Quote:
Originally Posted by Wayne 962
So, some qualities I would imagine in a "good" currency:
1- Has to be widely accepted (not for Bitcoin)
2- Has to be relatively stable (nope)
3- Has to be able to expand as use increases (tied into #2, if it can't expand, then it will suffer from inflation)
4- Has to have "some" type of intrinsic value. Gold has intrinsic value, the US dollar has the backing of the US government, Bitcoin has only the willingness of others to accept it.
5- Has an established track record as a reliable storehouse of value.
Again, I think the technology behind Bitcoin is brilliant, I think that this technology is the wave of the future. I think that something in the future based upon this type of technology will take off. I do not think that Bitcoin is it - it's version 1.0.0 of the blockchain and has a bunch of issues that need solving. Unfortunately, due to the "distributed computing model" of the blockchain, it's very difficult to make changes to a running system. You basically have to have agreement on everything from everyone (which is impossible). That is why there are all of these "forks" out there (which cause adopters to question the longevity).
Figuring out what Version 2 is and getting in early, I think that will be key.
-Wayne
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There are already many other versions improving on the blockchain, none perfect but some with promise. All with relatively low market caps. Nano is fee-less and instant, but pre-mined. Iota is probably the best bet if they can actually pull it off, which is a big task. Their aim is infinitely scalable, fast, fee-less transactions on a decentralized network. We will see. The fact that things like Tether, Binance Coin and Doge can be easily pushed into the top 10 by market cap tells me this thing is still in its infancy. It's going to be a rough ride but IF crypto can become truly widespread and legitimized the special coins that succeed will dwarf todays market caps.