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Why there won't be a proliferation of Bitcoin-like currencies

A common objection to Bitcoin is that someone could introduce Bitcoin-2, Bitcoin-3, etc., rendering the 21-million hard limit on coin issuance meaningless. But this does not actually pan out.

Sen Smith

on 16 February 2013

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Transcript of Why there won't be a proliferation of Bitcoin-like currencies

A mythical currency that scores 100% on all the characteristics that would make an ideal currency Room for competitors to Bitcoin - Scarce
- Unforgeable
- 4 years of history
- etc. - blah
- blah
- blah...
- No history! A competitor to Bitcoin would not only have to be clearly superior, but also superior enough to make up for its lack of history.

How valuable is Bitcoin's history of reliability, in terms of its suitability as a currency? If it's larger than the space between Bitcoin and ideal, then competition with Bitcoin is currently impossible.

In any case, there have been no significant competitors, and if one should appear, it will only succeed if it is in fact clearly superior. Then the margin for besting the new currency will be even smaller. Therefore there will be no endless proliferation of cryptocurrencies.
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