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Comment by epolanski | Hacker News Reader

"technological development".

Don't we already have plenty of more efficient coins out there?

I’ve never understood the BTC purists. I’m generally anti-crypto in any variety, but As far as cryptocurrency‘s go, bitcoin is really bad compared to so many alternatives.

I’d just as soon see it all go up in smoke. But why does BTC reign?

Bitcoin is more successful mainly due to network effects and proven security, Bitcoin has withstood more attacks than any other cryptocurrency.

Because they don't give a single shit about the technology of it. All they're happy about is that their speculative asset keeps going up. They're grifters.

This is what I find strangest. At least coins like Ethereum and Solana have entire ecosystems of complex projects being built up around them (no matter how skeptical one may be of those projects), Bitcoin seems like an incredibly spartan ecosystem with basically one use, and the sole advantage of being first.

That's the entire point. Bitcoin has just one use case, and it's very inefficient design is tailor-made for that one use case.

Alt-coins have use cases that can all be solved by AWS. The inefficient design is er....inefficient for those applications.

Solana is a VC-backed centralized money grab.

Because it was first, and the word itself has permeated the psyche of society in ways that the other currencies haven't. People who know nothing at all about crypto buy into BTC because they've heard of it and heard it turns into money.

It's the power of denial. The sunk cost is enormous.

Proof-of-stake is a funny one. Means those with the most money control the money system. Might not be the best idea.

Proof-of-work is an ecological disaster though.

Cryptocurrency is not really a good idea IMO.

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