Bitcoin currently has the maximum available hashrate on the planet, making it immune to attack from the world’s supercomputers.
There will be “one chain to rule them all”. Being “ruled by Bitcoin” is awesome. It’s like living in your own personal copy of the world’s most heavily-secured, most luxuriously-appointed mansion…rent free!
Those who resist Bitcoin’s blockchain, don’t understand the deal they are turning down. It’s that simple.
A comment on the linked article above from Reddit
Technically Paul maybe be right, but from an economics standpoint and social utility the world doesn’t work that way.
The fact that Litecoin still runs despite having ha $100 million dollar bounty shows that maximilism in the sense that all altcoins will be eaten by Bitcoin eventually is not reality.
Now you could argue from an engineering standpoint that Litecoin is really just an aberration, and over 100 year time frame may not exist.But we can only go on recent history. The world is full of variety even when evidence and science and even economics point to better systems.
So even if you concede that Ethereum is Vaporware (clearly its not), people will still spend money on vaporware.
However if you take a step back. Ethereum and other altcoins are already anchored to Bitcoin.
Ethereum will never exist without Bitcoin, because it is the stability of Bitcoin Network that underpins the ability to fund and transact in the crypto economies that exist on top.
If tomorrow the world wanted to fund Ethereum, they will in most cases buy Bitcoin to get to Ethereum. Sure they could fund directly in some exchanges Fiat to Ethereum, but the cryptoworld is anchored around Bitcoin.
I can exchange ether to Bitcoin, and deposit it to any exchange or service globally. I am not going back to Fiat to move things around.
Bitcoin is the USD of the Cryptoworld.
If Ethereum’s crowdsale had to be funded via Fiat Banking Ethereum would not exist. Its the ability to fund these systems via decentralized censorship resistant currency that makes all these experiments possible.
So I agree in Bitcoin maximalism that Bitcoin is the new territory of freedom, call it the New Cyber Colonies. And what the Cyber world needs more than anything is a stable immutable bitcoin to underpin everything, because if Ethereum fails or breaks the value embedded in the system would flow back to Bitcoin.
But if Bitcoin failed a much more simpler system, the value of all crypto would collapse. How could Ethereum succeed if Bitcoin could not.
I see no competition between Ethereum and Bitcoin, Ethereum is the Operating System to Bitcoin’s Core Protocol or Machine Language. Ethereum cannot exist without bitcoin, it’s not possible.