Cool, I look forward to the results of the experiment.
Here's a thread from several months ago with a slightly different spin on why any altcoin will be outcompeted by a clone which uses the bitcoin blockchain:
https://bt.irlbtc.com/view/367885.0;allThe short version is that the smartest devs and the most influential people in the cryptocurrency space are heavily invested in the bitcoin blockchain. They are also self-interested, and will prefer that altcoin-clones based on the bitcoin blockchain succeed rather than the original altcoin.
Thanks for the link. Indeed, bitcoin's shared ledger is where the value is stored. As long as we agree on the accuracy of this ledger, the value will be preserved.
I appreciate the depth of what this entails more each month.
Think of it this way. Imagine the US government proposed replacing "greenbacks" with "orangebacks." If they just swapped them out, one for one, there would be little to no objection, and the new currency would rapidly be widely accepted.
If, instead, they tried to come up with some new "fairer" distribution scheme for the "orangebacks" there would be a huge battle over it, and even the proposal were somehow adopted, it isn't clear whether "orangebacks" would ever be accepted.
you're exactly right.
the only way to do the distribution is to adhere to Peter's proposal of distributing the altclone in proportion to the Bitcoin blockchain on an agreed upon date in the future. one of the main goals of this brilliant strategy is to make the
entire Bitcoin community comfortable with the project by only having to focus on the potential innovation of the altclone.
and that includes Satoshi. to presume he's dead or lost all his keys is stupid. to presume he'll dominate every market is incorrect. he'll just have the same % of what we all have already.
we want maximum support of the Bitcoin community based on the distribution of the current blockchain. if for say, Peter decided to take half of Satoshi's portion as a bounty for his efforts that would immediately introduce an unhappy response from some Bitcoiners who would then not support the whole concept by calling it unfair. we want
all Bitcoiners to relax and fully support the altclone and not feel threatened by it taking over. to Peter's credit, he ignored a suggestion in my gold thread about him doing just that; taking half for himself as some kind of payment.
let's hope he adheres to that.