The protocol of bitcoin can be limitlessly replicated

[Xiaoxiao]

1) bitcoin CAN be created in unlimited amounts, in the form of alternate crypto currencies, because the alternates serve the exact (if not better) functions/purposes that bitcoin does.  Sure there won't be more than 21 million "bitcoins" in the universe, but there can (and will if bitcoin is mass adopted) be infinite amounts of cryptos just like bitcoin.  It is only a matter of time.  In this sense, bitcoin is no different from tulip bulbs, granite rocks, etc.

2) gold cannot be re created.  There is only a set amount of gold in the universe (unless you create it at the atomic level which will cost much more than the gold created).

3) in this sense, bitcoin ultimately is not inflation free and is not unlimited.  People will start to adopt bitcoin, and ultimately crypto currencies in general.  New and better crypto currencies will inevitably develop and hence inflation happens in due time.  And price starts to free fall.


The protocol of gold can be replicated as well.  However, gold is rare.  That is why rare stones and gems have value.  Alternates are not rare, and are unlimited.  I could tomorow create a new "coin" with same functions/protocols as bitcoin.

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[mbaeichapareiko]

I believe some cryptos are already being pegged to real assets such as precious metals as big bullion is,  you can always turn in your BIG for bullion.

There are also assets that cryptos can be pegged to, so unlike fiat which is not pegged to anything,  crypto and crypto assets I think can and are pegged to real world assets, much as the dollar once used to be pegged to gold.

you might want to check out bitshares   peer coin,   nxt,    master coin's colored coins,    counter party as some 2 generation cryptos that are moving in this real world asset direction.

[santaClause]

1) bitcoin CAN be created in unlimited amounts, in the form of alternate crypto currencies, because the alternates serve the exact (if not better) functions/purposes that bitcoin does.  Sure there won't be more than 21 million "bitcoins" in the universe, but there can (and will if bitcoin is mass adopted) be infinite amounts of cryptos just like bitcoin.  It is only a matter of time.  In this sense, bitcoin is no different from tulip bulbs, granite rocks, etc.

Altcoins are not bitcoin. Scamcoins do not offer any substantial benefits that bitcoin does not offer.

[Inedible]

1) bitcoin CAN be created in unlimited amounts, in the form of alternate crypto currencies, because the alternates serve the exact (if not better) functions/purposes that bitcoin does.  Sure there won't be more than 21 million "bitcoins" in the universe, but there can (and will if bitcoin is mass adopted) be infinite amounts of cryptos just like bitcoin.  It is only a matter of time.  In this sense, bitcoin is no different from tulip bulbs, granite rocks, etc.

2) gold cannot be re created.  There is only a set amount of gold in the universe (unless you create it at the atomic level which will cost much more than the gold created).

3) in this sense, bitcoin ultimately is not inflation free and is not unlimited.  People will start to adopt bitcoin, and ultimately crypto currencies in general.  New and better crypto currencies will inevitably develop and hence inflation happens in due time.  And price starts to free fall.

1) This isn't the fault of Bitcoin and the same can be said of gold or platinum.

2) Gold cannot be created but it's still being 'mined' as is Bitcoin. There IS a limited number of Bitcoin.

3) This isn't a point, it's more like a summary of 1 and 2.

Do you know anything about Bitcoin?

[knight22]

1) bitcoin CAN be created in unlimited amounts, in the form of alternate crypto currencies, because the alternates serve the exact (if not better) functions/purposes that bitcoin does.  Sure there won't be more than 21 million "bitcoins" in the universe, but there can (and will if bitcoin is mass adopted) be infinite amounts of cryptos just like bitcoin.  It is only a matter of time.  In this sense, bitcoin is no different from tulip bulbs, granite rocks, etc.

2) gold cannot be re created.  There is only a set amount of gold in the universe (unless you create it at the atomic level which will cost much more than the gold created).

3) in this sense, bitcoin ultimately is not inflation free and is not unlimited.  People will start to adopt bitcoin, and ultimately crypto currencies in general.  New and better crypto currencies will inevitably develop and hence inflation happens in due time.  And price starts to free fall.

1) This isn't the fault of Bitcoin and the same can be said of gold or platinum.

2) Gold cannot be created but it's still being 'mined' as is Bitcoin. There IS a limited number of Bitcoin.

3) This isn't a point, it's more like a summary of 1 and 2.

Do you know anything about Bitcoin?

Probably but he his just a desperate short seller bear troll...

[Xiaoxiao]

1) bitcoin CAN be created in unlimited amounts, in the form of alternate crypto currencies, because the alternates serve the exact (if not better) functions/purposes that bitcoin does.  Sure there won't be more than 21 million "bitcoins" in the universe, but there can (and will if bitcoin is mass adopted) be infinite amounts of cryptos just like bitcoin.  It is only a matter of time.  In this sense, bitcoin is no different from tulip bulbs, granite rocks, etc.

2) gold cannot be re created.  There is only a set amount of gold in the universe (unless you create it at the atomic level which will cost much more than the gold created).

3) in this sense, bitcoin ultimately is not inflation free and is not unlimited.  People will start to adopt bitcoin, and ultimately crypto currencies in general.  New and better crypto currencies will inevitably develop and hence inflation happens in due time.  And price starts to free fall.

1) This isn't the fault of Bitcoin and the same can be said of gold or platinum.

2) Gold cannot be created but it's still being 'mined' as is Bitcoin. There IS a limited number of Bitcoin.

3) This isn't a point, it's more like a summary of 1 and 2.

Do you know anything about Bitcoin?

There is NOT a limited amount of alternate coins, which are NO different from bitcoin....  In that sense, bitcoin is unlimited.  Bitcoin picked up steam because of the protocol not because of the cute name.  The protocol can be re created again and again.  

[Dabs]

How much are all the other non-bitcoin alternate crypto currencies worth? Combined? (I've not bothered to look, actually.)

[Xiaoxiao]

How much are all the other non-bitcoin alternate crypto currencies worth? Combined? (I've not bothered to look, actually.)

Doesn't matter how much it is worth right now... as long as it performs the same functions as bitcoin... the value of the alternates and bitcoin will inevitably be closer and closer in the future.  There is a unlimited supply of alternates.

[Inedible]

There is NOT a limited amount of alternate coins, which are NO different from bitcoin....  In that sense, bitcoin is unlimited.  Bitcoin picked up steam because of the protocol not because of the cute name.  The protocol can be re created again and again.  

There isn't a limited amount of steel, which is NO different to gold. In that sense gold is unlimited.


WHAT? 

[Xiaoxiao]

There is NOT a limited amount of alternate coins, which are NO different from bitcoin....  In that sense, bitcoin is unlimited.  Bitcoin picked up steam because of the protocol not because of the cute name.  The protocol can be re created again and again.  

There isn't a limited amount of steel, which is NO different to gold. In that sense gold is unlimited.


WHAT? 

not analogous, figure out why.

[fairglu]

2) gold cannot be re created.  There is only a set amount of gold in the universe (unless you create it at the atomic level which will cost much more than the gold created).

There is a set amount of anything that is accessible in the universe, including energy and computing power.
Gold (and other metals) will be plentiful once we mine asteroids, and that may not be that far off... (fair warning to gold bugs, this will happen in our lifetimes)

[Dabs]

Well, let's see, currently the market cap of the following are:

BTC = 5.4 billion USD

The next 500 alt-coins combined = 581 million USD

You may have a point. (I'm not being sarcastic.)

However, the average market cap for each individual alt-coin is very low compared to bitcoin.

[wolfYella]

Well, let's see, currently the market cap of the following are:

BTC = 5.4 billion USD

The next 500 alt-coins combined = 581 million USD

You may have a point. (I'm not being sarcastic.)

However, the average market cap for each individual alt-coin is very low compared to bitcoin.

It has been hypothesized that the market cap of the altcoins takes away from the market cap from bitcoin. Therefore the ~580 million market cap from altcoins lowers the market cap of bitcoin by an equal amount and creating an additional altcoin would only take away from the total max market cap of all altcoins

[PenAndPaper]

1) bitcoin CAN be created in unlimited amounts, in the form of alternate crypto currencies, because the alternates serve the exact (if not better) functions/purposes that bitcoin does.

Overstock sells many things for bitcoins... and DELL and Tigerdirect and .. and .. and..
Why don't you create unlimited amounts of bitcoins "in the form of alternate crypto currencies" and go buy EVERYTHING! 

[R2D221]

There is NOT a limited amount of alternate coins, which are NO different from bitcoin....  In that sense, bitcoin is unlimited.

Are you saying that alternate coins are no different from Bitcoin? Good, so try sending 0.01 BTC to this address: DCLJBPdkp51ckcHHobM2WknCTu9LTUMBXi.

And tell me when you have succeded doing so.

[icet208]

dude read more about bitcoin. What u`r saying it`s like..I take a piece of iron, I paint it in gold color. Whould you buy it at gold price?

[jonald_fyookball]

1) bitcoin CAN be created in unlimited amounts, in the form of alternate crypto currencies, because the alternates serve the exact (if not better) functions/purposes that bitcoin does.  Sure there won't be more than 21 million "bitcoins" in the universe, but there can (and will if bitcoin is mass adopted) be infinite amounts of cryptos just like bitcoin.  It is only a matter of time.  In this sense, bitcoin is no different from tulip bulbs, granite rocks, etc.

2) gold cannot be re created.  There is only a set amount of gold in the universe (unless you create it at the atomic level which will cost much more than the gold created).

3) in this sense, bitcoin ultimately is not inflation free and is not unlimited.  People will start to adopt bitcoin, and ultimately crypto currencies in general.  New and better crypto currencies will inevitably develop and hence inflation happens in due time.  And price starts to free fall.


The protocol of gold can be replicated as well.  However, gold is rare.  That is why rare stones and gems have value.  Alternates are not rare, and are unlimited.  I could tomorow create a new "coin" with same functions/protocols as bitcoin.

so then by the same reasoning, monopoly money is just as good as real dollars, right?

[shorena]

1) bitcoin CAN be created in unlimited amounts, in the form of alternate crypto currencies, because the alternates serve the exact (if not better) functions/purposes that bitcoin does.  Sure there won't be more than 21 million "bitcoins" in the universe, but there can (and will if bitcoin is mass adopted) be infinite amounts of cryptos just like bitcoin.  It is only a matter of time.  In this sense, bitcoin is no different from tulip bulbs, granite rocks, etc.

Any clone is a clone and no longer bitcoin, thus the number of bitcoin is limited. There might be other successfull cryptos. Bitcoin is different from tulpis in that tulpis have a possible unlimited supply as well as a limited lifetime. I dont even understand the comparison other than that you are trying to hint at the first known instance of a price crash.

2) gold cannot be re created.  There is only a set amount of gold in the universe (unless you create it at the atomic level which will cost much more than the gold created).

Gold can be created, it fact there are facilities that actually do that right now. Also if we assume an infinity universe (not a loopback infinity one, but proper endless as natural numbers) there is an infinity supply of gold, the question is only how expensive it is to get. Wasnt there is planet which is just a big diamond? Maybe our universe is not infinity but for our small minds it might just as well be. Bitcoin is very different as the hard coded rules dictate that there will be 20999999.9769 BTC unless there is a fork, which will result in an alt coin unless the majority of bitcoin users decide to follow the fork.

3) in this sense, bitcoin ultimately is not inflation free and is not unlimited.  People will start to adopt bitcoin, and ultimately crypto currencies in general.  New and better crypto currencies will inevitably develop and hence inflation happens in due time.  And price starts to free fall.

In this sense, you confuse cryptocurrencies as a whole with bitcoin, a very specific cryptocurrencies with very specific rules.

-snip-
I could tomorow create a new "coin" with same functions/protocols as bitcoin.

No you cant. Bitcoin is more than just the code you would copy. Your copycoin would never reach the adoption rate of bitcoin, thats what makes 1 bitcoin so expensive and all those other "new" and "better" coins so worthless. I can spend bitcoin in so many ways, but your copycoin? Nope, not accepted here.

[bornil267645]

That would create a Bitcoin paradise....

[Xiaoxiao]

Wow you guys are morons.  sure any other crypto won't have value right off the bat.  i'm talking about many years down the line here.  When the bitcoin network, protocol, system, idea can be duplicated instantly... then bitcoin is nothing special at all in the long run.

IF or when the government collapses, USD will be similar in value to MND's.

and lol @ mining asteroids for gold... you must really into science fiction... because that shit is similar to creating gold at the atomic level...  cost of creating an asteroid mining spaceship = 1203803948203580239852 ounces of gold.... lol!   all the gold present in asteroids in milky way : 1232222 ounces...