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All #Bitcoin and #Crypto exchanges along with every crypto will one day cease to exist (unless one crypto finds a way to provide value other than being "better money").

If you don't understand this, you don't understand Bitcoin, system vs technology, or the whole #Fiat Matrix.

"The #Matrix" here is not for dramatic effect.

#Rant

Carlos 1y ago

I dunno why you are so triggered when people say bitcoin is crypto. Unless, maybe, you are intentionally looking to trigger others.

I'll put it to you this way. When the first universal pre-paid postal stamp came out - the Penny Black - did anyone declare all other stamps to be inferior and distinct and not to use the word "stamp"? FYI, there are much more scarce and sought after stamps than the Penny Black.

For what bitcoin does, we can say it was the first to get the ball over the net. It had managed to piece together multiple concepts and cipher code that it could stand up and not fall over. When one person achieves something great, others learn to replicate and improve. Some people go on to run and become the fastest and others more agile. This is normal.

Now, just so you know, this wondrous thing you know as Bitcoin, that no one should ever declare to be called "crypto". To date it had at least two infinite supply bugs, the most recent being 2017/2018. In more recent times there were bugs to steal money from Lightning nodes. Just let that sink in a little.

OTOH you might be right. Perhaps we should distinguish between the first and all others that we can talk about bitcoin in the historic sense and crypto in the progressive sense.

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Discussion

M. W 1y ago

I think you misunderstood my point. Bitcoin is not a technology, its a protocol. A self sustained peotocol, a living thing, just like languages, or the game of chess... And I wasn't trying to attack crypto. Not at all! And I didnt mean to rub you the wrong way. I'm just pointing out why bitcoin will be the only thing that will last because of its nontrivial properties, namely, its supply cap of 21 million, proof of work and the difficulty adjustment. These properties are the only reason bitcoin will outlast every technology, including crypto.

Let's say there's 1 crypto that has mining and the difficulty adjustment but its supply isn't capped, you will essentially be running fiat on a blockchain. You will not be able to measure deflation in in the free market. Things may be cheaper to you relative to fiat holders, but you can't measure the deflation. Absolute scarcity is very very important here.

Let's then say another crypto has both features I mentioned earlier, then you will indeed be able to measure the de flation due to productivity, but not the boost from new adopters because of the network effect. In this case, since bitcoin is the first in the block, it will invite more adopters. So things will indeed get cheaper for you over time compared to measuring in fiat, but bitcoin hodlers will enjoy far greater price deflation as a result of the network effect. This will translate to price increase when measured in fiat, and this will invite new adopters, ans so on....

That's precisely why a new crypto with exactly the same features as bitcoin will eventually die out, as they do.

This new crypto will be akin to a new language. Chances are, unless this language solves a new problem that forces or invites new adopters, it will die out because most people will stick to and keep using the big ones, precisely because more people already speak it.

I'm not trying to trigger people. This is an invitation to really look into bitcoin. There's a reason it works. But if you like crypto and want to use it, more power to you.

jimbocoin 🃏 1y ago

Even if a new shitcoin implements a new feature, Bitcoin can adopt it. Bitcoin is software. We can adopt any feature worthy of consensus upgrade.

New feature + Bitcoin’s ledger always beats new feature + shitcoin.