As someone who recently became active in the cryptocurrency space, I can say I have a fresh pair of eyes and I see a lot of what many 'old timers' do not see or have become indifferent too.
My very first reaction to Bitcoin in 2011 was one of awe. I wanted to mine it then, but with the information available to me at the time, combined with my headspace at the time, I didn't get around to it. So I got my Electrum wallet and bought $100 worth of Bitcoins to learn more about the concept. I was blown away. Back then it took some time for transaction confirmations to come through. It didn't matter, as I used the bitcoins to pay for an online streaming service subscription, Streamza.
Fast forward to 2017. The buzz for Bitcoin is so great, it's impossible to ignore it, so I take another look. This time around, I have taken some time to learn about BlockChain technology and have come to understand various projects in the cryptocurrency space.
My impression, with better understanding, is this. Ethereum is the most useful, I think. The possibilities of Smart Contracts completely wowed me - coming from a Project development background in which I have tested loads of Software Applications /Systems over the years, I have a fair understanding of its scope and what it means to IT Projects. Like the saying goes: to whom much is given much is expected. Ethereum is fantastic, that's a fact, however the same qualities that make it awesome attract projects whose implementers are so excited about them, they fail to do their due diligence. Hence the stories of missing funds associated with the platform. Maybe more restrictions can be put in place to check cow-boy projects from getting on the platform.
Bitcoin ... where do I even start?
Let's just say that from where I'm standing what I see is chaos, a project with many captains and puppet masters with each master pursuing a different objective, the very opposite of consensus. I see a trail-blazer ahead of its time and like all trailblazers, is limited by the unknown tides that can shape its very bright future. Bitcoin proves that great technology is not enough because when humans come together, politics complicate things. How has Bitcoin handled this? Name-calling, intimidation, bullying and public manipulation on forums and social media. What happened to 'peer-to-peer'?
This brings me to the best project from my point of view. One that addresses most, if not all, of the problems with Bitcoin - block size, speed, governance and ability to fund development.
I'm talking about DASH.
DASH may not answer all future problems, but it has the best system to ensure real stakeholders make key decisions and it can always pay its bills, hire and fire those who it needs it for the good of the project.
I find it interesting that some of Bitcoin's main supporters use the argument ' Bitcoin came first' as a way to prove it's superiority! When did being first become relevant, except in history books? Let's take a look at some of history's 'firsts':
Do you remember...
Walkman - One of the first portable music systems, initially replaced by iPods, and today by popular music streaming systems like Spotify which are accessible on all devices
Blockbusters - Everybody's favorite movie rental store - until it was replaced by Netflix and more recent online video sharing and streaming services
VHS Video recorder/player - Have any of you even seen one of those recently? Not likely, because CD's were invented and now we don't even need CD's to watch movies or listen to music
Betamax video player - This one here predates the VHS system, nowadays we've got sleek, compact DVD players and mini radios
Mail order catalog - Ah yes. You check off what you want then send it back in hopes of receiving your item. Now online shopping dominates and online shops are getting simpler and simpler to use
CBT Center - A physical place you had to go if you wanted to learn about computers. Now you don't have to leave your home, you could even get a diploma completely online.
This is a Betamex video player. You can see how outdated it is, and it's unlikely you'll come across one of these today.
Being the first in what you do is great if your objective is to make history and stay in the history books. However being relevant right now, solving real daily issues or adding value to life - that's something Bitcoin is clearly not thinking about.
Bitcoin Cash is keeping itself relevant, or at least trying to, when it's not being attacked by the so-called "CORE". This is why you should all step back and ask yourself, 'how many obsolete items do I keep when they're of no use to me anymore?' So with that same logic, why are we cheering over Bitcoin? As a store of value you say? Last week I sold my bullion collection of over 300oz of silver and gold. The only time it took me was the time it took to get to the exchange, very quick; I got cash immediately. Tell me can you say the same for Bitcoin?
Set aside all the screaming and intimidation and let the free market choose, and may the best coin win.
See you soon,
-Nitego
