Quote:
Originally Posted by TheSquealer
How will that momentum be "maintained" when 1000 other people start 10,000 similar currencies? What is the value of bitcoins when there are 10,000 similar currencies? What is the value of a bitcoin when its realized that anyone can just randomly wake up and start a currency using open source software and people are doing it daily? What is the value of a bitcoin going to be when millions of people lose money on similar currencies?
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Quote:
Originally Posted by TheSquealer
If you live in Alaska, you have no problem spending Canadian change because everyone has faith that others will accept a Canadian quarter as .25 for US debts. If you live in Washington state, say in Bellingham Washington you will quickly find that people will not accept Canadian change as payment as there is no faith that others will accept it in kind once it is in your possession. This is true all over the world where tourist areas will accept foreign currencies where outside those tourist areas, they won't. They have no faith that others in those regions will accept those currencies.
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LOL how you answered your own question with your own post on a related topic. Bitcoin has the advantage of what business class calls "first to market" advantage...all this recent publicity puts bitcoin's brand name ahead of the 10,000 other cryptocurrencies. As a result bitcoin could earn the trust of merchants & customers, to where the other 10000 currencies would not be accepted, exactly like your canadian currency example.