The protocol of bitcoin can be limitlessly replicated

[franky1]

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?

sheeple selling bags of manure and telling people its 'miracle grow'..

[inBitweTrust]

sheeple selling bags of manure and telling people its 'miracle grow'..

I agree with you sentiment somewhat, but what a horrible metaphor. Any farmer or grower can attest that bags of manure are fantastic fertilizer and is "miracle grow.". I prefer chicken manure and worm castings(worm waste) in my mixes. In other words, bags of shit are great!

[IacceptBTC]

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?

Speculation. People are willing to invest in scamcoins with the hope that their value will increase over time. Just because a coin has been in existence for a long time does not mean that it will have a higher market cap then a similar coin that has been around for a shorter time.

[Xiaoxiao]

I don't think you guys understand the long term repercussions of a protocol that can be limitlessly replicated.  One thinks that bitcoin has an edge over all other cryptos, but when something can be replicated so easily, you can bet that other cryptos and new ones coming out will inevitably start gaining ground.  And this will make the value of bitcoin depreciate.  We're talking about ENDLESS replicas that can be better than bitcoin coming out, for as long as we inhabit this planet.

[R2D221]

I don't think you guys understand the long term repercussions of a protocol that can be limitlessly replicated.  One thinks that bitcoin has an edge over all other cryptos, but when something can be replicated so easily, you can bet that other cryptos and new ones coming out will inevitably start gaining ground.  And this will make the value of bitcoin depreciate.  We're talking about ENDLESS replicas that can be better than bitcoin coming out, for as long as we inhabit this planet.

You're still forgetting about the network effect. The Internet Protocol is easily replicated, but if I wanted to do an INTERNET 2.0 from scratch, I would have a hard time doing so.

[Xiaoxiao]

I don't think you guys understand the long term repercussions of a protocol that can be limitlessly replicated.  One thinks that bitcoin has an edge over all other cryptos, but when something can be replicated so easily, you can bet that other cryptos and new ones coming out will inevitably start gaining ground.  And this will make the value of bitcoin depreciate.  We're talking about ENDLESS replicas that can be better than bitcoin coming out, for as long as we inhabit this planet.

You're still forgetting about the network effect. The Internet Protocol is easily replicated, but if I wanted to do an INTERNET 2.0 from scratch, I would have a hard time doing so.

The network is going to be weakening by the hour. Because miners sold houses and cars to buy equipment/coins.

[R2D221]

The network is going to be weakening by the hour. Because miners sold houses and cars to buy equipment/coins.

That's the exact opposite of weakening, because more and more people are participating in Bitcoin.

[Xiaoxiao]

The network is going to be weakening by the hour. Because miners sold houses and cars to buy equipment/coins.

That's the exact opposite of weakening, because more and more people are participating in Bitcoin.

And now they can't afford it so they must abandon.

[2112]

Paintings can also be endlessly replicated, all you need is some frame, cloth, paints, brushes, etc.

Peter Paul Rubens was even involved in replicating his own paintings. Yet after his death his paintings mostly appreciate in value.

After the last bitcoin gets mined in a hundred years or so, the available bitcoins will only gain in value, even if just to be shown in museums as an example of an ancient cryptocurrency.

There is some value in simply being first in doing something in a certain, very specific way, of doing something and in being first to popularize that particular way of doing that. When compared to Rubens' paintings Bitcoin has an advantage of being self-authenticating and cheaper to transport.

[Window2Wall]

Paintings can also be endlessly replicated, all you need is some frame, cloth, paints, brushes, etc.

Peter Paul Rubens was even involved in replicating his own paintings. Yet after his death his paintings mostly appreciate in value.

After the last bitcoin gets mined in a hundred years or so, the available bitcoins will only gain in value, even if just to be shown in museums as an example of an ancient cryptocurrency.

There is some value in simply being first in doing something in a certain, very specific way, of doing something and in being first to popularize that particular way of doing that. When compared to Rubens' paintings Bitcoin has an advantage of being self-authenticating and cheaper to transport.

Exactly. When you make a copy of something it is not as valuable as the original and only affects the value of the original marginally. The more copies of the original are made, the less valuable each additional copy becomes, however the cost to copy will remain the same.

As people create additional scam coins the expected value for the dev will be lower for each additional coin that is created while the cost to create each additional coin will remain the same (or potentially increase due to higher demand for resources needed to create the scam coins)

[Inedible]

I think Xiaoxiao is just debating for the sake of debating 

(Otherwise he really doesn't understand how people value a currency and the difficulties in establishing one).

[Xiaoxiao]

Paintings can also be endlessly replicated, all you need is some frame, cloth, paints, brushes, etc.

Peter Paul Rubens was even involved in replicating his own paintings. Yet after his death his paintings mostly appreciate in value.

After the last bitcoin gets mined in a hundred years or so, the available bitcoins will only gain in value, even if just to be shown in museums as an example of an ancient cryptocurrency.

There is some value in simply being first in doing something in a certain, very specific way, of doing something and in being first to popularize that particular way of doing that. When compared to Rubens' paintings Bitcoin has an advantage of being self-authenticating and cheaper to transport.

Not the same at all.  Painting is all about the aesthetic value; it is an art.  Bitcoin is about the coding, protocol, and construct... and obviously adoption.  Adoption takes time, the rest can be replicated in a heart beat and made much better.

[R2D221]

Not the same at all.  Painting is all about the aesthetic value; it is an art.  Bitcoin is about the coding, protocol, and construct... and obviously adoption.  Adoption takes time, the rest can be replicated in a heart beat and made much better.

“Adoption takes time.” Here. This is the important idea. Bitcoin adoption is far beyond the altcoins because it was the first and has the most time for people to start adopting it. You can't just compete with Bitcoin unless you have an actually innovative idea (which “replicating” certainly is not).

[Get.BTC.Now]

Paintings can also be endlessly replicated, all you need is some frame, cloth, paints, brushes, etc.

Peter Paul Rubens was even involved in replicating his own paintings. Yet after his death his paintings mostly appreciate in value.

After the last bitcoin gets mined in a hundred years or so, the available bitcoins will only gain in value, even if just to be shown in museums as an example of an ancient cryptocurrency.

There is some value in simply being first in doing something in a certain, very specific way, of doing something and in being first to popularize that particular way of doing that. When compared to Rubens' paintings Bitcoin has an advantage of being self-authenticating and cheaper to transport.

Chinese replicate everything..

[pokerFace2]

The network is going to be weakening by the hour. Because miners sold houses and cars to buy equipment/coins.

That's the exact opposite of weakening, because more and more people are participating in Bitcoin.

And now they can't afford it so they must abandon.

If you dont invest responsible, you sometimes have to sell part of your investment under your entry price. Nothing new.

[ANTIcentralized]

Not the same at all.  Painting is all about the aesthetic value; it is an art.  Bitcoin is about the coding, protocol, and construct... and obviously adoption.  Adoption takes time, the rest can be replicated in a heart beat and made much better.

“Adoption takes time.” Here. This is the important idea. Bitcoin adoption is far beyond the altcoins because it was the first and has the most time for people to start adopting it. You can't just compete with Bitcoin unless you have an actually innovative idea (which “replicating” certainly is not).

This is why none of the alt coins have ever taken off. Since more people already use bitcoin there is no reason for people to use alternatives that are less secure and harder to use (can be used in less places)