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

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Bitcoin (BTC) is susceptible to a “flippening” from Ether (ETH), mainstream media claims as some acquainted FUD — worry, uncertainty and doubt —returns to the highlight.

As BTC/USD continues to flag under $40,000, an outdated argument has resurfaced — however main traders are combating again.

Bloomberg: ETH “will seemingly exceed Bitcoin”

In an article on Might 31, Bloomberg cited a number of sources claiming that sooner or later, Ether will overtake Bitcoin because the world’s cryptocurrency of selection.

The most important altcoin “will seemingly exceed Bitcoin sooner or later sooner or later, as Ethereum shall be superior in relation to innovation and developer curiosity,” Tegan Kline, co-founder of Blockchain agency Edge & Node, informed the publication.

One other government added that Ethereum has a “higher development story.”

The argument is far from new and has appeared regularly throughout Ethereum’s existence. The Ethereum network’s recent major upgrade has kept its profile afloat, and ETH has outperformed Bitcoin over the past year and formed the backbone of the decentralized finance (DeFi) phenomenon.

ETH/BTC, long on a losing streak, reached its highest exchange rate in three years earlier this month.

ETH has also managed to preserve more of its price gains than Bitcoin in recent days. As Cointelegraph reported, a key moving average remains intact for ETH/USD, while BTC/USD has failed to recapture “lines in the sand.”

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

Druckenmiller compares Ethereum to MySpace

For all its impressive performance, however, claiming that Ethereum will replace Bitcoin at the top is nonsensical, many argue — and not only staunch Bitcoin supporters.

In an interview with The Hustle final week, billionaire investor Stanley Druckenmiller turned the newest non-technical determine to solid apart doubts about Bitcoin’s endurance.

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“I feel BTC has gained the shop of worth recreation as a result of it’s a model, it’s been round for 13-14 years and it has a finite provide,” he said.

“Is it going to be gold? I don’t know. It’s positive as hell doing imitation of it the final yr or two.”

For Druckenmiller, Ethereum is to Bitcoin what MySpace is to Google.

“I’m a bit extra skeptical of whether or not it may maintain its place. It jogs my memory a bit of MySpace earlier than Fb,” he continued.

“Or possibly a greater analogy is Yahoo earlier than Google got here alongside. Google wasn’t that a lot sooner than Yahoo, however it didn’t have to be. All it wanted to be was a bit bit sooner and the remaining is historical past.”

Others have lengthy identified that technically, Bitcoin and Ethereum have little in widespread. Bitcoin’s finite provide and years of resistance to assaults place it in a distinct league than some other cryptocurrency, and evaluating one other one to it’s an apples-to-oranges comparability.

“I usually assume all the opposite digital currencies don’t actually compete with Bitcoin and are under no circumstances just like Bitcoin,” Saifedean Ammous, writer of The Bitcoin Commonplace, famously told the Unchained Podcast in August 2017.

“I feel their actual competitors is, if I’m beneficiant, I’ll say Amazon Internet Providers and these sorts of platforms.”