Recently, Danny Ryan of the Ethereum Foundation published the article "Reflections on Key Issues of Ethereum in 2023", which caused widespread controversy.He said: "At this time, the 'Ethereum Killer' (referring to Ethereum competitors) is wavering in the uncertainty of the bear market, and Bitcoin culture and technology are struggling in a blank, but Ethereum shows unprecedented strength
Recently, Danny Ryan of the Ethereum Foundation published the article "Reflections on Key Issues of Ethereum in 2023", which caused widespread controversy.
He said: "At this time, the 'Ethereum Killer' (referring to Ethereum competitors) is wavering in the uncertainty of the bear market, and Bitcoin culture and technology are struggling in a blank, but Ethereum shows unprecedented strength. We continue to build, improve, think and have an impact".
ETH's market value is difficult to surpass BTC
In theory, Ethereum has a negative inflation rate, that is, deflation, and the inflation rate is less than Bitcoin, so it should not be less than the value of Bitcoin. God V also thinks that the market does not understand Ethereum.
However, Ethereum is far more complex than Bitcoin. At present, Bitcoin has only stored value, while Ethereum has ecological value in addition to stored value, so it needs to be evaluated from two aspects. First of all, the preliminary conclusion is that ETH's market value is difficult to surpass BTC. The following is a specific analysis.
Ethereum drove away the miners and damaged the credit
Ethereum changed to POS consensus, which saved power and lost the threshold of cost, changed the rules of issuing coins, drove away miners, lost checks and balances, and damaged credit. Today, Ethereum credit (value support) mainly comes from ecosystem and team credit.
The coin issuance rules of Bitcoin have not changed, and what accumulates is credit. So far, Bitcoin's resilience is not only reflected in successfully repelling external attacks, but also in effectively resisting any attempt to change Bitcoin or its characteristics. Satoshi Nakamoto said that "the structure of Bitcoin 0.1 is consistent", which is indeed the case.
Bitcoin "Lie Win"?
In recent years, the Bitcoin system has done one thing: 'lying down'. Nothing else was done, relying solely on the consensus diffusion of Bitcoin. While Ethereum is busy with upgrading and ecology, it only fills the gap with Bitcoin and keeps pace with it.
Although the V God team is the team that has the deepest understanding of Cryptocurrency besides the Bitcoin team, they failed to understand why Satoshi Nakamoto disappeared and the profound meaning of finance and credit. Originally, Ethereum was likely to compete with Bitcoin, but after POS, it lost the price floor that supports the value storage function. The current price of Ethereum given by the market is just a respect and respect for innovators.
Is there "self limitation" in Ethereum ecology?
Part of the value of Ethereum comes from its ecology. The increase of ecological value will increase the price of Ethereum. The constant transaction charging standard and higher currency price will increase the use cost of Ethereum system, thus inhibiting ecological prosperity. This will in turn suppress the currency price and affect the further rise of the ecosystem, which is called self-limiting.
At present, more than 1000 developers are developing the Ethereum ecosystem, but some problems have been solved with difficulty, and higher performance requirements have emerged, which is why Ethereum is constantly upgrading. Although Ethereum has completed the merger and Shapella upgrade, realizing the transformation from POW to POS. However, the roadmap shows that Ethereum will have more major upgrading plans in the future, and there are many uncertainties.
Bitcoin changes currency, Ethereum changes equity?
As Ethereum has repeatedly changed its currency issuing rules, it has increased the market's concern about uncertainty. In this regard, Ethereum must make a clear commitment to what conditions and approval procedures can be changed. The 1559 agreement is a community decision, but in the future, there will be no more checks and balances. What should we do? There needs to be a new community program.
Without the check and balance of calculation force, Ethereum needs a new check and balance force. V God opposes voting by currency because their team is in the minority and will lose their voice. In the future, they may design based on the AB share system of listed companies. Quoting a quote from early Bitcoin developers: "Bitcoin is rewriting currency, while Ethereum is rewriting equity
summary
The biggest difference between Ethereum and Bitcoin is that they have been groping along. For idealists, it is very respectable to hope to make the greatest contribution to mankind. The market has understood the exploration of the Ethereum team. However, at present, Ethereum faces more and more problems. It should be difficult to surpass Bitcoin in the Jianghu for a long time.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
