Is Bitcoin the MySpace Of Crypto?

patrickrooney

patrickrooney

Is Bitcoin the MySpace Of Crypto?

First to market has its drawbacks...

I’m old enough to remember the Betamax vs. VHS battle for home video dominance. Betamax was in many ways superior but failed to win the market due to early design flaws that held it back...

Then there’s MySpace. I have no idea what they did wrong. It’s still kicking but I haven’t a clue what’s going on there...

Now here’s the kicker. There’s a growing sentiment that Bitcoin may be the next Betamax or MySpace. First to market (yay!) but overcome by its challengers as it is constrained by its early ideals and technology. The crypto space is flooded with coins and protocols that have arguably superior utility. Yes, utility. You’re welcome to convince me of the use case, the utility, of bitcoin. It’s quite easy to list other coins that have clear utility and value. I’ve yet to hear a clear path of usefulness associated with BTC.

https://lnkd.in/e-35wi5
 
patrickrooney said:
Is Bitcoin the MySpace Of Crypto?

First to market has its drawbacks...

I’m old enough to remember the Betamax vs. VHS battle for home video dominance. Betamax was in many ways superior but failed to win the market due to early design flaws that held it back...

Then there’s MySpace. I have no idea what they did wrong. It’s still kicking but I haven’t a clue what’s going on there...

Now here’s the kicker. There’s a growing sentiment that Bitcoin may be the next Betamax or MySpace. First to market (yay!) but overcome by its challengers as it is constrained by its early ideals and technology. The crypto space is flooded with coins and protocols that have arguably superior utility. Yes, utility. You’re welcome to convince me of the use case, the utility, of bitcoin. It’s quite easy to list other coins that have clear utility and value. I’ve yet to hear a clear path of usefulness associated with BTC.

https://lnkd.in/e-35wi5
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Here is more provocative question. How will our lives change if cryptos seize to exit???? The answer tells you all you need to know.
 
That's why bitcoin now has to be called a "store of value." IMO, I think you have to be open-minded both to bitcoin's potential value as well as to its limitations / risks. Who knows for sure how this all turns out?
 
formikatrading said:
That's why bitcoin now has to be called a "store of value." IMO, I think you have to be open-minded both to bitcoin's potential value as well as to its limitations / risks. Who knows for sure how this all turns out?
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Sure, there's the store of value argument but what about all of the other cryptos that can serve as store of value and also provide other utility? Bitcoin's utility is closer to that of Dogecoin than Ethereum.
 
patrickrooney said:
...

I’m old enough to remember the Betamax vs. VHS battle for home video dominance. Betamax was in many ways superior but failed to win the market due to early design flaws that held it back...
More...

Best as I can recall, Betamax was to VHS as 8-track tapes was to cassettes. Too large and bulky, and usurped by cheaper and more reliable products.

Can the same be said about BTC vs. other crypto currencies?
 
patrickrooney said:
Sure, there's the store of value argument but what about all of the other cryptos that can serve as store of value and also provide other utility? Bitcoin's utility is closer to that of Dogecoin than Ethereum.
More...
Beanie babies were a "store of value"...until they weren't.

beanies.jpeg
 
I think for a crypto to succeed long term, they are going to need to welcome government regulation and government oversight.

Or said another way, I don't see governments giving up control of the money supply (for multiple reasons, ability to tax, is chief among them).
 
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