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I guess I'm still a sceptic. It's like me saying I can't believe people didn't get onboard with $GME stock or something. The rise of Bitcoin and a lot of crypto
by kypro 6y ago
I guess I'm still a sceptic. It's like me saying I can't believe people didn't get onboard with $GME stock or something. The rise of Bitcoin and a lot of cryptos (DOGE for example) has been completely irrational and fuelled mostly by greed.
Arguably Bitcoin is technologically inferior to other cryptos and there was really no reason to think Bitcoin would remain the dominant crypto in 2010-2017. Betting on Bitcoin a decade ago was like betting on Yahoo or Myspace stock because you thought search engines or social networks would change the world -- even if you were right, you would be wrong. It's rare that the first of anything remains on top for long because better iterations always shortly follow. I strongly thought ETH was going to surpass Bitcoin's dominance early days of ETHs rise, but I was wrong. IMO anyone who was investing in a technologically inferior crypto currency that had clear scaling issues and almost non-existent usage as a currency got lucky.
As for whether I've changed my mind now, I still have no idea what the point of Bitcoin is. It will never be a useful currency so that leaves it's main use case as a store of value and there are plenty of assets which hold their value with less risk, so why would I ever use it?
That said, I'm still more bullish on ETH and I'm glad it's been getting more attention recently. But even then I'm not convinced that the blockchain will be used outside of very niche applications and I'm not sure if it's as revolutionary as some people suggest.
- pcdoodle 6y agoI keep hearing this myspace argument. You are forgetting people want to store value on the most protected chain out there. It has one job, to survive. ETH is looking to solve all these problems while BTC has more focus.