[ExI] [mta] Re: Long Term Bitcoin Catastrophe?

Brent Allsop brent.allsop at canonizer.com
Fri May 24 17:10:50 UTC 2013

All virtual currencies will always be abandoned and sold for the one that
is deflating the most rapidly.  The fact that Bitcoin is so restricted is
it's biggest (and only?) problem, and what will make it impossible for a
'better' one to replace it.

Brent Allsop

On Fri, May 24, 2013 at 10:21 AM, Mirco Romanato <painlord2k at libero.it>wrote:

> Il 24/05/2013 03:19, Gordon ha scritto:
> > Brent Allsop <brent.allsop at canonizer.com> wrote:
> >
> >>Here's another question for all you way better than me experts,
> especially Giulio who I've CCed.  Is there any way the Bitcoin network
> > could be altered to allow for more than currently allotted 21 million
> > Bitcoins?<
> >
> > No. That is one of the beauties of Bitcoin. Scarcity is built into the
> > system. Think of it as a precious metal in this respect. There is only
> > so much gold in the world. In a similar way, will be only so much
> > Bitcoin in the world.
> >
> > However, as I have mentioned here, I do have some concerns about the
> > proliferation of alternative digital currencies. There is no limit to
> > the number of such currencies. If they can all exist together, and if
> > more can be created without limit, then there is no limit to the digital
> > money supply. Digital currencies in that case become inflationary
> > instead of deflationary.
> >
> > But I've set those concerns aside for now. Bitcoin is the clear leader
> > in digital currencies. I prefer to think that in the long run, most or
> > all those alt currencies will fade away.
> A lot of these cryptocurrencies are there just for the sake of wild
> speculation on the wave of the success of Bitcoin.
> They do not solve any problem it was not solved already by Bitcoin, for
> users, there is no reason to prefer them to BTC. Usually miners just
> mine them and dump them for Bitcoin.
> If and when a new cryptocurrency will be designed to solve some problem
> not solved by Bitcoin, then it could gain some market share.
> For example, a cryptocurrency designed solely to solve the problem of
> ownership of shares of companies, contracts, etc. could be useful
> (instead of using "colored coins" over Bitcoin).
> Mirco
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