I disagree with a lot of points, I would be happy to have a discussion about them.
> 1 Ethereum will always have more consensus failures than bitcoin. It has a larger attack surface, and competing implementations.
Yes, but you can also do a lot more with Ethereum. This is like saying a rocket has more points of failure compared to a car, but good luck going to the moon with a car.
> 2 Ethereum will always be more risky because they abuse the “default option” power over apathetic nodes. Thus any regulator can just have them make aml/kyc/sec reg a requirement and bye bye efficiency.
Fair point, the DAO fork vote has luckily been the only instance so far and Geth isn’t the only option for nodes. Miningpool holders are basically in control of a lot of votes now too, so it’s a good thing that PoS is on the roadmap because pools are trouble for decentralization.
> 3 Ethereum will always have more down time than bitcoin, check out 2017 for instance.
“Always” “See this one specific year”. This is not a valid argument, and of course: more complexity will lead to more downtime. 100% uptime can never be achieved.
> 4 Ethereum has 3x less reddit users, a couple x less twitter mentions, a few x less wallets, a few x less press, a few x less years of testing, less hardware wallets, less adoption in nearly every way. Where can you spend this “currency?”
Is this seriously comparing a cryptocurrency from 2009 to a cryptocurrency from 2015? This doesn’t even take into account how media is mostly throwing all cryptocurrency news under the tag “Bitcoin”. Ether was also never meant to be used as a currency, it’s supposed to pay the nodes/miners for running EVM and securing the blockchain. Popularity on exchanges turned it into something that can be exchanged as currency.
> 1 Ethereum tricks developers into losing far more money with “smart” contracts that have bugs, than bitcoin does with accidentally sending change to the miner instead of to a new address.
Nice job counting to 9. This is like blaming Sun Microsystems for all possible bugs in Java that made other people lose money and then saying *programming language X* is better because it’s way less complex.
> 2 Smart contracts will always be dumb as long as you have to trust a signal from the real, non digital world (oracle problem.) If you have to trust any way, then just let the oracle do it all.
This is a very valid point. Augur may be doing a good job with human oracles that have something to lose if they try to game the system. But for insurance Dapps, oracles will either have to have access to a lot of sensors in your house/car (bye privacy and sensors can still be tampered with) or have to be built on top of provably fair AI (not going to happen soon/at all). If someone has a link to cool solutions for this oracle problem, please share!
> 3 There’s nearly no demand for the Ethereum gas you’re supposed to buy to process transactions, because no one really uses it for computing, it’s just speculative platform utility. Gambling on gambling. Which just got banned in china.
The writer is confusing Ether (ETH) and gas. Please do your research before trying to smear Ethereum: https://www.youtube.com/watch?v=cZ0rYWJzeow
> 1 Their blockchain is bloated. It grows faster than many users can download it. It’s transactions per a second is maybe 3x bitcoin’s. It’s very likely sharding and other solutions will not “work” if you care about immutability/trustlessness.
It doesn’t grow faster than many users can download, that would be something like trying to keep up with Youtube. It just takes quite a long time to download the entire chain if you start running a full node for the first time. Once you’re done, you can absolutely download a block before the next one is created. Storage isn’t expensive and with just a partial node, you can still do almost anything on the blockchain. You can always buy a 1 TB drive and run a full node if you want to be sure you don’t support a malicious chain.
> 2 Ethereum is more centralized, more risky, loses more of peoples money, down more often, and always will be.
Here are 9 reasons guys! The 9th definitely isn’t just me repeating myself.