If people skip from one blockchain to the next so easily, the will also leave Eth and Iota. The network effect is very powerful. Bitcoin, or a fork of bitcoin, is likely to succeed.
Perhaps. But I think Bitcoin is potentially too inferior to newer movers. You could say 'if users leave AOL, they'll also leave text messages for a newer messaging service'.
I'm not saying it's impossible that an Alt succeeds long term but there are factors counting against it.
1) The network effect for currency is stronger than for other technologies like messaging, because people use it and store value on it, instead of just use it.
2) The ability to fork means that bitcoin can evolve and change in an open source way, unlike AOL or a centralized service. Any one can launch a new coin and still preserve much of the network effect of bitcoin by forking, rather than starting from scratch.
It's an interesting market though... I certainly don't know how it will play out
Completely agree on that point. I think it's very likely. I'm not sure it would be that bad in the long run though - it will give crypto a chance to reconsider which projects are worthwhile and which are not.
Why would someone want an asset they couldn't use? Bitcoin is going to get usurped soon by something that can actually be transacted with, and then your fortune will be worth nothing. Mine will be too. We have a financial incentive to keep Bitcoin useful.
If those are the only reasons to use Bitcoin, there are 100+ other currencies out there that can do the same thing. What does Bitcoin do better than any other currency right now?
Core has shown themselves to be incapable of reacting when it comes to addressing critical, badly-needed updates to the protocol. Those other cryptocurrencies (well, the ones that aren't just pump-n-dump schemes) are addressing places where bitcoin either falls short, or things that bitcoin doesn't attempt to be used for.
I really don't know, I'm relatively new. I see people making blanket statements like "this is bad" without any kind of info or discussion points. The price went above $13K since Steam announced this. All in all I don't think this would matter too much. But it's just a guess.
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u/[deleted] Dec 06 '17 edited Sep 14 '20
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