31 Dec '13, 2am

Bitcoin As An Alternative Currency? - Libertarian Vs Pragmatist

So far I have ignored Bitcoin as a store of value, but the proponents of Bitcoin as a store of value/speculation crucially need Bitcoin to be unique and have strong barriers to entry, despite the replicability of the technology. If it turns out that investors/miners will arbitrage between Bitcoin and other mined alternative currencies, the outcome will be that there are many perfect or near perfect substitutes for Bitcoin, and the effective supply will be much larger than would be suggested by the gradually increasing and ultimately capped supply of the original Bitcoin. This will mean that valuations will be very fragile because in the long-term there will be no ability to limit the supply of Bitcoin lookalikes ... unless some subset of Bitcoin-like currencies gain government/central bank endorsement which gives them an advantage over non-endorsed Bitcoin-like currencies.

Full article: http://www.zerohedge.com/news/2013-12-30/bitcoin-alternat...

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