Is Bitcoin really any different? Not in the long run.

[MtFox]

Consider the dollar.

The dollar is theoretically limited within the subset of United States currency while the concept of national currency itself is only limited by the number of nations on Earth.

Now to bitcoin.

Like the dollar the bitcoins are theoretically limited in supply.  But what if bytecoin comes along, then gigacoin, followed by googlecoin and so fourth? There seems to be no limit on the number of bitcoin imitators possible.

While, like dollars, there might be a limited number of bitcoins within the subset of bitcoin, the concept of bitcoin is unlimited unlike the world’s various national currencies.

Competition will utterly devalue bitcoin unless it is adopted by particular nations  to the exclusion of its competitors, however that is not to say that other nations will not adopt one or more of bitcoin’s competitors to the exclusion of bitcoin .. they most certainly would.

And how is that materially different from our current international system of free floating national currencies?

[Source: http://polifrogblog.blogspot.com/2013/08/is-bitcoin-really-any-different-not-in.html]

[Seccour]

Bitcoin :

Bitcoin is decentralized.
No or little fees.
Every one can create "free" bitcoins by mining.
Limited (21 Millions)

Dollar :

Centralized.
High fees.
Only bank can create dollar.
No limits (They can print all the money they want)

And for the other crypto. Yeah the concept of bitcoin is unlimited but bitcoin is limited. The concept of dollar is unlimited too. BUT dollar is unlimited.

[Birdy]

If you make randomultracoin, can you send those to Bitcoin addresses? Will they appear on other Bitcoin wallets?
(Hint: no)

But those freshly printed dollars are like all other dollars and can be used as such.

[skull88]

If they print more euro's the amount of dollars isn't increasing.
So more cryptocurrencies doesn't mean more bitcoins, I can't send my Litecoins to my Bitcoin wallet. 

[Varicon]

Bitcoin is 100% different.  Just because someone could make Shitcoin doesn't make Bitcoin any worse.

[BitAddict]

I recommend you to read a little more about bitcoin, you will find it completely different

[MakeBelieve]

Bitcoin :

Bitcoin is decentralized.
No or little fees.
Every one can create "free" bitcoins by mining.
Limited (21 Millions)

Dollar :

Centralized.
High fees.
Only bank can create dollar.
No limits (They can print all the money they want)

And for the other crypto. Yeah the concept of bitcoin is unlimited but bitcoin is limited. The concept of dollar is unlimited too. BUT dollar is unlimited.

These are good points. Op, you have posted this thread although this question has been asked before and answered before. It's no where near the same as FIAT.

[Inkvor]

the most important thing is annomy and unreverse

[CtrlAltBernanke420]

What if other countries began adopting their own crypto, IE PeruCoin, ArgentinaCoin, Canadacoin, The USAGODDAMNICANTPRINTTHISCOININFINITE. Considering bitcoin is traded for paper, and a concern of mine, if the US govt wanted a cryptocoin, why would it not create it, buy it up with them printable dollars, making it worth FAR more than bitcoin currently is. Instead of 2billion market cap in 3.5 years, they get to 100billion marketcap in 1 day.

Making 1 satoshi or bernanke worth ~1 US dollar.

[Inkvor]

it will one day if gor don stop it

[knight22]

And for the other crypto. Yeah the concept of bitcoin is unlimited but bitcoin is limited. The concept of dollar is unlimited too. BUT dollar is unlimited.

Nail it

[CtrlAltBernanke420]

And for the other crypto. Yeah the concept of bitcoin is unlimited but bitcoin is limited. The concept of dollar is unlimited too. BUT dollar is unlimited.

Nail it

As much as the upside on anything is infinite, you will never see infinite, therefore the amount of dollars is limited.

Somehow I am trying to wonder, is there money or wealth that people own that the world has no idea of, IE rothchilds already having trillions of cash in personal accounts/vaults and/or assets.

The last i checked the total size of the money supply was less than 10 trillion. yet we have outstanding debts far far beyond that...

[johnyj]

The last i checked the total size of the money supply was less than 10 trillion. yet we have outstanding debts far far beyond that...

Good question, might be caused by the interest compound effect of those debt

[Elwar]

The dollar is theoretically limited
Like the dollar the bitcoins are theoretically limited in supply. 
While, like dollars, there might be a limited number of bitcoins

WTF??? LOL!?!!!??

[Kouye]

The last i checked the total size of the money supply was less than 10 trillion. yet we have outstanding debts far far beyond that...

http://en.wikipedia.org/wiki/List_of_countries_by_external_debt
Data is a bit old, you can probably double it, now.
Funniest entry is probably Liechtenstein.
Just... Trash the cash... Bitcoins all the way!

[allthingsluxury]

I've ran out of fingers and toes for how many alternate currencies that have been created. So I stopped counting. These have NOT affected Bitcoin. Bitcoin is different.

[Kouye]

These have NOT affected Bitcoin. Bitcoin is different.

I'd say Bitcoin is more... aside than different. But aside, for sure.

[Mike Christ]

Lets take Bitcoin...now imagine that it isn't Bitcoin!

[btc4ever]

And here I thought this thread might actually be something interesting such as future bankers using bitcoin as the basis for fractional reserve bank notes and thus inflating the money supply that way...  which is almost certain to happen btw.   

moral question:  is it fraud when a bank lends out using "redeemable" bank notes more than it is able to cover?

i suppose it would depend on what exactly the bank note says. For example if it says "redeemable for 10 bitcoin so long as the bank has any left but beware we keep a fractional reserve", then does not seems morally wrong as the holder of the note is clearly warned before accepting.    But if it says "redeemable for 10 bitcoin come hell or high water" then that does seem like fraud to me.

[Andreas Schildbach]

Ah, now I understand why the dollars have "In god we trust" written on them. That's short for "Only god knows if you will get your value back"... (-: