I love Bitcoin, but the idea that we should only have one crypto is the opposite of decentralization. It's like saying we should only have one company doing business in the world just because it does it well. Alts will continue to have their place, whether you like it or not.
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No one is saying they are. That's why "it's like" was used, figure of speech. Bitcoin however could be considered a product as the definition of product means it's a thing resulting from an action or process.
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Money in the *free market* tends towards winner-take-all. Gold was *the* global money at the peak of the Gold Standard in the late 1880s. One money eliminates frictions in commerce and maximizes liquidity and saleability for as many people as possible.
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Idealism. Doesn't mean it'll happen as currently we do have multiple fiat currencies around the world. But I'm also saying there will be other usecases, not just the one of a global currency or store of value. And if anything, competition could even help adding strength to BTC
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Fiat currencies don’t exist in a “free market”. They are local monopolies backed by legal tender laws, state decrees, debt extinguishing laws, violence and other monopolistic provisions...
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That's actually a very good point that no one managed to bring before, nice one. But let me ask you, even if most money tends towards winner-take-all in a free market, does that invalidate having competition til a winner is decided? Or even afterwards as the winner could change?
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Not to mention, does it also invalidate every other usecase possible with the blockchain tech as well? I don't think so.
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To answer your first question, current BTC competitors are much, much weaker in terms of security, decentralization, cost of running a full node, credibility of monetary policy, existing ecosystem / monetary network effects, liquidity:pic.twitter.com/9PdSZ73JNd
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I didn't ask you how strong they were, I asked you if they were invalid, if there isn't place for competitors.
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