Can many virtual currencies co-exist?

[allcoinsindia]

Hello all,

I was at the Bitcoin conference in Las Vegas this week and to tell you guys the truth, I came out of it more confused than I was prior to attending the conference.

What do you see in Bitcoin's future? We have so many Alt coins that it's hard to keep track of all of them. Canada is working on it's own virtual currency, MintChip (backed by government of Canada). I am sure other countries will soon follow suit. Indian developers are working on a decentralized currency, Laxmicoin. With all these coins out there, do you see them all coexisting or all but 2-3 of them are going to be pump and dump?

Curious as to thoughts of the group here.

Thanks!

[1714487977]

1714487977

[subvolatil]

Hello all,

I was at the Bitcoin conference in Las Vegas this week and to tell you guys the truth, I came out of it more confused than I was prior to attending the conference.

What do you see in Bitcoin's future? We have so many Alt coins that it's hard to keep track of all of them. Canada is working on it's own virtual currency, MintChip (backed by government of Canada). I am sure other countries will soon follow suit. Indian developers are working on a decentralized currency, Laxmicoin. With all these coins out there, do you see them all coexisting or all but 2-3 of them are going to be pump and dump?

Curious as to thoughts of the group here.

Thanks!

Well there is nothing much to get confused about.  the alt coins you see would actually have to go through the  test by fire i.e market trends. the way it is made the the added value it  provides. currently alt coins like LTC, PPC and XPM, have a  uniqueness to it, but will have to stand the test of time on what is accepted better. There are a few more contenders to this like Quarks (CPU based mining), and Stable coin (Focus of anonymity). which are followed by many clones of the above type of coins. LTC, PPC, Quarks and FTC are primed to be a lesser of what BTC is at this moment, and does provide an advantage over speed of transaction. But what you chose as your alt coin that might make it  depends totally on what you feel may make it as a valuable economic success.

In the terms of Laxmicoin, the word out there is it is not decentralized and is more  of a money transmitting model for INR fiat. which has to be classified differently.

P.s - pump and dump is also prevalent with BTC. This is one thing that cant be changed about the nature of a decentrilized currency system till there is proper distribution of wealth in the  crypto currency community.

[Benson Samuel]

Hello all,

I was at the Bitcoin conference in Las Vegas this week and to tell you guys the truth, I came out of it more confused than I was prior to attending the conference.

What do you see in Bitcoin's future? We have so many Alt coins that it's hard to keep track of all of them. Canada is working on it's own virtual currency, MintChip (backed by government of Canada). I am sure other countries will soon follow suit. Indian developers are working on a decentralized currency, Laxmicoin. With all these coins out there, do you see them all coexisting or all but 2-3 of them are going to be pump and dump?

Curious as to thoughts of the group here.

Thanks!

Well there is nothing much to get confused about.  the alt coins you see would actually have to go through the  test by fire i.e market trends. the way it is made the the added value it  provides. currently alt coins like LTC, PPC and XPM, have a  uniqueness to it, but will have to stand the test of time on what is accepted better. There are a few more contenders to this like Quarks (CPU based mining), and Stable coin (Focus of anonymity). which are followed by many clones of the above type of coins. LTC, PPC, Quarks and FTC are primed to be a lesser of what BTC is at this moment, and does provide an advantage over speed of transaction. But what you chose as your alt coin that might make it  depends totally on what you feel may make it as a valuable economic success.

In the terms of Laxmicoin, the word out there is it is not decentralized and is more  of a money transmitting model for INR fiat. which has to be classified differently.

P.s - pump and dump is also prevalent with BTC. This is one thing that cant be changed about the nature of a decentrilized currency system till there is proper distribution of wealth in the  crypto currency community.

Look at Bitcoin as Gold and other alt-currencies as Precious Metals. I assume that one of them will take on a dominant role in transacting as well.

[allcoinsindia]

Great point, but compared to virtual currencies, precious metals have more or less some other purpose than just being store of value. They have value because they are precious and rare. But if we have all these virtual currencies, then we have unlimited precious metal and not as rare. Do you see that being an issue?

[Benson Samuel]

Great point, but compared to virtual currencies, precious metals have more or less some other purpose than just being store of value. They have value because they are precious and rare. But if we have all these virtual currencies, then we have unlimited precious metal and not as rare. Do you see that being an issue?

Right, intrinsic value.

We first need to come to terms that crypto's are mainly internet driven currency. They do have some properties 'online' that gives it intrinsic value through its unique properties.

In other words, precious metals have as much intrinsic value in an online global trade scenario as Bitcoins do in the real world.

Can't really pay someone half way across the world in amethyst

[dishwara]

Bitcoins created by satoshi nakamoto, which i believe is a group of HACKERS.
It took ~3+ years for bitcoin to gain value & trust.
Even though new coins are created daily, it can't get popular, coz the people who needs to make it popular are hackers, who in my view wont popularize it.
Governments, Corporate can create coins, but who to popularize it in internet?
Can they popularize it better than Bitcoins?

Gold became very popular for only one reason, its worn by many people.
Even though there are many precious metals, nothing can beat gold, as its already popularized.
Platinum, palladium, titanium....are also precious metals, but they popular as gold?

[Benson Samuel]

Bitcoins created by satoshi nakamoto, which i believe is a group of HACKERS.
It took ~3+ years for bitcoin to gain value & trust.
Even though new coins are created daily, it can't get popular, coz the people who needs to make it popular are hackers, who in my view wont popularize it.
Governments, Corporate can create coins, but who to popularize it in internet?
Can they popularize it better than Bitcoins?

Gold became very popular for only one reason, its worn by many people.
Even though there are many precious metals, nothing can beat gold, as its already popularized.
Platinum, palladium, titanium....are also precious metals, but they popular as gold?

There is really no short term prediction of alt-coins.

My bet is that individual adopters will start to evangelize different coins and the loudest one will get some headway.

Bitcoin has grown to be a mammoth due to the feeding from the Bitcoin community, who knows what coin will be adopted next.

[legendster]

I personally do not condone the existence of so many alt coins.
Bitcoins are unique and what adds to their 'uniqueness' is their limited availability but if you have several alt coins that is just equal to saying that you have unlimited bitcoins, when one becomes too unavaialble go buy the next one & when the price for that starts rising the original will loose some value... it could be a seasaw or an avalanche, speaking of seasaw

Mod Note:
Don't troll.

[dishwara]

I personally do not condone the existence of so many alt coins.
Bitcoins are unique and what adds to their 'uniqueness' is their limited availability but if you have several alt coins that is just equal to saying that you have unlimited bitcoins, when one becomes too unavaialble go buy the next one & when the price for that starts rising the original will loose some value... it could be a seasaw or an avalanche, speaking of seasaw, where is dish..wara ??

If u want say anything to me LOST "leg-end-ster", say it DIRECTLY.