It is looking like it might end up simplest to just let people pay via Ripple, so they can use any currency they like.
-MarkM-
Topic: Is competition healthy for Bitcoin? - page 6. (Read 11322 times)
I honestly think just due to this explosion, that it will be like bitcoin as gold litecoin as silver and then bronze... who knows devcoin? Namecoin? But I think that is going to be the main way it will / should work. I think the problem is with acceptance it needs to start getting accepted by more e-commerce vendors. That way it will have less of a bad name for black market activities. Problem is government will want you to start tracking and taxing it, WHICH is why I promote the freedom on the internet. We have been pretty good until this point, SOPA and PIPA and things of that nature is going to bring world war 3, not korea or anything else.
If I start an e-commerce site I would love to accept all 3, and have different rates just like any currency in any game or any other 3 tier system.
If I start an e-commerce site I would love to accept all 3, and have different rates just like any currency in any game or any other 3 tier system.
Somehow bitcoin's price has contrived to stay insanely low for a ridiculously long time, and even now somehow something keeps suppressing it, so it is a good thing growth has started to pick up in one or more of the many alternatives. Maybe if something contrives to squash litecoin's exchange rates like seems to be happening with bitcoin yet naother contender will take up the position of being the growth coin.
The more the merrier, maybe we will find out how many it is going to take to be just too many moles for the suppressors to whack.
-MarkM-
The more the merrier, maybe we will find out how many it is going to take to be just too many moles for the suppressors to whack.
-MarkM-
laissez-faire.
...is French and literally means "let [them] do", but it broadly implies "let it be," "let them do as they will," or "leave it alone". - wikipedia.
Either competition will under deliver on what is promised and will fail, or will identify a market deficiency in the existing ethos and will thrive.
Bring on the competition, for even if it fails, it may succeed in strengthening the status quo.
How can a society progress if it is entrenched in orthodoxy? And how can orthodoxy be changed without newcomers?
Cheers!
...is French and literally means "let [them] do", but it broadly implies "let it be," "let them do as they will," or "leave it alone". - wikipedia.
Either competition will under deliver on what is promised and will fail, or will identify a market deficiency in the existing ethos and will thrive.
Bring on the competition, for even if it fails, it may succeed in strengthening the status quo.
How can a society progress if it is entrenched in orthodoxy? And how can orthodoxy be changed without newcomers?
Cheers!
I do disagree with the idea in general that BTC is "US central" as in when anyone thinks of BTC they think its for Americans. I'd be interested in any evidence to the contrary outside of "most people on bitcointalk.org" are Americans.
A lot of Bitcoin services seem to be focused primarily on the US market and there's definitely a significant amount of distrust towards American business outside of the US. I'm not sure how that will relate to Bitcoin in particular, though, apart from people being worried about Bitcoin and Bitcoin services being more vulnerable if they are US-based/US-focused. It's not likely the US government will be trying to gain advantages for Bitcoin via free trade agreements any time soon in the same way that it currently tries to bully other countries in respect of other industries.
That there are currently no crypto-currencies which are competitive with Bitcoin doesn't mean there won't be in the future or that having multiple, competing crypto-currencies isn't desirable. Bitcoin isn't some sacred cow or holy grail. It's an experiment and there are lessons to be learned from its evolution to date.
I've been taking a look into litecoin ... any alt-coin of choice?
Not even going to read the post, competition is good for everything, no questions, no exceptions.
I do disagree with the idea in general that BTC is "US central" as in when anyone thinks of BTC they think its for Americans. I'd be interested in any evidence to the contrary outside of "most people on bitcointalk.org" are Americans.
The evidence is stacking up in the media.
MTGox is moving to the US
Wall St is starting to fund Bitcoin ventures
Coinlab, Bitpay and even Butterfly Labs are all big name bitcoin companies with strong US connections.
I know that there is a bitcoin hedge fund being set up in Malta, and obviously Kim Dotcom in New Zeland, but everything else that is happening to bitcoins seems to be happening in the US
I'm not saying its a bad thing, I'm just saying that some people might find that enough of a reason to look elsewhere!
Litecoin is an ALTERNATIVE to BTC. That isn't a bad thing unless you are scared that bitcoin will lose value because you have a huge stash of BTC.
Freemarket = Competing currencies.
Litecoin has happened and will continue to be alive as long as people believe it has value. Just like bitcoin.
You can send instant payments globally with both systems. One is just faster.
Freemarket = Competing currencies.
Litecoin has happened and will continue to be alive as long as people believe it has value. Just like bitcoin.
You can send instant payments globally with both systems. One is just faster.
There is also a very strong US centric focus on bitcoin, which really doesn't work well in the rest of the world.
I would rather say, that the US has a very strong centric focus on competition, which really doesn't work well for the rest of the world.
Bitcoin was born in a competition of ideas, but the process of its development is highly cooperative.
That isn't really what I meant.
Crudely, anything with a big US flag on it, is generally hated in the rest of the world! Ok, a huge over simplification, but it stands to reason that anything that is too closely linked to a part of the world, will tend to have its lovers and haters.
Politics is something you can't ignore when it comes to business!
I do disagree with the idea in general that BTC is "US central" as in when anyone thinks of BTC they think its for Americans. I'd be interested in any evidence to the contrary outside of "most people on bitcointalk.org" are Americans.
There is also a very strong US centric focus on bitcoin, which really doesn't work well in the rest of the world.
I would rather say, that the US has a very strong centric focus on competition, which really doesn't work well for the rest of the world.
Bitcoin was born in a competition of ideas, but the process of its development is highly cooperative.
That isn't really what I meant.
Crudely, anything with a big US flag on it, is generally hated in the rest of the world! Ok, a huge over simplification, but it stands to reason that anything that is too closely linked to a part of the world, will tend to have its lovers and haters.
Politics is something you can't ignore when it comes to business!
Anyone who has spent 5 seconds thinking about it realizes that if LTC or whatever scam-coin succeeds then all crypto-currency fails.
So if BMW wins in terms of car sales, all car sales will plummet and the industry will die? Better rethink this over.
People keep making this analogy. People who make this analogy are not good at analogies.
The best coin will succeed. There is no need for one single coin only. In that respect, the analogy applies.
Sigh. So, let's say that there are 100 people in the world that want cars. Like, tops (simple explanation here). Let's say that one car company sells all those 100 their cars. If a new company starts, then yes, the value of the first company will be diminished. Now, in the real world the market is continuing to expand and the first company has many opportunities to make new products, expand the market, ect. None the less, the one thing we CAN say is that people are pretty convinced of the value of the car and will continue to want one, no matter who sells it to them. Hell, if I buy a car and two weeks later the company I bought the car from goes under, it's still a car that works. It drives me places.
And that is where your terrible analogy falls apart. LTC is a poor, script-kiddies copy of BTC in every important way. It does nothing significantly different than BTC. At the same time, there are people investing and working hard of getting people to adopt crypto-currency as viable, sustainable, and important. You know what undermines this? LTC. People are smart enough to realize that if any two-bit script-kiddie can just make up an alt-coin that actively devalues their investment, they're not gonna buy it. Who wants to play the "Oh, this new crypto-currency is better so you better dump everything right now and switch!" game? What good is an investment in LTC if, one-year from now, super-LTC gets released and does everything regular LTC does but maybe slightly different. What good is an investment in super-LTC if Mega-LTC comes out a year after that and does things just a little different.
And that, sir, is why your analogy is terrible.
There is also a very strong US centric focus on bitcoin, which really doesn't work well in the rest of the world.
I would rather say, that the US has a very strong centric focus on competition, which really doesn't work well for the rest of the world.
Bitcoin was born in a competition of ideas, but the process of its development is highly cooperative.
Anyone who has spent 5 seconds thinking about it realizes that if LTC or whatever scam-coin succeeds then all crypto-currency fails.
So if BMW wins in terms of car sales, all car sales will plummet and the industry will die? Better rethink this over.
People keep making this analogy. People who make this analogy are not good at analogies.
The best coin will succeed. There is no need for one single coin only. In that respect, the analogy applies.
There is also a very strong US centric focus on bitcoin, which really doesn't work well in the rest of the world. Maybe Litecoin will be the preferred option in Europe, and that will be its niche
Why would this be helpful to anyone? "Hey everyone, you now have to pay extra fees to some exchange in order to send money to each other." So, now the LTC scammers are trying to tell you that, in addition to trying to negate the non-inflation aspect of bitcoin, that its also beneficial to negate the low fees/easy to send aspect to? Please stop listening to these people.
Competition is very healthy even at this stage because we are in new territory. Nobody knows if and when the system is going to turn on crypto currencies, and having bitcoin in the lead, with Litecoin a safe distance behind, does mean that if Bitcoin makes a fatal turn, Litecoin can take another path.
There is also a very strong US centric focus on bitcoin, which really doesn't work well in the rest of the world. Maybe Litecoin will be the preferred option in Europe, and that will be its niche - but for now, lets just let the market decide!
There is also a very strong US centric focus on bitcoin, which really doesn't work well in the rest of the world. Maybe Litecoin will be the preferred option in Europe, and that will be its niche - but for now, lets just let the market decide!
Anyone who has spent 5 seconds thinking about it realizes that if LTC or whatever scam-coin succeeds then all crypto-currency fails.
So if BMW wins in terms of car sales, all car sales will plummet and the industry will die? Better rethink this over.
People keep making this analogy. People who make this analogy are not good at analogies.
Litecoin is the noise to Bitcoin's signal.
Anyone who has spent 5 seconds thinking about it realizes that if LTC or whatever scam-coin succeeds then all crypto-currency fails.
So if BMW wins in terms of car sales, all car sales will plummet and the industry will die? Better rethink this over.
Alt-coins: For people who want to see both their bitcoins and alt-coins become worthless!
Anyone who has spent 5 seconds thinking about it realizes that if LTC or whatever scam-coin succeeds then all crypto-currency fails. Anyone who disagrees has simply hoarded their LTC and is hoping you'll be stupid enough to buy it from them.
/thread
Anyone who has spent 5 seconds thinking about it realizes that if LTC or whatever scam-coin succeeds then all crypto-currency fails. Anyone who disagrees has simply hoarded their LTC and is hoping you'll be stupid enough to buy it from them.
/thread
Cooperation is even better 
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