This comment is very interesting:
"Bitcoin doesn’t work as money and it never will. If it doesn’t work
as money, then how is a network paid with the stuff supposed to expand?
The internet is decentralized like bitcoin, but the incentives for
growing it are completely different. As soon as something better comes
along then bitcoin’s popularity will decline (already has–seen the
price lately?) and bitcoin-bounty-incentivized miners will cease
contributing to the network. With the Internet, advertising, ecommerce,
freemium models, etc. support a robust network that will just keep
growing until every human eyeball has been monetized.
Bitcoin’s network growth is tied to bitcoin’s price and bitcoin’s
price is tied to its ability to replace money and bitcoin is complete
shit as money. When something better comes along-- and Bitreserve is
that thing IMHO–something that actually solves the problems bitcoin was
designed to solve (not the trustless, decentralized BS, but free, fast,
easy value transfers that bypass financial intermediaries and done with
real-time transparency (proof of solvency)–well… is it just
coincidence that bitcoin price drops correlate pretty closely to
Bitreserve announcements.
Bitcoin will probably never die, but it will be relegated to the
hobbyist realm of outdated technology, like stamp collecting and ham
radio."
