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For the value of bitcoins to go up the world at large has to have a reason to leave conventional currencies and jump to it. When bitcoins become rare why won't
by akkartik 16y ago
For the value of bitcoins to go up the world at large has to have a reason to leave conventional currencies and jump to it.
When bitcoins become rare why won't someone else start a new bitcoin2? I think there's an asymptotic max price that can't be crossed.
- Unseelie 16y agostarting a new bitcoin is the best way to deflate bitcoins that I've encountered so far. What do you suspect the max price would be?
- akkartik 16y agoI don't know. The breakeven point would be where others start to jump in to take advantage of the high prices.
- hugh3 16y agoI've already started a bitcoin2 (actually it's called Bitcoin Prime). The rules are as follows: 1. Every string of bits that is a bitcoin is also a Bitcoin Prime. 2. Currently I own all extant Bitcoins Prime, but I'm willing to sell them. Right now I am willing to sell them at a 50% discount relative to Bitcoins, so you can get twice the Bitcoins Prime for your US dollars. You'd be an idiot to buy Bitcoin when you can buy Bitcoin Prime at half the price, right?