What I can’t get my head around is the value of any cryptocurrency when there’s the potential for unlimited issuance of competing cryptocurrencies. Bitcoin is limited and many others are too however over time there could be tens of thousands of such currencies. All could be convertible into country currencies so arbitrage should bring them all to values reflecting a few core factors (maybe: breadth of acceptance, supply limits, growth, etc). Nonetheless like platinum, gold, silver the market participants will substitute one for the other in different market conditions. This I feel caps the potential of any of them to rise or fall too far making them all somewhat range bound. None though are backed by anything and there are few promises on convertibility (into gold, goods, services, country IOUs...)
I guess I have a lot to learn. :-)
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