What an interesting thread.
I have extreme doubt that Bitcoin will succumb to an altcoin soon. As far as I can understand the blockchain has a very large potential for adaptability if needed.
But, like DeathAndTaxes says, Bitcoin is vulnerable because it has only one code. His evolutionary view is interesting, and probably similar to what happened in early evolution of life. How one life-form prospered and almost conquered everything, until a virus or a parasite came along.
It seems to me that as of yet no argument can be made of how Bitcoin can become permanent. Yes it can last for long, but not necessarily forever.
The simile is fiat. It started during the Song dynasty in China and has developed into new forms until this day. I think that Bitcoin is simply an evolution of fiat as fiat was an evolution of 'gold-or-other-precious-things' (or as gold was of barter).
So at some point the revision of the code needed to Bitcoin is going to become too great, but by that time, as always, intelligent and forward thinking people will have enough time to transition.
Hence we will either be not intelligent enough or not forward thinking enough and hence we will not deserve the new found wealth. But the altcoins that are currently in existence are no more than monopoly money.
This is a good post.
Here's a question: Gold as money 'evolved' from the barter system, as a better way for people to transact with one another. Silver also found its way into use as a means of transaction/store of value. There is arguably no difference between silver and gold in terms of fundamental properties which make for a sound form of money. Why do we therefore have these two 'precious' metals?
So there is a difference between gold and silver according to the BBC article. But let me add another, silver has been considered as a way of getting easy money during a panic. During the
long depression silver was demonetized, thus exasperating the price of gold, which made the people who held loans worse off. Silver was always more plentiful, and in an alloy it would not decay easily. Thus it was easy money.
In the same sense, Bitcoin is supposed to be hard money when it is a means of wealth storage, and although it is easily used for transactions, it is not easy money because it is way too scarce. Bitcoin is hard money, so as a business owner you would be a fool not to accept it, but if you want a loan (or are a lender) you would be a fool to make it in Bitcoin.
Altcoins, on the other hand are easy money, so if you want to make a loan you are better off making it in an altcoin than in Bitcoin. If your venture is profitable you can cash in into Bitcoin.