The biggest and really significant weakness of BTC is SHA-256, that is ASICs (which are a very genuine threat feasible for any dedicated attacker, getting a design and building a semiconductor fabrication plant can be had for a few $M). All renowned cryptographers agree that scrypt is far superior. Also the hashing algorithm can never be changed for BTC because that would require resolving the entire historical blockchain to achieve the same level of security LTC brings from the start. SHA-256 coins are rightly dead, and BTC is the only one still living off its initial and very major publicity until it will be replaced by a superior competitor (quite likely LTC or possibly PXC) just like Netscape Navigator, Yahoo Search, Friendster, Myspace, or any other generally innovative tech with execution flaws was. Doesn't take a genius to see that.
Also an imo ideal compromise between block time and network scalability (those altcoins with 60 seconds blocktimes and less couldn't ever scale to even what the BTC network is now).
I wonder if you would be saying the same thing if you had 50000 BTC tucked away.
But MOST of us don't have 50000 BTC tucked away.
See here is where most of the large holders screw up in there thinking.
When asic came out they were priced very high in BTC, and most people didn't have that many, so only a select few got them.
Up went the diff on BTC to the point GPU miners could not make a profit. Now since GPU miners make up about 80%+ of the miners what did you think they were gonna do, sit by while the old guard has steak to eat, while they get bread crumbs. They are moving to the scrypt coin and nothing can be done about it.
BTC are only worth something because people say they are.
Well the 80%+ is getting ready to say BTC is NOT worth anything anymore. Hence LTC is rising.
The old guard has not relized the the BTC train is entering the last station. You must either change trains or stay at the station.
So, the GPU miners are starting to vote with thier feet.
Now that it is too late, the old guard, ie large BTC holders, seeing what is happening are starting to panic. They will try anything to keep their riches.
But when they are the only one left in BTC with their shiny asic what will they do?
I keep hearing how in the crypto coin world the great thing is how it takes 51% to change things. Well the 80% is starting to speak, and the old guard just hates it.
Ya reap what ya sow. They had it good, but got TOO greedy, and the rest are tiring of it. If they had let it spread out more this would not have happened imo.
So what ya gonna do old guard? Don't think there is much ya can. Have fun with your hoard of coins soon not to be worth much
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