Comment: Problem with the argument

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Problem with the argument

I see he is saying that competitors could spring up and do the same thing and thus devalue BitCoin... well so could a competitor to Facebook or Twitter... the code for those sites would be simple to even recreate from scratch... how many people would use the new copy though? People continue to use somehting because everyone else is using it. Just like EBay... as a programmer, I could easily recreate a website that does exactly what EBay does... maybe even better... but how many people would switch over?

I think if people are trading in BitCoins then any new competing currencies would have a hard time getting traction, as it is the name itself that is the value... just like the voluntary life-tracking system known as facebook.com