Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
there can be an infinte number of cryptocoins, any brand of them is just as good for commerce as any other, and there is no reason to believe that bitcoin will be among the ones that will succeed if they do succeed.
This has been refuted again and again. People want a secure, noninflating coin. Not evapourcoin. Not resourcecoin. They dont want coins for dogs or dope or sex. One coin. Not countrycoin, not citycoin. One international coin. They don't want a coin with more frequent blocks. Not premine. Not centralized. They want one coin.
Those kinds of coins could be competitors. Maybe one other, maybe two. [ ... ] Most probably, altcoins could ever only reach a small part of the total value.
And it is me the one who states mere opinions, without any arguments?You can have your opinion about the likelihood of bitcoin surviving, but the fact are that there is no justification now to claim that they will die, and bitcoin will not. The "first players advantage" and "network effect", if they were real, should have prevented the altcoins from starting. That they started and are thriving is proof that those advantages are not that significant.
On the other hand, some altcoins appear to have characteristics that bitcoin does not have; who can tell whether they won't be decisive?
(I hope no one will claim that "bitcoin is now too big to fail".
)Yeah, I've seen better arguments from you, tbh.
The altcoin vs. Bitcoin analogy is probably pretty close to, say, silver vs. gold. In some hypothetical world exactly identical to ours, but in which *only* gold exists but no silver, speculative gold might have a higher market cap than in ours, but the thought is rather shallow anyway: it's simply human nature not to put all eggs into one basket -- cryptocurrencies will be no difference. The (much smaller) valuation of altcoins doesn't take a severe chunk out of Bitcoin's valuation, unless at some point BTC is replaced as the alpha crypto, but that's not the scenario you're talking about.
The alt analogy is so stupid is almost not worth to answer on it.
If anything alts are making Bitcoin more scarce than it would usually be. More alts = less bitcoins on btc vs usd market = higher price than it would be otherwise.
There are thousands and thousands of bitcoins tied to alts trading as you can not buy most of them without buying Bitcoin first.