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Comment Re:Self Serving Story? (Score 3, Insightful) 267

He does have a point though, and I don't understand why people haven't seen it before.

If you create a currency that is backed by nothing but knowing a very large number, then you can back a infinitely large number of currencies by an infinitely large number of different large numbers (or even the same large numbers). That means that there are inherently infinitely many alt coins out there, and these things are inherently worthless.

It's not really that alt coins destroy bitcoin's credibility, it's that bitcoin itself has no credibility in the first place, and neither do these alt coins.

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