It's impossible to copy Bitcoin, and the price will always rise because

[virtual_enthusiasm]

1-  People buy Bitcoin because it makes them profit from it

2-  Bitcoin makes profit because it makes people buy it


It's a circular argument, and creates a perfect closed system, no other "product" can make it, in the center there is greed moving this perfect circle


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And why it's impossible to copy bitcoin's proof of work, meaning that only bitcoin's proof of work is valid:

If many people wanted to buy another PoW coin instead of Bitcoin, the price of Bitcoin would rise, meaning it would generate more profit, which would make people buy only Bitcoin. Therefore, it is not possible for people to buy another
proof of work coin instead of Bitcoin because this would make Bitcoin's price increase generating more profit, which would prevent competition.
In a normal company, competition forces companies to lower prices. In Bitcoin, the logic is inverse, it raises the price and prevents competition from emerging, which makes proof of work impossible to copy.


if this logic is invalid, please correct me if i'm wrong thx

[Reatim]

And why it's impossible to copy bitcoin's proof of work, meaning that only bitcoin's proof of work is valid:

To say that bitcoin’s mechanism is the only valid one is wrong. There are other coins that are built on pow mechanism but just with different algorithms. It doesn’t mean theirs are automatically invalid.

If many people wanted to buy another PoW coin instead of Bitcoin, the price of Bitcoin would rise, meaning it would generate more profit, which would make people buy only Bitcoin. Therefore, it is not possible for people to buy another
proof of work coin instead of Bitcoin because this would make Bitcoin's price increase generating more profit, which would prevent competition.
In a normal company, competition forces companies to lower prices. In Bitcoin, the logic is inverse, it raises the price and prevents competition from emerging, which makes proof of work impossible to copy.

I’m confused. Bitcoin is not a company and does not have a group of people to decide whether they should lower or higher the price based on competition. Its price depends on the demand. If people’s attention shifts from bitcoin to other coins, then those coins’ price will hike up. Unless people who have invested in bitcoin start selling their coins, it’s not gonna do anything to the price. I don’t know how you think it’s going to work if people started buying other coins. People can allocate their money into different and multiple coins.

[virtual_enthusiasm]

To Reatim

All other Pow coins are invalid, because if people’s attention shifts from bitcoin to other coins, the price of bitcoin increases, preventing people from investing in other coins, because they make more profit with bitcoin

"Bitcoin is not a company and does not have a group of people to decide whether they should lower or higher the price based on competition" - This mechanism works automatically. The higher the price, the more people will want

to buy because it means higher profit. I know it's not very intuitive, but it's a fact, no other pow coin succeeded and will except bitcoin

[bluebit25]

In theory at the present time, the price increase scenario is still continuing but it is not entirely based on the number of people buying/selling it, there is one thing that I think talking about the operating structure only partly makes people then pay attention to bitcoin and buy it. So some big questions who would buy it? And will prices increase forever? But we do not see fluctuations from the first stages, perhaps partly at present people are in a state of increasing market prices and forgetting about its volatility, only to find a way to reduce prices. Currently, the story surrounding the seller is being told. Anyway, in this context, accepting bitcoin is inevitable without any vague explanation, because the price is still based more on trust, but at different times the scale is different. The state of the market will also reflect the level of acceptance of bitcoin. Although I like bitcoin very much, I am not the type of person to believe in anything for sure based on a speculation.

[virtual_enthusiasm]

To Blueblit 25

Yes the price will increase forever, because the buyer and the seller both want the bitcoin network to be secure, and the price must always increase for the network to be always secure. The increase in price also blocks all PoW competitors, because competition

means the network be insecure, if the network becomes insecure because of competitors, the bitcoin price increase and block competitors

[CODE200]

It's not impossible to copy bitcoin, in a technical sense though. There have been a lot of bitcoin forks over the years but in terms of popularity, value, and utility, they're not going to get close anytime soon. Bitcoin is unique and it would be a big disservice for everyone here to say that someone can just copy it and recreate the success. Your loop seems to be on the right but I got to tell you though, I don't think that it matters, once there's people that have bought bitcoin with their own money, it's already done, bitcoin has a value. Also regarding the rise in prices, it will always be like that because there's always a demand for bitcoin and there's not a lot of people that know about bitcoin and eventually those people will know and some of them will try to invest and they will contribute to the increase of demand which increase the price of bitcoin even more.

[odolvlobo]

1-  People buy Bitcoin because it makes them profit from it
2-  Bitcoin makes profit because it makes people buy it
It's a circular argument, and creates a perfect closed system, no other "product" can make it, in the center there is greed moving this perfect circle

It's not a good thng. That circular argument is the basis of a speculative bubble. It is a positive feedback loop, which means it is unstable and it is guaranteed to eventually fail.

[btc78]

And why it's impossible to copy bitcoin's proof of work, meaning that only bitcoin's proof of work is valid:

It’s not impossible to recreate bitcoin’s proof of work mechanism in fact many have already done so.

To name a few: there are litecoin, dogecoin, monero and many others. The difference is that they are just utilized differently than bitcoin as they were created with different purposes in mind. What you can not recreate is bitcoin’s success. Being the first among many, bitcoin has the advantage of comfidence and reliability.

Resilience is also a feature that not a lot of coins have that only bitcoin has managed to exhibit over the years.

[virtual_enthusiasm]

to btc78
to CODE200

 litecoin, dogecoin, monero can't grow, they are just moving horizontally. It's not possible to copy bitcoin and the chart proves it. The reason is that forks and copies makes bitcoin network insecure, and this forces the price to move up, when the bitcoin

price goes up, the network becomes more secure, and people make profit, and this makes impossible to compete with bitcoin


to odolvlobo

Yes i agree with you, but bitcoin is different because it does not have intrinsic value, so the price can rise indefinitely, Bitcoin has a price but no value. Financial bubbles only form when the price deviates significantly from intrinsic value, and then they burst.

But, if Bitcoin has no intrinsic value, only price, then the price can never deviate from value since it does not exist then it's not possible to form a bubble