You won't convince many people to stop doing something they're currently making a bunch of money at. But unlike with Bitcoin the story driving their speculation is relatively unconvincing, so I suspect that when prices begin to stagnate or consolidate, people will get bored and nervous, and we'll see a flight to (relative) safety in bitcoin. Actually it seems like this is exactly what happened throughout the summer with litecoin.
And like Erik mentioned, the alt-coins draw the bottom of the barrel speculator away from Bitcoin, creating a stabilizing effect. Unfortunately this will lead to alt-coins getting pumped up during bitcoin hype phases, but likely this stored value will "gravitate back toward the centre" during periods of consolidation. That or the cryptocurrency market will prove to be too fickle to stably contain its liquidity, and the store of value promise ("gold 2.0") dies.
Something funny I noticed on Erik's reddit post. Top voted comment:
And like Erik mentioned, the alt-coins draw the bottom of the barrel speculator away from Bitcoin, creating a stabilizing effect. Unfortunately this will lead to alt-coins getting pumped up during bitcoin hype phases, but likely this stored value will "gravitate back toward the centre" during periods of consolidation. That or the cryptocurrency market will prove to be too fickle to stably contain its liquidity, and the store of value promise ("gold 2.0") dies.
Something funny I noticed on Erik's reddit post. Top voted comment:
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A second block chain might be important for reasons yet to be ascertained.
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"a company for carrying out an undertaking of great advantage, but nobody to know what it is" -South Sea Company
Notice the resemblance +1
Quote from: PenAndPaper
People think that bitcoin is unlikely to rise any more in value. 1000$ is a psychological barrier and it will not be easy to beat that.
Exactly. This is all it is. Take a Bitcoin fork, give it a name that suggests it's something original (Litecoin or Terracoin or whatever), and drive speculation money that's looking for a 'cheaper' alternative into it.
Bitcoin prices should immediately be quoted in terms of mBTC.