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RE: Bitcoin is going to CRASH - HEREs Why!

in #bitcoin8 years ago

It can coexist with all the technologies you list. Right now bitcoin is what connects real world to other crypto currencies. If it fails right now, it would be a disaster for the value of all other crypto. Think of bitcoin instead of as the latest and greatest as the gold standard that has been tested more than anything else - basically digital gold that backs the value of other crypto. Bitcoin can work quite well just holding value, and letting other crypto innovate and improve, some will fail, some will succeed, but in the whole crypto-verse is stable. I saw dash dev basically say the same thing - altcoins are free to innovate because bitcoin already exists, and he is doing a fantastic job just like many others you mention. Second is the question of value - it might not be ideal to tether the value of cryptocurrency to a specific asset or service, like fuel for executing smart contracts. Clearly there's nothing wrong with that, but that tether would keep the value down, and then face even lower evaluations from competition as we have seen in eth vs etc. By having some crypto focus entirely on providing the best currency for sending and holding value, it is free to grow based on network effects and ease of use alone which do not face same competition pressure to lower prices as services.