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Author Topic: Many Bitcoin Clones  (Read 2992 times)
nrd525
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June 06, 2011, 08:47:52 PM
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If bitcoin is open source software, has anyone modified it to make a slightly different currency?

The supply of bitcoin is limited, but the supply of bitcoin alternatives is very large.

Someone could also develop a currency that many people see as better, and this would displace bitcoin (Ex. friendster got replaced by myspace which got replaced by facebook).

This could stop/reduce the deflation and speculation as people could create new virtual p2p currencies in response to a growing demand for them.

Having multiple currencies would also make it harder for anyone to shut them down.

Don't day trade.
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cc5alive
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June 06, 2011, 08:50:39 PM
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There are so many things wrong with this post, I don't know where to begin.

Now accepting Bitcoin for the children's book "How to Keep Your Helicopter"
http://altanimus.com/product/how-to-keep-your-helicopter
trentzb
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June 06, 2011, 08:55:10 PM
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Someone could also develop a currency that many people see as better, and this would displace bitcoin (Ex. friendster got replaced by myspace which got replaced by facebook).

Nobody is stopping you from becoming a CarrotCoin billionaire. Go for it! I wouldn't necessarily think it would be better, just tastier.
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June 06, 2011, 09:01:17 PM
 #4

If bitcoin is open source software, has anyone modified it to make a slightly different currency?

The supply of bitcoin is limited, but the supply of bitcoin alternatives is very large.

Someone could also develop a currency that many people see as better, and this would displace bitcoin (Ex. friendster got replaced by myspace which got replaced by facebook).

On the other hand... ebay, wikipedia, and youtube never got replaced.  

It's much easier to switch to a different social network than a different currency.

GPG ID: FA868D77   bitcoin-otc:forever-d
Sjalq
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June 06, 2011, 09:12:50 PM
 #5

If bitcoin is open source software, has anyone modified it to make a slightly different currency?

The supply of bitcoin is limited, but the supply of bitcoin alternatives is very large.

Someone could also develop a currency that many people see as better, and this would displace bitcoin (Ex. friendster got replaced by myspace which got replaced by facebook).

This could stop/reduce the deflation and speculation as people could create new virtual p2p currencies in response to a growing demand for them.

Having multiple currencies would also make it harder for anyone to shut them down.

I think you actually raise a good point. A competing crypto-currency is still seen as one of the really big threats to bitcoin, bigger than bitcoin being declared illegal in a jurisdiction or two imho. It would have to be a very good alternative currency though. It would need to solve some of bitcoins problems, some are know to exist eventually but are not felt now. If another currency could improve on these "flaws/features" and people want it then yes, bitcoin will be replaced.

I think however that unless there is some physical or legal barrier only one currency will survive. The only alternative currencies that might have a chance of coexisting (and maintaining value) with BTC are gold and silver. Fiat currencies might also exist but simply because there will be decrees mandating their acceptance for debts, a mechanism the governments of earth probably won't let go.

It would probably make it harder to shut multiple currencies down, but getting a few functional and up and running that will not tend to want to all meld into one will be challenging.

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nrd525
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June 06, 2011, 09:27:44 PM
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>>It's much easier to switch to a different social network than a different currency.

Not if the different currency is a bitcoin clone.  Miners could keep the same hardware.  People could exchange one for the other on MtGox.

The people problem is obviously a lot harder. You'd need to get buy-in. For instance, not launching it until you get 100-1000 people to agree to join the project.

My guess is you could make a bitcoin clone with less than an hour of work by changing one or two variables or config settings in the software and recompiling.   Note: I haven't looked at the source code, am I right or wrong?

Don't day trade.
Sjalq
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June 06, 2011, 09:32:12 PM
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There is already one Namecoin. Namecoin however has the benefit of a usage backing. It would probably be a good idea to shift miners to Namecoin once an exchange rate is established and Namecoin is still below below 1 to 10 or something like that. Math needs to be done. Salarian financial guild would have to be contacted. That's all I have for now. Mordin out

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Stephen Gornick
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June 07, 2011, 12:06:01 AM
 #8

A currency is only useful if it can be traded.


In addition to
  Bitcoin TestNet (which only occasionally trades) and
  Namecoins (which can be traded on an exchange http://exchange.bitparking.com/main or OTC http://bitcoin-otc.com/vieworderbook.php?&thing=NAMECOIN )

there are also others, though I've not followed them
  New crypto-currency Beertokens and it's Exchange:
  - http://forum.bitcoin.org/index.php?topic=9493.0
     
  Bencoin - Proof of Concept
  - http://forum.bitcoin.org/index.php?topic=10970.0


lemonginger
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June 07, 2011, 12:45:10 AM
 #9

Quote
On the other hand... ebay, wikipedia, and youtube never got replaced.  

It's much easier to switch to a different social network than a different currency.

Well, we're not exactly talking about storied 200 year old companies here.

But you are right that currencies have significant lock-in effects. Don't think bitcoin is anywhere near that though and it wouldn't surprise me if there were 4 or 5 iterations of boom/bust currencies before a stable one takes hold for any sizeable percentage of global commerce (say > 5%)
royalecraig
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June 07, 2011, 05:49:48 PM
 #10

We have to accept that free market principles allow for competing currencies, possibly one that might displace bitcoin, so it's up to all to try to ensure Bitcoin helps humanity as a priority rather than individuals.
Tht's not to say, people who profit from Bitcoin or become super rich are not deserving of that, after all it benefits humanity to reward success.
Current monetary systems reward crookedness, I don't see why there can't be several, perhaps up to 100 competing currencies.
If bitcoin, or any other, allows unfair practices, monopolies to become the norm, competing currencies will spring up to replace them, so it's in the interests of all who've invested in Bitcoin to try to ensure we don't end up with the Digital equivalent of the Corrupt Fiat Ponzi scheme we have now with fiat currencies and Private Central Banks and Puppet politicians.

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