zlacker

>>JumpCr+(OP)
It will be back up next week

>>b3ing+XN1
Why? It’s a pure fiat currency with limited real-world adoption, what reason will people have to favor it over the alternatives next week which they don’t have today?

>>acdha+oO1
Figure out why it has gone up and up all these years while being a “pure fiat currency with limited real-world adoption”, and you’ll have your answer.

>>sph+mR1
Seems like the main reason it's gone up all these years is "Early adopters successfully evangelized to get more mainstream bigger-fools to buy from them at elevated prices".

At this point, Bitcoin is fully mainstream and the biggest fools have bought in. People hoped that the Trump election would mean a new giant pot of dumb money (government/tax dollars) would buy bitcoin, but now that they've realized Trump will just issue his own crypto memecoins that bet is unwinding.

I don't see where the buying is going to come from in the future. Every cab driver and retiree and stay-at-home-mom already knows about bitcoin. Maybe Tether prints another imaginary 10 billion dollars to buy bitcoin and prop up the price though, so it could still maintain for a while.

>>bodiek+HB3
The other thing I see is that only existing holders have much loyalty to that particular blockchain. Nobody else has a vested interest in using their funds to re-inflate the net worth of people who bought Bitcoin before them, and it’s easy to create a new blockchain where you’re not buying at a disadvantage.

>>acdha+r34
https://en.wikipedia.org/wiki/First-mover_advantage

Sure, you can create a new blockchain, but you probably won't overtake the first and most popular, however good your tech is. Also, your comment suggests, as it is often the case, that new blockchains are created not because they are better than all other cryptocurrencies, but rather as a pump-and-dump scheme, and that's the primary reason the whole field has such a terrible reputation.

In any case, first-mover advantage is another reason why it's highly likely Bitcoin will remain the cryptocurrency with the largest market cap.