RE: Paradigm shift from Bitcoin to Bitshares
You are missing some major points here. You are basing the analysis purely on which is the better technical solution (and I'm not sure I agree with your conclusion anyway). But parking that for one second. Bitcoin has first mover advantage. It has brand recognition. If anyone wants to buy any of over 900 alt coins, they are more than likely going to have to buy bitcoin, then transfer and exchange. If anyone in the world outside of crypto has heard of crypto, it will be bitcoin they will have heard of. If a merchant accepts crypto, they accept bitcoin.
Whilst bitcoin may not have the most Elegant solution, the positives it does have are massive and will be extremely difficult to overcome for a challenger. Therefore, whilst I agree, bitcoin has issues to solve and may not be the best technical solution in all cases, I believe it will remain the leading crypto for years to come!
Hi grizgal, thx for your comment. In the Benchmark I do take into account the fact that it has first movers advantage.
Technically there is no way around it BitShares offers an all encompassing system which is milestones better, I think you would struggle to argue that. But if you can, I am still learning so I love to hear it.
If I mentioned anything that is off, I made this post for informational purposes and I will adapt it if there is info in it that is incorrect.
Take into account less than 1% of people are invested in Bitcoin and already the performance is painfully slow, it needs a lot of fixing. That also tells us that Bitcoin could easily be overthrown as main crypto under the right circumstances. This won't be easy I admit that!
True that a lot of merchants already accept Bitcoin but how many are actually being used currently? If you are planning to buy a bread with Bitcoin you buy the bread twice in fees and have to wait 10 minutes before your bread is confirmed. By that time I would be done shopping paying with BTS .
Perhaps the lightning network solves some issues, I am not convinced it will, without causing other major security issues, but I reckon as the race is still on in terms of what could become the main reserve crypto, I rather gamble on the one that has a lot more potential to grow and functionality, purely on the basis of it being better for what it is trying to become.
The positives Bitcoin has are mainly build on trust and incredible hype in a slow growing economy, but as long as the volatility is like it is, how much trust is there really? Mid-July the price was 2k$ and ask anyone about transactions per second and what Bitcoin can do and you will be amazed how many people are misinformed.
Having said that I believe it could well grow to new ATH as a store of wealth, if purely on the hype of it all.
Time will tell.
People just want to stick their money where it gives a nice return, most don't worry about the functionality of Bitcoin yet.....
This is why I think Bitshares can move in as the technologically advanced underdog with not to be underestimated quite possibly the safest exchange in the world.
The question is what is leading? Highest marketcap or most transactions because in the last case BitShares wins.
Crypto's should be tested on amount of transactions it deals with and can deal with not how much value it holds.
I believe there is a place for Bitcoin it could function as we used gold in the old days, it can function as a store of value and this probably should be it's main focus now. Splitting it up was a bad idea and I am afraid more bad ideas are in the pipeline, due to centralised decision making.
https://steemit.com/hero/@stan/please-don-t-change-bitcoin-you-ll-break-it
Sorry for long reply, bit overenthousiastic
I agree with many of your technical points. I also question whether bitcoin will resolve the issues to the extent that it can be used in the way you describe. I see the technology, not bitcoin, being the main winner here. Cryptography and blockchain will be used in multiple applications going forward.
I agree bitshares is a good platform but it doesn't function as a currency (at least I don't think it does). It is designed to function as a stock exchange type of construct, not for buying bread (as in your example). I don't see it as a winner and loser situation. I am sure that in the future better tech will come along and bitcoin will ultimately evolve or die, but in this space, at present, it will take a lot to overcome the advantages bitcoin has.
It's a smartcoin factory and the stable coins like the HERO are ideal currencies.
hi Stan,
I am trying to make a comparison between for now the top 30 coins versus BitShares, let me know if you like it. Explaining every coin in relative compact detail enough to understand what every coin stands for, so as to understand what competition there is for BitShares if any and concluding hopefully, with the fact that BitShares is milestones ahead of the competition.
Trying to update it every day and hopefully people jump in and add to the discussion.
https://steemit.com/steemit/@oudekaas/so-you-want-to-be-a-crypto-expert-part-1
Agree. Bitcoin I think is largely misunderstood. It will hold value as long as exchanges continue to accept it first. I also think people like it because it does represent around 50% of the value of the crypto market and has a lot of action for crypto traders.