Coin competition is NOT healthy

[bootlace]

Altcoins are growing like gremlins these days, and frankly this non-sense is not helping the greater cause at all.

"BUT competition is healthy!" you might hear some say. Competition is not always healthy, especially not when one small fringe niche is cannibalizing itself instead of trying to get widespread adoption. Cryptocoins at this early stage behaves very much like a natural monopoly.

Definition of natural monopoly:

A natural monopoly by contrast is a condition on the cost-technology of an industry whereby it is most efficient (involving the lowest long-run average cost) for production to be concentrated in a single firm.

Everything from network hashrate, to keeping the technology simple for mass public and newbies, to merchant adoption, to becoming a legit currency all suggest that at this point we should only have one cryptocurrency. Having many competitors detracts important resources and attributes from Bitcoin, and I dont need to remind anyone here that without Bitcoin none of these altcoins would be worth squat.

So lets get Bitcoin into the mainstream first, then we can afford the luxury of making tweaks and alternate coins.

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[xibeijan]

Actually, I think it's perfectly healthy.  I am not afraid of my coins losing value to new more competitive coins.  I will simply keep my stake in the best coins.

This is the free market at work, combined with open source software.  The coins are like organisms in a rapidly evolving natural selection process.  Only the fittest will survive, and these coins will have the best properties for an online currency.

Everyone knows crypto currency will be the mainstream.  The process by which we get there; however, may surprise you.

I personally like this natural selection process.  And, while the new ideas are brewing and evolving, it's only natural people will tinker and invest.

[Caesar V]

This is hilarious.. There is no other way to put it - you are trying to regulate coins.

This is a free market and in a free market competition is very healthy.

[bootlace]

It is healthy.  It's called the free market combined with open source software.  The coins are like organisms in a rapidly evolving natural selection process.  Only the fittest will survive, and these coins will have the best properties for an online currency.

Everyone knows crypto currency will be the mainstream.  The process by which we get there; however, may surprise you.

I personally like this natural selection process.  And, while the new ideas are brewing and evolving, it's only natural people will tinker and invest.

Cryptocurrency becoming a mainstream success is NOT a given - we're talking about overthrowing the banking and financial system that is more powerful than any entity on this planet.

Normally I wouldn't mind what goes on here, but short-sighted and frankly moronic exchanges like Mtgox are lusting over the money that degenerate gamblers will bring into their system so don't mind hurting the overall credibility of Bitcoin by introducing some copy coins into their system - at a time when people are barely struggling to understand what Bitcoin is.

It's not as if these altcoins are providing any new legit innovation into the system - they are almost all get-rich-quick clones that serve no real purpose other than making a quick buck off the name of Bitcoin and the success that it's had.

[ymer]

In before someone says "this is a free market derpalerp"

[bootlace]

This is hilarious.. There is no other way to put it - you are trying to regulate coins.

This is a free market and in a free market competition is very healthy.

I'm just trying to get cryptocoin supporters to join forces except of cannibalizing itself. Of course the 'free market' will behave as it wishes...but wild free markets can also end up shooting itself in the foot and ruining the fun for everyone.

[matt608]

Bitcoin might not be the coin to go to the mainstream, though I am fond of it.  It has the most secure network and psychologically age = trust, and it is the oldest.     The 1-2 hour confirmation time is a problem though.  There's no need to worry about too many alt coins messing things up, the eyes of big investors in Silicon Valley have been caught as well as many others, the ball is rolling.  The interest from Silivon Valley investors is very important.  I was there in the blogging boom having some success with my blog networks and avidly following Tech Crunch.  That was about 6 years ago and now anyone can start a free blog somewhere from many different websites.  Blogs are now just a basic part of the internet, not to mention social media accounts are microblogging platforms, they are basically blogs too.  Cryptocurrencies will be like that, where pretty much every website you can login to you will be able to send cryptocurrncy to.  A web-wallet for cryptos will be a standard feature and different websites will compete for you to use them as a wallet. You'll be able to tip everyone for anything. There's no way of knowing which cryptos will make it, but diversifying is definitely a good idea.

[mubit]

This is hilarious.. There is no other way to put it - you are trying to regulate coins.

This is a free market and in a free market competition is very healthy.

I'm just trying to get cryptocoin supporters to join forces except of cannibalizing itself. Of course the 'free market' will behave as it wishes...but wild free markets can also end up shooting itself in the foot and ruining the fun for everyone.

good luck with that

[Caesar V]

This is hilarious.. There is no other way to put it - you are trying to regulate coins.

This is a free market and in a free market competition is very healthy.

I'm just trying to get cryptocoin supporters to join forces except of cannibalizing itself. Of course the 'free market' will behave as it wishes...but wild free markets can also end up shooting itself in the foot and ruining the fun for everyone.

If bitcoin is so great & innovative, it doesn't need "cryptocoin supporters" to hold its hand every time it crosses the street.

[AzureEngineer]

->Wants to support a decentralized P2P currency
->doesn't like decentralization

[TheSwede75]

Actually, I think it's perfectly healthy.  I am not afraid of my coins losing value to new more competitive coins.  I will simply keep my stake in the best coins.

This is the free market at work, combined with open source software.  The coins are like organisms in a rapidly evolving natural selection process.  Only the fittest will survive, and these coins will have the best properties for an online currency.

Everyone knows crypto currency will be the mainstream.  The process by which we get there; however, may surprise you.

I personally like this natural selection process.  And, while the new ideas are brewing and evolving, it's only natural people will tinker and invest.

Wow, a JR member that likes ALL the new altcoins. What a fucking surprise

[TheSwede75]

In before someone says "this is a free market derpalerp"

Ha ha,
Tool late. JR Member idiots are already defending (let me see if I can remember now) YakCoin, Royalcoinc, BitBar, BBQ Coin and.. fuck I forgot.
And that is only the new shitcoins launched this week!

[skyangel]

At the moment I see AltCoins as just something else to buy and sell with Bitcoins, just like goods on Silkroad. In that sense, it's good for Bitcoins.

[kokojie]

Bitcoin might not be the coin to go to the mainstream, though I am fond of it.  It has the most secure network and psychologically age = trust, and it is the oldest.     The 1-2 hour confirmation time is a problem though.  There's no need to worry about too many alt coins messing things up, the eyes of big investors in Silicon Valley have been caught as well as many others, the ball is rolling.  The interest from Silivon Valley investors is very important.  I was there in the blogging boom having some success with my blog networks and avidly following Tech Crunch.  That was about 6 years ago and now anyone can start a free blog somewhere from many different websites.  Blogs are now just a basic part of the internet, not to mention social media accounts are microblogging platforms, they are basically blogs too.  Cryptocurrencies will be like that, where pretty much every website you can login to you will be able to send cryptocurrncy to.  A web-wallet for cryptos will be a standard feature and different websites will compete for you to use them as a wallet. You'll be able to tip everyone for anything. There's no way of knowing which cryptos will make it, but diversifying is definitely a good idea.

Yep, I think we will standardize on a set of cryptos, much like btc-e.com and bter.com, the two sites are 60% compatible in terms of cryptos they support, this can easily be turned into a wallet service, and we can easily send each other cryptos we want to use. If we want to earn interest on our crypto, we keep coins in PPC or BTB. If we want fast confirmation, we do transactions in LTC/FTC etc...

[bigdaub]

BBQcoin is a little older than a week.

[vinne81]

At the moment I see AltCoins as just something else to buy and sell with Bitcoins, just like goods on Silkroad. In that sense, it's good for Bitcoins.

True, the more altcoins are created the more it becomes clear that, if one coin were to survive, it would most certainly be Bitcoin. When in doubt, you trade your shining altcoins for bitcoins so you can keep some of it's value. In before: a coin's value is not what it's worth in $ but what you will be able to do with it in the future. You can't / won't be able to do shit with any of these coins.

[kooke]

BBQcoin is a little older than a week.

Long live BBQcoin!

[bootlace]

This is hilarious.. There is no other way to put it - you are trying to regulate coins.

This is a free market and in a free market competition is very healthy.

I'm just trying to get cryptocoin supporters to join forces except of cannibalizing itself. Of course the 'free market' will behave as it wishes...but wild free markets can also end up shooting itself in the foot and ruining the fun for everyone.

If bitcoin is so great & innovative, it doesn't need "cryptocoin supporters" to hold its hand every time it crosses the street.

The competition here is the government benefiting financial/banking system where those in power control currency and commerce to an extent. It is not an easy battle to win and we are very much swimming against the tide - unlike other inconspicuous technologies that don't disrupt the power of the elite. This is a battle like no other, please don't compare to things like blogging...this is money we're talking about, what wars have been fought over for thousands of years.

[vinne81]

This is hilarious.. There is no other way to put it - you are trying to regulate coins.

This is a free market and in a free market competition is very healthy.

I'm just trying to get cryptocoin supporters to join forces except of cannibalizing itself. Of course the 'free market' will behave as it wishes...but wild free markets can also end up shooting itself in the foot and ruining the fun for everyone.

If bitcoin is so great & innovative, it doesn't need "cryptocoin supporters" to hold its hand every time it crosses the street.

The competition here is the government benefiting financial/banking system where those in power control currency and commerce to an extent. It is not an easy battle to win and we are very much swimming against the tide - unlike other inconspicuous technologies that don't disrupt the power of the elite. This is a battle like no other, please don't compare to things like blogging...this is money we're talking about, what wars have been fought over for thousands of years.

Wow you are some kind of knight for humanity, I kneel before thou!

[sokol815]

OP - communist?