Quote from: julz on August 20, 2011, 06:46:25 AM

Quote from: The Script on August 20, 2011, 06:28:15 AM

Quote from: 1up on August 19, 2011, 10:23:55 PM

The biggest benefit is that it will slow down the new generation of Bitcoin. Early adopters of the new currency will use their mining power to generate new currencies as oppose to flooding the saturated pools of bitcoin mining. This is huge because slowing down bitcoin generation gives time for the market to grow: giving time for merchants to consider accepting Bitcoins for goods and services, allowing late adopters a chance to get into the bitcoin market , and giving time for graphic card hardware manufacturers to create new more powerful/efficient gpus to support the growing difficulty of mining.

You can't slow down the bitcoin generation in the long run. If miners leave the difficulty will adjust to ensure the same number of bitcoins are being generated. This is by design.

^THIS^
How do people not get this by now???

Also.. promoting alternative chains to allow those with experience in cryptocurrencies to rip out a few dollars from some starry eyed newbies is a nasty idea which provides ammunition for bitcoin naysayers and skeptics.

Alternative currencies as experiments for particular technical and/or economic features may well be interesting.. and I've no particular concern with some people speculating/gambling on those provided they understand the risks... but to promote this sort of gambling because as you say we should not 'underestimate the stupidity of people' does not do bitcoin any good.

Sorry to say but "investing" in Bitcoin (and any other cryptocurrency) itself is gambling. To me, it's a social experiment to test people their perception of value particularly for a virtual item. Right now I'm mining bitcoins with electricity included in my rent and I'll continue mining until I become bored of the Bitcoin experiment or I have to play for electric. Whatever bitcoin I gain, I sell immediately because people right now are willing to give good money for a what amounts to a virtual item that is worth nothing to me. Unlike stocks which would make me part owner of a company, the value of a bitcoin based on speculation and its perceived value. Maybe it may change in the future where Bitcoin becomes universal but I'm not counting on it. I much prefer USD which is near universal and I can buy food with.