Re:Bitcoin Is Near All-Time Highs and the Mainstream Doesn't...
by trixie_ on Wednesday November 25, 2020 @12:00PM
(#25211371)
You seem hung up on the altcoins and how easy it is to create new ones. That's not the hard part. The hard part is getting people to trust it, exchanges to carry it, and most importantly figuring out a way to distribute it fairly after creation. All these things together make it extremely difficult to create a new coin that people will jump to. Case in point - zillions of altcoins have existed for years while most value is still stored in the top 10 coins.
Re:Bitcoin Is Near All-Time Highs and the Mainstream Doesn't...
by jfengel on Wednesday November 25, 2020 @12:09PM
(#25211479)
I believe that altcoins are the reason people don't trust it. They don't see the difference between BTC and altcoins -- they're all altcoins.
Maybe the system will stabilize on those top 10 coins, and the others will fade out or become irrelevant. But I don't see any particular reason why they would. Most of those 10 ten coins were created in the last three years, and could easily be displaced.
BTC is the granddaddy and could yet be the foundation of a stable basis. But it has enough problems that competitors keep arising, and that makes me skeptical.
You're right that governments need to be able to deflate their currency, but I don't think that's insurmountable. There are lots of ways to design a manipulateable currency. That would make it less attractive to the people who want a gold standard, but as I said, I'm skeptical about that. While a crypto is like gold, all the cryptos are like the Zimbwean dollars.
Maybe Bitcoin will sweep those away eventually, but for the moment, the imbalance between BTC and the other cryptos makes me wary.