The protocol of bitcoin can be limitlessly replicated

[shorena]

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.

Bitcoin is special because it is the first and best known, its is special because it allready has what your copycoin may have in the long future.

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 a ateroid mining tool = 1203803948203580239852 ounces of gold.... lol!

The point was: Gold is not finite, just very rare, bitcoin however is.

[fairglu]

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...

May not be science fiction for much longer https://en.wikipedia.org/wiki/Asteroid_mining#Proposed_mining_projects

And precious metals are quite common in asteroids, the gold we mine on earth was brought by asteroids after the earth crust cooled http://www.sciencedaily.com/releases/2009/10/091018141608.htm

[Bitcoinpro]

there does appear to be some decent altcoins though others have some serious vunerabilities and its reflected in the price

[Hufflepuff]

alt coins don't make bitcoin any less significant

[franky1]

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.

blah blah blah

people use dollars, and you can repliate them as much as you like.

you can also make alternative bank notes that use the same protocols and technology. these are called pound, euro ruble, rand, yuan, yen, guilder, peso, boliviano, lev, pula. real, colon, kuna, koruna, krone, kroon, cedi, Quetzal, lempira, rupee, krona, forint, Shekel, rupiah, rial, Tenge, won, lat, kip, som, ringgit, denar, tughrik, matikal, cordoba

.. more blah blah blah.. cant be arsed listing them all, in short there are 180 official legal tenders of the world..

as for you comparing bitcoins to tulips..

what your analogy should have been was that bitcoin a tulip, and litecoin was a rose, and peer coins were dafodils, and feather coin was a sunflower..

which i would have then replied tulips can be reproduced unlimited thus proving bitcoins and the entire colony of altcoins are NOT flowers because although they're  different 'strains' of cryptocurrency.. each strain cannot be unlimited reproduced.!!

bitcoin and the other colonies of crypto currency cannot be endlessly printed within their colony's (country/blockchain) thus cryptocurrencies are nothing like legal tender.

as for the gold analogy:
gold is its own element, its own features and benefits. you cannot passoff silver as being gold, you cant even pass off white gold as being the same as normal yellow gold. that are all unique.
same with crypto currencies.. you cannot say that litecoin is bitcoin, a litecoin transaction cannot be used on the bitcoin blockchain much like copper cant be used for the same as gold, without people seeing the differences,

although gold and copper are both brought into circulation the same way ( digging from the ground) although legal tender is brought into circulation the same way. they are all unique to each other. just like bitcoin and other altcoins.

so please try harder to understand bitcoins benefits over fiat and precious metals

[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.

blah blah blah

people use dollars, and you can repliate them as much as you like.

you can also make alternative bank notes that use the same protocols and technology. these are called pound, euro ruble, rand, yuan, yen, guilder, peso, boliviano, lev, pula. real, colon, kuna, koruna, krone, kroon, cedi, Quetzal, lempira, rupee, krona, forint, Shekel, rupiah, rial, Tenge, won, lat, kip, som, ringgit, denar, tughrik, matikal, cordoba

.. more blah blah blah.. cant be arsed listing them all, in short there are 180 official legal tenders of the world..

as for you comparing bitcoins to tulips..

what your analogy should have been was that bitcoin a tulip, and litecoin was a rose, and peer coins were dafodils, and feather coin was a sunflower..

which i would have then replied tulips can be reproduced unlimited thus proving bitcoins and the entire colony of altcoins are NOT flowers because although they're  different 'strains' of cryptocurrency.. each strain cannot be unlimited reproduced.!!

bitcoin and the other colonies of crypto currency cannot be endlessly printed within their colony's (country/blockchain) thus cryptocurrencies are nothing like legal tender.

as for the gold analogy:
gold is its own element, its own features and benefits. you cannot passoff silver as being gold, you cant even pass off white gold as being the same as normal yellow gold. that are all unique.
same with crypto currencies.. you cannot say that litecoin is bitcoin, a litecoin transaction cannot be used on the bitcoin blockchain much like copper cant be used for the same as gold, without people seeing the differences,

although gold and copper are both brought into circulation the same way ( digging from the ground) although legal tender is brought into circulation the same way. they are all unique to each other. just like bitcoin and other altcoins.

so please try harder to understand bitcoins benefits over fiat and precious metals

okay how about just focus on this: THE MOST VALUABLE ASPECT(S) OF BITCOIN CAN BE REPLICATED, hence in the grander scheme of things, bitcoin is not much more valuable than any other crypto currency.

[Beliathon]

bitcoin CAN be created in unlimited amounts, in the form of alternate crypto currencies (...) in this sense, bitcoin ultimately is not inflation free and is not unlimited.

Yeah, just like you could replicate Verizon's network technology and then sell people phones and plans for the same prices as Verizon! Oh wait, no, that's retarded, Verizon has a huge established network to leverage for this, and you have none.

In fact, you couldn't be more wrong. There is only one cryptocurrency. All the others are irrelevant.

[R2D221]

okay how about just focus on this: THE MOST VALUABLE ASPECT(S) OF BITCOIN CAN BE REPLICATED, hence in the grander scheme of things, bitcoin is not much more valuable than any other crypto currency.

Enough chit chat. Why don't you just create a hundred crypto currencies so that Bitcoin loses value and thus you prove us wrong?

[Beliathon]

THE MOST VALUABLE ASPECT(S) OF BITCOIN CAN BE REPLICATED

The most valuable aspect of Bitcoin by far is the network. Bitcoin the most powerful computer network on Earth securing it. That, you cannot replicate. But good luck trying!

[Boussac]

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.

This thread sounds so 2011.
There is only one Bitcoin and there are countless altcoins.
Altcoins similar to Bitcoins are experiments at best: if they prove to bring about a useful feature or improvements, then it can be proposed as a BIP and integrated into Bitcoin.

If altcoins are radically different from Bitcoin by design, like PoS coins that are in fact fiat currencies in disguise, then they do not dilute the money supply of Bitcoins.

[spooderman]

You don't take into account network strength as a factor.

/thread

[kokojie]

THE MOST VALUABLE ASPECT(S) OF BITCOIN CAN BE REPLICATED

The most valuable aspect of Bitcoin by far is the network. Bitcoin the most powerful computer network on Earth securing it. That, you cannot replicate. But good luck trying!

Nope, the PoW network is actually the biggest weakness of Bitcoin, and its insane perpetual expense may be the biggest cause for Bitcoin to fail.

The most valuable aspect of Bitcoin, is its scale, which means people have faith in it. Without people's faith, all your PoW is meaningless and useless.

[arbitrage001]

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.

Network effect and consumer/producer/speculator ecology system from bitcoin still count for something.

Also, infrastructure to support bitcoin is way greater than any alt coin out there.

[spazzdla]

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.

Copper was used as currencty because cold was to rare gold never dropped in price due to this.  No one wants shit coin #1834983 or shit coin #11 or shit coin #1994 they want Bitcoin.

Your argument = Annhiliated have a fun day.

[RodeoX]

In a related development, black is now white and up is now down. 

[jonald_fyookball]

THE MOST VALUABLE ASPECT(S) OF BITCOIN CAN BE REPLICATED

The most valuable aspect of Bitcoin by far is the network. Bitcoin the most powerful computer network on Earth securing it. That, you cannot replicate. But good luck trying!
 

exactly. 

just think :  why is facebook the most valuable social network on the planet by FAR...and everyone else is a distant second...

Certain kinds of networks serve people better when they are big and fewer in number, and thats why it is so difficult to
overtake them.  Why do think Facebook P/E has been so high?  It's because of the network effect and because it CANNOT be
easily replicated.

Trying to supplant bitcoin with an altcoin is just as hard as trying to start a new website that will overtake facebook. 

[johnyj]

You can replicate the protocol, but you have no way to replicate the hash power and network, which is the physical foundation of bitcoin. Altcoins do not have so strong physical foundation like bitcoin, so they are more like software which can be endlessly copied and worth nothing in turn

Actually it is this physical foundation gave bitcoin value. Imagine that someday bitcoin forked to another protocol without using sha256 hashing, then some other coin which uses sha256 hashing will utilize all these physical infrastructure and become as valuable, just like those GPUs abandoned by bitcoin miners turned to litecoin mining instead

[kokojie]

You can replicate the protocol, but you have no way to replicate the hash power and network, which is the physical foundation of bitcoin. Altcoins do not have so strong physical foundation like bitcoin, so they are more like software which can be endlessly copied and worth nothing in turn

Actually it is this physical foundation gave bitcoin value. Imagine that someday bitcoin forked to another protocol without using sha256 hashing, then some other coin which uses sha256 hashing will utilize all these physical infrastructure and become as valuable, just like those GPUs abandoned by bitcoin miners turned to litecoin mining instead

Then why does many Proof of Stake altcoin that doesn't need any hash rate, also has value? In fact they have mostly beaten their PoW altcoin competitors. Only Bitcoin and Litecoin has more value, but they also had 3-4 years head start. I would bet Litecoin will soon be beaten, in a year or so. How do you explain these PoS networks all growing in value?

[shorena]

In a related development, black is now white and up is now down. 

Wow, that was easy said men and died shortly after on a zebra crossing.

[spazzdla]

When the bitcoin network  can be duplicated instantly

LMAO LOL how in the hell do you plan on convincing all of the miners to insta turn on BTC and jump over to Xiaoxiaocoin ..?