Actually, I think it's perfectly healthy. I am not afraid of my coins losing value to new more competitive coins. I will simply keep my stake in the best coins.
This is the free market at work, combined with open source software. The coins are like organisms in a rapidly evolving natural selection process. Only the fittest will survive, and these coins will have the best properties for an online currency.
Everyone knows crypto currency will be the mainstream. The process by which we get there; however, may surprise you.
I personally like this natural selection process. And, while the new ideas are brewing and evolving, it's only natural people will tinker and invest.
Topic: Coin competition is NOT healthy - page 4. (Read 3215 times)
Altcoins are growing like gremlins these days, and frankly this non-sense is not helping the greater cause at all.
"BUT competition is healthy!" you might hear some say. Competition is not always healthy, especially not when one small fringe niche is cannibalizing itself instead of trying to get widespread adoption. Cryptocoins at this early stage behaves very much like a natural monopoly.
Definition of natural monopoly:
Everything from network hashrate, to keeping the technology simple for mass public and newbies, to merchant adoption, to becoming a legit currency all suggest that at this point we should only have one cryptocurrency. Having many competitors detracts important resources and attributes from Bitcoin, and I dont need to remind anyone here that without Bitcoin none of these altcoins would be worth squat.
So lets get Bitcoin into the mainstream first, then we can afford the luxury of making tweaks and alternate coins.
"BUT competition is healthy!" you might hear some say. Competition is not always healthy, especially not when one small fringe niche is cannibalizing itself instead of trying to get widespread adoption. Cryptocoins at this early stage behaves very much like a natural monopoly.
Definition of natural monopoly:
Quote
A natural monopoly by contrast is a condition on the cost-technology of an industry whereby it is most efficient (involving the lowest long-run average cost) for production to be concentrated in a single firm.
Everything from network hashrate, to keeping the technology simple for mass public and newbies, to merchant adoption, to becoming a legit currency all suggest that at this point we should only have one cryptocurrency. Having many competitors detracts important resources and attributes from Bitcoin, and I dont need to remind anyone here that without Bitcoin none of these altcoins would be worth squat.
So lets get Bitcoin into the mainstream first, then we can afford the luxury of making tweaks and alternate coins.
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