Source: Cointelegraph Original: "{title}"
An early investor in the ride-sharing app Uber has sparked a strong reaction from the Bitcoin community by claiming that Bitcoin will eventually be replaced by better technology.
Prominent angel investor and internet entrepreneur Jason Calacanis stated to his 981,600 followers on the X platform on March 14: “Bitcoin was a great game, but with a few giants monopolizing the market, now is the best time to ‘build a better Bitcoin’—to restart the game.”
Calacanis, an early investor in Bitcoin-related companies such as the online trading platform Robinhood and the Bitcoin startup Keza, remarked: “All technologies will eventually be replaced… Bitcoin is no exception.”
Founders and executives of Bitcoin-related companies quickly responded, insisting that Bitcoin will not be replaced, although a dominant L2 protocol may emerge on top of the Bitcoin network.
Source: Pierre Rochard
Brady Swenson, co-founder of Swan Bitcoin, stated: “Successful protocols will not be replaced; they will evolve further on their existing foundations.”
“Bitcoin as a protocol for value transfer will never be replaced. The competition for second-layer protocols continues,” Swenson said.
Cory Klippsten, another co-founder of Swan Bitcoin, expressed: “Bitcoin is a technological revolution that changes all industries, not just a single technology adoption curve like the iPad.”
Source: Jason Lowery
David Markus, CEO of Lightspark, shared a similar view, stating: “The functional shortcomings of Bitcoin can be addressed through L2.”
“Trying to build a better Bitcoin is a futile effort.”
Meanwhile, Eric Voorhees, CEO of ShapeShift, mentioned that Bitcoin's limitations can be addressed through “other blockchains.”
Many in the industry have emphasized the importance of second-layer solutions for Bitcoin, as they provide use cases that the Bitcoin network cannot support, such as deploying smart contracts.
However, Muneeb Ali, co-founder of Stacks, recently stated in an interview with Cointelegraph that more than two-thirds of existing Bitcoin layer-two projects will disappear within three years, as their initial enthusiasm will wane.
Source: Gastón Silva
Bitcoin supporter Wayne Vaughan noted that people mistakenly believe Bitcoin can be easily replaced because they only see it as an asset, application, or platform.
“I believe Bitcoin is a network. The larger the network, the less likely it is to be replaced by something else,” Vaughan said in a post on X on March 15.
Matt Cole, CEO of Strive Funds, stated: “There will not be a ‘better’ Bitcoin.”
“I do believe we will occasionally experience some altcoin seasons with gradually diminishing intensity, which will continue to allow insiders to profit. But most people will ultimately lose Bitcoin by participating in this gamble,” Cole said.
This is not the first time Calacanis's remarks have sparked controversy in the crypto industry.
In June 2020, Calacanis stated that almost all crypto projects globally are in the hands of “incompetent idiots” or “scammers with below-average skills.”
Related: Ahead of the FOMC meeting, Bitcoin whale bets $368 million on a 40x leverage bet for Bitcoin to drop.
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