Wow, this is probably the most ignorant thing I've read in a while:<p>"<i>Let’s say it costs the QuitCoin company $50 in per unit marketing costs for each arbitrage of this nature. (Alternatively you can think of that sum as representing the natural monopoly reserve currency advantage of BitCoin.) In that case both the company and the buyers of QuitCoin are better off at the initial transfer price of $400 and people will prefer that new medium. Over time the price of BitCoin will have to fall to about $450 in response to competition.</i>"<p>First, BitCoin (and pretty much any other crypto currency) is not a company. It doesn't have to market anything and there is no bank-like entity necessary to drive it. I'm not sure why that's so difficult to understand, but it seems to be an issue.<p>However, the biggest WTF here is the idea that the "cheaper" currency will win out. That's the reason behind someone arguing you should, say, only buy Rubles and never Dollars: because they're so much cheaper!<p>Now don't get me wrong, BTC may well (and did) go down and up again dramatically during its time, but the argument here is ridiculous to the point of being indistinguishable from satire.