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Title: Competition will hurt bitcoins value Post by: clickbangdone on June 09, 2011, 02:50:23 AM The first one to market hardly ever wins the race.
Since bitcoins is open source it would be easy for a large company to fork it. Imagine DellBucks Every new dell computer is sold with 600 mh/s of gpu power. The machines are marketed like "This computer will mine for DellBucks while you're not using it then you can trade your DellBucks for Cash or Services ". Dell puts up an exchange for money transfers and complies with all Money Service Laws. They would be selling a Turnkey product with integrated hardware and software with an easy marketing pitch. DellBucks are just like bitcoins just another name. Same software different name. Which one wins in the end? My money is on DellBucks IntelBucks AmdBucks GoogleBucks AmazonBucks EbayBucks I think the current exchanges for bitcoins understand this even the new one that started today. Notice how the word bit is not in their Company names. They're smart enough to know bitcoins won't be the only game in town. Title: Re: Competition will hurt bitcoins value Post by: Jaime Frontero on June 09, 2011, 04:12:54 AM yeah... hey!
i've got it! what about ChickenRanchBucks? you could hook an oil pump up to your ass and mine for... twofers? whatever. Title: Re: Competition will hurt bitcoins value Post by: FreeMoney on June 09, 2011, 04:15:14 AM Can you think of anything that makes the original better than clones?
Title: Re: Competition will hurt bitcoins value Post by: Grant on June 09, 2011, 04:17:41 AM Competition will make bitcoin stronger.
Title: Re: Competition will hurt bitcoins value Post by: clickbangdone on June 09, 2011, 04:19:00 AM Can you think of anything that makes the original better than clones? I'm sure you can so tell meTitle: Re: Competition will hurt bitcoins value Post by: clickbangdone on June 09, 2011, 04:20:54 AM Competition will make bitcoin stronger. Like how strong Yahoo is now that Google is aroundTitle: Re: Competition will hurt bitcoins value Post by: Raize on June 09, 2011, 05:27:02 AM If a new version of Bitcoin came out that removed the power that mining pools have (so that we never had to worry about one pool taking 50%) then I and probably most of the Bitcoin miners would immediately switch over to it. Fortunately for us, the only individuals willing to improve Bitcoin in such a fashion also already have a stake in Bitcoin, which means they will improve the current digital currency instead of create their own new currency.
Even if they did come up with a newer more decentralized currency that WAS NOT an extension of Bitcoin, the network would simply adapt exchange rates to provide an incentive for current Bitcoin miners to adopt a similar policy. IMHO, it's a win-win scenario. They aren't joking when people say competition will make Bitcoin stronger. I welcome it! Hell, I'd love to see the US gov't come up with a competing digital currency and say "backed by the US gov't". I might even mine at it. Title: Re: Competition will hurt bitcoins value Post by: bittersweet on June 09, 2011, 05:33:35 AM I don't see a problem. If someone will create something better than Bitcoin, I will switch or use both.
I think there is a space for many P2P currencies. Competition is good. Title: Re: Competition will hurt bitcoins value Post by: jaybny on June 09, 2011, 05:45:23 AM even the new one that started today. which one is that? |