Quote from: optimator on September 11, 2012, 11:04:25 PM

Quote from: ChupacabraHunter on September 06, 2012, 06:38:30 PM

In order for Bitcoin to succeed, it has to topple, beat, replace, compete with the current system which is really good for WARS! And, my friend suggests, Bitcoin will not succeed because:

What do you think? Where is he right/wrong?

BTC doesn't have to "topple, beat, replace", etc. It just needs to compete. The freemarket suggests competition is good because it brings about innovation spurred by economic reward. Why should there be a private corporation controlling the currency of the US? (Isn't that a.... monopoly???) Why shouldn't currencies compete?

Currencies should compete in a free market just like everything else should compete. Even if there is a limit on total number of BTC, it can still be used to finance and buy things just as easily as anything else. Heck, Iran accepted gold for oil once the sanctions set in. Who says they couldn't use BTC for that?