I have a doubt regarding Bitcoin and cryptocurrencies in general.
Since the protocol for e.g. Bitcoin has been devised at a certain time, with a certain knowledge of the mathematical and technical issues which is limited by the current situation, isn't it bound to become obsolete one day and replaced by a newer, more up-to-date cryptocurrency empowered by a more advanced computer science, comprehension of cryptography-related issues, etc.?
I'm worried that if this turns out to be the case, the price of e.g. Bitcoins will drop rapidly as it is replaced by a newer cryptocurrency, creating an actual Ponzi-scheme scenario.
This argument is obviously valid for any other cryptocurrency.
In brief: isn't the whole idea of currencies based on math/cryptography/computer science undermined by the rapid progress of these disciplines?
No, if a weakness with the system/algorithm/security appears, the community will simply update the software to fix the issues. Vulnerabilities will likely be seen years in advance as the state of technology develops.
