Bitcoins

csm888

MrHarris wrote: »

It was only a matter of time before Mad Max added his own new currency to the crypto supply. Even though each different currency is limited in supply there is no limit to the amount of new competing curries added to the supply.

I can fork the Linux Operating System and release many new versions each with their own name and tweaked user interface. But nobody really cares because it doesn't add anything of note.
This is how I feel about the new Alt Currencies that are being created.

MrHarris

csm888 wrote: »

I can fork the Linux Operating System and release many new versions each with their own name and tweaked user interface. But nobody really cares because it doesn't add anything of note.
This is how I feel about the new Alt Currencies that are being created.

this is how I feel about all unbacked currencies.

Now Russia bans crypto

watch?v=uPPhieBtzaU

MrHarris

This Maxcoin is a mockery of crypto currencies and now less people will take any unbacked currency less seriously.

ShAnE

dryhat wrote: »

Maxcoin is the new kid on the block.... and is the place to be at the moment if you're into day-trading cryptocurrencies.

Since you posted that comment Maxcoin has dropped from £17.00 a coin to £2 a coin. Hope nobody jumped on that bandwagon.

puk999

Haven't you heard? Maxcoin is so last week. Puk999coin is where the smart money is going now.

dryhat

ShAnE wrote: »

Since you posted that comment Maxcoin has dropped from £17.00 a coin to £2 a coin. Hope nobody jumped on that bandwagon.

The price is irrelevant when day-trading.

Movements are all that matters.

The-Joker

Why is bitcoin suppossed to be valued so much higher than maxcoin or Puk999coin?

They are all unbacked and have integral value of zero!

csm888

dryhat wrote: »

The price is irrelevant when day-trading.

Movements are all that matters.

That would be true if you could short MaxCoin, but all you can do is sell your holding and buy back more coins valued at the same amount in $/
This doesn't really help you if the coin continues to slide, but if you catch the bull trap on the way down you may increase you $ value a little.

csm888

The-Joker wrote: »

Why is bitcoin suppossed to be valued so much higher than maxcoin or Puk999coin?

They are all unbacked and have integral value of zero!

All values are defined by what people are prepared to pay.
(Does gold really have an integral value? all value is subjective)
If you disagree please define what you mean by integral (or intrinsic, which is another often used word in this type of argument)
Intangibile/virtual goods such as intellectual property are widely accepted to have value.


The value of Bitcoin is related to the size and value if its infrastructure - this includes software development time and cost of mining hardware and hash rate and runs to hundreds of millions of dollars, (possible billions). Its popularity and market share also clearly gives it value.

Simply, these features of Bitcoin give it more value than any other coin. (as others in comparison have little infrastructure and few users).

puk999

csm888 wrote: »

(Does gold really have an integral value? all value is subjective)

Gold is a finite resource. While I agree that the price is subjective and it's all speculation, there are a finite number of atoms of gold available.

From what I understand about Bitcoins, they're also finite. It gets progressively harder to mine them. However, one can "magic" into existence another cryptocurrency with a few clicks of a mouse. The number of possible cryptocurrencies is infinite.

The same cannot be done in the physical world as the number of elements is finite and most of them are useless for a currency basis. Gold and silver are the incumbents.