It is very true that tech doesn't win every battle, and for that reason I don't discount BTC in the long run. I like what Andreas Antonopoulos said about Bitcoin, he was asked about BTC versus ETH, and the question posed that ETH was like a lego kit with a multiplicity of tools for devs to use, and the question posed BTC as a basic lego plain block.
The question was more a comment but Antonopoulos responded rigthly by saying that master lego builders use basic blocks to build even the most complicated structures but on a larger scale, because at a higher resolution it will work.
The analogy meaning that BTC can fit some major needs, and will not die off because 2nd or 3rd gen cryptos are also good. Tech doesnt by itself win the market.
The real truth of the matter is that most of these major altcoins aren't even bringing anything new to the table, they look at bitcoin and say "we can do all of that BUT BETTER" and come up with some mediocre use case (most of which don't even need blockchain or decentralization) and 200bil coins not backed by any proof model and sell them to people who think they're going to get Lamborghinis.
They think they can be Bitcoin 2.0, but in reality, bitcoin is the only one that's been in the fire long enough to have developed real resiliency, and what these crapcoins don't understand is that they will, one day, run into the same scalability issues, that bitcoin is already 2 steps ahead on and actively working to fix.
Privacy, smart contracts, viable scaling... all of these are things that bitcoin will eventually be able to do and then everyone else is left wondering what the point in using those other currencies is. Sure, right now, the fees are inconvenient and the transaction time is slow and that's frustrating and annoying, but if anything, the bottle neck drives up price volatility and makes it an even more attractive speculative asset.
Half of this speculative cash being tossed around wouldn't even exist if it weren't for bitcoins battle scars.
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I agree. Also I would add that what you say is why I argue against investing in a wide range of "currency" crypto coins. We do not need 10 coins that transact value as their primary use case, let alone 500 which is closer to the mark today. Just like we dont need 300 decentralized platform coins, but we have 'em anyways.
Point being, 90-95% of all coins will disappear one day, and likely the first to go will be those that clearly offer nothing but a promise of future development.
This is why I primarily invest in crypto that has a use case today, and preferrably a revenue stream to support their growth.
Some of my favourites are TenX, because I see them as a leader in making crypto spendable, and there is a market for that. More than 100,000 users in Europe so far have signed up and are spending millions of crypto already, generating fees which the company can sustain its growth upon.
There are others, like Steem, and the value it gains by the increasing appeal of Steemit.
Or Ethereum or Neo which already have many apps coming out for their platforms.
I guess what I am saying is if they aren't already being used by a customer base, altering how a traditional business model can operate, then they haven't proven themselves as a meaningful crypto, in my opinion.
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I agree with you. this important thing about bitcoin that it's paving the new grounds, is not emphasized enough. ethereum also has it's scalability issues if I understand correctly. I feel like a mature crypto community would point newcomers to appreciate the brand of bitcoin, cause it really deserves the dignity. after all, the code can continuously be improved and the network already is stronger that any other rivals. anybody who dismisses the importance of decentralization is missing the whole point and I fear this becomes the coming weakness of the network. bankers are gold investors are waging a war. there needs to be great deal of illumination in2018.
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I've always loved the topic of why certain innovations ultimately succeed even when there are other "better" alternatives. There are many reasons why and right now I think it's too early to definitively say that Bitcoin will or won't be the one, but it certainly has the best shot just from the absurd level of resources and support thrown behind it. Andreas is the best.
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I would like to challenge your views. Bitcoin's PoW is flawed. If Bitcoin does not move away from it, it cannot and will not succeed. The entire earth's electricity network won't be able to supply enough electricity to feed the Beast. That is crazy. Nuts. Kookoo. Now Bitcoin will never move to another consensus algorithm, as miners control the network. Might happen over their dead bodies or if they become desperate enough. In the short term Bitcoin will continue to be King. However cannot say the same for the long term
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Funny thing is everyone talks about Bitcoin's transaction problems as if that's going to be its downfall, but how bad is BTC's position if we really consider it? Right now nobody in their right mind wants to spend their crypto on coffee and burritos because they know it's only going to go up in value relative to fiat. What's a better store of value than it to hodl and trust to gain in value? I bought LTC and Dash to spend, but I don't even use them for the same reasons.
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I'd argue the bottleneck in transaction speed has created added price volatility that's made it even more attractive to speculators.
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Agreed as well, Bitcoin is the Coca-Cola of Crypto, the gateway, the red carpet leading the masses to the whole show. Bitcoin has and will always have a brilliant history, however sadly, I continually pour it out into alts as no matter how high Bitcoin may rise, I've lost faith in those that have imprisoned it's development. In no way will I support a team who wishes to see Bitcoin poked and prodded by sidechains till we no longer see Bitcoin as anything but a shell of what it once was.
I believe Bitcoin to be a prisoner of it's "handlers" held against the original will of vision it was created with. All that aside!! It will not matter, Bitcoin will do very well because a Coke is a Coke no matter how many iterations the end product has endured, to the consumer it matters not.
Excellent Videos, and Excellent replies by all here..Great group you have going here Crytovestor!! Thank You!
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I think we need to somehow support Andreas
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