Do you think gold has "intrinsic value"? And if so, why?
You may enjoy this presentation: Understanding Blockchain Freedom — Why So Many Smart People Are Wrong About the Value of Bitcoin
I have no problems with competing currencies because as the technology progresses we will be able to seamlessly trade between them. We could even have auto-balancing local, decentralized wallets which could keep the overall value consistent.
Oops sorry, I replied to myself. I'm new to this but slowly getting it.
What I replied:
Thank you for replying! I do believe in gold. It's the currency that has been around the longest. I also do have an open mind about cryptocurrencies. But as the video compared bitcoin to facebook, it could also be compared to MySpace. MySpace was the big thing at the time until Facebook came along. I don't believe Facebook will still be relevant in 100 years. Maybe Steemit will take over as number 1! As the video points out Bitcoin is the most secure but what's to say another one of the many new chains doesn't out do them. My opinion is there's no saying. Thanks again for the info and I'll be glad to start following you!
I do think a useful/secure aspect of any blockchain is critically important so we may see many projects going away long term, but unlike Facebook/MySpace, many crypto projects are open source and can be adjusted as needed to adapt to changing market pressures.
Interesting, who controls the adjustments?
Who controls any open-source project? It's up to the community consensus and the developers involved. If they do something people don't like, they fork it to start a new project which better fits their goals.