Why I think that bitcoin will fail eventually
Bitcoin is going up up up, but why? and until when?.
I think that there is no way this crypto coin will survive, and heres why.
Bitcoin is a POC for the blockchain, usually, POCs gets rewritten. You could say that bitcoin has already been rewritten (Litecoin, Monero, Dash, Zcash) but why is bitcoin still going up?.
In my opinion, Bitcoin, the name, has become more of a trademark and not a product. Crypto world is only getting started and what people know is the name "BitCoin", I talked to people wanting to get into the scene, they didn't even know the name "Cryptocurrency" and were not aware that there are alt-coins.
So Sure people buy like sheep the thing they know because people made millions, fine, bubblish somewhat but fine.
Now lets take this a step further.
Technology: Bitcoin sucks, really, its a shit coin with shit technology thats not suited for the TX volumes and has absolutely no viable usage in the future. there are so many better alternatives its staggering how it managed to lag behind so much.
If you believe that its a work in progress and Bitcoin will be furthered developed... which brings me to look at the key drivers that will affect the project in the future
Community: Like i said before, much of the common folk in the community understand jack sh**t about crypto and technology, so i wouldn't count on wisdom of the masses on this one.
The rest of the community is a total catastrophe, just look at the BTC/BCH split, this split is just outrageous, lets assume that bitcoin has its issues... so you didn't agree on the god damn protocol, this means a chain split... solve it out, take additional time if you need to. I would say its irresponsible as well but it is not governed by any single entity (or is it) so there no someone to blame (isn't there?).
Economy: So about 40% of bitcoins mining power comes from a single group (80% in china which is absolutely unproportionate for a healthy network). yes there are a few pools, but it would be naieve to think that they are not coordinated.
This leads me to believe that that chain split is just an elaborate way of them to mine both chains effectively increasing mining profits by X2, wouldn't be a surprise for me to see it again in the future.
In order for bitcoin to be healthy and stable, you need the underlying currency to have all the characteristics that bitcoin just doesn't have. and for it to have them, the entire network needs to change, which does not seem possible, and if by some miracle it will happen, it will mean a disaster for the currency price as well, which i am not sure it will be able to recover
Cant say when its going to happen, but I have 0 bitcoins and intend to keep it that way. its a ticking time bomb.
Happy hashing.