Alternate Bitcoin?

[lightbulb27]

What is to stop someone from creation a total copy of bitcoin.. thus diminishing it's value? Bitcoin is capped at 21 million coins.

But there is nothing stopping someone from creating say Bitcoin2.0... and startin over from scratch. And 3.0 and 4.0... and thus, the number of coins is infinity!

There's lots of crypt curencies and many attempt to fine tune the algorithm in some manner. But seems to me... copying bitcoin... is easy to do...

[Nik1hil]

NOT POSSIBLE, dude..

1) Bitcoin mining goes from 21 million to Zero in reverse.. so you really cannot mine a hash with all zero.

2) bitcoin gets its double-edged sword behavior not from its technical aspect but from its economic principles in its ecosystem.

below are some excerpts from the book that will help you

The deflationary nature of Bitcoin- Makes the lost Bitcoins a double-edged sword. Where the stored electrical energy is termed as currency, with the nature of an appreciating asset.
- is permanently stored in the form of dormant Bitcoins in dormant wallets.
- is growing in value scaling into a larger and stronger cemented market cap for Bitcoin.

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. "Even though Bitcoins are lost. The value stored in them does not suddenly vanish, it persists!" So, In a way, every lost bitcoin is a value permanently added to the network. It mimics the behavior of sacrifice, a permanent fusion to the network. Since the value any individual lost. Became infinitely divisible and got equally distributed. Among the current remaining holders. Of accessible bitcoins in the network i. e. circulating supply of Bitcoins. And we all know, a person who sacrifices, is considered a hero. So, from this point forward. I need you to have a vision different than the normal (normies) people. Do not look at the people who have lost Bitcoin access or keys as fools. Those who lost their hard drives and pen drives with Bitcoins as fools. They are the real foolish heroes who sacrificed. A significant number of bitcoins, to build this economic loop of Dormant money. That makes the Bitcoin network, "INDELIABLE in its ESSENCE".

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due to the inability of banks. To retain these inactive funds nestled within dormant accounts. They are denied this potential supremacy. The opportunity to burgeon into an institution of limitless potency.

Imagine this: what if I were to reveal to you that BITCOIN POSSESSES THIS EXCEPTIONAL POTENCY? This, my friends, is the very rationale underlying my conviction that "BITCOIN'S VIABILITY IS INDELIBLE."

This is precisely the reason, I think "BITCOIN WILL NEVER DIE".

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It is essence of it all.

[DJB72]

Non tangible assets are never going to be as safe as physical assets. Why do you think Bill Gates & co are buying up farmland? It's more secure than a bank account.

The only REAL security is if you have land where you can grow your own food and a safe water supply. There's zero long term security in a bank account.

[lightbulb27]

agree with that. all this other stuff is fake representations of value. I see no real value in a bitcoin anymore than a Roman Dinar. ... the wooden ones.

But still, if you hold bitcoins... the govt doesn't tax and confiscate them. farmland is taxed and thus confiscated... he better be producing something off that land.

Smart people buy real stuff...

[DJB72]

A genuine wooden Dinar would be worth a fortune now but I get your point.

I'm looking into moving off grid and growing my own food - including red meat. Restore the soil by working it with horses ideally.

[lightbulb27]

Its a good plan. I know others that done same. Hard life but good for you.

[DJB72]

Easier life than having to use the WEF currency to buy insects as food.

Bee hives, goats, horses, chickens, ducks and no tax because no financial income 😎

[Unit1]

The bitcoin copycats have not yet overthrown bitcoin. By now I think there would be at least some signs of revolution like Firefox did with Internet Explorer. If not now, then down the line it's still gonna be a "maybe" we have yet to discover and how to make bitcoin even better.

I mean never say never but it seems bitcoin is the most "original" form of cryptocurrency.

[lightbulb27]

correct me if I'm wrong. we could copy the code and algorithm. Start a new bitcoin exactly like this one, just on a different network. exact same thing. right? the only thing unique about bitcoin is the name. right?

[Unit1]

It was also the first one. Naturally that first one is likely to retain its position as number one. There is no incentive to switch over a copycat. Remember humans are lazy creatures. They still use Google Chrome.

[jahaims]

Basically because it was first it will have the most nodes and miners which adds to its value. If you don't understand crypto well think about it like this. You have two identical cars/drivers in a race, but one car got a head start. You will never be able to catch up to the other car due to that head start.

[molonski2]

I'm with Warren Buffet on any form of Bitcoin , completely worthless concept , its simply not as asset class , don't touch any of it , not an asset.

[NathanDavis]

go ahead and do it... simple