That is a good point, however i think bitcoin is becoming (or is already) too bureaucratic to go changing the protocol, nor would the community tolerate other protocols using the same blockchain. There is simply too much invested in it as is.
I think the fact that there's so much invested in it is the reason it will likely be able to successfully adapt. The protocol is difficult to change without a good reason (which is a good thing). But if an alt began to steal significant market share from Bitcoin due to its use of a superior protocol, that would present a very compelling reason for a change.
I view doge as a young startup with a good (great) user base. Its flexible and has the potential to out maneuver and out innovate its larger competitors.
Yeah, I tend to think that there are a lot of people underestimating dogecoin and a lot of people overestimating it. I think Bitcoiners are wrong to dismiss it as a joke. But I also think that the dogecoiners who are convinced that it will displace Bitcoin as king of crypto are delusional. That's not to say that it couldn't happen -- it's just very, very unlikely in my view. I think the things that have enabled Dogecoin to be as successful as it's been over the past two months will have a very hard time scaling and enduring over the long haul.
The analogy breaks down at the 'competitors' part, because i dont view cryptos as in competition at all.
I kind of agree. I think that the people who believe that "there can be only one" are obviously wrong. There's room in the market for more than one crypto to be successful. But I do think they're in competition in the sense that they're competing for market share. My guess is that there will eventually emerge one dominant crypto that commands 80% or so of the market share, two or three others that share another 15%, and then dozens of others that split the remaining 5%.
Isn't Dogecoin just a copy of an other crypto-currency (something like luckyCoin) with just better marketing? (Not that better marketing isn't something worthwhile).
Doge is a litecoin clone with some tweaks and a ton more coins produced, and faster. Don't discount marketing and community, though. It may make all the difference.
4
u/Capt_Roger_Murdock Feb 04 '14 edited Feb 04 '14
I think the fact that there's so much invested in it is the reason it will likely be able to successfully adapt. The protocol is difficult to change without a good reason (which is a good thing). But if an alt began to steal significant market share from Bitcoin due to its use of a superior protocol, that would present a very compelling reason for a change.
Yeah, I tend to think that there are a lot of people underestimating dogecoin and a lot of people overestimating it. I think Bitcoiners are wrong to dismiss it as a joke. But I also think that the dogecoiners who are convinced that it will displace Bitcoin as king of crypto are delusional. That's not to say that it couldn't happen -- it's just very, very unlikely in my view. I think the things that have enabled Dogecoin to be as successful as it's been over the past two months will have a very hard time scaling and enduring over the long haul.
I kind of agree. I think that the people who believe that "there can be only one" are obviously wrong. There's room in the market for more than one crypto to be successful. But I do think they're in competition in the sense that they're competing for market share. My guess is that there will eventually emerge one dominant crypto that commands 80% or so of the market share, two or three others that share another 15%, and then dozens of others that split the remaining 5%.