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> That implies that there's no artificial limit on supply of coins, either. Just fork or spin up a new blockchain if there's ever a real supply crunch for crypt

> That implies that there's no artificial limit on supply of coins, either. Just fork or spin up a new blockchain if there's ever a real supply crunch for cryptocurrency in general. I agree and this is the argument that I haven’t heard a good response to. If Bitcoin has value and utility, why shouldn’t a second chain, with the same parameters, have roughly equal value and utility? Gold is on the periodic table of elements. You can’t make another gold.

Doxin 6y ago
For the same reason that a photocopy of a dollar bill isn't worth anything. As long as you can distinguish between two things there's enough room for a value difference, even if they are functionally the same. The value in bitcoin comes from the boatloads of people trusting it enough to use in one form or another. If you spin up a bitcoin fork you'll need a lot of work to get people to believe in your fork.
- benlivengood 6y ago
  > The value in bitcoin comes from the boatloads of people trusting it enough to use in one form or another. If you spin up a bitcoin fork you'll need a lot of work to get people to believe in your fork. Sure, but the trust transfers a lot easier than to some completely different cryptocurrency because the only meaningful difference is which protocol the miners and clients accept and which block hash is the root. People trust that bitcoin has value because not many people are going to switch to a new client that e.g. accepts 10^20 bitcoin rewards to miners per block; it's in too few people's self-interest. Or, more specifically, if a group of people do want to issue 10^20 coins every block then the bitcoin protocol serves as a coordination method for them to do that with each other. Being on the first blockchain has only sentimental and inertial value.
somjeed 6y ago
Lindy effect. Sure you can copy it, but the original remains. The scarcity exists inside the network, and in a sense you cannot copy it, because the copy is just that - there is no use in copying it.
- benlivengood 6y ago
  > Lindy effect. Sure you can copy it, but the original remains. The scarcity exists inside the network, and in a sense you cannot copy it, because the copy is just that - there is no use in copying it. That's why I refer to it as a speculative bubble; everyone is betting on how much other art appreciators will pay for artsy bitcoins in the nebulous future. It's also only moderately explanatory; the original BTC client doesn't work on the current network any more, either. So what does BTC have that BCH doesn't? They share a root block.
alwillis 6y ago
Bitcoin is a scare digital asset; scarcity is why it has the value that it does. You can’t just spin up another Bitcoin blockchain and expect to have the ecosystem move that chain without sacrificing their hash power on another chain when they’re deeply invested in the original $1 trillion (and growing) chain. That’s like suggesting Apple move to a copy of the NASDAQ exchange.

Doxin 6y ago

For the same reason that a photocopy of a dollar bill isn't worth anything. As long as you can distinguish between two things there's enough room for a value difference, even if they are functionally the same. The value in bitcoin comes from the boatloads of people trusting it enough to use in one form or another. If you spin up a bitcoin fork you'll need a lot of work to get people to believe in your fork.

benlivengood 6y ago
> The value in bitcoin comes from the boatloads of people trusting it enough to use in one form or another. If you spin up a bitcoin fork you'll need a lot of work to get people to believe in your fork. Sure, but the trust transfers a lot easier than to some completely different cryptocurrency because the only meaningful difference is which protocol the miners and clients accept and which block hash is the root. People trust that bitcoin has value because not many people are going to switch to a new client that e.g. accepts 10^20 bitcoin rewards to miners per block; it's in too few people's self-interest. Or, more specifically, if a group of people do want to issue 10^20 coins every block then the bitcoin protocol serves as a coordination method for them to do that with each other. Being on the first blockchain has only sentimental and inertial value.

somjeed 6y ago

Lindy effect. Sure you can copy it, but the original remains. The scarcity exists inside the network, and in a sense you cannot copy it, because the copy is just that - there is no use in copying it.

benlivengood 6y ago
> Lindy effect. Sure you can copy it, but the original remains. The scarcity exists inside the network, and in a sense you cannot copy it, because the copy is just that - there is no use in copying it. That's why I refer to it as a speculative bubble; everyone is betting on how much other art appreciators will pay for artsy bitcoins in the nebulous future. It's also only moderately explanatory; the original BTC client doesn't work on the current network any more, either. So what does BTC have that BCH doesn't? They share a root block.

alwillis 6y ago

Bitcoin is a scare digital asset; scarcity is why it has the value that it does. You can’t just spin up another Bitcoin blockchain and expect to have the ecosystem move that chain without sacrificing their hash power on another chain when they’re deeply invested in the original $1 trillion (and growing) chain. That’s like suggesting Apple move to a copy of the NASDAQ exchange.