<story><title>Bitcoin Surges Past $7,000 to Extend Record Rally</title><url>https://www.bloomberg.com/news/articles/2017-11-02/bitcoin-surges-past-7-000-to-extend-record-rally-this-year</url></story><parent_chain><item><author>tfha</author><text>People who believe that ethereum is technically superior have not studied cryptocurrencies in depth. Ethereum made a lot of reckless design decisions, trading long term stability and security for advantages that only exist over bitcoin in the short term. Their short block time is a sloppy choice. Their focus on gpu mining is a boneheaded mistake. Their scripting system is embarrassing. Proof of stake is nonviable. Multiple clients invites large scale network forks like the spurious dragon update disaster. Their code is garbage and won&amp;#x27;t scale.</text></item><item><author>randallsquared</author><text>As someone who has no stake in any of these, it seems to me that Ethereum has a big PR problem no matter how technically superior it is: it&amp;#x27;s inextricably tied to the story about the DAO, where those who played the game by the rules had their Ethereum redistributed by the developers because said developers didn&amp;#x27;t like the outcome.  (I know that this isn&amp;#x27;t a neutral phrasing, but it&amp;#x27;s the perception I&amp;#x27;m talking about...).  Once it&amp;#x27;s shown that some group is willing and able to change the rules to avoid losing, trusting that they won&amp;#x27;t do it again seems naive.</text></item><item><author>joefourier</author><text>Notice how almost all news of Bitcoin now are about its price. Bitcoin used to be exciting in both technical and economical aspects, but has now become just a store of value entirely driven by speculation.&lt;p&gt;Other technically superior cryptocurrencies (e.g. Monero, Ethereum) have replaced most of its usecases, boasting much faster and cheaper transactions and real anonymity in the case of Monero. Bitcoin takes more than an hour even at absurd transaction fees of multiple dollars, and is actually pseudonymous, meaning if you can associate an address with a real person, it becomes relatively easy to trace all their transactions unless they were careful to cover their tracks.&lt;p&gt;It may or may not continue to increase in value long-term, but it has little uses outside of being worth a lot of money.</text></item></parent_chain><comment><author>diggan</author><text>Thanks for leaving your opinion but I think I&amp;#x27;m not alone when I say that I prefer more elaborate feedback. You&amp;#x27;re saying that a lot of things are bad, but not really why. &amp;quot;Sloppy choice&amp;quot;, &amp;quot;boneheaded mistake&amp;quot;, &amp;quot;emberrassing&amp;quot;, &amp;quot;nonviable&amp;quot;, &amp;quot;code is garbage and won&amp;#x27;t scale&amp;quot; but neither of these things have any reasoning behind them (maybe you do, but you didn&amp;#x27;t take the time to actually write it down) which makes your comment relatively useless.</text></comment>
<story><title>Bitcoin Surges Past $7,000 to Extend Record Rally</title><url>https://www.bloomberg.com/news/articles/2017-11-02/bitcoin-surges-past-7-000-to-extend-record-rally-this-year</url></story><parent_chain><item><author>tfha</author><text>People who believe that ethereum is technically superior have not studied cryptocurrencies in depth. Ethereum made a lot of reckless design decisions, trading long term stability and security for advantages that only exist over bitcoin in the short term. Their short block time is a sloppy choice. Their focus on gpu mining is a boneheaded mistake. Their scripting system is embarrassing. Proof of stake is nonviable. Multiple clients invites large scale network forks like the spurious dragon update disaster. Their code is garbage and won&amp;#x27;t scale.</text></item><item><author>randallsquared</author><text>As someone who has no stake in any of these, it seems to me that Ethereum has a big PR problem no matter how technically superior it is: it&amp;#x27;s inextricably tied to the story about the DAO, where those who played the game by the rules had their Ethereum redistributed by the developers because said developers didn&amp;#x27;t like the outcome.  (I know that this isn&amp;#x27;t a neutral phrasing, but it&amp;#x27;s the perception I&amp;#x27;m talking about...).  Once it&amp;#x27;s shown that some group is willing and able to change the rules to avoid losing, trusting that they won&amp;#x27;t do it again seems naive.</text></item><item><author>joefourier</author><text>Notice how almost all news of Bitcoin now are about its price. Bitcoin used to be exciting in both technical and economical aspects, but has now become just a store of value entirely driven by speculation.&lt;p&gt;Other technically superior cryptocurrencies (e.g. Monero, Ethereum) have replaced most of its usecases, boasting much faster and cheaper transactions and real anonymity in the case of Monero. Bitcoin takes more than an hour even at absurd transaction fees of multiple dollars, and is actually pseudonymous, meaning if you can associate an address with a real person, it becomes relatively easy to trace all their transactions unless they were careful to cover their tracks.&lt;p&gt;It may or may not continue to increase in value long-term, but it has little uses outside of being worth a lot of money.</text></item></parent_chain><comment><author>ChrisClark</author><text>What do you think is better than Ethereum then?  We already know by now Bitcoin is garbage. They have refused to do any innovation out of pride, and instead of just a tiny bit of compromise the devs pander to their ego and attack others instead.  Directly causing this upcoming 51% attack on the chain (2X).&lt;p&gt;It is useless as a global currency now, and any more complicated smart contracts built on top of it need trust in a third party, eventually, if it&amp;#x27;s ever built.&lt;p&gt;All it has left for it is brand recognition and large transactions as a settlement network.&lt;p&gt;The current price increase is obviously because people need to be in Bitcoin before this upcoming attack.  Because if there is a back and forth fight over the hash power, you won&amp;#x27;t know who is the winner immediately.</text></comment>