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The Almighty Buck

CNN Says 'Move Over, Bitcoin. Ethereum is at an All-Time High' (cnn.com) 104

Posted by EditorDavid from the mainstream-media dept.
CNN writes: Bitcoin prices continued their rebound Saturday, rising about 6% to nearly $58,000. But the world's largest cryptocurrency has been overshadowed lately by its younger sibling, Ethereum.

Ethereum, or ether for short, hit a new record high Saturday of just over $2,900. Ether prices have nearly quadrupled in 2021, soaring 290%. Bitcoin has had a great run too this year, doubling in value.

The total value of all Ethereum in circulation is now about $333 billion, according to CoinMarketCap. Bitcoin's market value is nearly $1.1 trillion. While there are thousands of cryptocurrencies — including the Elon Musk tweet-fueled Dogecoin — Bitcoin and ether account for nearly two-thirds of the entire $2.2 trillion global crypto market...

Ethereum has enjoyed an even bigger surge than Bitcoin because it is the cryptocurrency of choice for the purchases of many non-fungible tokens, or NFTs — which have taken the art and broader collectibles world by storm.
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CNN Says 'Move Over, Bitcoin. Ethereum is at an All-Time High' More

CNN Says 'Move Over, Bitcoin. Ethereum is at an All-Time High'

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  • In for a penny, out for a pound. (Score:3, Informative)

    by Ostracus ( 1354233 ) on Saturday May 01, 2021 @02:40PM (#61336462) Journal

    Once they some changes [digiconomist.net] they'll be more efficient than Bitcoin.

    • Re:In for a penny, out for a pound. (Score:5, Funny)

      by hjf ( 703092 ) on Saturday May 01, 2021 @02:45PM (#61336478) Homepage

      I think you a word there.

      • As if you've never a word

      • Where are the savings? (Score:2, Insightful)

        by shanen ( 462549 )

        Yeah, it's a typo, but about the substance?

        Having studied Bitcoin, my shortest description is that it's a kind of lottery. You buy lottery tickets by calculating checksums, and the more energy you can waste on calculating checksums, the better your chance of winning the next round and "mining" some Bitcoin. However the factor controlling the lottery is just the timing of when the next block needs to be signed.

        My first guess is that the other cryptocurrencies have better lotteries or alternative mechanisms t

        • you are actually on the right track there. the blockchain technologies asked the same question - a few years ago and ended up with what is known as Proof of Stake consensus, which is where Ethereum is eventually headed - instead of burning electricity solving useless mathematical problems ("Proof of Work" consensus), you deposit ("stake") the cryptocurrency you own and earn interest by "minting" (not "mining") currency. there are a few ways to make it work depending on how the next coin is minted based on t

          • Can you explain why IBM closed the blockchain department after failing to develop anything? Is this some kind of a repeat of the 2017 hype because of Bitcoin?

            • If you're asking me, then I was retired before IBM dumped blockchain. It was still regarded as a promising new technology at that time, though no one had any product ideas that weren't solvable with other approaches. I have read some stuff about blockchain, and that might be coloring my description. I haven't seen any problems for which blockchain is the only solution.

    • Hey I am a nympho and I get turned on guys who I know little ...Oh .. I'm waiting >> https://kutt.it/v31VUg [kutt.it]

  • nobody wants red tulips (Score:1)

    by Anonymous Coward

    the real money is in yellow tulips.

    • Re: (Score:2, Interesting)

      by hey! ( 33014 )

      At least with tulips, when all else fails you can eat the bulbs, like the Dutch did during their WW2 famine.

  • CNN also says "Fear sells" (Score:4, Informative)

    by Pierre Pants ( 6554598 ) on Saturday May 01, 2021 @02:45PM (#61336480)
    - Charlie Chester, CNN technical director

  • CNN? (Score:4, Informative)

    by LenKagetsu ( 6196102 ) on Saturday May 01, 2021 @02:52PM (#61336494)

    CNN is full of shit, this is like a former 98 pound weakling walking into the gym, weighing himself at 100 pounds, and saying to Arnie "Move over, Terminator!"

    • Re: (Score:1, Troll)

      by wooferhound ( 546132 )
      How could anyone possibly believe CNN after they admitted lying and manipulating the the last election election
      • Comment removed based on user account deletion

    • Re: (Score:2, Flamebait)

      by jwhyche ( 6192 )

      In my experience if CNN reports it then believe the opposite. One of the main reasons that CNN shut down the comments section on the web page is because people kept correcting their reports. It was making the reporters look incompetent, and showing the bias of CNN's reporting.

  • Can /. please stop treating every change in the value of a random cryptocoin as news?

    • Can /. please stop treating every change in the value of a random cryptocoin as news?

      The pump/FUD news cycle is the crypto market. The coins' values are what the public perceives them to be, and the changing public perception is what controls the tides of the crypto market.

      If tomorrow Musk tweets that Litecoin is hot shit, buckle up buckaroos..

  • Coinbase has enabled staking on ETH, and lots of people are locking down the ETH to 2.0 with returns. So suddenly a huge chunk is going out of circulation. Once the ability to sell staked ETH starts, its going to fall, but till then enjoy the ride

    • I don't think you're right. PoS is supposed to replace all PoW mining, at least eventually. The EF's plans for block rewards were such that:

      1). Combined PoS and PoW rewards under the current regime would not exceed that of previous PoW
      2). Total rewards would become reduced over time, such that token burn - once implemented - would drive ETH into a deflationary cycle

      In other words, PoS isn't going to increase the total ETH supply any moreso than did PoW; additionally, the plan is that eventually, ETH will

  • ...with absolutely nothing tying it to inherent value. What could possibly go wrong?

    • ETH isn't a currency. I don't understand why people think you can buy and sell with it. You can't, or at least shouldn't. ETH tokens are time shares on a universal supercomputer. You need ETH to execute smart contracts on their public blockchain. The public Ethereum blockchain is intended to (eventually) tie together numerous private blockchains, though I'm not sure if they're sorted out atomic swaps of assets between those blockchains yet.

      If the idea of buying time on a supercomputer doesn't excite yo

  • At some point, a non proof-of-work crypto solution will become viable and take the world by storm. I have no idea what its key to viability will be, or how you get sufficient “proof of stake” to make it happen, but I am surprised it hasn’t already. Between organized crime, titans of industry, Wall Street, and a few “second-tier” governments it would seem to be a solvable problem even with limited resources, non-existent trust, and conflicting interests.

    • well there's now Chia that allows you to stake (really just lease) your SSD storage space.

      currently, blockchain is basically an open world-wide replicated database accessible to everyone which operates in such a fashion that it pays (in its cryptocurrency) to those who host it (node owners). today existing chains can mostly hold short pieces of information, perhaps enough to run a text-only Twitter clone, but not enough to do much of anything else. now with Chia, the blockchain could eventually evolve to th

  • What's behind those pushing these crypto currencies. Do they know something we don't?

    • What's behind those pushing these crypto currencies.

      Greed.

      • I think op was asking what has greed done to the main stream markets. Did you know that 70% of shareholder meetings in the last couple of years got over 100% of the voting shares? Or that many publicity traded shares have over 100% of the float owned by institutions? Sometimes even over 200%? The derivative markets are leveraged over 10-1 and with the complete lack of any transparency, letting the people who run the market entirely self regulate, combined with little oversight and absolutely no penaltie

    • ETH isn't a currency. If you want to know what it is and why people are hyping it, then you should probably start reading more material about blockchain in general instead of getting mesmerized by discussions of price.

      • @DrMrLordX [slashdot.org]: “ETH isn't a currency. If you want to know what it is and why people are hyping it, then you should probably start reading more material about blockchain in general instead of getting mesmerized by discussions of price.”

        I could start my own crypto currency and then get other foo^H^H^H investors to ‘invest’ in it. Hype the market and then get out before the bubble bursts. Maybe @burtosis is right and the conventional financial markets are also so much vapourware.
  • Now is the time to invest in tulip bulbs!
  • I know cryptocurrencies aren't going anywhere, too many greedy folks pumping it up. Only supported by those ready to be fleeced.
  • Can Ethereum, unlike Bitcoin, do anything other than enabling speculation and money laundering, while consuming vast amounts of power?
    • You say that like those aren’t valuable services under capitalism.

    • In a word, yes. But it hasn't lived up to its expectations; that is, to say, Ethereum could have accomplished so much more by now. Or at least it should have.

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