1/ Other than enriching their founders, I suspect the biggest reason for creation of altcoins and ICOs is that many don't like the economics behind Bitcoin. That is, they disagree with the Austrian view of sound money.
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2/ Instead, many want to try a different economic system with less stringent rules than Bitcoin. Such as a benevolent king that decides on the money supply.
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3/ I suspect this is also why many simply don't like Bitcoin. Not because they don't think it'll work, but because they don't *want* it to work. That would invalidate the world view that they have.
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4/ Ethereum, for example, looks a lot more Monetarist, leaving the question of future supply unknown. They don't even call their stuff "money" but more "oil", implying that it's supposed to be used in computation.
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5/ The political view, in other words, is stopping people from participating in what would otherwise be economic curiosity. This may be a case where your politics literally costs you money.
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6/ Which brings up the question, are people willing to forego monetary gains to keep their beliefs? If so, Bitcoin adoption may take longer than I thought. There may be a minority that simply refuse to use it on principle.
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7/ When will economic reality force such people to adopt something they really don't like? I'm honestly curious. It's easy to say they'll be hypocrites and switch quickly, but I'm not so sure. Perhaps that's why ICOs and altcoins continue to have value.
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8/ They are very much alternatives for people that want a different economic system. How will competition affect things, if, say, each coin had a different set of economic axioms to start with?
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9/ This is one of the best parts of being in this community. We get to find out questions to macro-economic questions that have been debated a long time. /fin
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Replying to @jimmysong
From what I've seen, altcoin teams conspicuously avoid any discussion of monetary economics, never mind refer to any axioms.
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Precisely because all of them aren’t even remotely ‘Sound Money’. They know they fail against Bitcoin in that regard so they are forced to focus on ‘utility’. Silly games. Silly prizes.
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