|
Title: Bitcoin will never be surpassed by any fork Post by: giantdragon on April 09, 2014, 02:21:49 PM Besides the network effect, there are another things that altcoin proponents ignore. Bitcoin has the strongest team of developers among all cryptocurrencies, as well as security vulnerabilities being fixed at first on Bitcoin (Litecoin/Peercoin/Dogecoin/etc will receive them much later). Recent OpenSSL issue is good example: Bitcoin is already fixed, Litecoin and others still vulnerable.
Forks can offer some nice features, but when it comes to the security (and a chance to lose all your coins due to unfixed bug), large investors will make appropriate conclusions IMHO. Title: Re: Bitcoin will never be surpassed by any fork Post by: aminorex on April 09, 2014, 03:02:21 PM Network effect is fairly ambiguous. It can be taken to encompass several factors, and discriminating between them adds clarity.
1) Social network effect. Recognition and understanding is a precondition for adoption. 2) Supply chain network effect. Businesses can't operate in a numeraire unless their supply chain is available in that currency. 3) Protocol network effect. The worlds most powerful supercomputer network protects bitcoin from attack. Title: Re: Bitcoin will never be surpassed by any fork Post by: devphp on April 09, 2014, 04:08:29 PM Besides the network effect, there are another things that altcoin proponents ignore. Bitcoin has the strongest team of developers among all cryptocurrencies, as well as security vulnerabilities being fixed at first on Bitcoin (Litecoin/Peercoin/Dogecoin/etc will receive them much later). Recent OpenSSL issue is good example: Bitcoin is already fixed, Litecoin and others still vulnerable. Forks can offer some nice features, but when it comes to the security (and a chance to lose all your coins due to unfixed bug), large investors will make appropriate conclusions IMHO. It's interesting that NXT is not affected by this recent OpenSSL issue, because it runs on Java. At least that's what developers claim. Oh well, it's not a fork after all, but I just thought I should mention. Title: Re: Bitcoin will never be surpassed by any fork Post by: kooke on April 09, 2014, 11:22:48 PM It may never be surpassed by a fork, but future crypto-currencies that will compete with Bitcoin probably won't be forked.
Title: Re: Bitcoin will never be surpassed by any fork Post by: Ibian on April 09, 2014, 11:50:24 PM Still don't see how bitcoin could be meaningfully improved. Is there a coin that is a better store of value? One that's more secure? One with faster-than-internet transactions? Something that is better for investment? One that is better in all categories overall?
So many coins, so few with any foundational value. Title: Re: Bitcoin will never be surpassed by any fork Post by: freedomno1 on April 09, 2014, 11:51:34 PM Besides the network effect, there are another things that altcoin proponents ignore. Bitcoin has the strongest team of developers among all cryptocurrencies, as well as security vulnerabilities being fixed at first on Bitcoin (Litecoin/Peercoin/Dogecoin/etc will receive them much later). Recent OpenSSL issue is good example: Bitcoin is already fixed, Litecoin and others still vulnerable. Forks can offer some nice features, but when it comes to the security (and a chance to lose all your coins due to unfixed bug), large investors will make appropriate conclusions IMHO. I agree there is always strength in numbers and having the most developers working on your project Title: Re: Bitcoin will never be surpassed by any fork Post by: pa on April 10, 2014, 01:49:28 AM Adam Back and George Maxwell have invented a new way to peg altcoins to the Bitcoin blockchain: http://www.reddit.com/r/Bitcoin/comments/22m063/blockchain_20_let_a_thousand_chains_blossom/
I'm no longer worried about Bitcoin being surpassed by an alt anytime soon. Title: Re: Bitcoin will never be surpassed by any fork Post by: Ibian on April 10, 2014, 01:59:45 AM Adam Back and George Maxwell have invented a new way to peg altcoins to the Bitcoin blockchain: http://www.reddit.com/r/Bitcoin/comments/22m063/blockchain_20_let_a_thousand_chains_blossom/ Question. Why do we need or want thousands of coins.I'm no longer worried about Bitcoin being surpassed by an alt anytime soon. Title: Re: Bitcoin will never be surpassed by any fork Post by: iluvpie60 on April 10, 2014, 02:28:47 AM Network effect is fairly ambiguous. It can be taken to encompass several factors, and discriminating between them adds clarity. 1) Social network effect. Recognition and understanding is a precondition for adoption. 2) Supply chain network effect. Businesses can't operate in a numeraire unless their supply chain is available in that currency. 3) Protocol network effect. The worlds most powerful supercomputer network protects bitcoin from attack. Just like Myspace, AOL, Purevolume, and countless other before it eh? Facebook and Twitter say hi. |