Hi, It's possible that Bitcoin will suffer the most, but other cryptocurrencies will gain from its demise. It's imaginable that due to the exchange crises and now after Russia banned Bitcoin (exchanges there were strongly affected), Bitcoin will go bust, but other currencies will take its place? Litecoin could be a candidate and the same technology-using Dogecoin could be another. Or... a worst case scenario: all cryptos crash and people lose faith in them for good.
A perspective. Listen at around 1:21:00 for a few minutes. http://letstalkbitcoin.com/e77-the-adam-back-interview/#.UwI3hKV4N0I Further perspectives from some developers. (long but interesting, IMO) http://www.youtube.com/watch?v=rh-CNoJGjWo
No, not in Russia. I was referring to the rest of the World. Bitcoin is overbought. Something else might emerge from behind. Also because the other coins are cheaper, as Bitcoin dips - investors might want to play with the smaller coins, because the exchange rate with Bitcoin will be more favorable. After Russia banned digital coins, Bitcoin didn't crash for long, it recovered. Investors in the rest of the World bought in. Perhaps if Bitcoin takes a dive something similar might happen. That's what I was referring to. But perhaps in that situation Bitcoin won't rise as much. People might run to LTC, DOGE etc.
you just need to look at the strength of the bitcoin hashrate, the amount invested in mining hardware and the resilience of the network and price even with the past recent bad news to see that bitcoin going bust and being overtaken is highly unlikely.
