Let's recap what's going on in ethereum and bitcoin - My first post on Steemit

in #ethereum8 years ago

ethereum

  1. Two chains, confusing to almost all noobs (potentially more chains over time)
  2. The HF chain may switch to PoS soon, no mining needed (questionable security)
  3. Unclear when new coins will stop being produced, no true finite coin cap AFAIK (fiat 3.0)
  4. PoS system gives power to large holders, these holders won't be challenged by miners
  5. Vitalik and company can print as much as eth as they want until satiated, switch to PoS, own the HF'ed chain until end of time... and if a thief comes in and steal that majority stake, what then? At least in btc I can't really fathom miners like bitfury losing control of their own equipment to hackers.
  6. Objective of ethereum not clear and perhaps not useful for 99.9999% of people

bitcoin

  1. Nothing technical about the coin has fundamentally changed since the beginning other than some functions and bug fixes
  2. Has finite cap with predictable inflation
  3. Relatively easy to use and easy to understand; clear goals for its existence with already existing use cases (store of value, fight against inflation, international/borderless remittance, easier form of payment for many, uncensored record of transactions)
  4. May get smart contract abilities via sidechains, leveraging its unbroken secuirty (miners) without jeopardizing the main chain (you could just HF the sidechains)
  5. Only issue is tx/s. I expect this to be solved in due time. For now transactions are not free and will cost you a few cents. That's fine since we're not yet at an economy where millions of folks are buying Starbucks with BTC.
  6. No one has total control over btc. But core and the miners currently hold the keys. In due time this will change as pressure to increase functionality of BTC adds up.
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