[ExI] Bitcoin

Gordon gts_2000 at yahoo.com
Fri Apr 5 03:33:03 UTC 2013

Aleksei Riikonen <aleksei at iki.fi> wrote:

> When someone creates a new clone of the Bitcoin system, the default outcome is that no-one will be interested, since they can just use Bitcoin instead of the new clone that no shops/etc are accepting yet anyway.

And yet the trading markets for these BTC clones seem to be thriving, comparable at least to the early days of BTC. I count quite a few of them, at least six or seven. Are all those people fools?

> .. those new currencies will need to have some advantage when compared to Bitcoin. (And "a single unit of this currency costs fewer dollars than a single Bitcoin" doesn't count as an advantage.) 
Why is "a single unit of this currency costs fewer dollars than a single Bitcoin" not an advantage? For the moment, at least, I have rejected the idea that digital currencies are comparable to precious metals. It seems to me that they are like different denominations of a fiat currency, albeit one that is issued by the people instead of by central banks. Some say Litecoin is to Bitcoin what silver is to gold. I'm thinking it is more like a US quarter is to a US dollar.

I appreciate your thoughts on this subject.

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