Mike4 wrote:May I ask a question? (I noticed someone else in the thread suggesting people should do their research before posting in this thread but threads like this ARE my research.) Bitcoin may be becoming scarce but what is the force or motivation preventing the Bitcoin project being copied or replicated in every way by someone to compete directly with Bitcoin? Then there would be twice as many available.
I realise this must be a really naïve question but I"ve yet to see it addressed in anything I've read about Bitcoin.
Thanks...
Well in theory there is nothing to prevent anyone creating a exact clone copy, and maintaining it so that it continues to be identical. For some reason this hasn't happened.
What has happened is that at least one clone (fork), with slight differences has been created (Bitcoin cash). It's not hugely popular.
Many others have been deliberately created with significant differences. I think that there are supposed to be about 2700 of them.
I understand that it's not that difficult to create such examples, often with some joke behind it, though sometimes with a genuine attempt to offer some advantages. Others look like Ponzi schemes or scams and at least one was in fact NOT created, which was the scam.
Now here is a question, how should we view such radically different things from bitcoin.
Do you know of LETS (Local Exchange Trading Schemes). They predate crypto and are all about encouraging local trade. Why mention them? Well what of MiamiCoin? Would you argue that it relates either to $'s or Bitcoin?
https://www.washingtonpost.com/technolo ... miamicoin/I regard these alternatives as distinct and see value in one particular crypto (Bitcoin). I am not saying that in the future I may not view other crypto as having a value, just that I like Bitcoin.
You ask what prevents alternative crypto to the original Bitcoin being created. The answer is nothing PREVENTS this. However there does have to be some advantage in doing so. Not just for the people who create it but for those who want to use/own it.
At this point the answer that some will give is that those creating new crypto are dubious characters and those who buy it are foolish speculators.
It's certainly true that many examples bare little comparison to that of a secretive individual who published an idea, worked at getting it understood and adopted, then vanished without any benefit that could be traced back to identify them.