A much-needed debunking and evisceration of the pointlesscoin/scamcoin lansdcape.
Some pieces of writing are so comprehensive and well done, that they become the go-to authoritative link for certain topics. This is one such article.
Topic: The Problem With Altcoins - page 10. (Read 16528 times)
Dead on.
The only way an alt-currency survives is if it has some new feature that is impossible to add to Bitcoin. That only happens in very rare instances, or in situations where Bitcoin is so large and stable that it isn't worth breaking. There are also some situations possible where Bitcoin is superior for 95% of use cases, but inferior in 5%, and the niche currency will be able to hold that 5%. The clones are nothing more than jealous haters who wish they were around during the Bitcoin boom.
Just looked back and noticed the author. He is a bright guy. I was actually talking about another article he wrote at a meetup, and he interrupted me to tell me he wrote it. Small world.
Quote
Because it was started earlier and has had a greater opportunity to grow and attract users, Bitcoin has a market larger by a wide margin than all the markets of all the altcoins put together, and this makes it vastly more useful as a currency. To defeat Bitcoin, an altcoin would require not just superior technology, but such vastly superior technology as to be an advance over Bitcoin comparable to the advance Bitcoin represents over fiat currency. Furthermore, a truly great innovation would much better serve people by being incorporated into future versions of Bitcoin rather than by requiring them to switch to something else.
^ THIS. Absolutely my sentiments.
IMO， the problem with alt-coins is that they are actually inflation in crypto currency world, and that is against the whole idea of getting rid of inflative currency from central banks. If you would also have an inflative money supply in crypto currency world (by adding more and more alt-coins), then why not just use fiat money, which at least has some control over money supply speed
Wow, that article is the worst piece of bitcoin-bias I have yet seen I think.
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