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Originally Posted by zman
. Bitcoin is the Apple of the crypto world. You see people using new phones that offer many new features that iPhone doesn't have. No matter how advanced they are they rarely matter to us and it'll probably take a miracle to make you and I switch to some other phone. That's bitcoin in the crypto world and why it'll be so difficult to dislodge bitcoin from its place.
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I agree that pioneers in any new tech will always have an advantage over others in terms of adaptation. But your analogy has a flaw in that bitcoin is actually not being used as currency. People are buying bitcoin as an investment not to spend it to buy daily stuff. So it actually has not be adapted like an iphone.
Ultimately it is wall street and few early miners/holders who are benefiting. Recent 'institutional backing' is a business backing. Meaning paypal and square sees coinbase and other exchanges making billions from fees so they decide to offer it as well. And a higher BTC price only mean higher profit for them. Same with winklevoss and their constant use of social media to promote cryptos. They run an exchange. Anyone who talks positively has something to gain - and the narratives have changed over the years. From a decentralized currency to now a storage value.
In my opinion, the utility and philosophy of a decentralized cryptocurrencies has been lost.
But the above arguments are mute because I agree with you , as a investment - there are enough backers to continue to sustain its price. Its not disrupting anything. Just pegged to powerful FIAT currencies. Only way it can be entity of its own is if it is accepted like cash EVERYWHERE and I don't know a single person who ever bought anything with bitcoin.