Quote:
Originally Posted by DVTimes
thus when everybody in the world is running a currency, bitcoin will become no value.
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(1) This is true, but bitcoin remains valuable because merchants can convert them instantly (and easily) into fiat currency (third party support, like coinbase, bitpay). This is the hardest (and for vast majority of bitcoin copycats) impossible obstacle to overcome.
(2) Bitcoin has brand name recognition now. It's like there are millions of porn site, but only very few with brand name recognition make decent money.
(3) Vast majority of alt currency will have very hard time gaining recognition/acceptance as long as bitcoin is functional (litecoin and peercoin might have a chance). Most new crypto currency will die out within year.
(4) Lastly, it's irrelevant if bitcoin fail now (they won't) as I already made tons of money last November. They were selling for $15 when I bought them, so unless they drop back to $15, I am not losing sleep over price fluctuations.