I am not a bitcoin holder but thinking how much I should invest (lot or little). Thinking about bitcoin in the context of altcoins (ETH and so on) raises a question for me and I hope you can help me out.
So the great inventions of the industrial revolution (steam engine, cotton spinning, coal smelting) all underwent serious modifications and reworks before they were actually useful. For example, the first steam engine was built by Denis Papin in the 1600s, the second was Newcomen’s in the early 1700s, but still it required modifications before it was efficient enough to be widespread and good. Same goes for cotton spinning machines and coal smelting (see Allen, Industrial Revolution in a Global Perspective for a fantastic tour around this).
It seems that historically speaking, being the first invention means “not good enough”. This suspiciously chimes with bitcoin’s energy consumption (I know I know, still less than the dollar’s consumption, but waay more than alternative coins) and lots of other shortcomings (see: https://medium.com/logos-network/why-proof-of-work-is-not-viable-in-the-long-term-dd96d2775e99).
Given this and that others are already saying that the success will be replaced by etherum, could you help me understand why in this case, the first is the best? Sounds like saying that “Ill throw 10/10 hoops on the first try without ever having touched a basketball”.