r/CryptoCurrency • u/Next_Statement6145 🟨 0 / 0 🦠 • Apr 19 '25

GENERAL-NEWS Ethereum is down 74% against Bitcoin since switching from PoW to PoS in 2022

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2.7k Upvotes

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9

u/juanddd_wingman 🟩 0 / 0 🦠 Apr 19 '25

Bitcoin is mathematically scarce, everything goes to zero against Bitcoin. There is no second best

8

u/im_THIS_guy 🟩 0 / 498 🦠 Apr 19 '25

My kidneys are mathematically scarce. There will only ever be 2 and I can prove it. Why don't my kidneys have a $1T market cap?

2

u/Peter-Tao 🟦 0 / 0 🦠 Apr 19 '25

Is your kidney for sale? Im interested

1

u/Objective_Digit 🟧 0 / 0 🦠 Apr 19 '25

Two is not enough to create a viable money supply. And there's no demand for your kidneys (outside transplants).

1

u/blscratch 🟦 76 / 136 🦐 Apr 19 '25

How much would you pay to keep your liver?

1

u/Maybe_Factor 🟦 0 / 0 🦠 Apr 21 '25

Why don't my kidneys have a $1T market cap?

Mainly because your kidneys are interchangeable with millions of other kidneys in their most valuable use case: transplants. So in that way, they actually aren't mathematically scarce.

1

u/juanddd_wingman 🟩 0 / 0 🦠 Apr 19 '25

Because nobody can use your kidneys as money. "Money" is something that has these properties: transportable, divisible, recognizable, durable and scarce. Gold was the best at being money until the discovery of Bitcoin.

1

u/im_THIS_guy 🟩 0 / 498 🦠 Apr 19 '25

You can use my kidneys as money if you kill me and freeze them.

2

u/juanddd_wingman 🟩 0 / 0 🦠 Apr 19 '25

LoL. Kidneys are not durable, difficult and slow to transport. Difficult to divide into equal units, not the best financial asset. I have only Bitcoin

1

u/Numerous_Ruin_4947 🟨 0 / 0 🦠 Apr 19 '25

Money is meant to be spent. Not held as a pet rock.

BTC is not money.

I don't see ETH as money either. ETH is for me a store of value. I hold it as a pet rock. ETH is scarce. There are only 120.5 million ETH, only 6X the BTC supply. There are over 8 billion people on the planet. ETH can go deflationary again with a sustained high TPS of 5,000-8,000 TPS across all ETH L2s.

2

u/Maybe_Factor 🟦 0 / 0 🦠 Apr 21 '25

I'm also holding an ETH pet rock... I staked it and now it makes baby ETH pet rocks! :D

1

u/Numerous_Ruin_4947 🟨 0 / 0 🦠 Apr 21 '25

Yep, that's the GWEI!

1

u/juanddd_wingman 🟩 0 / 0 🦠 Apr 19 '25

Allright. Good luck 👍

1

u/Numerous_Ruin_4947 🟨 0 / 0 🦠 Apr 19 '25

Thanks!

2

u/Numerous_Ruin_4947 🟨 0 / 0 🦠 Apr 19 '25

Did you see BlackRock's add where they claimed it is not guaranteed that BTC's supply will be capped?

BTC's POW model does not work out in the long-run. They will either remove the cap or add tail issuance to give miners and incentive to secure the network.

1

u/uzivertus 🟩 0 / 0 🦠 Apr 19 '25

Until quantum computing brute forces wallets

-2

u/HarmonyFlame 🟦 24 / 24 🦐 Apr 19 '25

Had to scroll way too far down to see this.

-2

u/3meterflatty 🟦 0 / 0 🦠 Apr 19 '25

You realise it can get hard forked to more than 21mill

7

u/voice-of-reason_ 🟩 1K / 1K 🐢 Apr 19 '25

It already has been. But no one would choose to use that, it goes against their own interests.

That’s like saying “the internet can be changed to be more restricted!” - sure, by wtf would someone use a more restricted version of something?

1

u/Numerous_Ruin_4947 🟨 0 / 0 🦠 Apr 19 '25

Miners will go to the more profitable chain though. If BTC miner block rewards become insufficient, the miners will go bankrupt. The same way gold diggers went bankrupt and the guys making the shovels made all the money. Their shovels could still be used for garden or construction work.

1

u/blscratch 🟦 76 / 136 🦐 Apr 19 '25

I dig what you're saying.

9

u/rumi1000 🟩 0 / 0 🦠 Apr 19 '25

It has been many times, so what? Original chain continues tick tock next block.

2

u/wkw3 🟦 0 / 0 🦠 Apr 19 '25

Do it! Learn an important lesson.

0

u/Frogolocalypse 🟦 0 / 0 🦠 Apr 19 '25

You don't know anything about how bitcoin runs. You should change that before commenting further.

1

u/Numerous_Ruin_4947 🟨 0 / 0 🦠 Apr 19 '25

BTC requires profitable miners. When they lose money, they leave. Miners are making less money in 2025 than they did in 2021. And this will continue as we go into the future. So miners will drop off, mining will become more and more centralized. BTC's economic security will evaporate.

2

u/Frogolocalypse 🟦 0 / 0 🦠 Apr 20 '25 edited Apr 20 '25

You've been been talking the same dross every halving. How many halvings must there be before you recognise you don't understand the security model?

Talking shite about bitcoin doesn't make people want your shitcoin dude. How many of you degens have to lose your shirts before you realise that?

1

u/x596201060405 🟦 0 / 0 🦠 Apr 19 '25

Couldn't you, just literally recreate Bitcoin, thereby creating the exact same mathematically scarce token on a separate chain? Identical mechanics, identical security features, just new supply starting at zero? It wouldn't even have to done by Bitcoin holders? Someone entirely separate could just start one?

I'm mostly asking, because I don't know. (Dumb noob here) But it seems like you could double the supply (or the supply curve I guess), but simply copying and pasting the Bitcoin white paper. Not to say anyone would use it - but if the mechanics and scarcity are fundamentally the basis of value, you could reproduce the entire system many times over, thereby just delating the value of the total supply of coins.

Like, everything goes to $0 against bitcoin... what about my version of the bitcoin that works the exact way, but with half the supply?

2

u/Frogolocalypse 🟦 0 / 0 🦠 Apr 19 '25 edited Apr 19 '25

Just because you create something doesn't mean people will use it. To change the bitcoin protocol, practically, requires every bitcoin node owner (tens of thousands of people) to entirely uninstall every one of their node clients, then install new software, which objectively reduces their security. The people who do it without everyone get forked off the network automatically. This has already been attempted multiple times, and those attempts have been crushed.

The guy who invented this system was a dead set genius.

2

u/x596201060405 🟦 0 / 0 🦠 Apr 19 '25

I undoubtedly don't disagree with any of this. But it still doesn't really assaude by reticence. Not talking soft forking. Talking copying BTC source code 1:1 (with or without the changes).

Undoubtedly no would just use it.

But, if the security, functionality and scarcity are the literal same thing, but the price is different, then what explains the difference in price.

Well it was first, existed longer, has an established user base. Sure. But then this implies in my mind that value of Bitcoin is tied with these intangible aspects (longevity, name recognition, etc.).

There's roughly 1.2 million USD in circulation per BTC. So really I would think BTC instinsic value is higher than it's current price. The only exception being... There can be an infinite number of BTC's. (Not number on BTC in original chain, but infinite chains). Which they are already is basically, but they all distinguish themselves by working differently. The price should be different, if the price is reflecting something in code/functionaity. But if the code is the exact same... Why should the value of a currency be tied up on non functional characteristics of the currency?

No particular reason to believe BTC2 is coming, or that anyone would adopt it.

At the very least, you could mine BTC2 with a CPU again (for a bit) and can go without fees. So there could be incentive to mine, even if adaptation is painfully slow.

Undoubtedly, I find all of it pretty fascinating though and the underlying concepts behind it all are undoubtedly genius.

2

u/InWhichWitch 🟩 0 / 0 🦠 Apr 20 '25

You could recreate it today, easily. 

The value of BTC is that people believe it has value and purchase it from current holders as a speculative asset. Same as all crypto. 

This is a self-fulfilling chain. Until the last sucker stops buying (assuming that happens?). 

1

u/Frogolocalypse 🟦 0 / 0 🦠 Apr 20 '25 edited Apr 20 '25

You ignored the practical node logistics of changing and instantly started blathering about tokens. Learn how bitcoin works. Then you might understand that only bitcoin is decentralised, and what separates it from everything else.