When responding to “only taking ETH this cycle,” Jiang Zhuoer, founder of the ViaBTC mining pool, said that quantum attacks pose only a minor risk to $BTC . The biggest risk is “having no use”: RWA is blockchain’s greatest—and only—social significance, and it points directly to Ethereum.

His reasoning is that U.S. stock market capital has already entered the market, while BTC’s gains in each bull market are getting smaller. Once it fails to outperform the Nasdaq, investors cashing out at the top could turn the “rising coin prices—hoarding coins—rising coin prices” cycle into a negative feedback loop. Unlike gold and ETH, BTC has no demand from practical use to fall back on. Q-Day arriving at this juncture could therefore become a turning point.

Shifting the risk from technology to demand is more concrete than “the quantum threat.” But “failing to outperform the Nasdaq” can be verified, while “having no use” is hard to disprove—censorship-resistant transfers are themselves a form of demand, even if they generate no cash flow. How much of a safety net RWA can provide for ETH remains to be seen, and depends on the stock of tokenized assets on-chain.

#比特币 #以太坊 #RWA