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Title: The concept of competing currency is what makes crypto shine Post by: SeanArce on June 28, 2013, 09:43:32 PM Anyone agree?
Title: Re: The concept of competing currency is what makes crypto shine Post by: Lucano on June 28, 2013, 09:50:56 PM Anyone agree? +1Title: Re: The concept of competing currency is what makes crypto shine Post by: knight22 on June 28, 2013, 09:55:05 PM All currencies are competing together. Bitcoin is no difference in that sense.
The only difference is that bitcoin is a superior concept and that what makes it shine Title: Re: The concept of competing currency is what makes crypto shine Post by: Stephen Gornick on June 28, 2013, 11:19:11 PM Anyone agree? Bitcoin thrives because of its resistance to corruption that comes from being a proof-of-work based currency. Whether this corruption is in the form of a government requiring identity be associated with a transaction, or an issuer deciding to steal from savers by devaluing the currency, or an authority deciding which transactions are allowed and which ones are not. If other currencies have this same resistance to corruption, then they will have value as well. The problem is, not all alt currencies have sufficient proof-of-work to be protected. Having these alt crypto coin currencies out there helps in one area ... we no longer need to waste time answering the question "what will happen when a Bitcoin clone arrives"? The answer .... pretty much nothing! Title: Re: The concept of competing currency is what makes crypto shine Post by: AliceWonder on June 28, 2013, 11:26:16 PM Anyone agree? Yes, I personally don't see a lot of value in the competing currencies to me at present but that's the whole beauty of the open source philosophy. If someone thinks they can do a better job, they don't have to start from scratch if they don't want to. That helps keep the developers honest. |