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ETH Listed in China Exchanges, BTC Compared to “Nokia” and “IE Browser”

OKCoin announced ETH trading would be launched at 12PM on 31st May. ETH price soared to over 0.1BTC/ETH on Poloniex, the exchange with the largest ETH trading volume at the moment. The statement of “ETH is better than BTC” leads to a question: will BTC be replaced by ETH?
On OKCoin’s announcement, the scaling issue of bitcoin network was mentioned and BTC was compared to “Nokia” and “IE Browser”.

“Given this opportunity, we implore BTC Core developers and relevant Miners to work together and resolve any outstanding technical issues, activate SegWit, and solve BTC’s scaling issues. Our industry and the history of technology offers us many warnings, whether it’s the IE browser or the Nokia mobile phone. No matter how dominant, how much market share you have, if you do not adopt the latest technology and fail to constantly improve on the core user value proposition, time will pass you by. Ultimately, digital asset exchanges around the world can only advocate for the best technology and aim to provide the best trading experience for our clients.”

Duan Xinxing, Executive President of 8btc, said:

Basically, exchanges are doing this out of two reasons:
1. Respect the choice of the market
2. The backlog in Bitcoin network scaling issue is annoying.

Meanwhile Yuanbao, one of the major altcoin exchanges in China, announced the de-listing of all BTC trade pairs on 30th May as a result of “low trading volume and to reduce the complexity and difficulty of management”. All BTC trade pairs were suspended and traders were advised to trade on other exchanges.

yuanbao1

Yuanbao’s announcement on removal of BTC trade pairs

Such actions lead to the next question, will BTC eventually replaced by ETH? Obviously the bitcoin community and the blockchain community are reflecting on the change differently, which could be seen on the comments of a weibo posted by P2PBUCKS, senior developer of Bixin.

p2pbucks

Don’t be fooled by the rise of ETH and XRP, these centralized stuff has no sustainable lives and couldn’t protect your property. If government wants, your ETH or Ripple wallet could be blocked any time. There will be no future for them.

The controversial statement stirred up the tension among various community members:
Weizhenping:

Please tell me how to freeze my ETH wallet? You ****!

P2PBUCKS (in response @Weizhenping ):

Where did ETC come from?

Jiangzhuo’er(in response @Weizhenping ):

Bitcoin is thriving because it’s the actual realization of money theory of Hayek’s and stands against government’s seigniorage and inflation tax. Currency that cannot stand against government shall not be addressed as decentralized currency.

Xrppayment:

You are too dump to trade digitial currency, tell me how to freeze XRP!

Jiangzhuo’er(in response @ Xrppayment ):

It’s simple. Government takes control of the Ripple Company and declares your coins are illegal then softfork to isolate your coins. Is that viable? But government cannot control Satoshi, even Core were deserted in the New York Consensus. Do you get it? Also, if you look back the history. BM inflates supply of BTS against community consensu, which led to the long-term setback of Bitshares.

Will BTC be replaced by ETH eventually? Please share us with your comments below.

COMMENTS(15)

  • BitcoinAllBot
    7 months ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

  • homopit
    7 months ago homopit

    Jiangzhuo’er: “…even Core were deserted in the New York Consensus”

  • OzTheHuman
    7 months ago OzTheHuman

    Good read. Now I understand why my BTS lost value so dramatically.

  • realsony
    7 months ago realsony

    Buy ETH!!!! its sooooooo cheap!! put a loan at your house and go all in until its too late

  • BitcoinAllBot
    7 months ago BitcoinAllBot

    No self text

  • unic0der
    7 months ago unic0der

    Second that. Big blockers, stop blocking Segwit activation.

  • Pasttuesday
    7 months ago Pasttuesday

    i had x number of bitcoins, traded em for eth, and if i trade back, ill have 4x number of bitcoins. keep your head in the sand bruh

  • JayPeee
    7 months ago JayPeee

    By definition, segwit is actually blocking big block adoption (not the other way around). Segwit has significantly less support than big blocks.

  • Ant-n
    7 months ago Ant-n

    Segwit will be blocking Bitcoin scaling forever.

  • hl5460
    7 months ago hl5460

    OKCoin announced ETH trading would be launched at 12PM on 31st May. ETH price soared to over 0.1BTC/ETH on Poloniex, the exchange with the largest ETH trading volume at the moment. The statement of “ETH is better than BTC” leads to a question: will BTC be replaced by ETH?On OKCoin’s announcement, the scaling issue of bitcoin network was mentioned and BTC was compared to “Nokia” and “IE Browser”.http://news.8btc.com/eth-listed-in-china-exchanges-btc-compared-to-nokia-and-ie-browser

  • notthematrix
    7 months ago notthematrix

    Quote from: Nagadota on Today at 07:45:43 AM
    “MySpace” was the funniest one I’ve seen.It really means nothing.  ETH is currently impractical for micropayments.  ETH fees are at least $0.1 or so right now, which is still impractical for those same microtransactions that people are supposedly trying to sort out.Bitcoin will remain a dominant cryptocurrency for as long as a truly great cryptocurrency hasn’t become popular yet.  Bitcoin is not a truly great cryptocurrency, nor is Ether (not that Ether is a cryptocurrency either).  As soon as there’s a system which makes micropayments practical and gives a fundamental reason for the price to remain relatively stable, that system will be dominant.

    Litecoin has segwit.bitcoin is the gold standard a very strong  savings account.

  • cr1776
    7 months ago cr1776

    It is more like ETH is programmable fiat – centrally controlled, perpetual inflation with a programming language attached.

  • Nagadota
    7 months ago Nagadota

    “MySpace” was the funniest one I’ve seen.It really means nothing.  ETH is currently impractical for micropayments.  ETH fees are at least $0.1 or so right now, which is still impractical for those same microtransactions that people are supposedly trying to sort out.Bitcoin will remain a dominant cryptocurrency for as long as a truly great cryptocurrency hasn’t become popular yet.  Bitcoin is not a truly great cryptocurrency, nor is Ether (not that Ether is a cryptocurrency either).  As soon as there’s a system which makes micropayments practical and gives a fundamental reason for the price to remain relatively stable, that system will be dominant.

  • Nagadota
    7 months ago Nagadota

    Quote from: notthematrix on Today at 08:48:17 AM

    Quote from: Nagadota on Today at 07:45:43 AM
    “MySpace” was the funniest one I’ve seen.It really means nothing.  ETH is currently impractical for micropayments.  ETH fees are at least $0.1 or so right now, which is still impractical for those same microtransactions that people are supposedly trying to sort out.Bitcoin will remain a dominant cryptocurrency for as long as a truly great cryptocurrency hasn’t become popular yet.  Bitcoin is not a truly great cryptocurrency, nor is Ether (not that Ether is a cryptocurrency either).  As soon as there’s a system which makes micropayments practical and gives a fundamental reason for the price to remain relatively stable, that system will be dominant.

    Litecoin has segwit.bitcoin is the gold standard a very strong  savings account.
    It’s not though, is it?Historical gold prices have moved around loads.  If you had to retire in a certain 5-year timeframe, you could be talking about losing half of your initial investment at many points.You might be getting something that’s safer than fiat currency because of its scarcity, but you’re not getting something that’s a very strong savings account.Bitcoin is different to that because any other coin can provide the exact same utility.  You mentioned Litecoin – oh look, Litecoin has SegWit and a faster block time, and a few other improved characteristics.  So who’s to say that Litecoin doesn’t suddenly become the “very strong savings account”?  And if another coin is more scalable than that and does away with some of Litecoin’s problems, then who’s to say that that coin doesn’t become a “very strong savings account”?My point is that digital assets can be scarce, but there can be any number of assets with different characteristics.  Therefore the only ways to ensure that the price of a cryptocurrency is stable enough to use are:-Systems which give the price a fundamental reason-A cryptocurrency which is good enough that people don’t feel the need to rush off to a new oneBoth of these things are difficult and could take several years.

  • TraderTimm
    7 months ago TraderTimm

    ETH also has another problem.Its developers don’t understand security as it relates to cryptography. The exploits you’ve seen so far are a result of this kind of lapse. In the implementation of wallets, its even worse. Someone found a public key of an ETH wallet due to the fact the software wasn’t generating with proper entropy.All I see here is people leaping into a market that they don’t understand so they can make a quick gain. Some will draw parallels to the Bitcoin rally, but we’ve been through this exercise multiple times and survived, whereas ETH is going through their own version of it this one time. There is no guarantee that they will survive long enough to see another.Vitalik is the knighted czar of Ethereum, and as a public figure he is due scrutiny and other attempts to unearth his personal agendas. This is precisely why Satoshi disappeared, to allow the system to “speak” for itself and be improved by other people. In ETH’s case, Mr. V is the “face” of ETH, so any shortcomings become his to own. He may wish later that this wasn’t true.Combine this with the fact that ETH is now an experiment in relativistic morals – i.e., “if we don’t like what you are doing, we fork it away from you”, an argument could be made that the situation that happened after the DAO debacle will occur again and the same kind of thought process will be employed. This is a large risk for anyone doing any kind of serious work within the ETH ecosystem.Speaking of ecosystem risks, there’s been rumors circulating about a potential SEC investigation into their fundraising techniques. Apparently soliciting investors, especially those from the USA, is frowned upon by several regulatory agencies, including the SEC. If this is true and gains any kind of traction, expect some rather huge sell orders to hit the ETH market as people rush for the exits before pending litigation hits.Be aware of the risks, they are real. ETH has had its Icarus flight to the sun, but its getting close to that star and the wax is beginning to melt.

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