So what are Bitcoins for then?
Digital Gold backing. They enable sound money...
"Digital Gold backing"
So EasyCoin reaps the upside through instant exposure, massive first-mover advantage, growing marketshare, fees & profits, and fantastic structural support from Bitcoin. And meanwhile Bitcoin will take the heat if, when, there is "sound money" monetary downside.
This sets Bitcoin up for some nasty blowback while dramatically limiting Bitcoin's upside.
They enable...possible anonymity if you use an anonymous EasyCoin service.
EasyCoin wants the anonymous market too?
EasyCoin just an overlay that makes it easier to get into Bitcoin in the first place and enables the average person to pay with them.
"...just an overlay..."
From the perspective of Joe6Pack and soccer mom, the overlay-IS-THE-currency (what central bankers have always known, and exploited).
This isn't getting people into Bitcoin. It's getting people into Easycoin. Bitcoin is an afterthought for them, if that.
And if at some point, having successfully captured market share (and having rendered Bitcoin a mere background 'vault' coin), EasyCoin feels UNeasy about its relationship with Bitcoin, then Easycoin can be working on developing its own blockchain.
What Bitcoin needs are better GUIs and apps. Not a competing currency.
Furthermore, this from grau...
With disputable payments you lost low transaction costs, with credit card association the anonymity, and you require me to trust an operator and expect me to believe that it is backed by gold ....
... for all that I have a choice of currencies, that already have the infrastructure and need no explanation.
Grau accurately depicts the matter.
And IF there is to be a 'backing' mode, I suggest it go from virtual to physical, rather than a virtual daisy-chain.
It's not for everyone. Heck, it's better than a dollar not backed by gold at all.
Bitcoin is not gold. And stacking a currency on top of Bitcoin does not make Bitcoin gold (though it could open up a Bitcoin legal can-of-worms against claims of being an underlying commodity).
If (as I believe) Bitcoin is the digital best-in-show, then let's keep Bitcoin front and center...and keep making it
more user friendly.
And this from chodpaba...
How do you bind virtual credits to Bitcoin transactions to prevent fractionalization?
You really can't. It's a matter of built trust. Again, this is why I want this software to be open-source.
Trust. I've had my fill, thank you.
And open source is not a panacea. With massive first-mover advantage, subsequent developments, strategic partnerships, momentum and hot investor $$ could make mincemeat out of the wannabes trying to play catch-up.
Look, let's be honest. This is a direct competitor to Bitcoin. Easycoin is a currency; it front-ends Bitcoin as a currency and therefore will be perceived as a currency and therefore will be a currency. What is a currency if not perception? And Easycoin would not be a "sub"-currency in the sense that the term is misleading. If anything, it's an "over"-currency because it sits OVER Bitcoin.
If Easycoin runs to its logical conclusion, Bitcoin will become a cul-de-sac for everyone but the underworld and digi-techies (heck, we already have them)...with Easycoin being the central bank access road.
The window for Bitcoin to emerge into ITS OWN
with the online mass market is now.
If the argument is that some private interest is going to do this anyway, then let them. But if we lose focus, and begin to write-off, outsource, the Bitcoin interface with the public to Easycoin, or anyone, then we've handed over the most valuable asset - the growing (albeit infant) perception of Bitcoin
as THE online lingua franca currency.
This is exactly the moment where techies could short-change themselves on just how unbelievably valuable, and game changing, this thing really is. Surely there is enough new found $$ with Bitcoin holders & sellers in this community that bounties can be setup to race ahead with interfaces.
I say stay focused on Bitcoin, front and center.