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To: Enlightened1
Blockchain technology is clearly an important advance that will have wide ranging application. Bitcoin is simply an early use of this technology.

What happened to Netscape is that they thought they had unique advantages when in fact they did not. As such they were eventually undermined by newer embodiments of the technology and real competition from more resourceful entrants. And no, they weren't the first browser, just the first commercialized version of the Mosaic technology that was the first browser. The lesson for Bitcoin is apt.

Any currency is backed by something. Traditionally that has been either a physical commodity (e.g., gold) or a government that has the force of law behind it. Cryptocurrencies claim to be above such needs, being based on mathematics, but that's both their strength and their weakness. The mathematics have to be hard enough to prevent fraud but simple enough to be functional. That's a difficult line to draw and one of the biggest problems with Bitcoin. The math is sufficiently hard that the ledger system is overly cumbersome and relies on too much external infrastructure to be functional. At the same time, it's vulnerable to advances in quantum computing. It's entirely likely that in less than twenty years (possibly much sooner) its security will be fatally compromised by such advances. Real currencies are far more durable.

45 posted on 12/16/2017 8:52:54 PM PST by AustinBill (consequence is what makes our choices real)
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To: AustinBill

Mosaic was the first, but most people I have met remember Netscape.

You do know you can change bitcoins for dollars? If so, then why not follow the trend and put a stop loss?


59 posted on 12/17/2017 2:49:48 AM PST by Enlightened1
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