From the intro, I was expecting some kind of analysis of the most promising "next-gen" crypto currencies, and how they are better or not better than Bitcoin. When I got to the end I thought for sure there was more to go and maybe the page hadn't loaded fully.
well, I guess we have to agree to disagree. It's a short note making a simple point, but I strongly disagree that there is no content. In fact, it sounds like you enjoyed the content so much, you were hoping for more :)
I was expecting some extensive discussion about how bitcoin might die- for example, through extensive monitoring of transactions, state regulations, 50%+ attacks from state actors, spikes in electricity cost. More interesting than "well maybe a better cryptocurrency might take over".
> Empirically, value of bitcoin relative to other cryptocurrencies appears unconnected or only weakly connected to the properties that we think give it value in the first place.
This is an important point that anybody who has been into cryptocurrency for a while can attest to. We have watched the Bitcoin network exploding in price while meanwhile becoming worse and worse at what it is supposed to do.
Enthusiasts have changed the goalposts, claiming that Bitcoin instead is like digital gold, an idea which Satoshi himself convincingly argued for: http://satoshi.nakamotoinstitute.org/posts/bitcointalk/428/ However, since there are now so many competing products to Bitcoin, equally as scarce but with many better features, I'm not sure peoples' faith in its long-term value can hold forever.
I think the next global recession will kill Bitcoin. It's supposed to be a"store of value", but as soon as stuff hits the fan, people are going to flee to safety and convert their Bitcoin to usd, cny, eur, and krw and Bitcoin will tank as a result. The crypto currencies with more purposes will take a hit, but come back stronger.
13 comments
[ 3.0 ms ] story [ 45.0 ms ] threadFrom the intro, I was expecting some kind of analysis of the most promising "next-gen" crypto currencies, and how they are better or not better than Bitcoin. When I got to the end I thought for sure there was more to go and maybe the page hadn't loaded fully.
This is an important point that anybody who has been into cryptocurrency for a while can attest to. We have watched the Bitcoin network exploding in price while meanwhile becoming worse and worse at what it is supposed to do.
Enthusiasts have changed the goalposts, claiming that Bitcoin instead is like digital gold, an idea which Satoshi himself convincingly argued for: http://satoshi.nakamotoinstitute.org/posts/bitcointalk/428/ However, since there are now so many competing products to Bitcoin, equally as scarce but with many better features, I'm not sure peoples' faith in its long-term value can hold forever.