249 sats \ 6 replies \ @WetBandit OP 24 Mar \ parent \ on: What's to stop competing coins bitcoin_beginners
Well, it's nice to hear my brain is on the right track at least. I guess my immediate answer would be a government token. But that definitely would not be decentralized or transparent so I guess that's a whole different thing all together. I'm guessing that's not far off anyway. I also think 85% of the population lives it's life of group think and acceptance. I think it would take a respected public figure to push adoption of a new coin. We've already seen Elon push shitcoins and demand go up in the short term. I don't have a good answer yet. The internet has changed so much about how society trusts and functions as a whole. There's no Walter Cronkite anymore and I don't think there's any figure like that to push mass adoption and have the masses willing to accept it; at least not right now.
Mass adoption of something does not make it valuable. The US dollar has mass adoption already, yet has lost 98% of its value even while going from the currency of a single country, to the worlds currency, in that time period.
A government shitcoin will have the exact same fate.
reply
I agree.
reply
Mass adoption of something does not make it valuable. The US dollar has mass adoption already, yet has lost 98% of its value even while going from the currency of a single country, to the worlds currency, in that time period.
I disagree. Adoption does make money valuable. The dollar has lost only 98% of its value - and this is one of the reasons why it is the dollar that was adopted during that period and not scamcoins like peso, bolivar, naira, lira, etc. Those other shitcoins have devalued more than the dollar.
reply
I think the adoption gives it utility among the people which makes it most valuable.
reply
Keep digging. When you get to the bottom you'll deeply understand bitcoin.
reply
Will do. Thank you!
reply