Recently, Tom Lee from Fundstrat Capital mentioned in a live broadcast that BMNR has established the world's largest reserve of over 800,000 ETH, and believes that today's ETH is like BTC in 2017 (rising from less than $1,000 to over $114,000 now), and that ETH will hundredfold surpass BTC.
In response, netizen @BastienSinclair posted a rebuttal. He believes that based on network dynamics and Consensus facts, ETH (Ethereum) will never "flip" BTC. Here are seven points:
First, BTC is the only trustless base layer.
1.1 BTC is the world's only truly decentralized, immutable, and censorship-resistant monetary network.
1.2 Proof of Work (PoW) enforces thermodynamic cost and real-world anchoring.
Secondly, BTC operates on approximately 1 ZettaHash per second of PoW computing power.
2.1 ETH abandoned PoW and transitioned to PoS - BTC currently runs on about 1 ZettaHash per second of original computing power.
2.2 Energy-backed security cannot be forged and is independent of politics.
Third, Proof of Stake (PoS) is essentially human governance.
3.1 PoS is a political mechanism, not a security model.
3.2 Large token holders are Consensus dominators - whoever controls the most ETH controls the narrative.
3.3 Zero external cost = zero cost of misbehavior = forced return to trust dependency.
Fourth, ETH has changed rules multiple times.
4.1 DAO rescue event (2016): Rewriting historical ledger.
4.2 The Merge upgrade (2022): Disrupting Consensus mechanism.
4.3 Future variables? Everything can be changed.
4.4 BTC rules are rock-solid - Consensus ≠ Governance.
Fifth, winner takes all: Network effect is already established.
5.1 BTC is currency, Ethereum is a technology stack.
5.2 Monetary networks have zero-sum and reflexive properties - the optimal store of value will consume others.
5.3 BTC has already won in the Lindy Effect.
Sixth, monetary premium is indivisible.
6.1 BTC's core value lies in absolute scarcity and trustless final settlement.
6.2 Ethereum's competitors are Solana, Avalanche, and over twenty other public chains.
6.3 BTC's competitor is fiat currency itself.
Seventh, BTC has resistance to capture.
7.1 Proof of Work (PoW) achieves physical layer defense through energy, geographical distribution, and hardware.
7.2 Proof of Stake (PoS) chains may be controlled by regulators or whales.
7.3 Who would you trust to provide the monetary base layer? Miners or stakers?
These are the views of netizen @BastienSinclair. Dear readers, what are your thoughts and perspectives on this? Welcome to elaborate in the comments.
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