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Several reasons. There have been to many scam projects so it’s hard for most people to separate wheat from shaft. Bitcoin is oldest and therefore the most acces
by MadSudaca 7y ago
Several reasons. There have been to many scam projects so it’s hard for most people to separate wheat from shaft. Bitcoin is oldest and therefore the most accessible one, with more ways to buy it and trade it. Finally, there’s vested interests that help keep the status quo as it is. For example, miners who have invested capital in mining equipment and who wish to keep making a profit.
- AnimalMuppet 7y agoIt's normally "separate the wheat from the chaff". But "from the shaft" seems particularly appropriate, given that you were talking about scams...
- MadSudaca 7y agoThanks, this is embarrassing haha. I won’t forget how to spell chaff now.
- jessaustin 7y agoThe first several reasons seem plausible; the last one does not. It isn't clear why the cryptocurrency community would care about others' investments in mining equipment. If I had made such investments, I would use bitcoin, but that wouldn't force anyone else to use it.
- MadSudaca 7y agoTrue, but you could use your money and influence to try and prevent the market from moving to other, more efficient cryptocurrencies. Remember that BTC started in 2009, significant efforts have been made to build infrastructure around it. Many people got rich thanks to the increase in price. There’s a lot of money and emotions invested, for material and philosophical reasons.