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Altcoins are a concern, but as a store of value, Bitcoin is already 'good enough' that network effects are likely to make it a standard for a long time to come.
by Obi_Juan_Kenobi 10y ago
Altcoins are a concern, but as a store of value, Bitcoin is already 'good enough' that network effects are likely to make it a standard for a long time to come.
It's also good to remember that the tech world is built on all sorts of 'objectively obsolete' technologies.
- Fantastic_T 10y agoNot with the block size limit serving the market for payments to the first competing cryptocurrency (like Ethereum) that develops a decent wallet and gets critical traction. If there's a shift, it can quickly turn into a flood, since much of the value of bitcoin is based on speculation, rather than more robust demand from use as a payment vehicle.
- nosuchthing 10y agoBTC and other proof-of-work cryptocoins require active upkeep from the CPU/GPU/ASIC miners maintaining the network. Hardware, and electricity investment is not static for miner upkeep. A fun feature of most cryptocoins is the ever increasing demand for hashing power, forcing miners to constantly consider the value of their real costs versus the real value of the protocol they apply their equipment to. So by design, the network effect of cryptocoin miners will flock to whatever the current best design is on any given day.
- deleted 10y ago[deleted]