Ethereum supporters are spreading FUD by spamming Bitcoin subbreddit subscribers.

I got this one...

I am sending you this message because the crypto community is too heavily censored, please read carefully. The original of idea bitcoin is to create a decentralized money system that prevents censorship and being shutdown. Proof of work seemed like a good way to achieve that. The real power in the bitcoin world is helt by the miners, as long as the mining process is properly decentralized bitcoin will be decentralized. But real world competition caused many cracks to appear in this model, the first flaws that appeared were pooled mining (centralizing power with mining operators), then came ASICs (Centralizing power with mining operators with good industry connections), then came cheap electricity + latency issues (Centralizing power with mining pools with access to cheap electicity and low latency to others big mining pools). These pressures has essentially caused mining to be centalized mainly in China because there they have cheap electricity, good industry for creating ASICs and low latency to other chinese mining pools (and high latency to the rest of the world). One important thing to keep in mind is that bitcoin itself can evade capital controls and move seamlessly accross borders. But mining equipment cannot. It would be easy to confiscate all mining equipment in the country and use it to destroy bitcoin. So what is the solution to this problem? Proof of stake is the solution because it removed the physical element and allows network voting power to move seamlessly accross borders too. Traditional Proof of Stake contains some flaws like the Nothing at Stake problem. But the new algorithm designed for proof of stake in Ethereum solved all these issues. The bitcoin developer community has proven that it is unable to make even small changed to the consesus algorithm. So completely switching to a different model is never going to happen. If you are willing to open your mind and learn about how Ethereum will beat bitcoin by being far superior to bitcoin watch the videos of Devcon1 Bitcoin is doomed and Ethereum will replace it. Obviously most people involved in Ethereum are aware of this. But for most other people it is not so obvious. But it is hard to convince the masses because they are not reading enough information about Ethereum, either because of censorship in subs or because of denial. Therefore I think it is the mission of each of us to get the word out. Only by saying it often and giving clear examples we can teach the masses what we already know. Try to reach at least on uninformed person every day. (If you lack ideas, just post the link to this post in different reddit subs with target audience). First of all it is important to remind people that Bitcoin was also once small, and that people also did not believe in Bitcoin because they couldn't imagine what benefit it would give over conventional payment systems. That perception changed dramatically for bitcoin and the same will happen to Ethereum. It is important to emphasise this because people often use the psychological principle of Social Proof to make decisions in unknown situations, this is currently working against Ethereum, the underlying reasoning is, "If Ethereum is so great why is it so cheap?", "If Ethereum is so great why is everyone talking about Bitcoin?", "If Ethereum is so great, why are the smart people X, Y and Z not invested in it?". Second of all it is important to emphasise that not only is Ethereum a crypto that offers a whole new concept of the decentralized web, it is also better than Bitcoin at being a currency for payments. This is easy to show by explaining a real world scenario. Imagine the perfect crypto currency, obviously it should be possible to re-implement the most convenient payment systems used today using that crypto currency, and doing so in a decentralized way, with no added fees or middle man. It should be able to behave very much like cash in being able to spend it quick and easy. The most similar electronic product that offers this is the anonymous tap to pay, prepaid payment card. It is easy, it is anonymous, it wont be hacked like phones, it has the ability to limit exposure to compromise by having limited balance that automatically recharged and the end of the day. Implementing this in Bitcoin would not be possible because the small chip in the card is not connected to the internet, and sharing your private key is a security hazard. But what if your wallet/contract could use asymmetric encryption to accept a different secret payment key on every payment. This way it is possible to implement the payment with a touch to pay card in a secure way. In Ethereum it is also possible to program a contract to recharge a wallet at the end of every day for added security, It is also possible to automatically exchange Ethereum for a token that is backed by a stable currency for those merchants that are worried about exchange fluctuations. Third of all it is important to note that Bitcoin is never going to be implementing these changes. Look how hard it is for them to implement a blocksize increase. Changing the scripting language to Turing complete would be a far more controversial change. One that the miners will probably never agree to this. And also keep in mind that quick payments need either zero-confirmation transactions or fast blocktime. So if Ethereum has the potential to implement the most convenient payment system imaginable but Bitcoin cannot then one can only conclude that Ethereum will win in the long run. Bitcoin will die like Myspace, and Ethereum will become the golden standard.

/r/Bitcoin Thread