Topic: Is competition healthy for Bitcoin? (Read 11322 times)

When there is competition , consumers will benefit most of them the time .

If there is a monopoly , the consusmers are stucked without any other alternative choice.

Competition is good for everything. Simply.

Competition is always a good thing.

The only time it is not a good thing is when the competition is undercutting your prices (really not possible to get TX fees much lower to make a difference) or when the competition has a monopoly.

Competition is the antidote to centralization.

Competition is good as long as the competition doesnt become better than you  .

I think at least Doge is good for Bitcoin - and cryptocurrencies overall.
Why? People who know about doge meme learn about dogecoin.. And then they might use it and learn about Bitcoin. I've met some people who knew about Dogecoin but hadn't heard of Bitcoin at all. And as Dogecoin is just 'a joke' and people seem to realize it too, they might still get interested in the more serius cryptocurrencies like Bitcoin when they see how cool the whole system is.

Competition is healthy, but I dont see much at the moment.

Competition is healthy, but Litecoin is no competition to BTC in any way. It offers NOTHING new or different from moment when they allowed ASIC's to enter their lands. Real competition will come from others like Darkcoin etc.

What effect will scrypt ASIC's have? Will scrypt ASIC's farms mine out alts and sell for btc boosting its price and hold litecoin or simply dump all the alts including litecoin in favour of Bitcoin.

Was bitcoins sharp rise anything to do with the introduction of ASIC mining or simply a happy coincidence.

Is per the title, competition is always healthy for everything...

Nice photo

I think for driving use and adoption of Bitcoin over the medium to long term, price stability is what you want. Increasing prices make hoarders happy and drive speculation, but if you want Bitcoins to be adopted as a means of exchange (the gold standard for broad adoption) you need a fairly stable value. If nothing else, rising prices drive fear of a sudden drop which stunts adoption as a means of exchange.

Competition in the Eco system is good and all competition is good for consumers.  But competition for any coin is not good.  I'm not sure why anyone would think having 1,000 competing coins would be better than having say 3 total coins for people to choose from.  Bad for them good for the coins.  Since we're buyers of coins we don't want too much competition.

Is competition healthy for bitcoin? Yes, in the same way that we want competition in the exchanges, competition in mining pools, competition in crypto discussion sites, and just about everything else. Competition is absolutely essential. It is what drives innovation. And whether we like it or not, it is here to stay.

To say competition is healthy is silly.  It's only good for consumers not for the companies involved.  Pretty common sense.

But it looks like bitcoin is now going walstreet which will be mainstream USA after that sometime next year.  If that happens all alt coins will skyrocket.  All of them cause there would be a shortage of alt coins for about 1 year.



ETF for Bitcoin coming which will change the whole idea or alt coins which will bring in the masses and wallstreet.  Hang on, it's gonna all start very soon:



http://dealbook.nytimes.com/2013/07/01/first-name-in-the-first-fund-for-bitcoins-winklevoss/?_r=0

whether or not competition is healthy seems to me to be a bit of a pointless question.  the open source nature of bitcoin means there will ALWAYS be competition.  that was pretty much a given from day one of bitcoin, as long as it didn’t turn out to be a total flop.  it was just a matter of time before people started compiling the original source code and tweaking it before new block chains were started. 

of course competition is good.  if crypto currencies become mainstream bitcoin won’t be able to handle the transaction volumes all by itself.  we need multiple crypto currencies.  we’re already seeing clear leaders and laggers in the crypto currency race.  so i wouldn’t worry about bitcoin being watered down too much.  the bad crypto currencies actually accentuate the benefits of the good ones.

various security strategies mean a single attack method would not be successful in bringing down all crypto currencies.  different development teams mean it would be near impossible for them all to succumb to bad government influences (transaction tracking, etc.) or just bad programming mistakes. 

the old saying “don’t keep all your eggs in one basket” applies to crypto currencies just like anything else.  no one wants a single attack or programming error to make their favorite crypto currency worthless.  it’s best to spread the wealth around.

Why wait for the Catholic Church to launch such a monster coin when we can do it.

Is anybody interested in launching a catholic coin?  I don't have much money but I do won all the catholic coin domains.  Let me know.  Such a coin would be a huge benefit to so many needy people and it would be an instant hit given the coin would automatically have a huge following.

Mormon coin would work too but I'm not Mormon. 

Anybody interested?  Any programmer with spare time?  Anybody with spare cash?  Lol, the latter is a touch one.

competition is always good. even if there are 100 different alt coins competition is always good.

what is not good is people sitting on forums WAITING for critical mass, as if it magically will happen naturally. the whole point of competition, much like sports competition... is alot of sweat and hard work.

if your just going to stand there at the start line and think your going to win purely because you have alot of backers, means nothing.. you have to actually respond and do something to ensure you win..

its never about how much money is thrown at a champion, its about how hard they work to succeed. we need a proper focus on infrastructure such as simplifying merchant tools, developing easy methods to incorporate bitcoin technologies into existing business models, and to actually get out of the basements and actively promote bitcoin outside of forums and you tube videos which are only seen by the already initiated.