The worst self inflicted wound Bitcoin could have suffered was a belief that it should become an inefficient replacement for a few hundred billion dollar payment industry rather than a replacement for a hundred Trillion dollar savings market.
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Also remember the network effects. eatures don’t win over network effects of a network especially if it is at a protocol level.
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Network effects in the world of cryptocurrency in general are pretty weak as switching is super easy. Moats are nonexistent. THIS being said, something that can be a good SoV+MoE+UoA will have network effets that are FAR BIGGER than just SoV...
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No it’s not weak. And there are many network effects not just customer.
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Customers, Investors, Retailers, Hodlers, Funds, Engineers, Decentralized Entrepreneurs, dApps... can all switch instantly...
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Add regulations, market awareness and institutionalisation to it. Moving all these together will only break the network effects. That by no means is easy.
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I think the reason BIG institutions and even Central Banks themselves AREN’T buying in big SIZE yet, is because it’s unclear who the big winners in the long-run will be... Even the experts can’t say for sure...
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That’s the best part, else Experts will take advantage. It is a lot beliefs based as well.
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Also call me crazy but I feel that a real crypto should be A LOT more private... Bitcoin is devastatingly transparent... In some ways its an ideal dystopian currency... Double-digit millionaires (can really move markets) from China, India, Russia want privacy guarantees...
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They are not on chain and do not impact on-chain aspects, consensus etc. As long as sidechains can do that (not impact base layer), every company can do it. RSK is a company and can move as fast as a company.
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On chain stuff will be slow to change and should rightly be for a digital SOV.
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