Quote from: rocks on May 19, 2015, 07:00:18 PM

Quote from: smooth on May 19, 2015, 06:31:28 PM

Quote from: rocks on May 19, 2015, 06:15:27 PM

I think the best argument for one ledger is network effects. Network effects for money are very very strong. In order to enable a switch to a new money, there has to be a significant improvement over the existing money. Network effects are so strong that people continue to use fiat even though it has been inferior for decades. To me this is the main reason why Monero and other alts will not win, even if they offer some advantages (which I think is debatable), the advantages are not enough to overcome the network effects that are already behind bitcoin (which itself may not be able to beat the network effects of the dollar).

This is a better argument than what we usually see here since it focuses on might happen as a result of network effects, rather than you picking a winner and declaring that everyone else should support the winner you picked "because network effect". So, well presented, rocks.

Not sure about fiat being inferior for decades though.

Not sure if this was agreeing or being sarcastic. Wink

It was agreeing. In fact I've made the same argument to Monero people. I'm the Bitcorn in the Monero world.

Quote

In case it was that later then I'd respond that I'm not saying Bitcoin will win "because network effect", I'm saying "because network effect" any follower has to be significantly better, not just moderately better.

Exactly

Quote

The network effects for bitcoin vs. alts are very real and already present a significant hurdle for any of them to overcome. For example, in 2014 VCs invested >$300M in Bitcoin firms vs. near zero for any alt.

Supposedly some of the Ethereum presale money did come from VC-type investors, but who really knows. Bitshares was also supposedly VC-backed, but I don't know the details of that either. Ripple (not exactly a cryptocurrency, I know) just got $30 million in VC money, and Stellar got VC money last year indirectly (via Stripe, which is VC-backed). So it isn't zero. There are at least two investor-backed Monero businesses (MyMonero and Crypto Kingdom). It's all certainly less than Bitcoin of course.