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Quote:

Originally Posted by JoshGirls Josh (Post 19553739)

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.

Thats all fine and well in the real world with tangible goods when you have to deal with real world obstacles like production, distribution, expensive marketing efforts and so on. "First to market" online has also typically meant "first to die" as well. Where are all the "first to market" products online? The first social network? The first search engine? The first browser? The first billing companies? etc. "Trust" and product loyalty play a very diminished role online when anything and everything, including the opinions of mobs (and consequently, actions) and alternative products are a click away.

You can use examples of Ebay or Amazon but behind the dozen obvious examples (though ebay wasn't first in the online auction space), there are millions of examples of first to market companies that are gone or were quickly rendered obsolete by a 14 yr old kid who built something better, cooler, faster and so on.

Of course you are right that products will emerge and dominate a space in the real world. There will ultimately be a number 1 and number 2 and then 30 or some number of products competing for scraps in that product space. But we aren't talking about a tangible good a meeting a real need. Bitcoins aren't solving a real world problem. Bitcoins are a revolt against "the man". Bitcoins are a perceived solution to a perceived problem.

At the end of it all, what makes one currency preferred over another? One word...stability. That again is something that can change in milliseconds online as its fickle perceptions and beliefs of the mob that determine the stability of a currency.

Quote:

Originally Posted by PornMD (Post 19553790)

Collapse simply doesn't happen to normal currencies - maybe 3rd world ones like Zimbabwean dollars, which now are at least useful as toilet paper. When bitcoins are worthless, you can't even wipe your ass with them.

Quote:

Originally Posted by TheSquealer (Post 19553971)

At the end of it all, what makes one currency preferred over another? One word...stability. That again is something that can change in milliseconds online as its fickle perceptions and beliefs of the mob that determine the stability of a currency.

thoughts on cyprus? currencies can hit the fan these days. according to officials, the dollar was going to collapse if we didn't jam a few trillion newly minted ones into the system and fast back in 2008.

nevertheless, btc has a $billion dollar market cap, that's nothing. heck, visa prolly transacted a $billion in the time it takes me to write this sentence. a billion is cool to 20 year old internet dudes, a billion can and has been wiped off the record books in seconds, in the virtual world and the real world

certainly btc is still very tiny in contrast to the system and obviously a very risky proposition. but anything can collapse/needs stability to survive, i totally agree.

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