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It seems like the point was that cryptocoins and BTC in particular are heavily influenced by speculation of their "value" and are subject to faith of those who
by nosuchthing 11y ago
It seems like the point was that cryptocoins and BTC in particular are heavily influenced by speculation of their "value" and are subject to faith of those who believe in the network.
As soon as the market notices a cryptocoin protocol which makes the bitcoin network obsolete, than BTC will evaporate as everyone jumps ship to the next cryptocoin protocol/algorithm/network.
- wmf 11y agoOr maybe the opposite will happen, where people with a vested interest in Bitcoin/BTC will do everything they can to prevent the market from realizing that something better exists. I see people who would rather add trust to Bitcoin than switch to a more efficient system that was designed to take advantage of trust from the beginning.
- davidgerard 11y agoOf course, this already happens. "Bitcoin is limited, 21 million only!" "Altcoins." "You don't need altcoins, we have sidechains! They let you do all that stuff inside Bitcoin!" "Except sidechains don't exist yet." "They will, it'll be fantastic! Sidechains!" (This is leaving aside that altcoins have somehow managed the amazing feat of being even scammier than bitcoins.)