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It is crypto 1.0. And it can be overtaken. The problem is (and I have been involved - most often unsuccessfully) that building anything in this ecosystem requi
by jiriknesl 6y ago
It is crypto 1.0. And it can be overtaken.
The problem is (and I have been involved - most often unsuccessfully) that building anything in this ecosystem requires a lot of understanding of digital signatures, distributed system, economics, game theory, security & quality, trustless ecosystems, incentives, possibilities of players with big budgets (PoS - 51% bought by some government)/great developers (bots frontrunning hacking of ERC20 contracts)/criminals (you have strong encryption, but still can be blackmailed/beaten).
Bitcoin is one of a few currencies that deliver what it promises. It doesn't promise a lot, but what it promises, it does. Others promise a lot but underdeliver and later abandon it. At this moment, I think Bitcoin delivers 100% of what I expect from it. Monero is potentially better, but underdelivers. Ethereum is potentially better, but underdelivers. Others are either just copycats or completely fail.
- modemuser 6y agoThe only fully functional crypto I know that could make Bitcoin obsolete is Nano. It does one thing, and does it well. Fast, feeless, green.
- lawn 6y agoBitcoin only delivers 100% of its promises because the promises have changed. At first it was supposed to be peer-to-peer digital electronic cash. It was meant to both be money and a payment system to replace PayPal and the like. Now it's been reduced to just a store-of-value, and not even that, it's a speculation that the volatility will stabilize and that it will be a store-of-value in the future.