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RE: I Didn't Sell Then Either

in #bitcoin7 years ago (edited)

We're in different circumstances today. In past bubbles, lowering price and hashpower did not prevent Bitcoin from being useful to those who were using it (primarily Silk Road users).

Today the utility of the network is directly impacted by a declining price and hashpower. It's also in a competitive environment versus other networks, with one almost about to surpass it in market cap. There is also the death spiral scenario, which is only a realistic possibility with full blocks.

It's my view that Bitcoin investors will soon start to realize they backed the MySpace/Netscape of the crypto world, and moving foward cryptos won't always come back from a crash.

I visited a newly opened 'Crypto Café' last Tuesday. They didn't bother to accept Bitcoin, only Litecoin and Ether for payments, because it was totally unusable for basic low value transactions which are described in the Bitcoin whitepaper.

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Yep, I completely agree. That's why bitcoin's share went from around ~80% to the 35% it has today. It's also why I'm a big fan of DPOS coins like BitShares, STEEM, and soon EOS. If we have a dot com bubble popping moment coming (I'm not convinced this is it, we still have many trillions of dollars further up to go), then the real companies, projects, and cryptocurrencies will show themselves true, just like before.