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There are rumblings again re the possibility of... #TheFlippening
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🐬" title="Delfin" aria-label="Emoji: Delfin"> https://abs.twimg.com/emoji/v2/... draggable="false" alt="👀" title="Augen" aria-label="Emoji: Augen">
Maybe this is the year! Or not, we& #39;ll see
This isn& #39;t the first run ETH has made at the top spot. The coup *nearly* happened in 2017.
Settle in for some OG story time - & why this time *might* be differenthttps://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rückhand Zeigefinger nach unten" aria-label="Emoji: Rückhand Zeigefinger nach unten">
Maybe this is the year! Or not, we& #39;ll see
This isn& #39;t the first run ETH has made at the top spot. The coup *nearly* happened in 2017.
Settle in for some OG story time - & why this time *might* be different
First, what is the "flippening"?
Nowadays, the term is sometimes used when a top crypto passes another one in a key metric
But *The Flippening* refers to one specific possible future event: ETH surpassing BTC in market cap
This is the holy grail of all possible flippenings
Nowadays, the term is sometimes used when a top crypto passes another one in a key metric
But *The Flippening* refers to one specific possible future event: ETH surpassing BTC in market cap
This is the holy grail of all possible flippenings
BTC was the first crypto, the breakthrough, the pioneer. It is an incredible achievement.
And for as long as crypto has been traded, it& #39;s been the Undisputed Kinghttps://abs.twimg.com/emoji/v2/... draggable="false" alt="👑" title="Krone" aria-label="Emoji: Krone"> in market cap.
So much so, its market share % is called a "dominance" index.
And for as long as crypto has been traded, it& #39;s been the Undisputed King
So much so, its market share % is called a "dominance" index.
Before Eth launched in 2015, there were other coins, but none of them were interesting enough to gain significant traction. Hence they were dismissively called "altcoins".
BTC market share fluctuated between 75-95%.
There was Bitcoin, and then everything else.
BTC market share fluctuated between 75-95%.
There was Bitcoin, and then everything else.
But Eth launching in July 2015 completely changed the game
Previously, to make a new blockchain app you generally had to bootstrap a whole new blockchain
With Eth, you put your app on the existing Eth blockchain, plus get composability
Seems obvious now, but wasn& #39;t at the time
Previously, to make a new blockchain app you generally had to bootstrap a whole new blockchain
With Eth, you put your app on the existing Eth blockchain, plus get composability
Seems obvious now, but wasn& #39;t at the time
At the same time Eth was getting going, the BTC community was breaking down https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤬" title="Gesicht mit Symbolen über dem Mund" aria-label="Emoji: Gesicht mit Symbolen über dem Mund">https://abs.twimg.com/emoji/v2/... draggable="false" alt="😰" title="Gesicht mit offenem Mund und Angstschweiß" aria-label="Emoji: Gesicht mit offenem Mund und Angstschweiß">https://abs.twimg.com/emoji/v2/... draggable="false" alt="😳" title="Errötetes Gesicht" aria-label="Emoji: Errötetes Gesicht">
The long simmering block size limit debate broke out in full force in Sept 2015, r/Bitcoin instituted draconian censorship, and Bitcoin innovation stalled.
The long simmering block size limit debate broke out in full force in Sept 2015, r/Bitcoin instituted draconian censorship, and Bitcoin innovation stalled.
Fed up with these problems, there was a major brain drain from the Bitcoin community in 2015 - early 2017 to other crypto projects.
Most didn& #39;t rage quit, they just quietly left for Ethereum.
Yes, many Ethereum OGs, incl @VitalikButerin, were true believing bitcoiners first
Most didn& #39;t rage quit, they just quietly left for Ethereum.
Yes, many Ethereum OGs, incl @VitalikButerin, were true believing bitcoiners first
I personally heard the first talk of ETH potentially overtaking BTC as the dominant chain in 2016.
The idea seemed crazy at the time:
BTC was utterly dominant &, besides, Rootstock & Lightning Network were Coming Soon, making Eth obsolete (yes, they date back that far)
The idea seemed crazy at the time:
BTC was utterly dominant &, besides, Rootstock & Lightning Network were Coming Soon, making Eth obsolete (yes, they date back that far)
After some major, er, hiccups in 2016 (another "The" term, The DAO, look it up),
Ethereum stumbled into its first killer use case in early 2017: ICOs
And my oh my, you can see what happened next. Below is a chart of crypto market share with Jan 2017 marked:
Ethereum stumbled into its first killer use case in early 2017: ICOs
And my oh my, you can see what happened next. Below is a chart of crypto market share with Jan 2017 marked:
ICOs got most of the attention, but there were other major developments in Ethereum-land in 2017:
- @ensdomains launched w/ tons of excitement & speculation on .ETH names
- CryptoPunks debuted, leading to the ERC721 NFT standard
- CryptoKitties went viral, clogging the network
- @ensdomains launched w/ tons of excitement & speculation on .ETH names
- CryptoPunks debuted, leading to the ERC721 NFT standard
- CryptoKitties went viral, clogging the network
In a wild ride of just *6 months*, Bitcoin& #39;s "dominance" - which had never previously been below 75% - quickly fell to *37%*https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤯" title="Explodierender Kopf" aria-label="Emoji: Explodierender Kopf">
ETH passed BTC for the first time in daily txns, trading volume, # of full nodes, mining rewards, and yes even Google Trends
This was shocking
ETH passed BTC for the first time in daily txns, trading volume, # of full nodes, mining rewards, and yes even Google Trends
This was shocking
ETH passed BTC for the first time in daily txns, trading volume, # of full nodes, mining rewards, and yes even Google TrendsThis was shocking" title="In a wild ride of just *6 months*, Bitcoin& #39;s "dominance" - which had never previously been below 75% - quickly fell to *37%*https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤯" title="Explodierender Kopf" aria-label="Emoji: Explodierender Kopf">ETH passed BTC for the first time in daily txns, trading volume, # of full nodes, mining rewards, and yes even Google TrendsThis was shocking">
ETH passed BTC for the first time in daily txns, trading volume, # of full nodes, mining rewards, and yes even Google TrendsThis was shocking" title="In a wild ride of just *6 months*, Bitcoin& #39;s "dominance" - which had never previously been below 75% - quickly fell to *37%*https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤯" title="Explodierender Kopf" aria-label="Emoji: Explodierender Kopf">ETH passed BTC for the first time in daily txns, trading volume, # of full nodes, mining rewards, and yes even Google TrendsThis was shocking">
On June 12, 2017, the ETH/BTC market cap ratio reached as high as *85%* https://abs.twimg.com/emoji/v2/... draggable="false" alt="😯" title="Schweigendes Gesicht" aria-label="Emoji: Schweigendes Gesicht">
Ethereum was ahead of Bitcoin on nearly every metric and was closing in for the kill on market cap.
The Flippening seemed not only inevitable but very near!
Ethereum was ahead of Bitcoin on nearly every metric and was closing in for the kill on market cap.
The Flippening seemed not only inevitable but very near!
But then the market blinked.
"Really? ETH is going to unseat the King?"
ETH pulled back from the brink. In the latter half of 2017, BTC led the rest of the bull market
And it was *ETH* that got flippened briefly by BCH & XRP (true story)
The Flippening became The Floppening
"Really? ETH is going to unseat the King?"
ETH pulled back from the brink. In the latter half of 2017, BTC led the rest of the bull market
And it was *ETH* that got flippened briefly by BCH & XRP (true story)
The Flippening became The Floppening
The crypto markets peaked in Jan 2018. Then BTC became the crypto-native safe haven shelling point for the subsequent bear market. BTC market share recovered...
...but not as high as it had been. In Sept 2019 it peaked briefly at 70%
& ETH/BTC market cap ratio bottomed at ~9%https://abs.twimg.com/emoji/v2/... draggable="false" alt="😬" title="Grimasse schneidendes Gesicht" aria-label="Emoji: Grimasse schneidendes Gesicht">
...but not as high as it had been. In Sept 2019 it peaked briefly at 70%
& ETH/BTC market cap ratio bottomed at ~9%
But now BTC& #39;s "dominance" is on the way downward again, just as ETH is on the way back up.
The current BTC market share now stands at *44%*.
ETH is at 19%, and the ETH/BTC market cap ratio is at 43.2%.
The current BTC market share now stands at *44%*.
ETH is at 19%, and the ETH/BTC market cap ratio is at 43.2%.
But this time Ethereum is far stronger
While BTC has remained basically the same (Schnorr signatures notwithstanding)...
...the Eth community was building all winter & now has *multiple* major industries thriving on top of it: defi, NFTs, et al
Not promises, major actual uses
While BTC has remained basically the same (Schnorr signatures notwithstanding)...
...the Eth community was building all winter & now has *multiple* major industries thriving on top of it: defi, NFTs, et al
Not promises, major actual uses
Increasingly, the old analogy seems confirmed:
If BTC is a pocket calculatorhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🧮" title="Abacus" aria-label="Emoji: Abacus"> (an amazing innovation!)...
Then ETH is a smartphonehttps://abs.twimg.com/emoji/v2/... draggable="false" alt="📱" title="Mobiltelefon" aria-label="Emoji: Mobiltelefon"> - of which one of its apps is a calculator
Ppl used to say BTC would be an "Internet of money" & "programmable money". ETH is actually doing it
If BTC is a pocket calculator
Then ETH is a smartphone
Ppl used to say BTC would be an "Internet of money" & "programmable money". ETH is actually doing it
So will The Flippening happen this cycle? No clue (& no one else knows either)
But I think The Flippening *will* happen eventually
BTC isn& #39;t going anywhere & it& #39;s an historic innovationhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="👏" title="Applaus-Zeichen" aria-label="Emoji: Applaus-Zeichen">
But ETH is the foundation of a whole new budding Internet
See you on the flip side
/fin
But I think The Flippening *will* happen eventually
BTC isn& #39;t going anywhere & it& #39;s an historic innovation
But ETH is the foundation of a whole new budding Internet
See you on the flip side
/fin