(IJCH) "The Flippening and Hammurabi" - A Bitcoin vs. Ethereum Fanboy Issue
(IJCH) "The Flippening and Hammurabi" - A Bitcoin vs. Ethereum Fanboy Issue
IJCH - Inside JaiChai's Head (meaning: My warped, personal opinions and musings)
From the Author:
Salutations.
I am JaiChai.
And if I haven't had the pleasure of meeting you before, I'm delighted to make your acquaintance now.
I invite you to interact with everyone, learn, and have as much fun as possible!
For my returning Steemian friends, "It's always great to see you again!"
Claimer Statement:
No names have been changed to protect the ignorant, the stubborn, or the stupid.
In fact, the following characters in this article are real people:
The BTC Fanboy - "Mr. BTC"
Duane S. is a 60 y/o oil platfrom administrator and experienced investor on legacy markets. He possesses several kinds of cryptocurrency in his portfolio, but clearly his favorite is - what he calls - "The Original, The Big Kahuna", "The Borg of the cryptocurrency space" (Bitcoin).
Although not an early adopter, Duane has been a fervent Bitcoin supporter since 2013.
Whenever any step toward mass adoption of Bitcoin occurs (e.g., BTC futures on CBOE and CME), Duane can be heard saying, "Resistance is futile. Assimilation is inevitable."
The ETH Fanboy - "Kid Ether"
Joe K. is a 33 y/o office manager and cryptocurrency trader. He holds and trades a basket of different cryptocoins, but has been passionate about Ethereum since the early vaporware days (pre-ICO); repeatedly saying, "Ethereum will prevail. It's just a matter of time."
Joe openly criticizes centralization, outdated software and technology; readily embracing innovation in the cryptocurrency space.
And he NEVER misses an opportunity to ruffle the feathers of any BTC pundit.
Hammurabi (Me)
JaiChai is a 55 y/o U.S. Military veteran, investor, trader, consultant and (very rarely) a longterm mentor within the disruptive technology and cryptocurrencies space.
He is frequently called upon to arbitrate disputes between his friends (the BTC and ETH Fanboys), but is duly compensated with free beer.
Note: Prior to accepting his role of Hammurabi, legal consent was obtained from both people to use their names, arguments and whatever lame bullshit came out of their mouths as a basis for this and future posts.
The Bar, the Fanboys, and Hammurabi
"There's Hammurabi! Let's ask him. He'll settle this once and for all," Kid Ether blurted.
Judging from his slurred speach and over-reliance of the bar counter to remain balanced, he was either having a spontaneous petit mal seizure, or more likely, already inebriated before lunchtime.
"Hey Hammurabi! We were wondering when you'd drag your lazy ass here. I need your help in putting this youngin' back in his place. Good to see ya, buddy," Mr. BTC yelled.
His state of sobriety was no better than Kid Ether's wobbly condition.
"The Flippening"
The big question posed to Hammurabi was this:
"Will 'The Flippening' happen? And if so, when?"
For those who don't know what "The Flippening" is, it is the point when Ethereum overtakes Bitcoin in the cryptocurrency space.
Hammurabi Speaks
The answer was not what either of them was expecting...
"Gentlemen, in spite of Lightning, Raiden, Casper, and Phantom, there are many other things to consider here:
Battle-tested DAG based and Graph based, privacy-centric, TPS >= 250,000/sec., quantum secure blockchains
Blockchain-agnostic platforms that can communicate with legacy financial systems, provide out of the box "Drag-N-Drop" DApp development (or any other solutions to democratize the decentralized program development landscape).
IMHO, either one of them will make 'The Flippening' an insignificant, moot point."
And with that answer (and during the next few hours of explaining IOTA, Hashgraph, Nano, Crowd Machine, EOS, Cardano, and Cosmos), both the Ethereum and Bitcoin Fanboys periodically (and graciously) placed gifts of beer at Hammurabi's feet - I mean, his lips...
Do you agree with Hammurabi?
By JaiChai
Thanks for stopping by.
About the Author
Believing that school was too boring, he dropped out of High School early; only to earn an AA, BS and MBA in less than 4 years much later in life – while working full-time as a Navy/Marine Corps Medic.
In spite of a fear of heights and deep water, he performed high altitude, free-fall parachute jumps and hazardous diving ops in deep, open ocean water.
After 24 years of active duty, he retired in Asia.
Since then, he's been a full-time, single papa and actively pursuing his varied passions (Writing, Disruptive Technology, Computer Science and Cryptocurrency - plus more hobbies too boring or bizarre for most folk).
He lives on an island paradise with his teenage daughter, longtime girlfriend and three dogs.
is hammurabi picky about his beer? or an equal opportunity hopper? :)
No, Hammurabi is not picky about his beer.
In fact, in most parts of Asia, we drink it with ice...(hard to find ice cold beer most of the time).
BTW, you can can thank Martin Luther (Leader of the Protestant Movement) for beer made of hops - look it up, it's a cool story.
Also, I haven't tried the new fangled beer made without hops (synthetic?) yet. Wonder if I'll grow extra appendages?
Thanks for visiting and commenting.
Namaste, Jaichai
i will look it up indeed. i live in california and have access to fantastic micro and indy brewed beer i do not think i would want to try a synthetic beer (unless i was role playing star trek, and only then, which i do not haha). i certainly prefer beer cold from the tap or bottle, or a frosted glass. i have not had it with cubes in it before though. i liked your article i saw it from the pal discord so am happy i checked it out. regards
I agree with Hammurabi to a certain extent! But not entirely!
I've been in the crypto space since 2013 and notice I have been evolving in my outlook. It starts out as Bitcoin, then you evolve into altcoins and eventually you gravitate towards 'serious' altcoins, only to end up as a Bitcoin maximalist of some kind.
I actually just wrote a post on why I'm leaning more and more towards Bitcoin maximalism today actually! But the basic gist of it is that I believe ETH and similar crypto's will remain utility tokens which you use and spend, but not hoard. Yes you can hoard them, in the same way that you could hoard barrels of oil today. And surely some people might do that - but most won't.
I believe Bitcoin is going to be what we own, and whenever we want to use another blockchain we will simply spend-and-auto-convert (atomic swaps?) from Bitcoin into whatever crypto we need for a single operation on the other blockchain.
Why will we be using Bitcoin for this and not one of the others? Because Bitcoin is the one untouchable, decentralized one with no central controlling party. It's the one where you can actually store billions and feel safe about it - not even the government can touch it. And with the adoption rate, plus the amount of infrastructure in terms of hedge funds, exchanges, ETF's and whatnot, there is so much depending on Bitcoin that it's getting to be too big to fail for all the stakeholders.
I commented to another post on the similarities between Bitcoin and gold (they'll always be valuable, but very inconvenient to spend).
And that it is not far-fetched to think Bitcoin will become the defacto standard for measuring the value of all other tokens and fiat (and fiat - until fiat is non-existent).
Thanks for the detailed comment.
Namaste, JaiChai
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I believe anything can happen concerning the flip, it can happen depending on some factors.