Quote from: freequant on December 11, 2014, 03:48:27 AM

I think there is some misunderstanding between OP and his opponents.

If my understanding is correct (OP correct me if I got it wrong) OP doesn't claim that blockchain technology is a fad and I see no statement in his stance that suggests that the future global financial infrastructure isn't going to be underpinned by cryptography and peer-to-peer technology. On the other hand, many people who react to OP's stance seem to be doing an amalgamation of the concept of crypto-currency and the specific instance of this concept that is Bitcoin and generalize any argument made against Bitcoin as if they were made against the technical breakthrough of blockchain technology at large and its relevance to the future of global financial infrastructure. Granted, the fact that Satoshi didn't dissociate the name of the concept he invented from the name of its first implementation participates to the confusion.

But let's step back and look at things objectively: Satoshi's major contribution isn't Bitcoin but blockchain technology in the same way as James Watt's contribution to technology is the steam engine with rotary motion as a general concept and not that specific 10-horsepower model that he initially patented and that back then was perceived to be his invention and was expected to take over locomotion globally. A few hundred years later nobody remembers that specific engine model he submitted and we are not even using steam powered vehicules anymore but everyone remembers James Watt as the guy who figured how to convert steam power into rotary motion and enabled a new era of mass transportation. So these people who feel outraged at the idea that Satoshi's invention is being riped off by copycats and Satoshi's credit and legacy diluted, don't worry: although it may seem from our current perspective that so called alternate currencies are parasites and that Satoshi's original invention is being abused and wronged somehow, it will appear in hindsight that this frustrating invasion of alternate currencies was indeed the path chosen by technological evolution that made it possible for blockchain technology to prevail eventually.

Technology as the extension of evolution in human realm will seek to fill any gap that would allow for improvement. We know that a faster transaction network is possible. We know that a transaction network with more bandwidth is possible. We know that a transaction network consuming less resources is possible. We know that a transaction network with more features is possible. We know that a transaction network more fit to existing global financial ecosystem is possible. And we know that technological evolution / progress will ensure that what is possible actually occurs. We therefore all know that a transaction network with faster transaction time, larger bandwidth, lower resources consumption, larger features set and more fitness to current ecosystem is bound to emerge and replace Bitcoin. Although this is a difficult truth to look at, convinced as we are that this would somehow be some betrayal to Satoshi's legacy, this is nonetheless the truth and history will show that no matter how many iterations and what the final form blockchain technology will take, Satoshi will forever be celebrated as the man behind this revolution.

The bottom line as far as this thread is concerned is that although blockchain technology has entered our technological genome for good, Bitcoin as its first instance is not here to stay and will necessarily be replaced by more advanced designs. I will not venture to speculate on timelines or the identity of possible contenders and it is very possible that the currency that will overtake Bitcoin hasn't been incepted yet but a quick look at market capitalizations will nonetheless confirm beyond doubt that the relative market share of Bitcoin is shrinking and prompt objective observers to realize that Bitcoin is losing ground.

Upon this realization, investors would be wise to start analyzing the market and consider hedging when they perceive that a viable contender has entered the market and appears to be gaining ground.

Thank you. You are right to point out that I never criticized blockchain technology in anyway, but looking in hindsight it seems I made a mistake by not emphasizing the fact that blockchain was/ is a revolutionary aspect and the driving force behind the cryptos. Those of you who are able to read between lines - understood that I am a supporter of crypto currencies, thus I did not feel it was necessary to elaborate on this matter.

The comparison with social media development might not have been the perfect example but all of you know what I was trying to say. Much more accurate comparison is the one presented by freequant in the above post comparing Watt and Satoshi. I think this is a perfect example - almost a mirror thing, just different temporal and spatial settings.

The idea is not to blindly worship bitcoin, but to examine the future of the crypto world in this context. I know most of you are heavily invested in BTC and feel that I am attacking you personally - I also hold BTC and alts. So we are in the same boat. Having an open and uncensored debate cannot hurt the community and it is something we desperately need.

Sam