Are Bitcoin and Ethereum about to become worthless?
Will EOS be the end of Ethereum?, Bitcoin Cash to replace Bitcoin? are two headlines I have seen recently.
If Ethereum and Bitcoin can potentially be replaced this easily you could argue that every cryptocurrency is ultimately worthless, they are not unique and can be replaced by a new superior coin or token at any time. The continued release of numerous altcoins will continue to dilute the market and the only winners may be the traders, holders could lose out?
There is no denying that money can be made trading these coins and tokens, but it is starting to look like none of them has longer term value as there is always a superior coin or token waiting to be released. I am starting to doubt my ten year plan to just hold them. Anyone else starting to think the same?
You are missing the point of Crypto. It is not designed to simply beheld in a wallet but to be used. bitcoin is well on the way to wide spread adoption and is the only crypto with any interaction with the real world (apart from perhaps ethereum). there are bitcoin ATM's, stores accept bitcoin, websites accept bitcoin (I agree this is early stage yet) but there is nothing like this for other cryptos. Whilst it is possible for websites etc to accept alts, it involves more work, configuration, hassle etc for the site owner. They wont want to change what they accept every few weeks/ months.
therefore, even if BCC is better than BTC (and I'm not saying it is), I don't think it will gain much traction and will remain an alt for the foreseeable future, unless it dies out.
Ethereum is similar. people wont want to re write apps to run on EOS. New apps may well choose EOS but as its not going to be launched for a year, I don't see that as an immediate threat. Longer term I'm not so sure as conceptually it looks great!
I agree with you about the design , but in reality Bitcoin is being used as a store of value by many. Bitcoin is currently flawed by transaction speed etc and widespread adaption is not really possible. In reality a superior coin is needed for day to day transactions.
If it is a store of value, why does it need a high capacity? Other stores of value do not? And I don't see that a different coin is needed for mass adoption, a revised bitcoin may suffice. However, it needs to ensure it does not sacrifice security for capacity. If crypto is to be adopted more widely, it cannot constantly fork and adopt new 'best' coins! the strength of bitcoin is in the network effect and the 'brand'. If we thow this away we may as well start over.
That is really what I am saying, the value of Bitcoin should be that it is a Bitcoin, but so many already unhappy with transaction speeds etc and looking for the next best thing, but this will never end.
Not worried about EOS :D
Good to know!
The reason why BTC and ETH will never become worthless is that all of the crypto markets ARE Bitcoin and Ether markets for the most part. https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-7-30-2017 Check out my daily forecasts of price
I think it is possible that Bitcoin will be sold off along with Bitcoin Cash after August 1 and will settle close to $2,000 in the short term, I think the latest rally is mainly buyers getting in for the free Bitcoin cash.
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