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RE: Letters to Jack Dorsey - Reflecting on Investments
I really enjoy reading this series of posts!
I have a question though. In the litecoin vs bitcoin comparison with Samsung and Apple, is litecoin Samsung and bitcoin Apple? Because when I hear people talk about litecoin it’s often described as the test-bed for bitcoin, ie they are the innovators and litecoin adopts technologies (I believe segwit and lightning are examples?) before bitcoin? And I think you’re saying Apple is the innovator in the smartphone market and Samsung is the follower.
Thank you @mrhill!
Yes, in this example I compare bitcoin to Apple and litecoin to Samsung. Like bitcoin Apple came up with the original idea that changed the entire industry. Samsung had a brilliant strategy of recognizing and embracing the vision Apple had. Initially, they tried to copy what Apple was doing. Some court documents even showed that Samsung had certain task teams that studied iPhones and came up with Samsung versions down to the icons.
Later on, however, Samsung started meeting consumer demands better than Apple. For example with bigger sizes of the screens/phones. Steeve Job, didn't want bigger iPhones. He even said iPhone's size was perfect. Tim Cook changed that and followed Samsung's lead and introduced bigger screen/phone sizes.
The point I was making was that bitcoin brought a revolutionary idea of changing the financial system. Litecoin embraced the vision, copied bitcoin, and took some market share early on. For this reason, I think litecoin is still relevant in the space.
Thanks for the reply. Clearly you've thought a lot about this :-)