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RE: Bitcoin Forked Up Again : Really? Bitcoin Diamond? What?

in #bitcoin7 years ago

The network effect is extremely important, and the brand name too ... those are the two major reasons why Bitcoin has a higher value than other alts, hence I'm against the forkings. At the other hand, from my point of view, Bitcoin is a dead end by now, the user experience is horrible due to the capacity limit, and there is no longer any hope to get that lifted - it's mostly valuable now as a speculative asset class - aka "digital tulips". To preserve cryptocurrency we need some other coin to take over its role.

Here is my take on the forks:

  • Bitcoin Cash. It aims to "preserve the Satoshi vision of a peer-to-peer electronic cash system". It's not hard to see that the "incumbant" Bitcoin fails on this. I was initially against Bitcoin Cash because I saw it as just "yet another altcoin", if one is hoping for "the flippening" it would be better to back one of the existing altcoins, one that has clear advantages over Bitcoin. However, Bitcoin Cash is growing the network effect, maybe it will overtake the "incumbant" Bitcoin at some point.
  • Bitcoin Gold. All my criticism against Bitcoin Cash is valid against Bitcoin Gold. I early on thought that Bitcoin Gold wasn't not to be taken serious. Bitcoin Gold aims to tackle the mining centralization, but I'm not convinced they will succeed with that in the long term, and there are many other coins trying to do the same with various success. There are many other reasons to dismiss Bitcoin Gold. I could be wrong though, after all I cannot deny that it actually do have a significant market value.
  • Bitcoin Diamond ... that's the biggest nonsense of those three projects. But I could be wrong on this one too, just like I've been wrong on the first two ones.
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Do you really think Bitcoin cash will overtake Bitcoin in value? If so, would the value of Bitcoin Cash erode the value of Bitcoin or can the two grow together, long term?

It's hard to predict the future. I'm fairly convinced that Bitcoin will be dethroned as the number one crypto at some point. If it is Bitcoin Cash, Ethereum or something completely different taking over is hard to predict. I'm also fairly convinced that the current Bitcoin market price is in for a huge correction at some point in the future. At the other hand, I've been saying so since last year, and meanwhile the value has risen with 8x ... it could very well be that we'll see another year pass by and another 8x increase in value before the correction. I remain convinced that the correction is inevitable, and when the correction comes it will hurt for all crypto, not only Bitcoin.

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