Thread by @AnselLindner

1/ Altcoins compete on *claims* of complex features, but that's a losing model, because with time new complex feature ideas will become popular.

The real challenge is to create simple, robust and unchangeable features like #bitcoin.

2/ The short history of the #BitcoinEra has shown altcoins' claims of complex features are a dime a dozen. Popular features come and go, or evolve into yet new features.

By the time your altcoin has built a working network, its feature list is passe.
#bitcoin

3/ #Bitcoin, on the other hand, does a few things very well, and provides a space for people/businesses/apps to capitalize on those unchangeable strengths of its system.

4/ That's in line with what the history of the early internet taught us. To achieve global scale and a dynamic ecosystem, the base protocol must provide an atmosphere of reliability and freedom.

5/ Decentralization is what creates reliability and freedom of your protocol. Messy, slow and toxic governance protects already existing functionality. Status quo dominates. And no one is in charge. Hard forks should be hard.

6/ It doesn't really matter if an altcoin is technically proficient either, if it's centralized, it can't offer the same reliability and freedom that #bitcoin can. It's at the whim of fallible individuals.

7/ And don't say, "Well, bitcoin started centralized with Satoshi, so xyz altcoin can be centralized at the beginning, too."

An altcoin is competing against #bitcoin's reliability and freedom *today*, not 9 years ago.

8/ Bitcoin gets much better/stronger with time. Adding network effects and layers as it goes.

At any point in time, if a serious app developer or layer 2 protocol developer, compares a nascent altcoin with bitcoin, they'll build on #bitcoin 9 times out of 10.

9/ That is what altcoins are competing against. Whatever they claim can be built easier and more reliably on top of bitcoin.

10/ The monetary aspect of #bitcoin grows out of its reliability and freedom, not the other way around. You cannot bootstrap money from *claims* of future reliability or utility.

11/ The money aspect of bitcoin has its own extremely powerful network effects, that when added to its software network effects, make #bitcoin uncatchable.

12/ To sum, don't be fooled by claims of complex features, they're fads. This space competes on reliability and decentralization, simplicity and freedom. It's extremely probable that bitcoin will remain dominant in this expanding space as it's always been.