HomerJ wrote: ↑Wed May 05, 2021 6:57 pm
decapod10 wrote: ↑Wed May 05, 2021 6:38 pm
EnjoyIt wrote: ↑Wed May 05, 2021 5:42 pm
txhill wrote: ↑Wed May 05, 2021 5:36 pm
EnjoyIt wrote: ↑Wed May 05, 2021 5:23 pm
What is the difference between Bitcoin and Dogecoin? Why is one of them hated on so much on this forum when to me they appear exactly the same?
Fundamental difference? Not much. Key differences:
- Bitcoin has active development, Dogecoin does not. If for example quantum computing advances, bitcoin could adopt quantum proof algorithms. But for now this doesn't make a huge difference.
- Bitcoin has a supply cap, Dogecoin does not. Makes dogecoin better for currency purposes but worse for store of value. Over time dogecoin will be less inflationary but it's still quite inflationary right now
- Bitcoin still has far more users and volume on the trading side, and a far bigger mining / node network. Makes bitcoin more valuable and also more secure, at least for now...
Basically it's like asking what's the real difference between silver and gold. Maybe not so big a difference, but the one that has more people who believe it to have more value--that's the that has value. So for now the answer is bitcoin, but maybe if Dogecoin gets more widely accepted it could displace a good chunk of bitcoin's market.
Bitcoin tried development and failed. Thats why we have some bitcoin forks out there. I do not believe there is any bitcoin development going on that is taking root.
I think the biggest reason bitcoin owners hate on dogecoin is because it shows how easy it is for another low utility coin to gain popularity and go up in price. Maybe even take away market share from bitcoin. This is bitcoin specific and not Ethereum or other coins. Maybe first on the scene isn't enough anymore. Can Elon Musk make the Tesla coin and it will go to the moon? I bet he could and people will go gaga for it.
Yeah, certainly Dogecoin is no threat to Ethereum. But there is certainly a universe where Dogecoin supplants BTC. I am not recommending Dogecoin by any means, but at this point it doesn't seem as impossible as it once did.
Well at least you guys are finally coming around to the fact that Bitcoin is inherently worthless and stupid... just like Dogecoin.
But you've got me wondering about Ethereum and if anyone can create some useful apps (not just trading other crypto) on top of it.
So we're sorta moving towards each other.
Well, I own exactly 0 BTC, so I'm not the one you are trying to convince re: Bitcoin.
I think Ethereum has a lot of potential but there are a lot of barriers that need to be addressed that may or may not be able to be overcome long term. The potential is high enough where I'm willing to roll the dice a bit with Ether, though I recognize that it might not quite make it.
The Federal Reserve Bank of St Louis put out a paper discussing Ethereum:
(Full version)
https://research.stlouisfed.org/publica ... 0fcf0c0a27
(news article version)
https://cryptobriefing.com/st-louis-fed ... igm-shift/
Basically, they discuss the major problems they see with using Ethereum for financial transactions, however do recognize some potential positives as well. The conclusion from the report was:
"
DeFi offers exciting opportunities and has the potential to create a truly open, transparent, and immutable financial infrastructure. Because DeFi consists of numerous highly interoperable protocols and applications, every individual can verify all transactions and data is readily available for users and researchers to analyze.
DeFi has unleashed a wave of innovation. On the one hand, developers are using smart contracts and the decentralized settlement layer to create trustless versions of traditional financial instruments. On the other hand, they are creating entirely new financial instruments that could not be realized without the underlying public blockchain. Atomic swaps, autonomous liquidity pools, decentralized stablecoins, and flash loans are just a few of many examples that show the great potential of this ecosystem.
While this technology has great potential, there are certain risks involved. Smart contracts can have security issues that may allow for unintended usage, and scalability issues limit the number of users. Moreover, the term "decentralized" is deceptive in some cases. Many protocols and applications use external data sources and special admin keys to manage the system, conduct smart contract upgrades, or even perform emergency shutdowns. While this does not necessarily constitute a problem, users should be aware that, in many cases, there is much trust involved. However, if these issues can be solved, DeFi may lead to a paradigm shift in the financial industry and potentially contribute toward a more robust, open, and transparent financial infrastructure."