Comment: The whole problem with Bitcoin, to me,

(See in situ)

The whole problem with Bitcoin, to me,

is that while Bitcoins can't be copied or generated infinitely, other internet currencies that exactly duplicate the structure of Bitcoin can created ad nauseam. If two identical systems worked interchangeably alongside one another, wouldn't their values drop by half?

Without some kind of physical backing, Bitcoin is just bits and bytes, and competitors will appear. What if someone comes up with Bitcoin 2.0? 3.0? I think Bitcoin is a nice idea, and certainly has its use. However, their popularity is the source of value, and their value can be destroyed if something more convenient comes along.

To imagine the first viable internet currency will be the only, and the last, internet currency is totally without vision. Buying and holding bit coins as a store of wealth is probably unwise for this reason.

Author of Shades of Thomas Paine, a common sense blog with a Libertarian slant.

Also author of Stick it to the Man!