Quote from: jonat3 on November 29, 2013, 08:35:07 PM

Quote from: revans on November 29, 2013, 08:32:33 PM

Quote from: Kleptoid on November 29, 2013, 08:22:56 PM

Quote from: Bitarchist on November 29, 2013, 07:46:53 PM

Litecoin and all other altcoins are a good thing. The whole idea of creating a decentralized crypto-currency is to introduce competition to fiat/government currency. So IMO it would be hypocritical to celebrate the Bitcoin for challenging existing currency while simultaneously bashing altcoins for challenging Bitcoin.

Also, I feel that the issues of security, inflation and speed of transfer are basically unimportant in the grand scheme of things because using crypto-currency is entirely voluntary. No person or group of people is claiming the authority to FORCE anyone to use any specific coin. Therefore, if one is not satisfied with the fundamental characteristics of any coin or class of coin, they can simply refuse to use it. This is not true with the current monetary system which certainly is forced upon us by a central authority through legal tender laws and the like.

Having said that, time will allow the market's preference to weed out the less desirable coins and to gravitate toward the ones it values. We will likely see advancements in the future that could make our current perception of digital money seem weak by comparison. The coin that overtakes Bitcoin my not be dreamed up for many years, or never dreamed up at all, or maybe people will refuse to change and will instead cling to worthless pieces of paper that are created out of thin air by a group of tyrannical psychopaths.

The point is, it's important to have a choice! =)

Please don't misunderstand me, I'm not bashing alts or championing bitcoin over other crypto-currencies. I'm not even saying I don't approve of alts, I am very much in favour of freedom and choice. I do believe that inflationary currencies are a bad idea, and having multiple competing crypto-currencies does lead to inflation within crypto. If no one bought LTC then BTC would be worth more. I'm merely identifying a problem, not trying to impose a solution.

I like your nick very much.

But hang on, how can a different currency be deemed inflationary to Bitcoin? The much ballyhooed 21 million Bitcoin limit and all that. Are you suggesting that given that all these alt coins are basically identical to Bitcoin their existence effectively inflates the Bitcoin pool?

If that is the case, there goes the scarcity argument as now there are effectively a limitless supply of Bitcoins.

It is scarce. Because I perceive it to be so and because most others do so as well. It's only a very small minority that equate altcoins with bitcoins. Perception is everything.

How do you known it is a small minority.

It may be a very small minority amongst people with a vested interest in Bitcoin, but what about the wider public?