better than bitcoin?

Google
baskarat

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baskarat
Jul 31, 2021 24 Comments

I believe bitcoin supporters only do that because they see it as a way to make money fast. Nobody holds it because they believe it is an "awesome technology". Given the amount of energy spent to mine it, the technology kind of sucks.

If at least bitcoin were used for something barely useful like calculate digits of Pi, find life in outer space(like SETI project), whatever. Bitcoin proof of work is the most stupid thing invented.

Is there anything better that I should own? I've never bought a bitcoin for the reasons described above. I occasionally bought some ethereum and stellar (less than 10k), but not super convinced either.

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  • Amazon
    ffffneeer

    Go to company page Amazon

    ffffneeer
    Ethereum. Bitcoin is stupid, a giant distributed ledger. That’s a tiny fraction of what a generic blockchain can do. Got this fleet of millions of miners all proving some dumb proof of work thing. This is a waste. Ethereum can execute code in the blockchain, not just provide an entry in a ledger. Smart contracts can replace almost any industry with custodians, the ethereum blockchain takes the idea of selfish pursuit of money (mining) and makes it actually useful instead of just throwing that work away like bitcoin.

    I’m genuinely excited about ethereum or whatever generic blockchain ends up winning - eth is king for now
    Jul 31, 2021 1
    • Google
      :0

      Go to company page Google

      :0
      Only excited if they can actually fulfill next gen ETH(previously known as ETH 2.0) within the next two years. They have been talking about it for 5 years now…. and very little progress. EIP-1559 is a very temporary fix, and it may even cause a reactionary schism in the community and thus a fork of the network due to miners & stake pools being extremely upset about loss of profit. That said I hold ETH but not as my main bet.
      Jul 31, 2021
  • New / Eng
    ksTv46

    New Eng

     ksTv46
    I hold it because it is an awesome technology
    Jul 31, 2021 4
  • A lot of people hold BTC *because* of its awesome technology. Proof of work is genius because it secures the blockchain with a scarce off-chain resource.

    In proof of stake (ETH 2), the blockchain secures itself. If you ever have a supermajority of bad validators, the chain is lost -- validators would have total power over which transactions are included in the chain, for as long as they want.

    Even if there were a 51% attack of BTC, more GPU power could come online to support the correct chain. Deep chain reorgs are very short-lived (and have never happened on BTC). Even Dogecoin has not been successfully 51% attacked since it's surge. It's very difficult to attack a POW blockchain.

    I encourage you to think a bit harder about consensus mechanisms before dismissing BTC technology because of FUD you heard on the media. Most people with 'opinions' have very shallow understanding of consensus mechanisms.

    Also supply and demand of electricity makes it so that the percentage of energy allocated to BTC will stay within reasonable bounds.

    That said, ETH 2 will *probably* work because $14B are staked and it's unlikely that there will be a supermajority of bad validators. Moreover, people will keep a record of socially accepted block headers and their first-seen timestamps. I would stay away from Stellar, Cardano, Polkadot and other shitcoins.
    Jul 31, 2021 3
  • ETH once they move to POS it won’t be fucking the environment so hard. Also INJ is cool tech.
    Jul 31, 2021 1
  • Fintech Company
    whywyy

    Fintech Company

    whywyy
    Cardano.
    Jul 31, 2021 0