341 sats \ 15 replies \ @Turdinthepunchbowl 24 Mar \ on: What's to stop competing coins bitcoin_beginners
Simple answer is nothing is stopping this from happening. However, people severely under estimate the first mover advantage of BTC. The idea that there is no figure head in charge, its true decentralization. The creator has been absent and hasn't touched its fortune in over a decade. There is security in that, which given how all other alt-coins have turned out it would be extremely difficult for people to put trust and belief in this new coin. Especially after all the capital and investments that have been made into BTC. I believe there is no way an anon creator would ever be trusted today.
also, Bytecoin has existed since 2014.
https://www.coingecko.com/en/coins/bytecoin
HA! Of course it has. You make some good points. Thanks for your reply.
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This question was what kept me from getting into bitcoin until somewhat recently. First mover advantage allowed bitcoin to build network effects that make it much more valuable than a new clone would be.
At this point, the new coin would have to have major advantages that bitcoin is unable to incorporate.
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Gotcha. That makes sense. Luckily it didn't keep me from getting in but it has started to worry me a bit the more I think on things.
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It prevented me from solely accumulating BTC until it clicked. Sold all the alts and haven't touched them since.
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I still have some alts but plan to sell them after the next pump.
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To each their own, I wish you best of luck. Just know it may never happen, I recall 2018/2019 winter where all the coins (Dash/LTC/Zcash and many more) all bled and never recovered both in USD terms and have lost dramatically against BTC. Even ETH hasn't kept pace. Alts tend to syphon users BTC away and create bag holders.
I'm not going to chastise you like others here may, I don't know your holdings/goals, but time spent around this industry tends to bring people back to the king.
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Well I appreciate you not chastising me. I do understand it's a risk but one I'm comfortable with.
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No guarantee those alts outperform bitcoin, or that you'll time the trade right if they do :)
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That's true but I'd say there's not much guarantee on anything.
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To each their own I guess
I heard Bytecoin is 8 times better. 😂
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🤣
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Especially after all the capital and investments that have been made into BTC. I believe there is no way an anon creator would ever be trusted today.
Satoshi was not blindly trusted, people read the code themselves and decided to run it. If a new anon creator offers something interesting, especially if that be tech orders of magnitude better than Bitcoin while being just and decentralized, people will adopt that tech, especially if they could not incorporate such tech within Bitcoin.
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Interesting. Okay, I'm going to have to do some more research I guess.
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