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What will happen once Bitcoin is replaced by a clearly superior technology? It is quite likely that cryptocurrencies and related tech will revolutionize many a

by hedgew 9y ago

What will happen once Bitcoin is replaced by a clearly superior technology? It is quite likely that cryptocurrencies and related tech will revolutionize many aspects of our lives. But that is also exactly why Bitcoin will decline. Its current value comes from speculation rather than utility. When actual business is done on the blockchain, the value created by that will surpass value from speculation so much that no consideration will be given to bitcoin and its technological baggage. Business will simply use a newer crypto because it is more economical. We'll use something that's faster, easier, cheaper, and less energy consuming. When superior competitors exist, Bitcoin will simply have no inherent value. It will be like a government invalidating a currency, except it won't happen as fast.

CyberDildonics 9y ago
> What will happen once Bitcoin is replaced by a clearly superior technology? Maybe the same thing that happened when JPEG, mp3, email, C, and http were replaced with superior technologies. I actually think the future will be a combination of crypto-currencies for quite a while, but there are plenty of examples of certain formats and protocols being good enough to keep their dominance after having a superior network effect. Bitcoin's major hurdle right now is that Blockstream, the current bitcoin github maintainers, and the moderators of /r/bitcoin working very hard to suffocate bitcoin through lies and propaganda. There are hundreds of cases of them lying and misleading people, while /r/bitcoin is heavily censored. Even here on hacker news they are aggressive in controlling the narrative, but go to /r/btc and ask how many people have been banned or have their comments deleted from /r/bitcoin. Or go to /r/bitcoin and say something positive about bitcoin unlimited or bitcoin classic. /r/bitcoin's moderation logs aren't even public.
- just_one_time_ 9y ago
  Dildo, you seem to get what so many "hackers" here are willfully ignoring. They keep trying to make comparisons to past tech or bubbles, but keep failing. As hackers we should be one of the most open to new tech but amazingly, being part of this group the last 2-3 years we have been very resistant of it.
- saalweachter 9y ago
  Everyone thinks they're Einstein, Gallileo, Copernicus, C. But sometimes you're Bozo, bmp, APL, talk, APL, gopher, aiff.
  - CyberDildonics 9y ago
    I'm not clear what argument you're making or what new information you're putting forward.
    - saalweachter 9y ago
      You claimed that if another block chain/crypto currency rose to prominence, Bitcoin would still have value because older technologies like C and http still have value, implying that all old technologies still have value. I'm just pointing out that there are boatloads of old technologies which don't still have value, like APL, ALGOL and gopher. Oh man, remember HyperCard?
      - deleted 9y ago
        [deleted]
      - CyberDildonics 9y ago
        > Bitcoin would still have value Might have value. > implying that all old technologies still have value. I implied that all old technologies have value? Of course not. I said that there are some old data formats and old protocols still have value and if you read think about it, some have also evolved over time. You gave examples of technologies that weren't first movers and never dominated the network effect of their niche no longer being used. Technology going obsolete is the norm and what the original poster assumed. I was giving examples of why that isn't a certainty in this case.

by hedgew 9y ago

CyberDildonics 9y ago

> What will happen once Bitcoin is replaced by a clearly superior technology? Maybe the same thing that happened when JPEG, mp3, email, C, and http were replaced with superior technologies. I actually think the future will be a combination of crypto-currencies for quite a while, but there are plenty of examples of certain formats and protocols being good enough to keep their dominance after having a superior network effect. Bitcoin's major hurdle right now is that Blockstream, the current bitcoin github maintainers, and the moderators of /r/bitcoin working very hard to suffocate bitcoin through lies and propaganda. There are hundreds of cases of them lying and misleading people, while /r/bitcoin is heavily censored. Even here on hacker news they are aggressive in controlling the narrative, but go to /r/btc and ask how many people have been banned or have their comments deleted from /r/bitcoin. Or go to /r/bitcoin and say something positive about bitcoin unlimited or bitcoin classic. /r/bitcoin's moderation logs aren't even public.

just_one_time_ 9y ago
Dildo, you seem to get what so many "hackers" here are willfully ignoring. They keep trying to make comparisons to past tech or bubbles, but keep failing. As hackers we should be one of the most open to new tech but amazingly, being part of this group the last 2-3 years we have been very resistant of it.
saalweachter 9y ago
Everyone thinks they're Einstein, Gallileo, Copernicus, C. But sometimes you're Bozo, bmp, APL, talk, APL, gopher, aiff.
- CyberDildonics 9y ago
  I'm not clear what argument you're making or what new information you're putting forward.
  - saalweachter 9y ago
    You claimed that if another block chain/crypto currency rose to prominence, Bitcoin would still have value because older technologies like C and http still have value, implying that all old technologies still have value. I'm just pointing out that there are boatloads of old technologies which don't still have value, like APL, ALGOL and gopher. Oh man, remember HyperCard?
    - deleted 9y ago
      [deleted]
    - CyberDildonics 9y ago
      > Bitcoin would still have value Might have value. > implying that all old technologies still have value. I implied that all old technologies have value? Of course not. I said that there are some old data formats and old protocols still have value and if you read think about it, some have also evolved over time. You gave examples of technologies that weren't first movers and never dominated the network effect of their niche no longer being used. Technology going obsolete is the norm and what the original poster assumed. I was giving examples of why that isn't a certainty in this case.