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the flippening bitcoin ethereum

The term refers to the hypothetical point at which ether, the native token of the ethereum network, overtakes bitcoin in market capitalization. Buy The Flippening | ETH Surpasses BTC | Funny Ethereum T-Shirt: Shop top fashion brands T-Shirts at cern.makingmemorie.com ✓ FREE DELIVERY and Returns possible on. The term "Flippening" refers to the hypothetical moment of Ethereum (ETH) overtaking Bitcoin (BTC) as the biggest cryptocurrency. At % they both have the. STUTTGARTER BORSE CRYPTO

Source: Coingecko. Node Count The number of public reachable nodes. Source: bitnodes. Google Search Interest How often do people search for 'Bitcoin' vs. Source: Google Trends. The Flippening Ethereum vs. What do the metrics show? That is, assuming it will ever happen. Rest assured there will be quite some resistance on the charts before we even get to that point.

The number 0. Such an event is often referred to as the flippening. It would be quite interesting to see a cryptocurrency become larger in market cap compared to Bitcoin. The bigger question is whether or not this goal can be achieved. Right now, it has dropped to roughly 0. The flippening will not happen overnight by any means, though. Sustaining the 0. Albeit the underlying technology is quite spectacular a swell, it has taken a backseat to crowdfunding projects and speculation.

This is not necessarily a positive development. Then again, if that is the only objective, this bubble will not last much longer. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies. We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies. Crypto Prices from Nomics. All Rights Reserved. Advertise Submit a Press Release.

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On the supply side, new mining i. This limited inflation rate can't print gold , due to mining costs and limited reserves assuming no space mining! Source: World Gold Council. We also provide a more detailed breakdown of central bank reserves for further context. Jewelry is worn, has aesthetic value and is often inherited or gifted i.

Could Bitcoin eventually convert some jewelry demand to BTC demand? Perhaps, but it's hard to take a view on that so we aren't including it in the market value that BTC could capture in a base case. To further contextualize the SoV gold market from the 'use case' gold market we can see below that gold demand related to jewelry had a recent historical peak in at 3, tonnes.

While the USD value of gold jewelry increased as gold prices went up, clearly there is a declining overall 'use case' demand even recognizing that was an unusual year due to COVID. The gold 'use case' demand driven by electronics and other industries is overviewed below. It's a much smaller demand driver than jewelry.

To be conservative, we also associate the full 'Other' above-ground stock 28, tonnes category towards 'use case' share. Since we now have context around the size of gold's SoV market cap, let's go over the main arguments BTC bulls make regarding 1 why Bitcoin is a better SoV asset than gold and 2 what BTC's implied total market cap could be based on 1. The high level points in favor of BTC vs. Gold include:. There are other reasons to be bullish on Bitcoin, but I think these points give a good high level overview.

Regulatory clarity is likely the last true hurdle before mass adoption in developed nations, and we are likely to see that this or next year. I do however want to come back to '3' - decentralization. It could be argued that this is still much more decentralized than gold's ownership i. The second point we want to make is a sort of circular issue occurs that impacts the gold SoV market Bitcoin could claim - central bank demand and adoption.

Many in the Bitcoin community find BTC attractive because it's outside government control "centralization". If we strip out the market cap associated with governments then BTC, in a base case, can likely claim a large chunk of the gold SoV market cap related to 'Private Investment'.

What can also happen is Bitcoin could expand the SoV asset class itself i. For example, if inflation fears play out, more people will likely seek out SoV assets than they historically have. Fundamentally, if Bitcoin achieves 'Digital Gold' people will hold "HODL" it for the same reasons they've historically held gold, to hedge against inflation of fiat currency.

The way I see it, Bitcoin and Gold likely co-exist for some time vs. In addition, if Bitcoin maintains its Proof-of-Work PoW consensus mechanism it will have a hard time scaling i. Before Bitcoiners get mad at us for the above paragraph, they are likely to concede that many who own Bitcoin don't actually want to spend BTC i. Just like gold, very few people want to use it to pay for things - it functions more as a sort of generational collateral asset i.

Borrowing fiat currency against BTC is a more likely outcome at this moment in time we believe. We recently published our thesis around why we are bullish on Ethereum. A large portion of our ETH thesis relates to it becoming the most widely-used blockchain protocol to build upon, which in turn will make the network very valuable. DeFi, as we wrote in our last piece , is a prominent example of this.

This is very different than Bitcoin's thesis. BTC accrues value as an alternative monetary SoV asset. To attempt an analogy - Bitcoin is to Gold as Ethereum is to the Internet. ETH's value is driven by 'use case' demand. If you want to mint and sell many NFTs you need ETH, if you want to engage many DeFi protocols you need ETH, which not only serves as collateral, but is the "currency" that confirms transactions on the blockchain.

In many ways ETH begins to look and feel like a currency, but since ETH really represents a stake in the Ethereum network, spending ETH to confirm blockchain transactions is more akin to exchanging network equity. Goldman Sachs also seem to recognize that Ethereum accrues value due to its use cases. Source: Goldman Sachs Global Macro. Assuming you accept the thesis laid out above, we then get to valuation. How much is and can Ethereum be worth?

Firstly, Bitcoin miners, similar to Ethereum miners today " validators " after Eth2 , get paid transaction fees. One could theoretically value Bitcoin based on miner fees, but that would be like valuing gold based on how much gold miners earned.

Given Bitcoin is a monetary SoV asset without a lot of use cases by design , BTC's value is, just like gold, related to how much value other people assign it. Ethereum's valuation, we believe, should be derived from the transaction fees it generates given its value is driven by use cases. Those fees today accrue to miners that have fiat-denominated energy costs, but will shortly transition to Eth2 validators i.

This is a really important point to highlight - in the PoW consensus mechanism miners earn income in BTC or ETH to secure the network and have energy costs. To pay for the energy opex, which is derived in fiat currency, miners must sell some of their crypto income Note: DeFi, once again built primarily on Ethereum, could change this equation as miners may borrow fiat against their crypto assets.

However, in a PoS consensus mechanism you convert the equation from a miner earning revenue to a validator i. This is a very powerful incentive mechanism that many may overlook when valuing Ethereum - it creates a nearly perfect business model. Users of the network get paid to secure the network they own by other users who also own part of the network. The Problem. Since the early days of Bitcoin users have been faced with dual problems.

No one wants to spend their cryptocurrencies if they believe the future value will be higher, and on the flip side, no one wants to accept them as payment due to their nascency and volatility. Instead, the primary use case for many cryptos today is speculation. Nevertheless, there are numerous applications of cryptocurrency that cannot wait for this phase to pass.

The Solution. Stablecoins, whether backed by fiat or crypto collateral, answer this volatility problem. Ethereum, the largest smart contract and dApp platform by market cap, has become the dominant platform for stablecoins due to its robust smart contracting capabilities, conducive token standards , and lively project ecosystem.

It is for these reasons that stablecoins have seen a Cambrian explosion on Ethereum since These experiments have been so successful that there is now more stable value being transferred on Ethereum than ETH. Looking at the above chart on a rolling seven-day basis provides an even more striking view of how value transfer has evolved on Ethereum.

Tether Limited has not publicly shared what motivated the change; however, there are numerous motivations for doing so. Omni Core Commits over the past year. Source: GitHub. Is this good for ETH? Bitcoin provides digital scarcity for bitcoins while Ethereum provides digital scarcity for all digital assets. Bitcoin is the most secure blockchain for settling value transfers in bitcoins; Ethereum is the most secure blockchain for settling value transfers in all digital assets but bitcoins.

It is for these reasons that Ethereum has emerged a neutral global clearinghouse for all digital assets, and it is no shock that Tether elected to move in mass to Ethereum rather than a competing smart contracting platform. The DTCC settles an enormous amount of value, and if Ethereum could become even a fraction of what the DTCC is but for cryptoassets, it would be an incredible opportunity.

While projects settling value on Ethereum may pay fees to Ethereum, fiat collateralized stablecoins like USDT reduce the moneyness of ETH by reducing its role as a medium of exchange, unit of account, and store of value within the Ethereum economy.

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The Flippening: Will It Happen?? Everything You NEED To Know!! the flippening bitcoin ethereum

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Could Bitcoin eventually convert some jewelry demand to BTC demand? Perhaps, but it's hard to take a view on that so we aren't including it in the market value that BTC could capture in a base case. To further contextualize the SoV gold market from the 'use case' gold market we can see below that gold demand related to jewelry had a recent historical peak in at 3, tonnes. While the USD value of gold jewelry increased as gold prices went up, clearly there is a declining overall 'use case' demand even recognizing that was an unusual year due to COVID.

The gold 'use case' demand driven by electronics and other industries is overviewed below. It's a much smaller demand driver than jewelry. To be conservative, we also associate the full 'Other' above-ground stock 28, tonnes category towards 'use case' share. Since we now have context around the size of gold's SoV market cap, let's go over the main arguments BTC bulls make regarding 1 why Bitcoin is a better SoV asset than gold and 2 what BTC's implied total market cap could be based on 1.

The high level points in favor of BTC vs. Gold include:. There are other reasons to be bullish on Bitcoin, but I think these points give a good high level overview. Regulatory clarity is likely the last true hurdle before mass adoption in developed nations, and we are likely to see that this or next year. I do however want to come back to '3' - decentralization. It could be argued that this is still much more decentralized than gold's ownership i.

The second point we want to make is a sort of circular issue occurs that impacts the gold SoV market Bitcoin could claim - central bank demand and adoption. Many in the Bitcoin community find BTC attractive because it's outside government control "centralization". If we strip out the market cap associated with governments then BTC, in a base case, can likely claim a large chunk of the gold SoV market cap related to 'Private Investment'.

What can also happen is Bitcoin could expand the SoV asset class itself i. For example, if inflation fears play out, more people will likely seek out SoV assets than they historically have. Fundamentally, if Bitcoin achieves 'Digital Gold' people will hold "HODL" it for the same reasons they've historically held gold, to hedge against inflation of fiat currency. The way I see it, Bitcoin and Gold likely co-exist for some time vs.

In addition, if Bitcoin maintains its Proof-of-Work PoW consensus mechanism it will have a hard time scaling i. Before Bitcoiners get mad at us for the above paragraph, they are likely to concede that many who own Bitcoin don't actually want to spend BTC i. Just like gold, very few people want to use it to pay for things - it functions more as a sort of generational collateral asset i.

Borrowing fiat currency against BTC is a more likely outcome at this moment in time we believe. We recently published our thesis around why we are bullish on Ethereum. A large portion of our ETH thesis relates to it becoming the most widely-used blockchain protocol to build upon, which in turn will make the network very valuable. DeFi, as we wrote in our last piece , is a prominent example of this. This is very different than Bitcoin's thesis. BTC accrues value as an alternative monetary SoV asset.

To attempt an analogy - Bitcoin is to Gold as Ethereum is to the Internet. ETH's value is driven by 'use case' demand. If you want to mint and sell many NFTs you need ETH, if you want to engage many DeFi protocols you need ETH, which not only serves as collateral, but is the "currency" that confirms transactions on the blockchain.

In many ways ETH begins to look and feel like a currency, but since ETH really represents a stake in the Ethereum network, spending ETH to confirm blockchain transactions is more akin to exchanging network equity. Goldman Sachs also seem to recognize that Ethereum accrues value due to its use cases. Source: Goldman Sachs Global Macro. Assuming you accept the thesis laid out above, we then get to valuation.

How much is and can Ethereum be worth? Firstly, Bitcoin miners, similar to Ethereum miners today " validators " after Eth2 , get paid transaction fees. One could theoretically value Bitcoin based on miner fees, but that would be like valuing gold based on how much gold miners earned. Given Bitcoin is a monetary SoV asset without a lot of use cases by design , BTC's value is, just like gold, related to how much value other people assign it. Ethereum's valuation, we believe, should be derived from the transaction fees it generates given its value is driven by use cases.

Those fees today accrue to miners that have fiat-denominated energy costs, but will shortly transition to Eth2 validators i. This is a really important point to highlight - in the PoW consensus mechanism miners earn income in BTC or ETH to secure the network and have energy costs.

To pay for the energy opex, which is derived in fiat currency, miners must sell some of their crypto income Note: DeFi, once again built primarily on Ethereum, could change this equation as miners may borrow fiat against their crypto assets. However, in a PoS consensus mechanism you convert the equation from a miner earning revenue to a validator i. This is a very powerful incentive mechanism that many may overlook when valuing Ethereum - it creates a nearly perfect business model.

Users of the network get paid to secure the network they own by other users who also own part of the network. If we size the market Ethereum can take share from the numbers become so large that the exercise becomes completely theoretical. Rather the TAM of all those markets combined is in the hundreds of trillions i. To quantify valuation today we think the below analysis by Ryan Berckmans and Vivek Raman is helpful.

Note in May , Ethereum network revenue reached all-time highs , but the figures could be more one-off in nature so let's use the estimates below. Remember, this is a valuation based on reasonable assumptions. Log In. News Earnings. Retail Sales. Insider Trades. Markets Pre-Market. After Hours. Binary Options. CME Group. Global Economics. Penny Stocks. Digital Securities. Ratings Analyst Color. Price Target. Ideas Trade Ideas.

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What is The Flippening? [ Will Ethereum Flip Bitcoin in 2022? ]

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