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Comment by hulahoof | Hacker News Reader

Bitcoins usefulness is not just in its utility, but also it's creation and governance. When you highly value a decentralized, trust-less environment it's hard to look past the decade long success that the Bitcoin experiment has been.

Convincing users to migrate to 'alt coins' requires longevity of these chains, amongst other qualities, to prove they can be successors.

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I guess what I'm trying to say is, the arguments in these threads mostly go like:

* User A: Bitcoin is bad, it uses tons of electricity.

* User B: Bitcoin is great, and [other thing] uses just as much electricity.

And I'm just confused why User B never says something like "Bitcoin is great, but I agree it really needs to use less power and allow for more transactions."

Because to change Bitcoin means to fork Bitcoin, and 2017 has shown that the community does not want to hard fork to update the consensus of the chain. A bigger question is how will Bitcoin deal with securing the chain once miners rely primarily on transaction fees; especially considering Bitcoin can't scale. Another factor is that spent addresses release public address information which is susceptible to quantum attack exploits. I'm bullish on cryptocurrency (like Ethereum) but bearish long-term on Bitcoin. However, one thing Bitcoin is used for currently is as a decentralized collateral. You can wrap Bitcoin and deposit it on Ethereum and lend it out for interest. This is a fairly good use case in the short term, but Bitcoin the blockchain is not sustainable longterm.

Yeah, good answer. I hope Ethereum can make a full transition to Proof Of Stake. I remember they were already talking about it being close when I was looking into it in 2017.

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