- There cannot be a next Bitcoin and the paradox of replacing a store-of-value (SoV) applies. Any successful replacement of BTC will forever undermine the credibility of any successor. We are instead made to forever question the replacement of a SOV. How is an investor to know it wont happen again?. Any other attempt at digital money fails by succeeding, it fails the eco-system by replacing Bitcoin and ultimately fails itself. By way of example, Gold is the precious metal SOV of choice, most governments/institutions warehouse little or no silver. If silver supplants gold as a SOV, then Im all out of precious metals because one cannot trust silver will maintain its SOV dominance.
This is the one that the most people seem to have the most difficulty with and I truly don't understand why it's so hard to wrap one's head around it.
Even now you still see that fucking Myspace/Facebook comparison when all it took to skip across was a couple of clicks and the only thing you had at stake where some whiny essays and a few duckface pics. I just don't see how people can fail to acknowledge the fundamental difference.
Having said that the tricky bit is if Bitcoin ever needed 'replacing' out of necessity, a concerted attempt to murder it or some unforeseen tech disaster, rather than some fantasy usurping. Even then the incentive is there to preserve and reboot that pile of data rather than any alternative.