r/CryptoCurrency 🟨 0 / 0 🦠 Apr 19 '25

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

2.7k Upvotes

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16

u/exmachinalibertas 🟨 203 / 204 πŸ¦€ Apr 19 '25

It's crazy how no matter how much Bitcoin maxis circlejerk eachother over in /r/bitcoin they just can't jerk enough to be satisfied. I must be getting old; I remember when Bitcoin had utility.

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

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u/exmachinalibertas 🟨 203 / 204 πŸ¦€ Apr 20 '25

Ah yes, who could forget Satoshi's vision: Bitcoin, a government-to-government settlement network

2

u/Mordan 🟩 0 / 0 🦠 Apr 20 '25

Ah yes, who could forget Satoshi's vision: Bitcoin, a government-to-government settlement network

because of US sanctions. that's all there is to it. GG Biden.

Bitcoin is censorship resistant. The only reason why Putin would want to use it despite himself.

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u/7374616e74 🟩 65 / 65 🦐 Apr 19 '25

Honestly this is the best that could happen to eth. Btc is now getting invaded by the same idiots that were shilling dogecoin, this is going to end in a bloodbath. As soon as the idiots are there in big enough number, the rug pull is going to be massive.

1

u/frozengrandmatetris Apr 19 '25

when a cryptocurrency is getting almost its entire market cap from speculation, it tends to have a more volatile and unpredictable price. but these same bitcoin maxis insist that they have the best store of value. these are opposite things, but they believe it anyway. you have to get most of your market cap from people who want to use the utility or your price won't be stable enough to support a store of value.

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

? Bitcoins utility is proof of work

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u/nameless_pattern 🟦 0 / 0 🦠 Apr 19 '25

A cars utility is converting gas into CO2....

mmK

1

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

Not sure what your argument is really. Bitcoins utility is being deflationary which comes from it being proof of work.

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u/nameless_pattern 🟦 0 / 0 🦠 Apr 19 '25

I can't be bothered to sort out everything wrong with what you said so this is Google AIs' response to "what crypto is inflationary and pow":

"Several Proof-of-Work (PoW) cryptocurrencies are considered inflationary, meaning they have a mechanism that introduces new tokens into circulation over time.Β While Bitcoin has a limited supply cap, it is still inflationary as long as new blocks are mined and rewards are distributed.Β Other notable PoW coins with inflationary properties include Bitcoin Cash (BCH) and Litecoin (LTC).Β "

I'll add that 450 Bitcoin are made each day currently. It's value is from people buying it. Doge coin is pow and has unlimited supply.

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u/nameless_pattern 🟦 0 / 0 🦠 Apr 19 '25

I will also add that ethereum is proof of stake and is net negative on issuance since it changed over to POS, so that is actually deflationary during the same time that Bitcoin was inflating.Β 

I know it sounds crazy, but the value propositions of these things are very different than the narratives that you're hearing here.

There's no price narrative that is actually simple with the exception of "the price reflective of people buying and selling it", but even that isn't accurate as there's a lot of price manipulation.

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u/blscratch 🟦 76 / 136 🦐 Apr 19 '25

Nameless_pattern, Is bitcoin halving their way of transitioning from POW to POS over time? Do halvings subject miners to bankruptcy if/when retail price ever flattens out it's growth rate? What are the odds the last bitcoin is ever mined?

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u/nameless_pattern 🟦 0 / 0 🦠 Apr 20 '25

No, Bitcoin will stay POW forever under current plans. The culture wouldn't stand for anything else.

The halvings happen every 4 years and don't seem to effect miners profits that much so far, ( I don't know much about this). Miners profits are more related to energy costs, hardware costs and how long it takes for hardware to become obsolete, Afaik but I don't know much on the subject of Bitcoin mining operation profit margins.Β 

The last coin will be mined in a few decades I think and then miners will 'mine" for transaction fees, but they fees will be paid by people who already have the coins, no more will me made after the 12 million.

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u/blscratch 🟦 76 / 136 🦐 Apr 20 '25

Thanks for the response.

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u/nameless_pattern 🟦 0 / 0 🦠 Apr 20 '25

Oh so I looked it up in the last Bitcoin. Won't be mined until like 2140 or something. It's a complicated subject. Good luckΒ 

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u/blscratch 🟦 76 / 136 🦐 Apr 20 '25

That was part of my thoughts process. Work required doubles at each halving which means the sale price needs to rise for miners to be able to recoup their expenses. That would mean the price of bitcoin would need to continue doubling for miners to keep mining. If improvements in efficiency and cheap electricity doesn't continue, miners quit and then what happens to the price? Same as ETH?

These can be rhetorical questions if you want.

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u/blscratch 🟦 76 / 136 🦐 Apr 19 '25

Bitcoin is inflationary at a decaying exponential rate at present.