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> What makes anyone think that 99.999% of the world's population will hand over a portion of their wealth to 100,000 cool nerds, because those cool nerds decide
by gnaritas 13y ago
> What makes anyone think that 99.999% of the world's population will hand over a portion of their wealth to 100,000 cool nerds, because those cool nerds decided for everyone else that bitcoin was their one and only?
A fair question, because bitcoin has the network capacity to work securely and is less vulnerable to attack than all other coins by virtue of its sheer size. 51% attack on Bitcoin is much less likely than with any other coin. Payment processing requires using the best available network, Bitcoin wins.
- krrrh 13y agoI agree that's one of the strongest arguments in its favour. All the now useless ASIC devices out there also make any new coin that uses SHA-256 vulnerable to attack. It's likely that only one blockchain/coin per algorithm can ultimately succeed.
- gnaritas 13y ago> It's likely that only one blockchain/coin per algorithm can ultimately succeed. Exactly. The nerds win because they got there first. Doge loses because it's merely a worthless clone. Popularity with users does not make a secure coin, popularity with miners does.
- krrrh 13y agoYeah, but popularity with miners doesn't make a coin desirable by people who are already pretty happy with cash. Even if bitcoin takes over the world, the shines won't care. They choose on the moon.