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Author Topic: Time to kick-off Bitcoin2?  (Read 1725 times)
Matthew N. Wright
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March 20, 2013, 03:55:51 PM
 #21

litecoin is just a copy of Bitcoin.

As open source software that anyone can alter, compile and distribute themselves, it's not the bitcoin software that is currently causing a price bubble of $62.00 USD, it's the blockchain this *particular* implementation of bitcoin is protecting. Basically, the market is saying that this blockchain's security is worth $62. It has nothing to do with being the *only* bitcoin available, just that it's the longest and most active chain. If litecoin were to be just as long and active, the price of bitcoins would go down as a direct result.

Bitcoin is not a precious metal. It is not complimentary to silver as gold is, to the point that Bitcoins would be at $10 and Litecoins at $1. That is all mental acrobatics by people who don't understand investment vehicles and stored digital values. Think of it like a company called "Bitcoin" and another called "Litecoin". Both of them make exactly the same product, but one of the companies is newer, has less history behind it, but their product claims to be immune to some of the problems the Bitcoin company's products are seeing (Apple vs Android anyone?).

If your reasoning for Bitcoin being better is the current spot price, or that "there is only one true bitcoin", you're not understanding what bitcoin actually is. It's just a vehicle for storing value. There can be dozens of vehicles, and each one can have it's own followers that give it a "worth", and it is most likely that the most useful and safest vehicle will be the most expensive.

There can be 100 different bitcoin implementations, and *all of them* can have exactly the same price. As a matter of fact, with the issues of premining, hoarding and limited release, I'd be surprised if a large portion of bitcoins didn't eventually move to a second blockchain once things become unprofitable and a bit too much like the current governmental distribution of wealth we have now. Just my two cents.

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March 20, 2013, 03:56:46 PM
 #22

At the moment i would be reluctant to buy something with BTC. If I buy a tshirt with 1BTC and 1 day later with the same 1BTC i can purchase a phone i would feel cheated

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March 20, 2013, 04:08:03 PM
 #23

At the moment i would be reluctant to buy something with BTC. If I buy a tshirt with 1BTC and 1 day later with the same 1BTC i can purchase a phone i would feel cheated

So why not put all you money into bitcoin?
Wouldn't you still feel cheated if the $ you spent on the tshirt could have doubled the next day if only you'd bought bitcoins instead? - You could then buy the ($60!) t-shirt at half price the next day.
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March 20, 2013, 05:36:22 PM
 #24

At the moment i would be reluctant to buy something with BTC. If I buy a tshirt with 1BTC and 1 day later with the same 1BTC i can purchase a phone i would feel cheated

So why not put all you money into bitcoin?
Wouldn't you still feel cheated if the $ you spent on the tshirt could have doubled the next day if only you'd bought bitcoins instead? - You could then buy the ($60!) t-shirt at half price the next day.

That's what I did, but that's also the cause because I'm not spending my BTC

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March 20, 2013, 05:50:48 PM
 #25

the only current crypto-currencies really valuable right now are ripples, namecoin and our bitcoins. these are the only with a defined purpose and usefulness.

Don't forget PPCoin which solves amongst other things a big future problem of Bitcoin - transaction fees. With Bitcoin the fees are going to get bigger and bigger over time as more people use Bitcoins, with PPCoin the system is designed so that won't happen. Think about where all the disgruntled Bitconi users will eventually go when the transaction fees reach PayPal levels.

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March 21, 2013, 04:10:13 AM
 #26

the only current crypto-currencies really valuable right now are ripples, namecoin and our bitcoins. these are the only with a defined purpose and usefulness.

Don't forget PPCoin which solves amongst other things a big future problem of Bitcoin - transaction fees. With Bitcoin the fees are going to get bigger and bigger over time as more people use Bitcoins, with PPCoin the system is designed so that won't happen. Think about where all the disgruntled Bitconi users will eventually go when the transaction fees reach PayPal levels.

apparently you aren't thinking in Bitcoin...that's your problem with fee...when I started here the most important thing was supporting the network, now suddenly, fees are the enemy.


This!
With so many people apparently praying for a lottery win, it's hard to get any traction on the Open Source side of things.

people never took electrons as money and suddenly this guy Satoshi made a big step making a universal way for payback any work in computers...it's gonna have a LOT of traction
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