Topic: The protocol of bitcoin can be limitlessly replicated - page 2. (Read 3970 times)

exactly. 

just think :  why is facebook the most valuable social network on the planet by FAR...and everyone else is a distant second...

Certain kinds of networks serve people better when they are big and fewer in number, and thats why it is so difficult to
overtake them.  Why do think Facebook P/E has been so high?  It's because of the network effect and because it CANNOT be
easily replicated.

Trying to supplant bitcoin with an altcoin is just as hard as trying to start a new website that will overtake facebook. 

In a related development, black is now white and up is now down. 

Copper was used as currencty because cold was to rare gold never dropped in price due to this.  No one wants shit coin #1834983 or shit coin #11 or shit coin #1994 they want Bitcoin.

Your argument = Annhiliated have a fun day.

Network effect and consumer/producer/speculator ecology system from bitcoin still count for something.

Also, infrastructure to support bitcoin is way greater than any alt coin out there.

Nope, the PoW network is actually the biggest weakness of Bitcoin, and its insane perpetual expense may be the biggest cause for Bitcoin to fail.

The most valuable aspect of Bitcoin, is its scale, which means people have faith in it. Without people's faith, all your PoW is meaningless and useless.

You don't take into account network strength as a factor.

/thread

This thread sounds so 2011.
There is only one Bitcoin and there are countless altcoins.
Altcoins similar to Bitcoins are experiments at best: if they prove to bring about a useful feature or improvements, then it can be proposed as a BIP and integrated into Bitcoin.

If altcoins are radically different from Bitcoin by design, like PoS coins that are in fact fiat currencies in disguise, then they do not dilute the money supply of Bitcoins.

The most valuable aspect of Bitcoin by far is the network. Bitcoin the most powerful computer network on Earth securing it. That, you cannot replicate. But good luck trying!

Enough chit chat. Why don't you just create a hundred crypto currencies so that Bitcoin loses value and thus you prove us wrong?

Yeah, just like you could replicate Verizon's network technology and then sell people phones and plans for the same prices as Verizon! Oh wait, no, that's retarded, Verizon has a huge established network to leverage for this, and you have none.

In fact, you couldn't be more wrong. There is only one cryptocurrency. All the others are irrelevant.

okay how about just focus on this: THE MOST VALUABLE ASPECT(S) OF BITCOIN CAN BE REPLICATED, hence in the grander scheme of things, bitcoin is not much more valuable than any other crypto currency.

blah blah blah

people use dollars, and you can repliate them as much as you like.

you can also make alternative bank notes that use the same protocols and technology. these are called pound, euro ruble, rand, yuan, yen, guilder, peso, boliviano, lev, pula. real, colon, kuna, koruna, krone, kroon, cedi, Quetzal, lempira, rupee, krona, forint, Shekel, rupiah, rial, Tenge, won, lat, kip, som, ringgit, denar, tughrik, matikal, cordoba

.. more blah blah blah.. cant be arsed listing them all, in short there are 180 official legal tenders of the world..

as for you comparing bitcoins to tulips..

what your analogy should have been was that bitcoin a tulip, and litecoin was a rose, and peer coins were dafodils, and feather coin was a sunflower..

which i would have then replied tulips can be reproduced unlimited thus proving bitcoins and the entire colony of altcoins are NOT flowers because although they're  different 'strains' of cryptocurrency.. each strain cannot be unlimited reproduced.!!

bitcoin and the other colonies of crypto currency cannot be endlessly printed within their colony's (country/blockchain) thus cryptocurrencies are nothing like legal tender.

as for the gold analogy:
gold is its own element, its own features and benefits. you cannot passoff silver as being gold, you cant even pass off white gold as being the same as normal yellow gold. that are all unique.
same with crypto currencies.. you cannot say that litecoin is bitcoin, a litecoin transaction cannot be used on the bitcoin blockchain much like copper cant be used for the same as gold, without people seeing the differences,

although gold and copper are both brought into circulation the same way ( digging from the ground) although legal tender is brought into circulation the same way. they are all unique to each other. just like bitcoin and other altcoins.

so please try harder to understand bitcoins benefits over fiat and precious metals

alt coins don't make bitcoin any less significant

there does appear to be some decent altcoins though others have some serious vunerabilities and its reflected in the price

May not be science fiction for much longer https://en.wikipedia.org/wiki/Asteroid_mining#Proposed_mining_projects

And precious metals are quite common in asteroids, the gold we mine on earth was brought by asteroids after the earth crust cooled http://www.sciencedaily.com/releases/2009/10/091018141608.htm

Bitcoin is special because it is the first and best known, its is special because it allready has what your copycoin may have in the long future.



The point was: Gold is not finite, just very rare, bitcoin however is.

Wow you guys are morons.  sure any other crypto won't have value right off the bat.  i'm talking about many years down the line here.  When the bitcoin network, protocol, system, idea can be duplicated instantly... then bitcoin is nothing special at all in the long run.

IF or when the government collapses, USD will be similar in value to MND's.

and lol @ mining asteroids for gold... you must really into science fiction... because that shit is similar to creating gold at the atomic level...  cost of creating an asteroid mining spaceship = 1203803948203580239852 ounces of gold.... lol!   all the gold present in asteroids in milky way : 1232222 ounces...

That would create a Bitcoin paradise....

Any clone is a clone and no longer bitcoin, thus the number of bitcoin is limited. There might be other successfull cryptos. Bitcoin is different from tulpis in that tulpis have a possible unlimited supply as well as a limited lifetime. I dont even understand the comparison other than that you are trying to hint at the first known instance of a price crash.


Gold can be created, it fact there are facilities that actually do that right now. Also if we assume an infinity universe (not a loopback infinity one, but proper endless as natural numbers) there is an infinity supply of gold, the question is only how expensive it is to get. Wasnt there is planet which is just a big diamond? Maybe our universe is not infinity but for our small minds it might just as well be. Bitcoin is very different as the hard coded rules dictate that there will be 20999999.9769 BTC unless there is a fork, which will result in an alt coin unless the majority of bitcoin users decide to follow the fork.


In this sense, you confuse cryptocurrencies as a whole with bitcoin, a very specific cryptocurrencies with very specific rules.


No you cant. Bitcoin is more than just the code you would copy. Your copycoin would never reach the adoption rate of bitcoin, thats what makes 1 bitcoin so expensive and all those other "new" and "better" coins so worthless. I can spend bitcoin in so many ways, but your copycoin? Nope, not accepted here.

so then by the same reasoning, monopoly money is just as good as real dollars, right?