Community Trust ScoreVerified
Someone said: The problem is bitcoin isn’t going to have a store of anything if there’s nothing intrinsic keeping the roof up, and other coins will surpass it with more.
List of Ener thought out further, stating: I’m starting to understand why Bitcoin has an ultimate better value proposition than any other coin that could emerge in the future, and it is because of no other reason than initial distribution. We haven’t figured out a way to distribute value in a fairer way than bitcoin.
The bitcoin event distributed and registered value in public databases where belief increased gradually across time. Because of economics and our knowledge, any distribution happening in the future will be hoarded by the wealthy (always more) than the bitcoin one.
Even if you say that gold has a fairer distribution, a thought experiment: if the “software” of gold failed somehow (finding tons of pure gold in a cave, depleting its value), we have no way to trustlessly assess what ownership anyone had before of the event. Bitcoin has away.
Database: There must be multiple copies of the entire bitcoin database protected against almost everything that can happen to us as a human race. We could say it’s the most resilient piece of digitally created information in existence (along with maybe, The Godfather movie).
Extreme cases where an attacker breaking encryption: the database exists, and there’s nothing any hacker can do to change that, we could roll back, validate with consensus rules from a then legacy encryption into a new resistant one with asymmetric timeframes against the attacker.
And even if everything fails, comes into play one of the most elegant solutions of it all: Attacking the network depletes its value, and also all the value you spent attacking. Therefore, there’s no solid incentive in attacking it in the first place.
Summary: There’s never been a fairer publicly available ledger than this, there’s no way to replicate this, no way to stop it, and no way to erase it, while all possible attacks demand more time than it takes to fix it, and most importantly of all: There’s no incentive to do it.
This is the one feature that can’t be replicated because it can only happen one time. And it has. Now the cat is out of the box; we know the potential of this. You could create the best and most elegant tech coin that solves every problem, but if this isn’t solved, it won’t work.
Under this assumption, we can visualize how alts really behave as testnet, with incentives that organically leave the best protocols alive to ultimately be implemented as second layers of a base protocol that behave the fairest through time.
Because of this, no network market cap with a store-of-value proposition could be trusted to be decentralized enough to beat Bitcoin. We have no tangible way of assessing better trust.
