Talking about dominance, I finally figured out what bothers me in alts: the fact that they confuse the heck out of everyone not involved in bitcoin, which results in altcoin chasing, etc.
Sure. How you going to stop that? We can bash on the shitcoin projects. We can choose not to participate in them. We can discourage others from involving themselves in the other shitcoin projects. In the end, seems that it is just going to take time to iron out. Difficult to rush such a process, and there are billions of people out there who have not invested in bitcoin or shitcoins or anything who are likely to be just as willing to invest into shitcoins as they are into bitcoin. Shitcoins specialize into marketing to these people by asserting that they missed the bitcoin train, and their shitcoin has more potential than bitcoin because their shitcoin only costs $38.73 while bitcoin costs $9,776.78. People eat up such deceptive bullshit. Even smart people.
When a solid chunk of humanity is exposed to bitcoin, say 10-20%, THEN I would be more OK with the experimentation.
Again another thing that seems to be outside of your control, and regarding experimentation with shitcoins, seems to me that they are likely to be more successful to 1) gain in value, 2) play off of the network effects of king daddy, 3) attract people into them 4) etc during these earlier unsettled times.. Once it becomes more clear that bitcoin is the clear winner (which some of us have already recognized) then it might become more difficult to either attract people/investors into shitcoins or to create narratives that really cause people/investors to genuinely believe that they have chances to beat out bitcoin and become bitcoin 2.0.
Bringing those 700-1bil people onboard is hard enough without them exploring cheap alts and getting busted/frustrated and dropping out.
If you build a better mouse trap, people will come. Might just take 20 to 50 years.... and bitcoin is much more difficult than a mouse trap to actually assess and conclude that it is the "better" one.
Of course, exchanges are promoting this to no end as they are making money in all those sloshing alts.
Can't really stop individual or entities from wanting to make money.. and if there is money there, then why wouldn't they do it?
Surely there are some individuals and entities that are bitcoin focused, too.
The adopting process is also slow as heck. Where is the famous hockey stick?
Why so impatient, Biodom?
Seems that you believe that bitcoin's adoption is NOT going quickly enough?
Personally, I am NOT sure how to imagine much more bullish growth without things getting too screwed up, because there is already a lot of chaos in the space, and sure there might be some areas in which there appears to be growth and then there are set backs.. but seems to take a while to get a lot of infrastructure matters into place in order to really facilitate hockey stick growth in adoption...
By the way, I have believed that hash power and mining power in bitcoin has continued to grow astronomically and even in ways that hash power could support 100x increase in the BTC price without any major issues, but even with that, we sometimes will recognize various kinds of vulnerabilities, and maybe it is better to make sure that some of the vulnerabilities are recognized and even worked up prior to the next 100x in BTC price.. we had 100x increase in price in 2013.. then some time to recover from that and then another 78x increase in price in 2017.. and then time to recover from that .. and adoption does require places for the people to store their coins and places for them to expand into, which seems to nearly naturally cause the BTC price to increase with fairly small increases in adoption causing large increases in BTC price. So to me, it seems that bitcoin could tolerate another 100x in price, but there also need to be infrastructure in place to deal with it, too... and yeah maybe we cannot get 100x sustainable, but maybe we would end up gravitating back into the 4x to 5x area.. from where we are at because growth can only happen so quickly in order for various other aspects of the ecosystems to catch up.
Sure it is good to assess the facts, and maybe suggest that there might be various shit projects that distract people from adopting bitcoin, and they end up getting distracted into shitcoins, but why should we get upset about such distractions into shitcoins? It is what it is, no? Is there some way that there should be better marketing in bitcoin to keep some of the people from gravitating into shitcoins? Shitcoins do provide a place for some people to go while the bitcoin infrastructure continues to be developed and allow a place for them to fit into. Is there something that bitcoin is doing wrong? Is there some niche that needs to be fulfilled in bitcoin? Aren't there various entrepreneurs who would spot any niche if they believe that it needs to be filled or that it might be profitable? I would agree that with open source, there will be some tragedy of the commons, too, in that sometimes there might not be motivations to build in certain ways that might be needed because no one believes that they can make money in that direction, even if such direction would be good for the bitcoin ecosystem to have support in a direction that is not really easy to monetize.
I think that one of the problems with any open source project is that it going to be inefficient in a variety of ways and there are going to be folks and other projects that try to steal from it and then imitate it and then try to gain its network effects.
In the longer run, value still remains quite likely to continue to gravitate into bitcoin because bitcoin continues to be the soundest of money and there continues to be no other project that even comes close to bitcoin's sound money aspect even though some of them will spout out such sound money claims, but their claims are not really backed by facts regarding how those other projects operate, and it just seems that the stealing from bitcoin and the delays in growth (total adoption) are just part of the open source territory and one of the costs of doing business under such openness... so in the longer run we might all be dead.. but still in the shorter run, bitcoin still seems to be a good investment choice when compared to other projects..
Yeah, any of us could get distracted into some sham imitation project, and we might even make more money by short term getting involved in such scam project... so the choice remains with each of us, whether to stay involved in bitcoin or to diversify into various shit projects because we believe that we might gain more profit that way and we are too impatient to either develop on bitcoin, keep our value in bitcoin or to wait for the slow open source project of kingdaddy to play itself out for the next 20, 50 or 100 years.
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