Topic: Debunking the "anyone can make a crypto" argument against Bitcoin - page 2. (Read 345 times)

Bitcoincash might not be processing many transactions - but Ethereum certainly is.

In the last 24 hours, transactions were as follows:

Bitcoin: 162,213

Ethereum: 763,340

Ripple: 908,938

Litecoin: 75,274

The info comes from the following site:

https://bitinfocharts.com/

Scaling is happening - but it's happening outside bitcoin.

And Ethereum's market cap is catching up to Bitcoin too. If bitcoin doesn't solve it's merchant adoption problem, the flippening will happen.

yeah, i don't buy those arguments because you can't replace dedicated developers and a robust, active network of users. so i agree with you there. but i don't think we should write off altcoins entirely. from the perspective of both scalability and governance, it seems impossible that BTC can fulfill all possible use cases for crypto-economic activity. and as satoshi said, bitcoin's core design is set in stone.

even if we believe that bitcoin can port any and all features from altcoins (on what timeline---decades?), its fundamental economic system (POS vs. POW) and consensus mechanism (blockchain vs. hashgraph or DAG) will never change. and i don't think we'll ever see default private transactions on the mainchain, just sidechains, which are essentially altcoins themselves. and with the advent of decentralized exchange, sidechains become less attractive from a bootstrapping perspective.

so while you're correct regarding BTC's use case (and the altcoins that try to replicate it), there is inevitably lots of room for novel, private and experimental altcoins to grow alongside BTC.

You have some points, BUT

Actually  "anyone can make a crypto" is true

Is it worth then, it's another question.

Bitcoin Cash is the 4th on total market cap with 44B! I don't see how this isn't "didn´t materialize at all". SegWit2x was attempt for something different. BCH is pure
fork.

My conclusion is that those who hate crypto will ever do it and you can't "Debunk" their mind-set.

I have decided to make another post in order to debunk one of the common
arguments against Bitcoin.

If you are interested in another thread where I tried to do something similar, take
a look at my recent thread:
Debunking the waste of energy argument against Bitcoin

Today I´d like to debunk the argument that "anyone can make their own crypto" or its variations
like "anyone can print as many as they want".

Here are a few reasons why Bitcoin can´t be copied easily:
1. Even the well-funded fork attempts of Bitcoin Cash and SegWit2x either didn´t materialize at all
or were a complete failure... Bitcoin Cash is processing less transactions than Dogecoin every 24 hours
2. While it may be easy to copy the code of Bitcoin due to it being Open Source it is incredibly difficult
to actually get people to use your cryptocurrency... just take a look at the dozens of "ghost blockchains" of altcoins that see no real
usage
3. A product like Coca Cola that is widely popular today faced competition by more than 7000 knock-offs and still is
the most popular choice among the general public today (I concede that Coca Cola and Bitcoin are not directly comparable)
4. It is incredibly hard to launch a successful cryptocurrency in an ethical manner without a pre-mine or similar antics given
the huge competition by well-funded projects that invest more time and money into marketing than into development
5. Bitcoin has the best developers and due to the importance of security this makes it essentially impossible for other
coins to dethrone Bitcoin... many of the Bitcoin Core developers are financially independent (due to Bitcoin!*) and are working on Bitcoin
for ideological reasons, which are a far better motivation than extrinsical motivation in the form of money
6. Bitcoin has no centralized point of failure while most other projects would suffer tremendously in the case of the
death of a key person of the respective project (e.g. if Vitalik would die in a car crash tomorrow the Ethereum project
would suffer). This is even worse for the huge amount of projects with a single lead developer.
...


I´m curious to hear what you think about my arguments and of course it would be great
if you could add additional arguments.





* I remember reading a quote by one of the Bitcoin Core developers where he stated
something along the lines of "Bitcoin has taken care of me, now I´m taking care of it".
How can you seriously expect to beat someone with an attitude like this?