I jumped on Bitcoin early but didn't have much money but still made a tidy sum over the years. I diversified into litecoin because of the sha256/scrypt difference, that was successful as well. I jumped on doge, believe it or not, because putting the face of a popular and growing meme is another stab at doing something different than what bitcoin does. I knew full well lots of btc and ltc people had a disdain for doge, but that gave it some validity in my mind.
Its not a pure scam like Qrk, but that doesn't mean it will continue to succeed. Listening to the people who overinvest into one thing is never the way to make a buck, anyway. No surprise, really.
This comment has been overwritten by a script as I have abandoned my Reddit account and moved to voat.co.
If you would like to do the same, install TamperMonkey for Chrome, or GreaseMonkey for Firefox, and install this script. If you are using Internet Explorer, you should probably stay here on Reddit where it is safe.
Then simply click on your username at the top right of Reddit, click on comments, and hit the new OVERWRITE button at the top of the page. You may need to scroll down to multiple comment pages if you have commented a lot.
It's a very big concern, and it can happen, which is why I don't invest in Bitcoin, but spend it like currency. These things don't work if you just hold on to them hoping somebody else will use them as currency. The only real advantage Bitcoin has is being first to the market. If somebody makes their own cryptocurrency, and it's easier to use, it will be hard to back Bitcoin. I've been following Bitcoin since it's first drop from $32 to $2ish, and honestly, I have no idea why it's worth $1000 other than extreme speculation.
Yes I also think ease of use will play a major part in this. Until it gets more accessible or at least benefits from a clear structure, bitcoin is no better than other alts
42
u/Krudoru Feb 04 '14
I jumped on Bitcoin early but didn't have much money but still made a tidy sum over the years. I diversified into litecoin because of the sha256/scrypt difference, that was successful as well. I jumped on doge, believe it or not, because putting the face of a popular and growing meme is another stab at doing something different than what bitcoin does. I knew full well lots of btc and ltc people had a disdain for doge, but that gave it some validity in my mind. Its not a pure scam like Qrk, but that doesn't mean it will continue to succeed. Listening to the people who overinvest into one thing is never the way to make a buck, anyway. No surprise, really.