Bitcoin Forum

What is the biggest problem that every altcoin, crypto-platform, crypto-project has no choice but to face?

What has been the best innovation of overcoming the fundamental issues?

~CfA~

may this thing that i want to say is not the biggest issue but it is one of the bigger ones right up there.

i think the issue with most of the altcoins is their usability. i mean look at bitcoin, there are a lot of places that you can spend your bitcoin and buy stuff. but this is not true about altcoins. so unless any of them can find a real world application they will continue having a hard time getting any adoption.

They lack a valid use case. Too much bullshit, invalid hype.

Even Bitcoin's use case is limited, but important (mostly the reserve currency of crypto speculation/gambling).

Bitcoin is actually not better for commerce. And it is not better for most money transfers, although it may have some advantage in some cases of money transfer.

This is precisely where I intend to make everyone's jaw drop to the floor. I will only launch projects with a valid use case. This will be very clear.

I agree.

What do u think about valid use cases as in

decentralized, blockchain-type-
(a) social platforms
(b) crowdfunding platforms
(c) music, gaming platforms
(d) academic, intelligence platforms

~CfA~

The most valid use case I think will be the one which enables all of those and more. A fundamental enabler technology. It is best if you build the legos and not all the projects. Don't try to do everything yourself in one project, because you kill the possible network effects. This is the mistake Steemit and Synereo, they tied their token to their social network. The token should be orthogonal to the ecosystem built with it.

I think the DAO was on the right track in terms of revolutionizing public funding, but they screwed up the design. Ethereum and its Turing complete permissionless smart contracts are the entirely wrong design for basing such a design on top off, because Ethereum will be littered with faulty contracts and chaos. Fork me Vitalik.

The biggest problem is centralization. Every cryptocurrency suffers from this an always will. To use its value you need to go back to fiat and those gateways are always going to be centralized.

There has been no innovation to resolve this problem as far as I'm aware of. Frankly I don't think its possible to be 100% decentralized.

I agree of course, but you need a use case to drive the adoption of this decentralized block chain, in addition to having the design for it and being able to implement it.

would u be interested in starting open Github freedom repository for anyone to contribute to such a fundamental enabler technology for the greater good of all crypto projects?

Development work and necessary contributions can be crowd-funded via blockchain tech and developed with broad participation by the equal and humble guidance of core developers and managers such as urself.

Setting up an elegant approach to "handle" decentralized cryptocurrency is very complicated.

Many projects' leaders seem to be corrupt, shady, onesided and/or more. More decentralization can help

There should not be feeling of leaders or committees in the first place with a true "fundamental enabler technology". I'm sure this will have to be built by the people with the power of the people for dramatic future application and liberation.


~CfA~

No because I don't believe great designs are accomplished by committee in open source.

I believe great refinement and ecosystems are built in open source on top of great initial designs. Satoshi didn't design his system in public. He launched after he had already designed it and coded it up. The open source took over to refine and perfect it.

But I am open to providing a Github for a launched project that meets my goals, if that ever happens.

Monero is there for anyone who wants to go slog it out to design by committee or open source. Anyone else who thinks they can gain the momentum and lead such an open source design effort is welcome to try. I was listening to the Shadow developer today explain (https://bitcointalk.org/index.php?topic=1549241.0) how these donations funded community driven projects seem to loose momentum.

Fork this - - it's ripe to work upon this fine software:
https://github.com/input-output-hk/Scorex

~CfA~

The biggest problem of every altcoin for now is centralized pools. The second is a rich holders holding 1% of total suply and more.

I can't comment on that source code base as I haven't studied it.

I think the biggest problem of altcoin is on a matter of trust. Now many altcoin sometimes disappear quickly. the market is not sure because some developers just took advantage. a lot has happened and I've pretty much experienced losses because of wrong in choosing investments for altcoin.

the biggest problem with crypto in general is most users have lost sight of the whole point. most are simply in it for the fiat.

most individual alts lack a proper community, and decent users/communities/devs are spread too thin across so many coins. most in any coin are simply there hoping to be the earlier adapter and catch the train too fiat profits and quick to move to the next flavor of the day.

I agree with you as well, looking forward to seeing what you come up with. Whatever it is, I sure hope it attracts more people into this space.

Some coins are just created for pump and dump purposes there are only a handful with usability and I'm glad that I have invested on this handful although I promoted this pump and dump and also made profit ,but their life span is really very short..

My hope is to give many businesses on the Internet a reason to adopt CC for a use case which is not possible with what currently exists, e.g. can't be done with credit card nor Paypal payments. I also hope/expect entirely new business models and businesses to spawn from a fundamental enabling technology.

I want to build businesses on top of it. Developers should create something they want to use. My most successful s/w ventures spawned from a need I had that wasn't met by existing s/w and so I created what I needed. Turned out many other people needed it also. Block chains are more exacting and challenging. There are so many potential attack vectors. This is more challenging than anything I had attempted before by myself. And a big difference is one really needs to build a community. That is new territory for me. We like to learn and challenge ourselves.

agree, but this is getting better. people are starting to accept bitcoin as payment.
i think the main problem isnt the bitcoin itself, it's just because people are skeptical with digital money.

I say being realistic about the importance + potential of world wide adoption.
With out that they are just digital pyramid scheme tokens on centralized exchanges.

If it is not used as a currency ?
Then it isn't one  ::)

Crowd mentality too !
You have no choice but to follow the crowd.
You can try and support a coin that is mined for example..
But if they crowd / majority ignores it and dives on scammy ICO shit like Waves or ETH etc
..then what ?
Your mined coin will die in obscurity and maybe get delisted and go no where.

It's always been that way but the crowd has gotten more scammy selfish greedy & stupid / self-destructive.

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EDIT:

I agree with kelsey of course as usual.
And most of you actually Miso made some good points.

I'd say the fake communities is a HUGE problem.
Having a hoard of users who bought Doge coin only to dump it for profit later..
does not make it a community.. that is a facade.
Like the ETH community charade which is purely profit driven.

You all like to just reinvent things to suit your needs.
Such as the users here redefined what FUD means.
When the actual definition is fitting and warranted ALL THE TIME !

What *was* the point ?
Finding some way to tack a "token" onto a block-chain ..for a scheme gimmick / profit ?

Or a currency that will be used as such ?

They want to be early adopters !
And don't forget Butterin admitted he dumped coins on you.. Satoshi did not.

@Shelby
sometimes your perceptions + jumping to conclusions don't add up.
The fact that something is always done a certain ways does not mean it HAS to be done that way.
There was no collective group of devs making Bitcoin on launch day ?
Of course not LOL
No one knew about the damn idea yet ahhahah
Yet you say this is like an engineering problem type thing ?
I think once again i can say your view on coding is limited.
I will tell you again i have gotten together and made big projects from scratch with other users
and some were open sourced on launch too which contradicts what you just said was "FACT"

Shelby you think you are smarter than you are sometimes.
Don't forget your *experience* is just that ..and not all encompassing.

You tend to jump to extreme conclusions based off of bits of info.
With little interest in checking of you have all the info to get the correct answer.
Like polling stats then only using 70% of the info available..
Then demanding stubbornly you have ALL the iron clad concrete answers !

My P2P and cracking experience is far more relevant than traditional coders you always talk about
yet you apparently know nothing about it..
Meaning you are as always missing a huge part of the puzzle with all your comments.
And all your comments are proclamation of some "FACTS"
..when your missing a huge amount of sample data to derive the summation.

I also think your stubborn and will not get off your ass to check what i said
You will simply plow on that you are correct with out investigating.

Shelby it's a big world out there with a lot of coders doing all kinds of things
and i am not sure how you think your the wolds authority on the issue.
..when you know only a small fraction of it.

The biggest issue with altcoins is that they do not provide any services and other marketplace for their coins when they launch it, so people only buy these coins for trading and whenever the price come to stability, people leave that currency but those altcoins which will have a good marketplace will remain in the wallets of people for longer.

Simply put the most of the alternative cryptocurrencies are fake /scam/fraud/ponzi, I don't see any future for any of them except
The first 20 coins in market.

Interesting software. The only problem is that this software is using Scala language which is new to me. :)

Which sums up the issue in totality: the biggest issue of altcoins is trust. Longevity, and motivation. Bitcoin was built with no immediate profit motivation. No ICO, no crowdshare. And it been around how long, just now making significant traction? This is the definition of trust, and essentially people are going to stop chasing the blatant cash grabs and possibly support the alts that have has time to garner 'trust'. With all the coins already out, you really have to question the motivations of someone introducing yet another one.

I have to give two:

1. Usability - I still think cryptos (including BTC) are way too complex and insecure for public consumption. Backing up wallets? WTF?? Are we mad??? Only geeks who wanna make money hunt this stuff out.
2. The blockchain itself - How large will all these blockchains be in 10 years? How long will it take to download for a new client. I hope a solution is on the way otherwise we'd all best get rid of that pretentious word "decentralized" and have the blockchain sitting out there on dedicated servers while we just sync our clients with them (like NTP).

Actually I'll make it three
3. The jargon - There's too much of it and the consumer don't care. Too many people in crypto expect consumers to learn all about crypto. They don't care. They just want it to work and they want their money to be safe. We need to get real.

Yacoin(Created 5/2013) -> YBcoin ->  YACCoin -> Yocoin... etc.

Agreed which is why I like Factom. No bullshit no hype just a valid use case that we can work with.

The biggest issue of altcoins is usability.... They come and go. Right now, the ICO trend is fast catching in the alt ann section. But some do have real live use, like PLUTUS...

For more info, check this thread

https://bitcointalk.org/index.php?topic=1521838.0

Ya you are right.

I see many "biggest issues"

..not sure i could narrow it down because Crypto has so many problems.
A good step is bringing the issues forward.. then maybe we can get solutions.

The biggest problem?  Most altcoins have absolutely no reason to exist and are destined to end up in the yobit graveyard.   Most people aren't going to use bitcoin, much less trumpcoin.  That's how I see it.

There are 2 main problems.
1. People.
2. Adoption.

If people "invest" in projects, which are active for quite some time, and stop thinking only about fiat (or BTC) they could earn, then we can have better adoption (and less shitcoins). There are many ideas with their own niche and a lot of coins (or whatever) can find theirs (even if they are still 100s left). After all, the Earth is populated with more than 7.4 billion people.