Need to distract myself from the potential crypto bubble popping, so I'm drafting up a post on an interesting analogy proffered by a Silicon Valley heavyweight...
Paypal Board Member and Xapo CEO Wences Casares recently sat down for a Facebook Live interview with Paypal head Dan Schulman.
He challenged those who claim they "believe in Blockchain but not necessarily Bitcoin":
He fleshed out the analogy further when asked to forecast crypto's future:
When it comes to a store of value, he believes there will only be one coin standing:
Queries
What do we think about the "there can only be one" forecast? It certainly seems like we're in for a ton of consolidation (hell, it may be happening right now) as 1,400+ currencies is just absurd on its face. But I never really entertained the idea that there will only be one left standing.
Is the 'protocol' analogy vis-a-vis Internet/Web protocols an apt one? I'm probably not proficient enough technically to give an answer to this one.
If you buy that there will be only one store of value currency in the end, do you think it will be Bitcoin? If not, which altcoin will take the throne?
Update: it appears the market has begun to stabilize (possibly recover?)
Update #2: spoke too soon. Still crashing. Checking my portfolio just now...
|| @bubbleboy ||
Yeah, kind of a loose analogy. SMTP actually handles mail traffic but is part of the TCP/IP protocol suite.
AFAIK you can’t have SMTP outside of an IP framework.
Correct me if I’m wrong.
Interesting.
I disagree with what he said, but he had interesting points.
First of all, you can hate bitcoin all you want.
It's like the first cell phones. They were great at their time, but now you look at them, and they just look clunky.
Because of the lack of changes in bitcoin, it's not useful as a cryptocurrency. People can invest in it if they want, but it's not cheap to transfer. That can also be good of course, as people won't be withdrawing willy-nilly. But they also won't be transferring it to an exchange to trade it back and forth all the time.
For actual use, to actually pay for things, you need something that can actually be transferred, with low fees, and speed. As long as bitcoin survives, it will not be the one and only cryptocurrency, unless they fix it.
But you also have separate use cases. We're on one right now. Every single one can have a separate coin, or one can fit multiple use cases.
Coins that don't have anything, in particular, to make them stand out, will likely go by the wayside. That doesn't mean there will only be one though.
But, if there had to be only one, the best candidate right now is steem. Fast. Powerful blockchain. Low to no fees on transfers. Perfect for apps. It's like a dream crypto.
Largely agree. Many seem to argue it's the best store of value, but I don't really understand the basis for that beyond "it's the original/oldest" coin.
Blockchain is here to stay, new FinTech is here to stay no matter what name they coin it, just my opinion thanks for interesting read @bubbleboy
@originalworks
You got a 9.09% upvote from @yourwhale courtesy of @bubbleboy!
This post has received a 3.10 % upvote from @getboost thanks to: @bubbleboy.
You got a 2.44% upvote from @nado.bot courtesy of @bubbleboy!
This post has received a 5.67% upvote from @lovejuice thanks to @bubbleboy. They love you, so does Aggroed. Please be sure to vote for Witnesses at https://steemit.com/~witnesses.
You got a 5.79% upvote from @minnowvotes courtesy of @bubbleboy!
This post has received a 2.60 % upvote, thanks to: @bubbleboy.
This wonderful post has received a @bubbleboy 7.16% upvote from @mrswhale. Discord Channel: https://discord.gg/XG4y3mg You can vote in the name of the odl. https://steemit.com/~witnesses