Will Bitcoin make the same mistakes as Kodak did?

coinycoiny

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Quote from: Crypington on January 10, 2018, 12:49:23 AM

I think at point bitcoin should move in another direction. Bitcoins best use is “store of wealth” or “digital gold” ... it has so many problems with scaling, transaction fees, transaction delays, that I just can’t see it being used a serious currency. But it will work well, like gold, as a store of value, and has basically the same characteristics. Gold has a high price, high markup (fees), does make a good currency for real trade, and is better just horded.

And with the miners getting Rich off fees, and controlling bitcoin’s fake, there is no incentive for them to make it a better currency.

Some other coin needs to learn from bitcoins “mistakes” and develope the “perfect” currency.

Bitcoin trying to be a "Store of wealth" is a desperate attempt by bag-holders to try and justify the price.

Its broken, its dying, move on.

barneystinson

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Quote from: Kprawn on February 20, 2017, 12:20:54 PM

You know, it is rumoured that Kodak invented the first digital photo technology, but they swept it under the rug, because they wanted to focus

on their film technology that worked. { Film made them the market leader in photography and they thought that it would be enough to keep

them at the top } Source : http://tech.fortune.cnn.com/2012/01/18/the-kodak-lie/

So what do we have here? Bitcoin think because it was the first to market with this technology, they do not need to adapt to the market needs.

The market wants scaling and it also wants cheap and fast transactions. Is Bitcoin providing what the market wants? If we think, Bitcoin can

stay on top, because we were first to market and we have a established network, then we will go down like Kodak. They also thought they had

the biggest share of the market and a big network of people using their technology... and look what happened to them. Adapt or DIE.

Same as with all other companies, if they would not be adapting to the fast changing technology they would also get left out. So I think they just need to focus in developing their technology and should not allow other competitors to catch up.

Nilda

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Apples and oranges. Kodak, like many other companies to evolve and adapt with the times (Nokia, Polaroid, Blackberry, etc.) are companies with CEOs and employees. Bitcoin is a currency that Kodak right now is using to finance their comeback.

(Melania)

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Bitcoin is the big money now and the masses are using any coin with affordable fees.
Miners hate to scale because they couldn't profit from scaling.

Crypington

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I think at point bitcoin should move in another direction. Bitcoins best use is “store of wealth” or “digital gold” ... it has so many problems with scaling, transaction fees, transaction delays, that I just can’t see it being used a serious currency. But it will work well, like gold, as a store of value, and has basically the same characteristics. Gold has a high price, high markup (fees), does make a good currency for real trade, and is better just horded.

And with the miners getting Rich off fees, and controlling bitcoin’s fake, there is no incentive for them to make it a better currency.

Some other coin needs to learn from bitcoins “mistakes” and develope the “perfect” currency.

joan26

member

Activity: 168

Merit: 10

Quote from: Kprawn on February 20, 2017, 12:20:54 PM

You know, it is rumoured that Kodak invented the first digital photo technology, but they swept it under the rug, because they wanted to focus

on their film technology that worked. { Film made them the market leader in photography and they thought that it would be enough to keep

them at the top } Source : http://tech.fortune.cnn.com/2012/01/18/the-kodak-lie/

So what do we have here? Bitcoin think because it was the first to market with this technology, they do not need to adapt to the market needs.

The market wants scaling and it also wants cheap and fast transactions. Is Bitcoin providing what the market wants? If we think, Bitcoin can

stay on top, because we were first to market and we have a established network, then we will go down like Kodak. They also thought they had

the biggest share of the market and a big network of people using their technology... and look what happened to them. Adapt or DIE.

It may happen, nothings impossible.
Bitcoin may take it's fall but when?
Maybe when there's another technology come in that's bigger than bitcoins and when that happen of course we also adapt in and move on.

spring07

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Activity: 140

Merit: 10

0x5A165891De2a2c8B82c7De19486277e0d5b644DF

For now, Bitcoin is that go-to guy. Bitcoin is a standard in crytocurrency. No doubt there is need for improvement and ability to meet the market needs.
Citing the examples of Kodak, Nokia, Blackberry gives credence to the possibility of Bitcoin falling down the pecking order.

btcgreen63

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This year old thread is ironic since Kodak today announced investment in blockchain and KODAKCoin. Grin

The_Dark_Knight

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Quote from: Kprawn on February 20, 2017, 12:20:54 PM

You know, it is rumoured that Kodak invented the first digital photo technology, but they swept it under the rug, because they wanted to focus

on their film technology that worked. { Film made them the market leader in photography and they thought that it would be enough to keep

them at the top } Source : http://tech.fortune.cnn.com/2012/01/18/the-kodak-lie/

So what do we have here? Bitcoin think because it was the first to market with this technology, they do not need to adapt to the market needs.

The market wants scaling and it also wants cheap and fast transactions. Is Bitcoin providing what the market wants? If we think, Bitcoin can

stay on top, because we were first to market and we have a established network, then we will go down like Kodak. They also thought they had

the biggest share of the market and a big network of people using their technology... and look what happened to them. Adapt or DIE.

Interesting take, but since this post was made the developers have taken some steps to try to remedy the problem segwit is not enough as we have seen, so we need to see if the lightning network is going to be able to solve the issues, I personally believe it will, but the only thing we can do at this point in time is to wait for the day the LN becomes fully operational.

coinycoiny

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Activity: 273

Merit: 18

Kodak had a lot of patents that protected its film/camera business.

It was a very successful business for a very long time. Fair enough it screwed up and didn't change fast enough in the end but a lot of companies end the same way. (blockbuster for example)

I'm afraid bitcoin is making mistakes that kodak didn't, its already not fit for purpose. People now pretend that its intended to be a store of value because its not capable of doing anything else. Other than hype there is literally nothing going for it.

So no, bitcoin won't make the same mistakes because it won't live long enough.

EcoChavCrypto

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Activity: 448

Merit: 250

Quote from: Kprawn on February 20, 2017, 12:20:54 PM

You know, it is rumoured that Kodak invented the first digital photo technology, but they swept it under the rug, because they wanted to focus

Wait.. what? you are comparing a "crypto" currency, which is money, but digital, with a bussiness of cameras that invented the first digital camera?

Mate, you are mixing all the things in here, you can not compare them all because there are 0 coincidences between both.

it is like comparing the producers of the new Samsung Galaxy, with the producers of the best brand of Milk on your own country, it sounds crazy, and ridiculous, of course.

It makes no sense, and bitcoin will never be eliminated or just dead like a lot of people are saying right now, doesnt matter what.

OROBTC

legendary

Activity: 2912

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...

It could happen that BTC might eventually die if they do not adapt to changing conditions.

But in the short term, I think BTC will stay on top as so many MERCHANTS accept it as payment, first mover advantage as noted above.

Other possibilities:

-- BTC might get lucky, and the BTC World come to a consensus to lower fees and speed up trx

-- BTC might retain its current role as "Store of Value" (like gold is in precious metals), other cryptos might take on the "Medium of Exchange" role if BTC fees stay too high.

-- BTC might die a slow death, perhaps a long & grinding bear market would signal this

Termin_Done

newbie

Activity: 1

Merit: 0

Quote from: Kprawn on February 20, 2017, 12:20:54 PM

They also thought they had the biggest share of the market and a big network of people using their technology... and look what happened to them. Adapt or DIE.

I think that adaptation to the customer needs is the most important thing on modern markets. But it is not a "true story" to make such a comparison between such too different examples.

CircleCryptocurrency

newbie

Activity: 6

Merit: 0

Quote from: Kprawn on February 20, 2017, 12:20:54 PM

You know, it is rumoured that Kodak invented the first digital photo technology, but they swept it under the rug, because they wanted to focus

on their film technology that worked. { Film made them the market leader in photography and they thought that it would be enough to keep

them at the top } Source : http://tech.fortune.cnn.com/2012/01/18/the-kodak-lie/

So what do we have here? Bitcoin think because it was the first to market with this technology, they do not need to adapt to the market needs.

The market wants scaling and it also wants cheap and fast transactions. Is Bitcoin providing what the market wants? If we think, Bitcoin can

stay on top, because we were first to market and we have a established network, then we will go down like Kodak. They also thought they had

the biggest share of the market and a big network of people using their technology... and look what happened to them. Adapt or DIE.

just one video here I thought of:

https://www.youtube.com/watch?v=-eXAkBAZNEg

Absolutely crazy. Adapt or Die indeed.

poloniexwhale

sr. member

Activity: 280

Merit: 250

Quote from: Kprawn on February 20, 2017, 12:20:54 PM

You know, it is rumoured that Kodak invented the first digital photo technology, but they swept it under the rug, because they wanted to focus

on their film technology that worked. { Film made them the market leader in photography and they thought that it would be enough to keep

them at the top } Source : http://tech.fortune.cnn.com/2012/01/18/the-kodak-lie/

So what do we have here? Bitcoin think because it was the first to market with this technology, they do not need to adapt to the market needs.

The market wants scaling and it also wants cheap and fast transactions. Is Bitcoin providing what the market wants? If we think, Bitcoin can

stay on top, because we were first to market and we have a established network, then we will go down like Kodak. They also thought they had

the biggest share of the market and a big network of people using their technology... and look what happened to them. Adapt or DIE.

And Motorola invented the mobile phone, now is also dead. It was acquired by Google, they are very unlucky, but I hope bitcoin can be the king forever.

unamis76

legendary

Activity: 1512

Merit: 1009

Interesting article. Didn't knew this story about Kodak. I remember having a 32MB CF card from them way back when, in the beginning of the digital photography revolution... However they were indeed late to the game, cards didn't really save them, especially a card format that quickly became obsolete.

I can see a bit of similarities with Bitcoin. However, unlike Kodak, we already know what's going to give us success in the future: scaling. What's similar is that we're disregarding solutions and ideas that might allow us to achieve our end goal in a quicker or better way...

amacar2

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CryptoTalk.Org - Get Paid for every Post!

Bitcoin is scalable however it is hard to reach any consensus because it is decentralized and to implement even a small change in codebase it need lots of time. Have heard about segwit being able to solve the current blocksize and high fee issues but to get it activated it need 95% support but currently support is hardly 25%.
Source: http://segwit.co/

Juggy777

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There is no comparison first of all between a Kodak and Bitcoin. Secondly look at the time when Kodak was around and when Bitcoin is around. Bitcoin has done enough for people and it owes no one nothing, it's made us have more cash in our wallets but yet we are yet greedy. Which currency could give you more returns than Bitcoin did, which currency can you trade without being in the worry of yourself being caught. As far as the transactions are concerned you can always pay a fee and get it done faster. I don't think Bitcoin is going to meet a fate like Kodak, even surprised one can think of it.

Senor.Bla

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Activity: 280

Merit: 253

Quote from: Kprawn on February 20, 2017, 12:20:54 PM

You know, it is rumoured that Kodak invented the first digital photo technology, but they swept it under the rug, because they wanted to focus

on their film technology that worked. { Film made them the market leader in photography and they thought that it would be enough to keep

them at the top } Source : http://tech.fortune.cnn.com/2012/01/18/the-kodak-lie/

So what do we have here? Bitcoin think because it was the first to market with this technology, they do not need to adapt to the market needs.

The market wants scaling and it also wants cheap and fast transactions. Is Bitcoin providing what the market wants? If we think, Bitcoin can

stay on top, because we were first to market and we have a established network, then we will go down like Kodak. They also thought they had

the biggest share of the market and a big network of people using their technology... and look what happened to them. Adapt or DIE.

It always is the same. If you are the first, then you have a valuable head start. This is what Bitcoin has now. But soon other will come and try to compete with you. They will be innovative and if your are not willing to adapt, you will eventually lose ground. Bitcoin will not be overtaken over night, but if it fails to scale in time, another coin will come along and just do the job. The tech world is a fast one and you can raise and also fall quite fast.

Kprawn

legendary

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Quote from: audaciousbeing on February 20, 2017, 12:47:20 PM

Quote from: Kprawn on February 20, 2017, 12:20:54 PM

You know, it is rumoured that Kodak invented the first digital photo technology, but they swept it under the rug, because they wanted to focus

on their film technology that worked. { Film made them the market leader in photography and they thought that it would be enough to keep

them at the top } Source : http://tech.fortune.cnn.com/2012/01/18/the-kodak-lie/

So what do we have here? Bitcoin think because it was the first to market with this technology, they do not need to adapt to the market needs.

The market wants scaling and it also wants cheap and fast transactions. Is Bitcoin providing what the market wants? If we think, Bitcoin can

stay on top, because we were first to market and we have a established network, then we will go down like Kodak. They also thought they had

the biggest share of the market and a big network of people using their technology... and look what happened to them. Adapt or DIE.

Well, your argument is correct and it does not only happen to Kodak but also Nokia and Blackberry have had their own share of dogmancy and they all pay dearly for it. However, I wont want to believe the same fate will befall bitcoin and the reason is simple. Bitcoin actually provides open source where developers can continue to improve upon and banks are even coming in to explore the technology compare to those others that have been carried away by patent and copyright monopoly.

Ok, this is not what I am saying.... I know Bitcoin is Opensource and this makes it even more dangerous. What I am saying is... Kodak relied on

their strong market & network affect to keep them on top.... This is currently the same with Bitcoin. We were first and a huge network has grown

around Bitcoin. We rely on this too strongly and users can quickly change to another technology, if they think it offers better features. A lot of

these other Alt coins have better features but they do not have the network yet. This will change over time.... and then Bitcoin will get

replaced by these technologies, because it did not concentrate on the needs of their users. Angry

Topic: Will Bitcoin make the same mistakes as Kodak did? (Read 744 times)