RE: (IJCH) "The Flippening and Hammurabi" - A Bitcoin vs. Ethereum Fanboy Issue
I agree with Hammurabi to a certain extent! But not entirely!
I've been in the crypto space since 2013 and notice I have been evolving in my outlook. It starts out as Bitcoin, then you evolve into altcoins and eventually you gravitate towards 'serious' altcoins, only to end up as a Bitcoin maximalist of some kind.
I actually just wrote a post on why I'm leaning more and more towards Bitcoin maximalism today actually! But the basic gist of it is that I believe ETH and similar crypto's will remain utility tokens which you use and spend, but not hoard. Yes you can hoard them, in the same way that you could hoard barrels of oil today. And surely some people might do that - but most won't.
I believe Bitcoin is going to be what we own, and whenever we want to use another blockchain we will simply spend-and-auto-convert (atomic swaps?) from Bitcoin into whatever crypto we need for a single operation on the other blockchain.
Why will we be using Bitcoin for this and not one of the others? Because Bitcoin is the one untouchable, decentralized one with no central controlling party. It's the one where you can actually store billions and feel safe about it - not even the government can touch it. And with the adoption rate, plus the amount of infrastructure in terms of hedge funds, exchanges, ETF's and whatnot, there is so much depending on Bitcoin that it's getting to be too big to fail for all the stakeholders.
I commented to another post on the similarities between Bitcoin and gold (they'll always be valuable, but very inconvenient to spend).
And that it is not far-fetched to think Bitcoin will become the defacto standard for measuring the value of all other tokens and fiat (and fiat - until fiat is non-existent).
Thanks for the detailed comment.
Namaste, JaiChai