Competition will hurt bitcoins value

[clickbangdone]

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. 
   

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[Jaime Frontero]

yeah... hey!

i've got it!

what about ChickenRanchBucks?

you could hook an oil pump up to your ass and mine for...  twofers?

whatever.

[FreeMoney]

Can you think of anything that makes the original better than clones?

[Grant]

Competition will make bitcoin stronger.

[clickbangdone]

Can you think of anything that makes the original better than clones?

I'm sure you can so tell me

[clickbangdone]

Competition will make bitcoin stronger.

Like how strong Yahoo is now that Google is around

[Raize]

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.

[bittersweet]

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.

[jaybny]

even the new one that started today.

which one is that?