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Some intelligent people, like @RayDalio haven't been exposed to the explanation of why #Bitcoin 
can not be overcome by an altcoin.
Here it goes...
can not be overcome by an altcoin.Here it goes...
Potential ways for #Bitcoin to be overcome. Let's look at each in turn.
1. Copycat
2. Improvement
3. Alternative use-case (non competative)
You must start with the knowledge that Bitcoin nis way way way in the lead for network effects. It had a massive headstart.
to be overcome. Let's look at each in turn.1. Copycat
2. Improvement
3. Alternative use-case (non competative)
You must start with the knowledge that Bitcoin nis way way way in the lead for network effects. It had a massive headstart.
1. Copycat.
There have been many copycats. They can not have the same desirability as the original. The network effect of money is vital, and far too advanced for a copycat to succeed... In much the same way as http://Google2.com as zero chance, or http://FacebookToo.com
There have been many copycats. They can not have the same desirability as the original. The network effect of money is vital, and far too advanced for a copycat to succeed... In much the same way as http://Google2.com as zero chance, or http://FacebookToo.com
2. Improvement
Alts with improvements, if good improvements, can/will be absorbed into BTC. BTC is nonstatic and is open source (free to copy code). Alts are open source too, and good ideas get copied. Closed source altcoins have zero chance anyway, they are like fiat money.
Alts with improvements, if good improvements, can/will be absorbed into BTC. BTC is nonstatic and is open source (free to copy code). Alts are open source too, and good ideas get copied. Closed source altcoins have zero chance anyway, they are like fiat money.
But actually most "improvements" are not improvements at all. They are TRADE OFFS. Many trade offs are hidden by altcoin marketing. Privacy is a great example. The privacy features of some coins are trade-offs. Bitcoin can (but won't) incorporate these poor trade offs.
3. Alternative use case.
I have not seen any succeed. All need to compete as money to succeed long term and will fail in Bitcoin's presence.
I have not seen any succeed. All need to compete as money to succeed long term and will fail in Bitcoin's presence.
But if there actually is one that emerges, if it genuinely isn't competing to be money, then it doesn't hurt Bitcoin, and might even help it. In the same way that Amazon does not hurt Tesla or Facebook.
With this lead in network effect and its impossibility to be overcome, Bitcoin always remains the most desirable, and therefore it's scarcity of 21 million becomes relevant. Scarcity of the 2nd most desirable or anything undesirable is IRRELEVANT.
Addressing those 3 potential ways for an altcoin to overcome Bitcoin, naturally leads to the question, "What if Bitcoin dies"?
It can't, except...
It can't, except...
1. If humans die, or
2. If there is worldwide, coordinated, and highly advanced (AI supported) authoritarianism, with nowhere to escape, then MAYBE that could extinguish BTC... Similar to ending humanity as we know it.
If that world is coming, Bitcoin is the ONLY resistance.
2. If there is worldwide, coordinated, and highly advanced (AI supported) authoritarianism, with nowhere to escape, then MAYBE that could extinguish BTC... Similar to ending humanity as we know it.
If that world is coming, Bitcoin is the ONLY resistance.
What if there was some critical flaw? Or new tech like quantum computers?
The main thing that matters in a critical threat is the preservation of the UTXO set (who owns what), and that is extremely well backed up...
The main thing that matters in a critical threat is the preservation of the UTXO set (who owns what), and that is extremely well backed up...
Adjustments to the Bitcoin code can be made in an emergency. Not doing so could be fatal, so there will be no argument. If there IS argument, then there will be a fork and the static fork will die from the threat. Bitcoin would have evolved displaying it's anti-fragile properties
#Bitcoin is actually like an "altcoin to gold", INITIALLY... The reason it CAN take over gold, and disturb its network effect for free market money, is because Bitcoin is VASTLY better than gold. Not just slightly. It's a new invention.
Altcoins to bitcoin are not new inventions
is actually like an "altcoin to gold", INITIALLY... The reason it CAN take over gold, and disturb its network effect for free market money, is because Bitcoin is VASTLY better than gold. Not just slightly. It's a new invention.Altcoins to bitcoin are not new inventions
Now, gold is becoming an altcoin to #Bitcoin . Bitcoiners argue, it already is.
When you know, you know, and can't ever unknow.
. Bitcoiners argue, it already is.When you know, you know, and can't ever unknow.
More ranting... https://armantheparman.com/why-bitcoin-only/
