Today BTC is at an all-time low in terms of market dominance (36-37%). Certainly much of this has to do with the introduction of a burgeoning ecosystem of great (and not-so-great) altcoins, my favorite of which is Steem. But my intuition is also telling me that BTC is facing something that, to me, certainly feels like a version of over-printing: the introduction of a number of BTC "forks" (BTC Cash, BTC Supreme, BTC Gold, Original Rays, Rays Original....if you're from Manhattan you got the joke of the last two in that list). I have zero technical knowledge, but these forks feel like mere cut-and-pastes of the original BTC source code with a new label and maybe a few sprinkles on top. If BTC was supposed to be our digital version of Gold2.0, then these forks surly feel like every alchemist on Earth learned how to slap 9 protons onto lead and increase the global gold supply.
I do not believe the recent drop in BTC is unconnected to the forking phenomenon. As evidence, let's take a look at the interplay between BTC and BTC Cash. On Dec 17 BTC Cash was ~$1800 and it soared to ~$2900 on Dec 22. Let's see how BTC did in that same time frame: Dec 17 is was close to it's all time high of ~$19,300, dropping to ~$12,700 on Dec 22. I do not think it is a coincident that BTC Cash was introduced on Coinbase during this time period. And if the correlation is not mere coincidence, then it may be evidence that BTC forks have a zero-sum relationship with my beloved BTC's value.
My dear Steemit friends. I pose to you the following questions:
Are my assumptions and characterizations sound? Have I unwittingly set up a straw-man argument against BTC's claim to scarcity?
Do any of you feel that BTC's value is imperiled by the possibility of infinite "cut-and-pastes" of the BTC source code?
Is it possible to create a crypto-currency, similar to BTC, that can never be "cut-and-pasted" by other parties? And if so, what would the mechanism be? A patent? A secret source-code that users can't access, can't see, and can't solve?
I look forward to your thoughts and insights.