The value in Bitcoin is the network and the people joining in. Try to start another bitcoin-like network, you will know it is not easy to set up an alternative.

The value in Bitcoin is the network and the people joining in. Try to start another bitcoin-like network, you will know it is not easy to set up an alternative. I do think Bitcoin has a deflation problem that coin holders has no incentive to spend. And if the transaction volume goes up in future, the rewards for those new nodes may not be able to justify the cost unless you have a way to "rob" those early holders, or to force them spend before they die.