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Bitcoin will always have value as a new way to think about money. It has started some really smart people thinking about the next system - this is really the norm for any major breakthrough. Nothing is ever perfect the first time or doesn't evolve as things change. I think that given how good bitcoin is has led some people to believe it is perfect.

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I agree. But it's very difficult to find a system that is so appealing to consumers that they'll make the switch, simply because consumers don't have a payments problem. Incremental reductions in friction (e.g. the consumer won't have to enter their credit card details, or, the consumer will save a percent on their purchase) are certainly not compelling enough to justify changing a deep and old habit.

And a new system would have to figure out a way to mitigate the regulatory risk.

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