One of my new SANE CRYPTO Mastermind members, Mike, sent me this email:
“I had a question that came up with one of my highly skeptical friends. His thesis: Bitcoin is the first crypto-currency, and once the big players get involved (Bank of America, Chase, etc.) and they make their own crytpo-currencies, people will buy those because they are name brands with trust, and the government and the monied elite, behind them. In his view (and his friends who supposedly work at Etherium), Bitcoin and Etherium will be the Friendster or MySpace to “Amazon-coin” or “Chase-coin’s” Facebook.
I was a little compelled by this thought because if we are in the first wave of the crypto-currency era, why wouldn’t Bitcoin suffer the fate of a first wave dot.com company like Pets.com? What makes Bitcoin different that it can survive as more “trusted” crypto pops up?”
This is a really important question and I’m so glad Mike asked.