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would it be accurate to say due to design shortcomings both in security and transaction processing, bitcoin shouldn’t be the top cryptocurrency in the next 5-10

would it be accurate to say due to design shortcomings both in security and transaction processing, bitcoin shouldn’t be the top cryptocurrency in the next 5-10 years?

RealityVoid 4y ago
IMO, yes. Not necessarily because it has deficiencies, but because it is not trying to progress and move things forward and the community consensus mechanism is broken.
lawn 4y ago
Technically Bitcoin has already been surpassed. But "top cryptocurrency" generally refers to the marketcap, which is almost entirely speculation driven, and speculation doesn't seem to care much about fundamentals. Just look at what other crap people speculate heavily in... So your guess is as good as mine on how long it will take for reality to catch up with Bitcoin.
- MuffinFlavored 4y ago
  I was under the impression that Bitcoin has remained dominant because most other coins are affected by the underlying price of BTC. Anything crypto I see most regular people doing is basically... USD -> USDT (Tether), and then USDT -> USD I guess that bypasses BTC, but has a heavy focus on fiat. Are we still in the days where... if BTC goes down, ETH goes down?
mekster 4y ago
Bitcoin will always be there as the basis of everything else. It proves by staying relevant for the duration of the time it exists and everything else is experimentation on top of a working concept. Think it as a network layer as in Bitcoin being the IP protocol that just needs to be boring to be stable.
- lawn 4y ago
  > Bitcoin will always be there as the basis of everything else. This is already disproven by the claims of the article, where Monero is outcompeting Bitcoin due to Bitcoin's traceability. And privacy-by-default cannot be added on top of Bitcoin, it just cannot be done. This idea that Bitcoin will succeed as a boring base layer, and everything will be built on top, is just a lie people tell themselves.

would it be accurate to say due to design shortcomings both in security and transaction processing, bitcoin shouldn’t be the top cryptocurrency in the next 5-10 years?

RealityVoid 4y ago

IMO, yes. Not necessarily because it has deficiencies, but because it is not trying to progress and move things forward and the community consensus mechanism is broken.

lawn 4y ago

Technically Bitcoin has already been surpassed. But "top cryptocurrency" generally refers to the marketcap, which is almost entirely speculation driven, and speculation doesn't seem to care much about fundamentals. Just look at what other crap people speculate heavily in... So your guess is as good as mine on how long it will take for reality to catch up with Bitcoin.

MuffinFlavored 4y ago
I was under the impression that Bitcoin has remained dominant because most other coins are affected by the underlying price of BTC. Anything crypto I see most regular people doing is basically... USD -> USDT (Tether), and then USDT -> USD I guess that bypasses BTC, but has a heavy focus on fiat. Are we still in the days where... if BTC goes down, ETH goes down?

mekster 4y ago

Bitcoin will always be there as the basis of everything else. It proves by staying relevant for the duration of the time it exists and everything else is experimentation on top of a working concept. Think it as a network layer as in Bitcoin being the IP protocol that just needs to be boring to be stable.

lawn 4y ago
> Bitcoin will always be there as the basis of everything else. This is already disproven by the claims of the article, where Monero is outcompeting Bitcoin due to Bitcoin's traceability. And privacy-by-default cannot be added on top of Bitcoin, it just cannot be done. This idea that Bitcoin will succeed as a boring base layer, and everything will be built on top, is just a lie people tell themselves.