<html><body><div style="color:#000; background-color:#fff; font-family:times new roman, new york, times, serif;font-size:12pt"><div style="font-family: 'times new roman', 'new york', times, serif; font-size: 12pt;"><span style="font-family: Arial; font-size: 13px;">Eugen Leitl <eugen@leitl.org> wrote:</span><br></div><div style="font-family: 'times new roman', 'new york', times, serif; font-size: 15.555556297302246px; color: rgb(0, 0, 0); background-color: transparent; font-style: normal;"><span style="font-size: 12pt;"><br></span></div><div style="font-family: 'times new roman', 'new york', times, serif; font-size: 15.555556297302246px; color: rgb(0, 0, 0); background-color: transparent; font-style: normal;"><span style="font-size: 12pt;">> Digital currencies are similiar to precious metals in the sense that</span><br></div><div style="font-family: 'times new roman', 'new york', times, serif;"><div style="font-family: 'times new roman', 'new
york', times, serif; font-size: 12pt;">> they cannot be inflated at will. </div><div style="font-family: 'times new roman', 'new york', times, serif; font-size: 12pt;" class="yui_3_7_2_23_1365131624432_62"><span style="font-size: 12pt;"><br></span></div><div style="font-family: 'times new roman', 'new york', times, serif; font-size: 12pt;" class="yui_3_7_2_23_1365131624432_62">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.</div><div style="font-family: 'times new roman', 'new york', times, serif; font-size: 12pt;" class="yui_3_7_2_23_1365131624432_62"><br></div><div class="yui_3_7_2_23_1365131624432_62"><span style="font-size: 12pt;">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 </span>cousins<span style="font-size: 12pt;"> of BTC are based essentially on the same model, making them essentially different denominations or versions of the same currency.</span></div><div style="font-family: 'times new roman', 'new york', times, serif; font-size: 12pt;" class="yui_3_7_2_23_1365131624432_62"><br></div><div style="font-family: 'times new roman', 'new york', times, serif; font-size: 12pt;" class="yui_3_7_2_23_1365131624432_62">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. </div><div style="font-family: 'times new roman', 'new york', times, serif; font-size: 12pt;" class="yui_3_7_2_23_1365131624432_62"><br></div><div style="font-family:
'times new roman', 'new york', times, serif; font-size: 12pt;" class="yui_3_7_2_23_1365131624432_62">Gordon </div><div style="font-family: 'times new roman', 'new york', times, serif; font-size: 12pt;" class="yui_3_7_2_23_1365131624432_62"><br></div> </div> </div></body></html>