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That's like saying the $ or any other currency is entirely replaceable. What bitcoin has over any other cryptocurrency is the massive mining power behind it, ma

That's like saying the $ or any other currency is entirely replaceable. What bitcoin has over any other cryptocurrency is the massive mining power behind it, making it the most secure. https://braiins.com/blog/how-much-would-it-cost-to-51-attack-bitcoin https://braiins.com/blog/how-much-would-it-cost-to-51-attack... So if you create another cryptocurrency which could use the same ASICS as bitcoin and you convince a lot of miners to switch then maybe.. it could be replaced but that is a tall ask.

croon 5y ago
> That's like saying the $ or any other currency is entirely replaceable. No it's not. That's just another reduction missing the point. If the dollar was to be replaced, a new currency would be issued, there would be a period of trade-in for old currency, all systems of governance, regulation, etc would recognize it and issues could be handled. Gold would still be used for everything from electronics to satellite coating to who-knows-what. In the case of Bitcoin it would just disappear. You're arguing it's hard to replace because of its participants, which may be true, but is far less likely than the participants in the dollar. Some businesses dependent on it and a lot of individual participants would lose their value in their wallets, and that's it. Believing in Bitcoin is betting on that being enough to prop it up. Gamble accordingly.
- jack_pp 5y ago
  Any property you hold is gambling to a certain degree, if you buy a house you gamble that the society you bought it in will provide security for it and based on the laws of that society you will be able to keep it. You gamble your property tax won't jump 50% or that police will stop rioters from stealing from it. I admit it is a much smaller gamble than bitcoin but it is still a gamble. Holding your savings in $ is a bigger gamble than buying a house and some would argue it is a bigger gamble than holding bitcoin.
  - croon 5y ago
    > Any property you hold is gambling to a certain degree The degrees are what separates milk from butter, or a paper box from a house. That is the entire point. If you ignore the degrees to which something is different from another, then sure, everything is everything else. > Holding your savings in $ is a bigger gamble than buying a house and some would argue it is a bigger gamble than holding bitcoin. Perhaps, I'm not one of them. Time will tell.

croon 5y ago

> That's like saying the $ or any other currency is entirely replaceable. No it's not. That's just another reduction missing the point. If the dollar was to be replaced, a new currency would be issued, there would be a period of trade-in for old currency, all systems of governance, regulation, etc would recognize it and issues could be handled. Gold would still be used for everything from electronics to satellite coating to who-knows-what. In the case of Bitcoin it would just disappear. You're arguing it's hard to replace because of its participants, which may be true, but is far less likely than the participants in the dollar. Some businesses dependent on it and a lot of individual participants would lose their value in their wallets, and that's it. Believing in Bitcoin is betting on that being enough to prop it up. Gamble accordingly.

jack_pp 5y ago
Any property you hold is gambling to a certain degree, if you buy a house you gamble that the society you bought it in will provide security for it and based on the laws of that society you will be able to keep it. You gamble your property tax won't jump 50% or that police will stop rioters from stealing from it. I admit it is a much smaller gamble than bitcoin but it is still a gamble. Holding your savings in $ is a bigger gamble than buying a house and some would argue it is a bigger gamble than holding bitcoin.
- croon 5y ago
  > Any property you hold is gambling to a certain degree The degrees are what separates milk from butter, or a paper box from a house. That is the entire point. If you ignore the degrees to which something is different from another, then sure, everything is everything else. > Holding your savings in $ is a bigger gamble than buying a house and some would argue it is a bigger gamble than holding bitcoin. Perhaps, I'm not one of them. Time will tell.