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Recently, Fundstrat researcher Tom Lee made a striking point, suggesting that Ethereum (ETH) could potentially achieve a hundredfold rise in price in the future, similar to Bitcoin (BTC) in 2017. However, this view has sparked intense debate within the Crypto Assets community.
A Twitter user named BastienSinclair raised seven points of rebuttal, delving into the fundamental differences between Bitcoin and Ethereum. He emphasized that Bitcoin is the only truly decentralized, uncensorable Crypto Assets network supported by a proof-of-work (PoW) mechanism. Currently, about 1 zeta hash of computing power provides a hard-to-fake security guarantee for the Bitcoin network.
In contrast, Ethereum has transitioned to a Proof of Stake (PoS) mechanism. Bastien Sinclair believes that PoS is essentially a political governance model, where coin holders may monopolize consensus, and the cost of malicious actions is relatively low. He also points out that Ethereum has historically modified its rules multiple times, such as the rollback of the DAO incident and the recent major merger, which creates uncertainty for its future development. In comparison, Bitcoin's protocol has remained stable and is considered "rock solid."
In terms of network effects, Bastien Sinclair believes that monetary networks often exhibit 'winner-takes-all' characteristics. Bitcoin has established the strongest network effects, with its main competitor being fiat currency, rather than other Crypto Assets. Ethereum still needs to compete with multiple public chains for the value of the technology stack.
In addition, Bastien Sinclair emphasized the differences between PoW and PoS in resisting external interference. PoW defends against potential capture risks through energy consumption and geographical distribution, while PoS chains are more susceptible to regulatory pressure or control by large coin holders.
Based on this analysis, Bastien Sinclair concluded that Ethereum would find it difficult to 'flip' Bitcoin's position in the future. This debate reflects the differing views within the crypto assets community regarding the future development of the two major projects and highlights the significant impact of technological choices on the long-term development of crypto assets.
As the Crypto Assets market continues to evolve, discussions about technological routes, degrees of decentralization, and network effects will undoubtedly deepen, providing valuable insights for investors and technology developers.