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    Author Topic: Bitcoins are experimental beta software. It will be replaced.  (Read 4851 times)

    • cbeast
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    September 21, 2012, 12:51:51 PM
     #41
    I think there must be a new "Bitcoin 2.0" thread every couple of months. Fact is, there are already several alternate cryptocurrencies to enjoy and many in development. Find the one you like and support it.
    Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.

  • paulie_w
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    September 21, 2012, 01:15:51 PM
     #42
    @Desolator

    here again you start ranting and raving without either of the following things:

    - the slightest technical competency
    - having read any of the documentation

    ...which is AWESOME, keep it up bro!

  • Desolator
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    September 25, 2012, 03:34:57 AM
     #43
    Quote from: paulie_w on September 21, 2012, 01:15:51 PM
    @Desolator

    here again you start ranting and raving without either of the following things:

    - the slightest technical competency
    - having read any of the documentation

    ...which is AWESOME, keep it up bro!

    You must have missed the part where I'm right so feel free to shut the fuck up, you clueless moron.  I know more than 99% of the people here.  I have 1 degree in web design and web programming and the other in .NET software programming.  Oh yeah, and I'm head IT manager at a medium sized company part time and own my own repair and custom builds company the rest of the time.  And what do you do...at McDonalds?

    I don't read every last little thing about the bitcoin protocol and software because I'm busy doing work at work. But I was correct in that a small group of people can randomly change "the protocol" because it doesn't really exist.  This isn't some protocol that hard wired into hardware.

  • dissipate
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    September 25, 2012, 06:19:19 AM
     #44
    Quote from: Etlase2 on September 21, 2012, 12:41:48 PM
    Quote from: dissipate on September 21, 2012, 09:51:53 AM
    Bitcoin is not just software. Bitcoin happens to be a protocol, and as it becomes more popular and entrenched as the de facto cryptocurrency, it will be near impossible to replace it with a new cryptocurrency. It's called the network effect. If people can't be bothered to try a different social network than Facebook, they sure as heck are not going to be bothered to switch to a new cryptocurrency (and certainly not on a whim).

    Because facebook was the first social network Roll Eyes



    No, it wasn't, but my point still stands. The OP has completely neglected the Network Effect. Yes, there could be technologically superior cryptocurrencies created, and there is indeed still a window of opportunity for such a cryptocurrency to displace Bitcoin, but that window is probably closing fairly rapidly. The OP makes it sound as if immediately upon the arrival of a technologically superior cryptocurrency, Bitcoin will be toast. Sorry, the real world doesn't work like that.

  • Desolator
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    September 25, 2012, 06:44:31 PM
     #45
    Quote from: stan.distortion on September 25, 2012, 06:39:23 AM
    True, change takes time. As a side note, there will be attempts to divide and conquer bitcoin using competing currencies. Be wary of any competitor using any kind of centralised components.
    before I sold my rig and took a multi-month break from BTC, there were like 10 competing currencies.  I can't imagine what fresh hell it's been dragged into since then.  There was some kind of coin related to DNS which to this day makes 0 sense to me despite reading everything about it on a wiki.  Then that one mining pool made their own and it crashed in like 3 weeks.  Now I hear references to lightcoin and some other coin and all this other crap.  So I think we're already there, lol.

    Seriously, people! Stop damaging bitcoin by trying to get in on the bottom of a new currency.  That's dishonest and totally BS.  They're taking away focus and mining and making us look like idiots as they all fail.

  • dissipate
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    September 25, 2012, 06:54:29 PM
     #46
    Quote from: Desolator on September 25, 2012, 06:44:31 PM
    Quote from: stan.distortion on September 25, 2012, 06:39:23 AM
    True, change takes time. As a side note, there will be attempts to divide and conquer bitcoin using competing currencies. Be wary of any competitor using any kind of centralised components.
    before I sold my rig and took a multi-month break from BTC, there were like 10 competing currencies.  I can't imagine what fresh hell it's been dragged into since then.  There was some kind of coin related to DNS which to this day makes 0 sense to me despite reading everything about it on a wiki.  Then that one mining pool made their own and it crashed in like 3 weeks.  Now I hear references to lightcoin and some other coin and all this other crap.  So I think we're already there, lol.

    Seriously, people! Stop damaging bitcoin by trying to get in on the bottom of a new currency.  That's dishonest and totally BS.  They're taking away focus and mining and making us look like idiots as they all fail.

    A lot of those spinoff cryptocurrencies seem to be targeted at miners who want to get in early and mine a ton of coins. Of course, the economic reality of that situation is that their coins will be worthless if there is no actual demand for them (speculative or otherwise). In my opinion, the best chance for a competing P2P cryptocurrency would be one that was backed by a corporation with significant resources that could hire full time developers. They could open source the cryptocurrency and bake it into their products and allow it to be redeemed for such products/services. If the currency was popular enough, exchanges and secondary markets for it would pop up (as what happened with SLLs). What is not clear to me is what exactly the business model for this scheme would be, however.

  • markm
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    September 25, 2012, 06:55:09 PM
     #47
    Most of them are not taking away mining but, rather, adding more side-rewards for miners, since they can be merged-mined right alongside bitcoin. So they are extra little perks like when you happen upon a bunch of other minerals or metals while mining a mineral or metal.

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  • jgarzik
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    September 25, 2012, 07:24:14 PM
     #48
    Quote from: markm on September 25, 2012, 06:55:09 PM
    Most of them are not taking away mining but, rather, adding more side-rewards for miners, since they can be merged-mined right alongside bitcoin. So they are extra little perks like when you happen upon a bunch of other minerals or metals while mining a mineral or metal.

    Correct.  Once the initial merged mining pool server setup is created and tested, it is very easy to add new merge-mined alt-chains.  Pool users get extra rewards, with no extra work on their own part.

    This does not detract from the earlier poster's point that alt-chains are generally worthless or scammy or both.
    Jeff Garzik, Bloq CEO, former bitcoin core dev team; opinions are my own.
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