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Because Bitcoin is immutable and blockchains are a codification of the network effect. Altcoins are themselves competing chains, and thus compete with the main
by brighton36 11y ago
Because Bitcoin is immutable and blockchains are a codification of the network effect. Altcoins are themselves competing chains, and thus compete with the main chain. Because the 'first mover' is Bitcoin, then the incentive for any miner is to join that chain. The problems in other altcoins are particularly important because their miners always sell that altcoin to the greater fool... in exchange for bitcoin.
- davidgerard 11y agoAltcoins are (amazingly) even worse, but that doesn't make the Bitcoinsphere good. It still has no actual use case beyond illegal drugs, and is riddled with scammers and criminals at every level. I detailed the problems as I saw them as of January here: http://reddragdiva.dreamwidth.org/594396.html http://reddragdiva.dreamwidth.org/594396.html Things really haven't improved in any regard.
- brighton36 11y agoAgreed. The black market is the smallest sector of the world's economy. If the best Bitcoin can do is service that market, its safe to say the Bitcoin is a massive failure.