Quote from: Reatim on May 25, 2024, 11:40:11 PM

Quote from: virtual_enthusiasm on May 25, 2024, 11:19:01 PM

And why it's impossible to copy bitcoin's proof of work, meaning that only bitcoin's proof of work is valid:

To say that bitcoin’s mechanism is the only valid one is wrong. There are other coins that are built on pow mechanism but just with different algorithms. It doesn’t mean theirs are automatically invalid.

Every coin that is coming to the market now has a regulatory body. so they can change their price and mint according to the token or coin supply. And it does it under one of the chains or depending on its own mainnet. However, it is not possible to copy Bitcoin using Bitcoin's algorithm or any other mechanism.

Quote from: Reatim on May 25, 2024, 11:40:11 PM

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If many people wanted to buy another PoW coin instead of Bitcoin, the price of Bitcoin would rise, meaning it would generate more profit, which would make people buy only Bitcoin. Therefore, it is not possible for people to buy another
proof of work coin instead of Bitcoin because this would make Bitcoin's price increase generating more profit, which would prevent competition.
In a normal company, competition forces companies to lower prices. In Bitcoin, the logic is inverse, it raises the price and prevents competition from emerging, which makes proof of work impossible to copy.

I’m confused. Bitcoin is not a company and does not have a group of people to decide whether they should lower or higher the price based on competition. Its price depends on the demand. If people’s attention shifts from bitcoin to other coins, then those coins’ price will hike up. Unless people who have invested in bitcoin start selling their coins, it’s not gonna do anything to the price. I don’t know how you think it’s going to work if people started buying other coins. People can allocate their money into different and multiple coins.

In every case when people like and hold a thing more and if its supply is fixed then the demand of that thing increases a lot and if the demand increases then a big hype is created on it in the market. the same goes for Bitcoin. Its supply is fixed and very less and it has gained a lot of people's trust due to which its demand in the market is very high and due to this the price of Bitcoin is increasing day by day. Since its supply cannot be increased and new users are attracted to Bitcoin day by day, the price of Bitcoin will increase more in the future.