I think the success of a coin has more to do with the psychological connection rather than the specific technical aspects. This is why marketing works so well, it relates to the customer on a human level, not with specific boring technical details of a product. While they advertise tech aspects its not their main focus.
Bitcoin was first, it has the name, simple as that. We know theres 100s of "Better and more sophisticated coins" but its has the name. The majority of people who own BTC wouldn't have much of an idea of the inner workings and probably don't care. They just hope to be on the money train and relate to its name and popularity. All the innovations of payment systems and real world use follows.
After watching the ups and downs of the alt coin world over the last year or so, you can see how it works, new coins are printed daily, they are hyped pumped and dumped. Overly technical coins appeal to a certain audience, they buy up early and hype begins then its dumped, there doesnt seem to be a long term uptake.
We have to remember the real world success of a coin depends on mass adoption, what do the masses want? They want something that can use and that they relate to. The name of a coin is 80% of its success, 20% technical, to the masses that is. Look at Bitcoin, very outdated on a technical level, but hugely successful on its fame level.
Many will disagree with me on this, as this is primarily a technical forum, but this is why I'm leaning on coins like Digitalcoin and netcoin etc, the name fits the purpose. Long term I think this will win out.
I think there will be a point where we will all turn around and see coins like DGC take off like a rocket, not based on the tech aspects but the name and fame, along with good security and development community, you still need the 20% technical aspect.
Just my two cents after a year in the game.
Bitcoin was first, it has the name, simple as that. We know theres 100s of "Better and more sophisticated coins" but its has the name. The majority of people who own BTC wouldn't have much of an idea of the inner workings and probably don't care. They just hope to be on the money train and relate to its name and popularity. All the innovations of payment systems and real world use follows.
After watching the ups and downs of the alt coin world over the last year or so, you can see how it works, new coins are printed daily, they are hyped pumped and dumped. Overly technical coins appeal to a certain audience, they buy up early and hype begins then its dumped, there doesnt seem to be a long term uptake.
We have to remember the real world success of a coin depends on mass adoption, what do the masses want? They want something that can use and that they relate to. The name of a coin is 80% of its success, 20% technical, to the masses that is. Look at Bitcoin, very outdated on a technical level, but hugely successful on its fame level.
Many will disagree with me on this, as this is primarily a technical forum, but this is why I'm leaning on coins like Digitalcoin and netcoin etc, the name fits the purpose. Long term I think this will win out.
I think there will be a point where we will all turn around and see coins like DGC take off like a rocket, not based on the tech aspects but the name and fame, along with good security and development community, you still need the 20% technical aspect.
Just my two cents after a year in the game.
I agree, short term you are totally correct from a user diffusion perspective. But there is also the next step, i.e. the diffusion outside this current user base. For any coin to succeed long term, it either has to rely on payment processors and have a huge fanbase (hard imo), or be able to seriously attract people outside of the current definition of the market. The latter may suffer from actions during the former.
