Cryptocurrency News

Ethereum is ‘MySpace before Facebook’ while Bitcoin wins as ‘Google’

Bitcoin (B T c) Is at risk of “flipping” from Ethereum (ETH), Mainstream media claims that some familiar “FUD” have returned to the headlines.

As BTC / USD continues below $ 40,000, an old argument has resumed – but major investors are fighting back.

Bloomberg: ETH “May Be Higher Than Bitcoin”

In an article on May 31, Bloomberg Cited Several sources claim that in the future, Ethereum will overtake bitcoin as the cryptocurrency of choice for the world.

Tegan Kline, co-founder of the blockchain firm Edge & Node, told the publication, the largest altcoin is “likely to outweigh bitcoin at some point in the future, as Ethereum will be better at innovation and developer interest.”

Another executive said that Ethereum has a “better growth story”.

The argument is Far from new And has regularly appeared in the existence of Ethereum. The recent major upgrade of the Ethereum network has kept its profile intact as ETH has beaten bitcoin over the past year and formed the backbone of the Defy phenomenon.

The long-loss ETH / BTC reached a three-year high earlier this month.

ETH has managed to preserve more of its price advantage than Bitcoin in recent days – as Cointelegraph Reported, A major moving average for ETH / USD remains intact, while BTC / USD failed to reclaim “lines in the sand”.

ETH / BTC 1-week candle chart (bitstamp). Source: TradingView

Druckenmiller compares Ethereum to MySpace

However, for all its impressive performance, claiming that Ethereum would replace bitcoin at the top is preposterous, many argue – and not just hardcore bitcoin supporters.

in one The interview With The Hustle last week, billionaire investor Stanley Druckenmiller became the latest non-technical figure to clear doubts about Bitcoin’s staying power.

“I think BTC has won the store of Value Game because it is a brand, it has been around for 13-14 years and has a limited supply,” he said.

“Is it going to be gold? I don’t know. It is certain that hell has been copying it well in the last one or two years.”

For Druckenmiller, Ethereum is for Bitcoin which MySpace is for Google.

“I have a little more doubt whether it can hold its post. It reminds me a little of MySpace before Facebook,” he continued.

“Or maybe a better analogy is Yahoo before Google came along. Google wasn’t that much faster than Yahoo, but it didn’t need to. It just needed to be a little bit faster and the rest is history.”

Others have long reported that technically, bitcoin and Ethereum have little resemblance. The limited supply of bitcoin and years of resistance to attacks have put it in a different league to any other cryptocurrency, and comparing the two is an apple and orange comparison.

“I generally think that all other digital currencies don’t really compete with bitcoin and are not identical to bitcoin in any way,” said Safedian Ammos, author of The Bitcoin Standard Told The Uncharted podcast in August 2017.

“I think their real competition is, if I’m being generous, I’d say platforms like Amazon Web Services and the like.”