike, leveraged into the protocol that will find solutions to expensive mining and staking the way Helium does.

Ian Balina is a Blockchain Entrepreneur and Investor. He has built three-million-dollar businesses from the ground up, and appeared in The Wall Street Journal, Forbes, CNBC, Huffington Post, The Street, INC and Entrepreneur Magazine for his work in analytics, cryptocurrencies, and entrepreneurship.
tokenmetrics.com

 

[Ish Gibor]

I think he’s trolling, I didn’t get into the proof of stake vs use case because the op said he’s new to crypto so I didn’t want to confuse him. The way I learned about crypto was to first understand the purpose and implications of decentralized finance and then learn the technology itself. It took me a while to actually understand because I was trying to understand the technology first without grasping the actual purpose of defi

I learned about crypto and Blockchain from a cyber security interest. Once I understood that I started to see the bigger picture of Blockchain and use cases. Once I got into the world of trading and exchange, I saw the problem with fees and it only has gotten worse. The more users the slower the network and the higher the fees (energy cost) will be and the difficulty risk in mining becomes greater, which increases the cost of energy even more, which will translate into higher fees. The idea and concept is great and future proof, but the method needs a different solution. In essence the technology is based on network topology and economy.

If it keeps going like this the last Bitcoin will take as much energy consumed by an entire continent. As of now mining one Bitcoin takes as much KwH as a TV that is turned on continuously for the whole year. And Ethereum wasn't created with the idea to be energy sufficient either.

DeFI is doing what Bitcoin was supposed to do. This is why certain government have difficulty with that concept. These government are influenced by Hedge Funds who try to control the space, so no one can top them. It's the people against them. Last month we saw with people unified can do in the trading space. DeFi will only exhilarate this. Concepts like DeFi etc. was created by former bankers and people in finance who feel there can and should be better ways. This obviously is going to bring political conflicts along.

If you want to delve deeper into it.

 

[Truefan31]

Would it be better to wait for Ethereum 2.0 or still invest in Ethereum?