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By the way, I forgot to mention another point. All these new crypto currencies are actually good for bitcoin, and they actually helped increasing bitcoin prices.
For example, lets say I have 10,000 peercoin (mined or bought) and I want to exchange them for US dollars. The simplest (and most secure) way to do that is by selling them for bitcoin and THEN exchanging bitcoin for US dollars on say a site like coinbase.
I believe these new currencies have played a major role in increasing bitcoin prices in the past 6 months (more than China)
I say bring on more alt currencies. More is good. Once you mine them, how are you going to sell them for fiat currencies? By exchanging them for bitcoin first, of course.
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