RE: Bitcoin dominance is a metric of crypto failure, not success
Bitcoin is dominant because it was first. Its more valuable then others because its more valuable.
Does nothing techwise other cryptos dont do far better.
Short term its a safer bet since its far more stable then any other cryptocurrency.
I think its just a matter of time. The bigger the market gets the less influence bitcoin will have.
Bitcoin to other crypto is like a hemp and rock hammer vs a bosch pneumatic drill.
Small markets mean a lot of speculators and speculators dont seem to care even in the slightest about the tech.
Bitcoin is a dinosaur in the cryptoworld.
And i honestly find the rhetoric:"its digital gold".
Pathetic.
Its basically bitcoin backers saying:"You cant use it for much, it has severely limited potential, but please buy it and hold it in your account, it will raise in price".
Bitcoin did its part but now it should be set aside like the steam engine. It has its place in history.
I really think if bitcoin does not fail eventually crypto doesnt have a long term future.
Maybe they figure out how to compete in tech with other crypto, and my comment is meaningles, but i highly doubt that.
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That dilutes the market severely. Nothing wrong with smaller altcoins but small market is just a bad metric that can be manipulated. I would say the top 100-200 cryptos would better represent the market.
It might be old but that doesn't mean it not scaling. That a pretty ignorant statement. Maybe Bitcoin scaling is not as good as the newer ones or maybe it better. But it trying to scale too. It scaling methods if works can reach millions to billions of tps.
They not saying that forsay-the scaling method partially plays the role in that.
The base layer is SOV and other layers are method of transportation,
The steam engine is still used today just in different forms. It history but also not history. Steam engine evolved and stayed with us and bitcoin can do the same.
Solving the dinosaur problem in the banking world is why I thought Bitcoin is relevant... Eventually something has to give.
Bitcoin does not have to fail for other cryptos to rise above it.