A Quote by Nick Tomaino
Ethereum exists because it enables developers to write smart contracts better than Bitcoin in the near-term. Zcash will exist because it will attempt to do privacy better than Bitcoin in the near-term, and the token gives you access to the anonymity protocol.
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In 2017, people have realized there isn't going to be one crypto to rule them all. You're seeing vertical solutions where XRP is focused on payment problems, Ethereum is focused on smart contracts, and increasingly, bitcoin is a store of value. Those aren't competitive. In fact, I want bitcoin and Ethereum to be successful.
The bitcoin protocol is about mining bitcoin, not pricing bitcoin. There is nothing in the protocol about establishing a market price for bitcoin; you need a market for that, but what if all the exchange markets are shut down?
Bitcoin is valuable as a currency because of the economic efficiencies the bitcoin network is already creating as transactions flow over it. As with the Internet, more applications will flourish which will make the bitcoin network, and thus bitcoin as a currency, valuable.
Well, bitcoin is a currency. Bitcoin has no underlying rate of return. You know, bonds have an interest coupon. Stocks have earnings and dividends. Gold has nothing, and bitcoin has nothing. There is nothing to support the bitcoin except the hope that you will sell it to somebody for more than you paid for it.
What bitcoin does better than the current financial system is it's a better stored value globally. There are a lot of countries that really don't trust their banks or their currency, and bitcoin is an alternative.
Isn't the purpose of bitcoin mining simply to get rich - or not, as the case may be? Well, at 21, we are less concerned with bitcoin as a financial instrument and more interested in bitcoin as a protocol - and particularly in the industrial uses of bitcoin enabled by embedded mining.
Make no mistake - Ethereum would never have existed without Bitcoin as a forerunner. That said, I think Ethereum is ahead of Bitcoin in many ways and represents the bleeding edge of digital currency.
The scripting language in Bitcoin is important because it is what makes Bitcoin 'programmable money'. Within each Bitcoin transaction is the ability to write a little program.
There is nothing that Bitcoin can do which Ethereum can't. While Ethereum is less battle-tested, it is moving faster, has better leadership, and has more developer mindshare.
A token like ethereum has gone up 10 times faster than bitcoin, and it's fueling an ICO bubble no different then the dot-com IPOs of the late '90s.
Because the supply of Bitcoin is limited, the price of Bitcoin is going to have to increase and increase very substantially over time. My advice is that if you're interested in Bitcoin and excited by Bitcoin, then buy some Bitcoin and hold onto them, and you're likely to do very well over time.
There is no more reason to believe that Bitcoin will stand the test of time than that governments will protect the value of government-created money, although Bitcoin is newer, and we always look at babies with hope.
There's a tiny number of Bitcoin wizards and an enormous number of smart developers that have no onramp to Bitcoin. We need to make that onramp easier.
It is possible that Bitcoin will fork at some point. The question is whether or not it'll be a contentious fork. This process is a good thing in the long term, though potentially disruptive in the short term.
Within the coming years, disrupting the Bitcoin network will become increasingly more difficult as Bitcoin wallet software and the protocol become more mature and resilient.
My suspicion is that we're near a near-term low. The reality is the majority of the selling short-term is over with - the market doesn't want to go down.
