[Jsarokin]

I'd argue that Altcoins can definitely become a store of value regardless of Bitcoins network effect.

Check out http://ripple.com - they pretty much solve this problem, although its VERY beta. Expect really cool things from them in ~6 months.

Ripple is fiat agnostic and allows seamless conversion between currencies. This means I can buy something in Yen and you can receive payment in LTC. Amazing system if it gets up and running.

[codehalo]

Ripple is a premined, centralized system. You have to depend on the creators benevolence for coins.

[simlevesque]

I use it everyday to send money to people around me, it is lightning fast and mostly reliable.