As the world's largest cryptocurrency market, Bitcoin celebrated its 10th anniversary in January 2019, marking the first decade of decentralization. For many years, Bitcoin has attracted the attention of global retail investors, institutional investors, regulators, and even powerful government agencies.
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Ricardo Spagni, the chief developer of Monero, also known as fluffypony, said in an interview with Shannon Grinnell's Speaking of Crypto podcast that "bitcoin has survived." "10 years" is one of its strengths, adding that in these 10 years, Bitcoin has proven to be solid. At the same time, the Monero core developer also said that Bitcoin's biggest advantage lies in its network effect, which is impossible for other currencies.
He went on to say,
[…] No 10 years, you can't beat it […] For everyone, it's a bit late to beat Bitcoin, because now trust Bitcoin trusts it because of its 10 years of history, and Anyone who trusts something new has no 10 years of history that they can rely on […]
Spagni further stated that the digital gold of Bitcoin has reached a certain degree of dominance, according to him, this will not be defeated. At the same time, he also claimed that Bitcoin would not be the only cryptocurrency present, adding that there would be other currencies.
To prove this, he used cars as an analogy: most cars used to use either gasoline or diesel. However, they are not the only type of car that exists, because there are electric cars and LPG cars. He said that this does not mean that gasoline or diesel is the only power car, but it is only the current dominant. However, he added, and for Bitcoin, "this dominant position will continue indefinitely."
In addition, Spagni talked about Ethereum and explained his previous analogy with this leading smart contract platform. He had previously said on Twitter that Ethereum’s “Boiled Ocean Strategy did not achieve any results”. Spani pointed out that the analogy of "boiling the ocean" is more about the Ethereum itself than the thing built on the Ethereum. He went on to point out that the strategy is "it must be able to do anything", one of whom can build ZCash on top of Ethereum or build Monero on Ethereum because "Ethereum can do anything."
"Over time, I realized that this is true. Ethereum can do anything, but it can't do all the separate things very well…"
Spagni went on to say that if Monroe is built on Ethereum, its use will be very limited, adding that certain aspects of Ethereum will limit the ability to create large ring signatures.
He further stated that
"You learn to build on something that can do anything, and then your focus will eventually be diluted. Everything becomes mediocre, performance becomes mediocre, expansion becomes mediocre, everything becomes mediocre because it is too scattered Attention, you can't build everything on it…"