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> 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 w
by 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.