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RE: Famous Economist Explains: Proof-of-Stake Tokens are Money, Bitcoin Isn't
Thanks for sharing, @andrarchy.
Nothing is perfect in the beginning, but it gets better over time. But I do think that PoW and PoS/DPoS have different use-cases.
I believe that Bitcoin will be used to store value into it while steem/ethereum etc. will be used as a way to pay the daily things.
Especially since steem has no transfer-costs which is HUGE - even HUGER than most people realise.
Totally agree, thanks for the thoughtful comment. My one counter would be that Bitcoin may remain a way to store value, but it is highly unlikely that it will ever be a stable store of value (that's kind of the point). So there is an argument to be made that there's no such thing as an "unstable store of value." That the whole utility of stores of value is that they store it at-or-around a price. I do agree with Keen that Bitcoin is more like gold, and that gold can be a good asset to possess in certain situations. Unlike Keen I think that the additional potential use cases for Bitcoin may help support a valuation that is greater than that of gold. That being said, as you point out there are now multiple other protocols out there (of which Steem is only one) which do that stuff better, which begs the question whether Bitcoin will actually be able to compete in those areas. I've been hodling BTC for a while now, and I don't plan to significantly alter that, but I still think it's mainly a speculative investment. Thanks again for the great comment!
hey @andrarchy - thank you for that long reply - feel honored. :)
Exactly, I really think that bitcoin will be like gold. And it will be exciting to see if bitcoin reaches 1 million by 2020 and if McAfee eats his ****..
But on a serious note - the majority of crypto available are better than bitcoin. However, bitcoin is even known to those people who don't understand the principles of blockchain. And this is a huge.
I remember when I got into cryptocurrencies around August - even with IT-background - the concept was hard to grasp and to understand what the difference between Bitcoin and Altcoins was - not easy.
And the first thing I bought at that time was bitcoin ... probably also because it was through coinbase. But exactly that reason is why I also believe that steem will succeed - most people don't even realise that they're using a blockchain while browsing steemit - which is totally underrated in my opinion.
@andrarchy as you said "one counter would be that Bitcoin may remain a way to store value, but it is highly unlikely that it will ever be a stable store of value (that's kind of the point)."
Bitcoin remains as a speculative investment asset
Agreed. To me Bitcoin is an asset and the altcoins (the market itself will decided) which one will increases in value. Also the limited number of coins/tokens make the whole ecosystem kind of cyclic, (after one high price - 'successful' coin will come another) which I find personally interesting and got involved. Do not find that Bitcoin is a speculative asset because Bitcoin is like the 'Father' of it all and it carries a kind of 'relic' sentiment around it, already. Apart of PoW and PoS/DPoS find the Quantum Proof of IOTA system very interesting. I mean very interesting indeed.
Well, if Bitcoin fails, crypto fails at this point. Bitcoin also has the biggest and best development community and the biggest user base by far. All other coins will experience the same growing pains if they get as big. And Bitcoin is not a stable store of value. It's a way to turn trash fiat into wealth.