… improve Ether as an investment, not just a technology
HuntingIsland on "Bitcoin vs. Ethereum" and an ETH-Marketing DAO
|dex.blue||Feb 5|| 2|
Check out the 7th edition of My Two Gwei by dex.blue - enjoy!
A chat with Huntingisland
…of course, this is a huge thing on Twitter but, honestly, how relevant is “Bitcoin vs. Ethereum” still in 2020?
You see, there is just so much happening in DeFi and almost all of it is on Ethereum and still, Bitcoin gets so much more attention. Even projects that used to be very Bitcoin-focused migrated their applications to Ethereum.
I think what we are seeing with crypto is the future of finance and all the interesting projects are being built on Ethereum, so that’s where my focus is.
And how come Bitcoin is still so much bigger, is it just the marketing?
There is, of course, the first-mover advantage: Bitcoin has a huge amount of what they call Lindy. So, it tends to lose less value on a bear market, and I think that has been the primary advantage over Ethereum and other projects.
At the moment we are still in a speculation-driven phase of crypto, but over time things will go more toward use-cases and then Ethereum will do extremely well. Because honestly; I don’t see any scenario where payment processing uses volatile crypto assets.
The other big issue with Bitcoin is the Proof of Work concept - it was good as a bootstrapping concept at the beginning, but that was 10 years ago. The energy use of the Bitcoin blockchain today is almost unearthly large: It takes 20 ASICS miners of which each uses 1500 watts and they run for two years just to find one Bitcoin block. That to me is just completely irrational!
But right now, the world doesn’t understand that – they don’t know this part of the story. If Bitcoin goes to $100.000 you will be able to get on a plane anywhere on the planet and fly to Canada, Australia or to the South Pole and it will use the same amount of energy as one single Bitcoin transaction. In my opinion, this is not the future of anything. This is not going to work out well for Bitcoin!
You mentioned the problems of Bitcoin and the huge advantages we have with Ethereum. But how do we communicate this?
Marketing is key! We have to reach big investors with deep pockets and deliver them the message we just talked about - explain to them why Ethereum is worthwhile. We have to expand past Twitter and Reddit: People outside aren’t reading in crypto forums right now. We have to leave the bubble!
And how is Ethereum being marketed inside the bubble?
“ETH is money”... is that where we’re currently at?
I am very familiar with the people who are vocal around “ETH is money” on Twitter. We talk regularly and try to work on and improve Ether as an investment, not just a technology. A lot of us think that Ethereum as a platform won’t achieve its goals unless the Ether token value is high enough to attract interest from the community at large. “ETH is money” is definitely a part of that!
So, are there any more concrete ideas you guys have - a master plan on how to do this?
There are definitely some groups out there but most of it is just one-on-one discussions on this topic. You know, the Bitcoin brand had 10 years’ time to become effective. Ethereum developers had the past five or six years to organize themselves. The Ether investment community, however, hasn’t had much time to communicate that Ethereum is quickly becoming the foundation of a new global financial system.
I was able to watch the Internet turn to what it is today, and I see the same process at work with Ethereum. I think it has the potential to become the internet of finance and value exchange and I want to be a part of that and do what I can to help!
What does this help exactly look like?
I am planning my own podcast and my idea is that people outside of the DeFi world will participate and understand.
There are enough people out there that have the same interests but are just focused on other areas, like finance and investment professionals and Wall Street traders. These people have to hear the message. They will be intrigued and invest some money in our project.
I also believe the Ethereum community needs to fund a DAO that is focused on investor and financial education on Ethereum. So that we can explain what Ethereum is and talk about the things that are already being built. And I think that’s exactly where the opportunity lies to make a huge difference at the moment!
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