Quote from: evoorhees on July 05, 2011, 05:13:26 PM

And what magical advantage would this new currency have that BTC does not? To my knowledge, there exists no problems with the BTC protocol itself. What flaw will this new currency fix? Bitcoin works beautifully, it just needs more services and convenience built up around it, but this is happening as we speak and a new currency would suffer the same burden.

A competitor to bitcoins would almost instantly gain a huge following. The instant I hear of one, I am jumping ship. Why? Because the difficulty will be extremely low and I will be able to mine tens if not hundreds of thousands of bytecoins or whatever they are called compared to 2 bitcoins a week. The question is, why WOULDN'T people want to be early adopters of a new currency? The people that jumped on bitcoin at the beginning have a vast majority of the bitcoins, who is going to pass up the opportunity to be one of those people? Even if it turns out to be nothing, I have sacrificed what? A few bitcoins? Worth it.