Will Ether flip Bitcoin?

[BusinessTech]

Will Ether flip Bitcoin?

Lately, there’s been a lot of talk around The Flippening – the hypothetical moment when Ether will take over or “flip” Bitcoin to become the leading cryptocurrency.

 

[w1z4rd]

Most likely. Go eth

 

[rvZA]

Won't surprise me in the least.

 

[HavocXphere]

Yes. Went all eth and zero btc because it seems inevitable to me.

Think about all the L2 stuff...basically none of it is on BTC. So that leaves BTC as some sort of gold reserve currency thing.

...but why not use ETH for that given that it's backed by actual use (as L2 infra). i.e. It has actual value in that you can do something with it.

The only thing BTC has going for it is first mover advantage and then name. Corporates will go for it first, but wise up fast. Eco system will matter more than 1st mover in the long run.

 

[backstreetboy]

Yes. Went all eth and zero btc because it seems inevitable to me.

Think about all the L2 stuff...basically none of it is on BTC. So that leaves BTC as some sort of gold reserve currency thing.

...but why not use ETH for that given that it's backed by actual use (as L2 infra). i.e. It has actual value in that you can do something with it.

The only thing BTC has going for it is first mover advantage and then name. Corporates will go for it first, but wise up fast. Eco system will matter more than 1st mover in the long run.

Lol what? Satoshi envisioned a second layer back in in the beginning. There's L2 stuff like the lightning network and liquid network etc. all stuff coming to fruition now.

 

[HavocXphere]

Lol what? Satoshi envisioned a second layer back in in the beginning. There's L2 stuff like the lightning network and liquid network etc. all stuff coming to fruition now.

Too late. On this Eth has first mover advantage against BTC. BTC won't be able to catch up anymore.

 

[backstreetboy]

Too late. On this Eth has first mover advantage against BTC. BTC won't be able to catch up anymore.

View attachment 1068285

It only looks impressive but that's about it.

The Rise of Layer 2s Spells End for Altcoins

Bitcoin is no longer limited to a single chain, meaning altcoins like ether are trending towards irrelevancy, says the neuroscientist and DeFi entrepreneur.

www.coindesk.com

The dollars and bitcoin on the Ethereum chain effectively provide the ability to transfer value without the need for ETH. Smart contracts can easily be ported to a different chain when transferring tokens over on a bridge (which is what happens whether you’re moving to RSK, Polkadot or a rollup). What we will begin to see is the breakup of the Ethereum ecosystem in a world where two notably bigger currencies, dollars and bitcoin, are accepted and liquid forms of value transfer. The primacy of ETH is unclear, it’s future uncertain.

 

[HavocXphere]

It only looks impressive but that's about it.

I think the first part of the sentence you quoted illustrates perfectly why I'm betting on Eth (among other L1s)

>The dollars and bitcoin on the Ethereum chain

If possible I'd like to own whatever is the bedrock/underlying infrastructure of the future "financial system" for lack of a better word. i.e. L1s with DeFi eco-system potential. (Which disqualifies BTC, lightening is L2, so Defi solutions built on it are effectively L3).

L2s are a dime a dozen, most with questionable value proposition. But whoever leads the above infra question will win and capture enduring & resilient value in my view.

You see anybody storing a kg of gold under their pillow? No. But they do have a credit card in their wallet, insurance contracts, loans, betting pools etc. Defi.

BTC may end up being a reserve currency/crypto gold standard...maybe not...but on balance that's not the bet I'm interested in. If I wanted that I'd sleep on a kg gold