What's your percent chance that Bitcoin will be the "Myspace" of cryptos?

[SpontaneousDream]

Newbie here. This is my biggest concern with converting some of my fiat to BTC. I'm worried that a better/more highly evolved coin (which may not even be here yet) will ultimately become the most widely used cryptocurrency. I would hate to jump on the bandwagon only to see Bitcoin become the "Myspace" of cryptocurrencies.

On the other hand, Bitcoin does seem to have a pretty good network effect and it seems like adoption of Bitcoin is increasing every day. Not only that, it seems that Bitcoin just has a massive lead over all the other alt coins. I put my vote at less than 25% that it becomes the "Myspace" of cryptocurrencies, but what does everyone else think and why?


Thanks

[1714779357]

1714779357

[1714779357]

1714779357

[1714779357]

1714779357

[Beliathon]

Bitcoin is the democratization of money. The internet of money. The blockchain is without a doubt the most important innovation since the internet itself.

Myspace was a stupid fad.

[Justin00]

hmm I think in maybe 5 years... a shit load of percent.. not surw what that equates to in numbers tho..

[greenlion]

The "Myspace" / "Facebook" analogy breaks down because of the economic concept of opportunity cost.

There is essentially nothing preventing a person from reaping as much utility as they're going to get out of both Myspace and Facebook simultaneously. Having a Myspace account in no way inhibited you from just going and signing up for Facebook when it became available. In fact it's probably the opposite, the kind of person that even cared about Myspace would also like Facebook.

With Bitcoin versus some unspecified future altcoin, there is a serious barrier. You don't have infinite money.

[cyberpinoy]

In a world full of chaos, greed, manipulation, and ignorance, anything is possible, however for the time being Bitcoin is the gold of this industry and it seems Litecoin is the silver. they both seem to follow the same patterns much like Gold and Silver do in the real world. The difference I do see is there are many other coins comping up on litecoin, much faster than real metals come up on silver. As a forex trader it is hard for me not to associate these currencies I deal with in the crypto world to the ones I trade daily with on forex. I honeslty find them to be much like the commodities I trade daily. What i like about the crypto world is there is no paper contracts that can be sold by the big bankers that can cost you thousands of dollars within seconds herein the crypto world.

I like the fact these currencies are not controlled by the big rich bankers, and I hope to see it stay that way. because to be honest I am watching as the big bankers are hanging themselves and bringing the countries down with them as they force their countries into depressions over stupid mistakes that fill their pockets with endless amounts of cash at the expense of the countrys people they are working for.

Bitcoin can only get better with time, the more transactions we make the stronger it becomes, I personally think it would be a very complex task for another currency to step up to the plate face to face with bitcoin, but anything is possible. It would take a lot of work and an even bigger amount of cooperation, but thats not to say it would not happen. just like in forex, just ride that train to profits and step off before it falls, thats all we can do right now.

[serenitys]

First, bitcoin isn't going anywhere short of an EMP.

And even then it's probably not going anywhere for areas unaffected.

That said, let's pretend some coinX shows up and kicks all kinds of ass in the crypto world. You've sunk countless thousands into bitcoin...omg what do you do?

If coinX looks like it's going to overtake bitcoin, then cash out and invest in coinx down the road. Don't scare yourself from the wealth ride up just because you're overthinking the future. What happens if you wait for coinX and miss bitcoin all together?

People bought stock in myspace...then facebook and twitter came along. If those people were smart, they moved on. If not, they left it all with myspace...which is still around, but it's not facebook.

Second, the better analogy is fiat = myspace. bitcoin = fuck those guys... (btc would be facebook, if I just have to do this one...but it makes me feel dirty)

[keithers]

I don't think it is very likely to be surpassed anytime in the near future. Too much worldwide support for BTC for everyone to jump on another coin. There may be one that comes out at some point that is all around better than BTC, but even then I think it will have a hard time filling the original's shoes

[Marlo Stanfield]

I think there is a pretty good chance, but that doesn't mean that you can't be using bitcoin until bitcoin 2.0 starts to take off. You can always put some of your holdings in new technologies that seem promising. And move more and more of your btc in to the one that really starts to take hold.

You'll be alright as long as you keep your ear to the ground and keep an open mind. Your big advantage here is that most bitcoiners are die hards who would never even consider another crypto, even if it was an objectively better technology. So you'll very likely be able to get in relatively cheap.

[BetMoose]

I don't think it is very likely to be surpassed anytime in the near future. Too much worldwide support for BTC for everyone to jump on another coin. There may be one that comes out at some point that is all around better than BTC, but even then I think it will have a hard time filling the original's shoes

Yes but the infrastructure and development support for BTC is very easy to change to any blockchain-based coin... the mining may not be, but you don't NEED a lot of hash rate being thrown at a network for it to work; just helps keep it more secure (which is valuable but isn't the only thing that makes BTC valuable).

[DrG]

I don't think it is very likely to be surpassed anytime in the near future. Too much worldwide support for BTC for everyone to jump on another coin. There may be one that comes out at some point that is all around better than BTC, but even then I think it will have a hard time filling the original's shoes

Yes but the infrastructure and development support for BTC is very easy to change to any blockchain-based coin... the mining may not be, but you don't NEED a lot of hash rate being thrown at a network for it to work; just helps keep it more secure (which is valuable but isn't the only thing that makes BTC valuable).

Yeah but the thing is if BTC is used a currency people only really care about it's ease of use and it's name (much less so than it's utility).  The only hindrance I can see is the block time.  Maybe by that time BTC wallets will use a backend coin to relay payments.   Hmm, backend coin.....oh that sounds wrong. 

[DannyHamilton]

Newbie here. This is my biggest concern with converting some of my fiat to BTC. I'm worried that a better/more highly evolved coin (which may not even be here yet) will ultimately become the most widely used cryptocurrency. I would hate to jump on the bandwagon only to see Bitcoin become the "Myspace" of cryptocurrencies.

Perhaps a better question is:
"What's the chance that your local fiat currency will be worth more in the future than it is today?  I'd hate to sit on the bandwagon of keeping my spare cash sitting around in a currency that is intentionally designed to be guaranteed to lose value over time.  I can move my cash out of my local currency into a much better storage of bitcoins.  Then if I notice that something better comes along, I can move from bitcoin to the new replacement.

[FanEagle]

maybe there will be a successor of BTC but it will only have slight differences

[joshraban76]

I think you mean "Facebook" or "twitter" of cryptos.

Brother, just give time some time, to see BTC approved in every where is the world.

Apple is in the way of approving it in the store apps, PayPal is surveying about it, and so on.

[blatchcorn]

If you look at history, you will see that currencies tend to last for hundreds of years before being replaced.  Comparing currencies to social networks makes no sense.

[joshraban76]

If you look at history, you will see that currencies tend to last for hundreds of years before being replaced.  Comparing currencies to social networks makes no sense.

He was not comparing, he wanted to know whatever if bitcoin is a hype that will die soon, or not.

[SpontaneousDream]

If you look at history, you will see that currencies tend to last for hundreds of years before being replaced.  Comparing currencies to social networks makes no sense.

He was not comparing, he wanted to know whatever if bitcoin is a hype that will die soon, or not.

Exactly. I know the Myspace analogy technically isn't that great of one. I'm speaking more in terms of Bitcoin being over-hyped and there potentially being a better successor to come along.

[Melbustus]

... I know the Myspace analogy technically isn't that great of one. I'm speaking more in terms of Bitcoin being over-hyped and there potentially being a better successor to come along.

You have to understand the context of "better successor". Bitcoin was not an incremental improvement on prior attempts at digital cash. It was a large breakthrough in computer science (specifically solving global consensus; the "byzantine generals problem"). The problem stood unsolved for decades. The network-effect surrounding the solution to this problem as applied to digital money, as you can see with bitcoin's success, is huge.

Possible incremental improvements over the current implementation details of bitcoin are nowhere near interesting enough to unseat bitcoin's dominance. It's not proper to compare bitcoin to specific companies (FB, Myspace); a far better analogy is core internet protocols.

Bitcoin is the first viable protocol for trustless exchange of value. It's more analogous to things like SMTP or IP. Did improvements to those protocols exist? Of course... But when we're talking about things that are a large break from the past, "good enough" plus first usually wins over incompatible alternative approaches.

It's also worth noting that these protocols evolve and incorporate new ideas. Bitcoin has the same properties; if new ideas come along that are indeed very beneficial, it's likely they'll be incorporated into bitcoin.

For me to get worried about successors, I'd have to see fundamental new solutions to the problem of achieving trustless global consensus over an insecure network. No alt does that. And even if one did come along, I'm not sure quite how it would do it massively better. The fact is, bitcoin's consensus solution works, and that's all it takes to launch the virus of digital money.

[joshraban76]

If you look at history, you will see that currencies tend to last for hundreds of years before being replaced.  Comparing currencies to social networks makes no sense.

He was not comparing, he wanted to know whatever if bitcoin is a hype that will die soon, or not.

Exactly. I know the Myspace analogy technically isn't that great of one. I'm speaking more in terms of Bitcoin being over-hyped and there potentially being a better successor to come along.

I advice you to read more and more about bitcoin.

Everyday, I'm loving this this.

It will change the world and how we are paying for your daily products and subscriptions, etc.

It won't die, what could die is the alternative coins like litecoin, doge coin, .. etc.

[Harley997]

If you look at history, you will see that currencies tend to last for hundreds of years before being replaced.  Comparing currencies to social networks makes no sense.

He was not comparing, he wanted to know whatever if bitcoin is a hype that will die soon, or not.

The OP was basically asking if Bitcoin will fall by the wayside while a better crypto currency would come in and replace it.

Personally I would doubt this as there are many alt-coins out there today and none of them bring anything that Bitcoin does not provide and their networks are all much less secure then that of Bitcoin.

[makebitcoin]

I don't think you will ever be able to compare MySpace to Bitcoin. I think Bitcoin will always be used the next 10-30 years. I do think that a new coin will be developed which is easier to use for the typical layman and that coin will be bigger than Bitcoin. Bitcoin is here to stay though.