The Bitcoin Lottery

Re:The Bitcoin Lottery by akkartik on Tuesday May 17, 2011 @01:35PM (#2557080)

For the value of bitcoins to go up the world at large has to have a reason to leave conventional currencies and jump to it.

When bitcoins become rare why won't someone else start a new bitcoin2? I think there's an asymptotic max price that can't be crossed.

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Re:The Bitcoin Lottery by hugh3 on Tuesday May 17, 2011 @01:50PM (#2557149)

I've already started a bitcoin2 (actually it's called Bitcoin Prime).

The rules are as follows:

1. Every string of bits that is a bitcoin is also a Bitcoin Prime.

2. Currently I own all extant Bitcoins Prime, but I'm willing to sell them. Right now I am willing to sell them at a 50% discount relative to Bitcoins, so you can get twice the Bitcoins Prime for your US dollars.

You'd be an idiot to buy Bitcoin when you can buy Bitcoin Prime at half the price, right?

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Re:The Bitcoin Lottery by ryandvm on Tuesday May 17, 2011 @03:06PM (#2557449)

Do you take Bitcoin?

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Re:The Bitcoin Lottery by hugh3 on Wednesday May 18, 2011 @12:58PM (#2560769)

You should be asking if I take Bitcoin Double-Prime.

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Re:The Bitcoin Lottery by Unseelie on Tuesday May 17, 2011 @01:48PM (#2557138)

starting a new bitcoin is the best way to deflate bitcoins that I've encountered so far. What do you suspect the max price would be?

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Re:The Bitcoin Lottery by akkartik on Tuesday May 17, 2011 @01:58PM (#2557179)

I don't know. The breakeven point would be where others start to jump in to take advantage of the high prices.

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