[ExI] Bitcoin

[Gordon]

Eugen Leitl <eugen at leitl.org> wrote:


> Digital currencies are similiar to precious metals in the sense that

> they cannot be inflated at will. 

It is very true that any *single* digital currency, like BTC, cannot be inflated at will. That is one of the beauties of it! In that respect, any given digital currency is similar to a precious metal.

But it seems to me that digital currencies (plural) can be inflated at will by people who create alternate versions of it. I cannot create alternate versions of precious metals, but I can create alternate versions of digital currencies. At least seven people/groups have already done so. And all of these cousins of BTC are based essentially on the same model, making them essentially different denominations or versions of the same currency.

I'm thinking that if there is an argument for the long term viability of BTC as a non-fiat-like currency, it must hinge in part on the idea that it will defeat all its digital competitors.  

Gordon 
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