Quote from: NeuroticFish on November 04, 2023, 03:43:30 PM

Quote from: puradak on November 04, 2023, 03:25:56 PM

Right. Satoshi Nakamoto created Bitcoin. He's a genius. Bitcoin systems and communities are working perfectly, and everyone is crazy about Bitcoin. But what happens if someone creates a blockchain that is faster and better than Bitcoin and puts it out into the world without any greed, as Satoshi did? Are people going to ditch Bitcoin away? In that moment, we're going to see a blockchain that's performing better than Bitcoin and is perfect for decentralization that everyone emphasizes. What will happen?

Let's think a little. Do you still use your old Nokia from 1998? I guess not, although 2G is still supported by the GSM network.
If something better, faster, safer it's invented, it has the potential to replace Bitcoin.

But keep in mind that for this it also has to be at least as profitable to mine as Bitcoin is, else the miners will not change, hence the network safety (for the new coin/system) may not become safe enough.

It would also have to be a technology that Bitcoin could not implement because Bitcoin has something that many of the other contending networks lack and that is a vibrant, global and continuously growing ecosystem. This won't just be ported to a different network. So maybe this new technology pulls miners / part of the network over from Bitcoin, but for how long will the new network offer competitive profitability when whatever the rewards are to maintain the network have to be shared by a growing pool of contributors?

There is a lot of things that would have to happen in order for Bitcoin to be replaced. It would have to be something entirely new that Bitcoin itself could not integrate into its protocol and at the same time boast incentive structures that offer rewards which sustainably outcompete what Bitcoin has to offer. I think Satoshi ha worked something out that's here to stay for a while. But of course in the field of technology, many things are just a question of time.