Gib gave up his btc maxi status when he bought into ETH.
Eth is a long con and theoretically broken from the beginning trying to pack way to much functionality into a layer one protocol.
BTC is the internet of money. So if you think about that being layer one the lightning network layer two then you'll see other layers develop ontop of it and that's how protocols and distributed network architecture actually work. The whole btc is old tech is garbage touted by conmen looking to cash in on the supposed next btc2.0. The chance to kill btc was 2011-2012 maybe those early days with something new. Now I would assign less than 2% chance of anything ever dethroning the king.
Btc will and is going after everything, it will not be a light switch moment where flick off to on and everything is based off btc settlement layer. As much as I'd like that, it's a process which takes time and btc isn't ready....yet. I'd say next 10-20 years.
All POS networks are doomed from the start, it's subject to politics its subject to controls and just centralises over time (long con). Its basically just replicating fiat the existing system.
Obsidian you know how difficult staking without a centralised entity can be, hence you using coinbase. 99% are full retard and or lazy when it comes to money.
That's not to say Eth isn't going to outperform btc for near term future and be around for awhile. I'm not for an extra 60% on my money in a centralized coin when it's already up 300x in something that's truly decentralized.
Dude, I fully agree with everything you have said here. ETH will inevitably fail, for various fundamental reasons, including those you have mentioned - how long that will take, who knows. Further there is real regulatory risk on the horizon with ETH, due to its history of its founders issuing tokens to themselves, which can never be undone or reversed. We are seeing this with Ripple also. Eth may very well be enforced as a security this year (and as such would be an illegal unregistered security), and that in turn will require all regulated exchanges to cease allowing it to be traded, of course leading even more inflow into BTC as "crypto investors" realize the implications.
Eth was really, in many wats, essentially an affinity scam on Bitcoin - maybe even well intentioned. What needs to happen, and I believe will happen, is that we all come to collectively agree and undersand that BTC is the global base layer of value. And we then build on top of that for more efficient transfers, smart contracts, defi etc, all of which was as envisaged by Satoshi. Creating a whole separate, centralized, system, where the technology itself is traded as a store of value as a competing base layer, is really is a perversion of all that Bitcoin stands for.
I really only bought a little ETH as I think its possible that in the short term it will rise in value with BTC, maybe even at a sharper % gain due to lower market cap and due to misunderstanding that it is a "better technology". On numerous occasions I have met relatively intelligent people, new to this space, who in a well meaning manner ask you "Oh, but what about Eth? It can do smart contracts and all that. Now Eth really is quite interesting technology. And its more energy efficient". It really takes time for people to fully understand, and comprehend, at a fundamental principles level, and at a philosophical and economic level, the importance of the distinction between Bitcoin and all other alts. But please be assured, I am a very much a BTC maximalist (at least in so far as knowing that BTC is the ultimate, original, and most perfect form of global digital store of value). I have not betrayed the cause!
