4 ms·
What I don’t understand about Bitcoin, is what’s to stop another organization from creating an alternative coin? Call it Botcoin, if you will. Then, you now ha
by blackrock 6y ago
What I don’t understand about Bitcoin, is what’s to stop another organization from creating an alternative coin? Call it Botcoin, if you will.
Then, you now have Bitcoin and Botcoin.
Just this week, schemers were hyping up Dogecoin. The mascot is a picture of a dog!
- Mc_Big_G 6y agoThis has already happened. Bitcoin has been forked many times. Also, there are literally thousands of cryptocurrencies. Bitcoin has the first mover advantage. Craigslist makes 100s of millions of dollars every year. Bitcoin also has huge momentum with its network of miners and now some large institutional investors. It has survived 10 years with no successful hacks or 51% attacks. The market cap is almost 700 billion, so a lot of people have a vested interest in seeing it succeed. Botcoin not so much.
- panarky 6y agoYou could also print your own paper currency and call it the Duller. It wouldn't work because few people would knowingly trade anything of value for it. As with most assets, Bitcoin has value because it has a track record of people knowingly trading things of value for it.
- blackrock 6y agoSo you’re saying that Bitcoin should create its own country. That way Bitcoin can mint it’s own sovereign currency. They should buy an island somewhere and declare it as an independent country to the UN.
- Mc_Big_G 6y agoThere's no "they". It's distributed and owned by no one. But, to your point, theoretically, it could become the world's reserve currency. ;)