Is Ethereum better than Bitcoin?

Transcript

There is one thing I have to mention. Uh there was a cut uh that showed uh >> what when >> I do not remember frankly. >> Back back back back back. Anyway, uh it showed a bunch of gear to mine Bitcoin, right? >> Oh yes, yes. >> And a small piece of gear to >> this to validate Ethereum. Yeah. Here. And uh there is one thing one just little thing I have to say. Sorry but proof of stake sucks >> in terms of decentralization and this card >> uh displays everything you know because >> tell me more.

>> Sure [laughter] that's why I'm here >> some classic debates now. Oh >> yeah. Uh to produce, to mine, to get more ethereal to stake, all you need is 32 Ethereum >> or more >> or even more. Yeah. Uh that's quite much for most of us. >> But you have like uh for example like rocket internet stuff if you want to st less or whatever. >> And on the other hand, when you >> So sorry for so for example like uh you have mining farms, right?

So I can mine like virtually without having like all the computer on on my house at the same time. E like proof of stake of Ethereum have uh like protocols like rocket internet uh rocket pool and stuff that you basically just stake just a bunch of token into a shared stake pool. So it's the same exact same thing. But my point is the following. Uh to mine Bitcoin or any other proof of work, >> you have to buy gear to change your gear because it uh gets outdated quite rapidly.

>> Yep. >> And uh you have to rent to buy some space to hold all that stuff. And you have to spend one quite much on electricity. >> And that means that when you mine it, uh, all you have to do, >> you just have to sell it because you have a bunch of different costs to cover. >> That's true. >> And, uh, not all, but sometimes even more than, uh, the whole rewards you get from mining blocks, you have to spend, uh, to all that stuff. And contrary to that uh when you mine when you st Ethereum you

just get uh get that uh base rewards and you do not have to spend it for anything. So the rich just gets richer and it's also b more bullish on the market [laughter] because you don't have cost and billions of sales but that's another story. So it's not a cost for the whole people like in the space. Uh so first of all I strongly believe that uh proof of work mining is just a pony scheme uh because basically like you are forced to to uh continuously be part of the game because you're forced to buy new hardware spend more electricity improving improving improving and and this create by default like a pyramid where bigger get bigger and smaller they

are out for actually earning blocks and this is what's happened because like remember that bitcoin mining like it's like this. Now we have two entities that have more than 50% 51% of the ash rate and it's like not a good deal but anyway uh depends what you value more in my personal opinion like for example I strongly prefer uh proof of stake because in my opinion and that's like the most important thing for me as a you know person who like Ethereum more than Bitcoin is that uh I like that uh uh validator can be you know like more let's say anonymous than than Bitcoin because for example

here I'm United States of America and these people they can already like manipulating blocking this sax moment and it's kind of impossible for us to see it because Bitcoin doesn't have for example archive nodes it doesn't have like a lot of stuff that are into Ethereum that if you are in this situation you can figure it if they are actually doing it and we can talk a lot about this actually but I want to stay on the question. So uh the difference is that here the fact that you have way or more bitcoin into the uh governance of bitcoin it doesn't matter. Okay it doesn't matter if these

people sell or not what is matter it's how much they are growing into ash rate because the governance of bitcoin is about the ash rate not about >> uh the token itself. So I don't care if they sell it or not. Okay. as uh I care that there is these companies who push up the ash rate putting out you know small miners and they constantly growing and growing and growing to achieve this and uh on on on the on the post perspective first of all it's totally like a different way to uh to to do stuff because for example you don't have finality you don't have finality in bitcoin so for example if I have enough mining I can literally like I spend like tons of Okay, that's true. But I can

lally roast the whole history if I want. Uh with the finality on Ethereum, it's very difficult to go under the last finality for example, which is like this is already like a good thing. Second, um uh you need to have uh to do an actual attack. So don't to not just block the blockchain to do the next finality, you need to have more than 66% of the total stakers >> if you want to rewrite it. >> If you want to Yes. Yes. Exactly. Uh and every block that passes, if you fail, uh you are slashing and slashing and slashing each block your money. And uh uh and so I don't think that it's

actually a way to make just richer get richer. And it's just like so I I don't see the incentives actually to to have this richer get richer because like uh imagine you get like 33%. Okay. The only thing you can actually do with 33% is just uh uh like creating in some way like your say with a fork and wait to be slashed until you go down the 33%. Like there is a lot to like or for example like think about like people get richer richer richer first of all uh like I don't know I how to put this into stuff. I I I don't see this problem anymore like pretty much in a in a very different way between Ethereum and

Bitcoin actually because in the in the proof of in the proof of stake yes people get richer in terms of tokens but in the proof of work these companies uh like the whole incentive in terms of computational power create like this company that have more uh hardware and better partnership in electricity which is the real governance as is token on Ethereum. So I don't see the difference. >> But if I'm not mistaken, this pie on the left, it just demonstrates uh shares of uh pools, right? And the thing is that when >> Oh, sorry. I I forgot to give you this.

[laughter] >> It doesn't make much sense. >> Uh the pool itself is uh not money because uh the pool is just a network of miners connected to that, right? And anytime, any minute, any second, any minor can just exit the pool. >> That's true. >> And join any other. So it's questionable to me. Uh this pile on the left, >> it's uh so for example, like is the same is uh you're correct in this. uh yeah correct it is but it's the same uh stuff and saying when people so for example uh there was like a lot of people talking about uh uh Lido if I remember correctly which get like near to 32% of Ethereum it's the same exact concept you can just

unstake with Lido and go on rocket pool or stuff like this is the same exact concept the problem is that whenever you are in a big mining pool in a bitcoin and whenever you are in a lido for example uh who decide uh the version uh the the uh that is run and who decide if uh uh we want to include block for example the alpha compliant of a compliant you remember like also like all of these discussions that they were like back in 22 is still on the mining farm so yes it's like the same problem actually that we should find a way to solve like it's not like a a challenge between the two this is what I think and it's a huge problem >> absolutely >> whatever so that's my point >> and this difference is quite

like religious, right? >> Uh >> in some ways. >> Yeah. Uh sorry if I I didn't give you the mind like uh there is some so it depends on like I I I don't like disrespect or have something like about like people uh that say they say that the proof of work is better. Okay. Um in my opinion I'm more proof for the proof of stake for a lot of reason that I actually like uh say in the conversation before. um only only history tell like at the end of the day okay because there is a lot of different stuff I strongly um the problem is that for example what I blame about uh proof of work people especially bitcoin people is that

instead of being focusing on to collaborate to solve challenges they are focused to talk every single day on Twitter against Ethereum people because they are difference and that's what I blame >> [laughter] >> Yeah, that's fully understandable. Bitcoin people are just some kind of people and there is no consensus between Bitcoin people themselves, right? But I don't know if you paid attention. >> Yeah, I saw it. [laughter] >> Anyway, thank you.

>> Thank you. Thank