Earlier today I had a clash with someone over bitcoin. I said BTC is boring (and I still stand by what I said) and that at some point some another coin will flip it because it has been slow in terms of innovation. I strongly believe innovation drives everything. Many people still don't think bitcoin will topple fiat but it is becoming a reality everyday. Digital currencies are becoming a real thing that can not be ignored. In the same way, I don't think people can ignore the innovation taking place on blockchains like hive, Seth, and the likes.
So what is your take on this issue? Is bitcoin too big to fail? Not fail in terms of becoming extinct but fail in retaining its number one position.
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Its a store of wealth now. It won't fail but at the same time, it is the safest crypto coin out there so I have no doubt that it will probably continue being the number one crypto. Those big banks and corporations aren't going to put the money in the alt-coins and it will be specifically in BTC and treat it like the new gold etf.
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Will the people move in the same direction as the corporations? That is the question for me. Bitcoin started as a people's movement remember. I am not saying it will fail. However, I don't see it retaining that number one spot for more than a few decades, which in the grand scheme of things is very little.
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I don't think so but the ones with plenty of money want stability. This means it is the number one place for them to flock to given the current knowledge of the space. Will it continue to be #1? Maybe but the prices will definitely be crazy. It may lose #1 once we find a more dominant crypto though.
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Bitcoin is not the future. The path to the metaverse is not being built on Bitcoin, that is what people need to understand.
Will it serve as a collateralized asset which we build an economic system upon? Perhaps.
Will there be a flippening? I think so. My projection is that Bitcoin will fall to about 10% of the total market cap. Still a large figure but nothing like now.
The innovation is happening outside of Bitcoin.
That is what will end up driving the show going forward.
Of course, that does not mean anyone should stop HODLing BTC. I firmly believe it can go to insane levels.
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I believe so too. I might not be a fan but I think it those have potential in the short-run (a decade or so). Technology is moving fast. The world is moving at the pace of technology not economics. We are building a system that has never been seen before. It is not going to be business as usual where only a fee can profit from it.
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In the transition, early leaders are to be expected.
Bitcoin is going to have value but it will not be due to its technology. In fact, the lack of technological advancement is what actually feeds more into the value. It is a very secure network which is vital.
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that is a valid argument. security is a huge price to pay for lack of innovation which at some point would be the determining factor in the progress of a network. most investors are adverse to change.
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Yeah but if you were going to move $50 million, what crypto network would you use other than Bitcoin?
It is the safest there is.
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lol there is ethereum and its excessive gas-fees
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Bitcoin started it all and is currently king. Whether it will remain king? I doubt it. Innovation is key. Ethereum moving from Proof of Work (PoW) towards Proof of Stake (PoS) is an example.
If I had kept the small amount of BTC I had, I would have taken the great gains and invested into a project that showed it was innovative and had many use cases. I just traded it too early.
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thank you for this. it shows that there are forward-thinking people who are not driven by herd mentality. it is one of the Achilles heels of the project. the sheer arrogance of its community. while other blockchains are evolving they keep to this narrative that other projects are shit. i predict bitcoin dominance would last for 2-3decades max. the world of technology is changing fast.
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