Bitcoin Forum

Or become a respectable fraction of the value of Bitcoin; forget becoming equal or surpass its value.

Its been six years, maybe 2000 odd me-toos. Is it time to give up? There is usually a time to stop trying on a new business ideas (or clone).

The simple thought I have is we really can't have an altcoin close to the value of bitcoin, why do we (as a community) continue to waste our time (and money/resources) with more and more new altcoins.

Please share your valuable thoughts.

Thanks

Maybe some fully anon coin can take some very small part but Bitcoin will be allways Bitcoin. I dont think lot of altcoins will survive in long run anyway, maybe few.

If you talking about waste of time, probably no because alts becomes a channel for us to test out the new technology. It could be in a way be incorporated to bitcoin blockchain someday. But sadly these days alts become a tool for manipulation other than a mere pump and dump coin

If you talking about waste of time, probably no because alts becomes a channel for us to test out the new technology. It could be in a way be incorporated to bitcoin blockchain someday. But sadly these days alts become a tool for manipulation other than a mere pump and dump coin
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How about "officially" classifying all altcoins into a "For R&D or Manipulation or DayDreaming purposes only" category? Because that seems to be their sole purpose, going by altcoin history in comparison to bitcoin.

Highly likely. Bill Gates has made some very interesting comments on Virtual Currencies. He's actually a strong supporter of them in fact, but believes strongly that Bitcoin lacks the security, ease of use, and has been in many ways tainted by bad press - all of which will result in a new contender to emerge.

Perhaps it already exists. His comments suggested that he believed that the final front runner would in fact be based on the Ripple/Bitcoin platform, but that the currency would not be Bitcoin as it is today.

Strato

There are coins worth more than bitcoin individually but not in marketcap and I doubt we ever will.

Thats very narrow thinking. Bitcoin only has a 3.6B Marketcap, which is financially speaking, very very small.  To say it's unlikely a virtual currency would not surpass it is the same thinking that AOL could never be surpassed, or Prodigy, or NetScape, during the dawn of the internet.

Tides change.

Strato

I guess so, I just believe bitcoin is what people will learn of and hear about and be content with using.

i don't mean this disrespectfully, sincerely, but you should really do some research, watch videos on youtube with the leaders in technology commenting on the future of Virtual Currencies. There is a strong consensus - while not all in harmony - that Bitcoin is very likely not staged to end up the winner in the VC race.

Bitcoin may very well in hindsight end up being nothing more than a testing ground for the technology and industry in and of itself.

Strato

All good, I think I will have a look now. Any suggestions on who to watch or something?

I would simply hit up youtube and search for Bitcoin. There are channels. I think the intereviews with Bill Gates have been interesting as he has in a way changed his position from Bitcoin positive to Bitcoin "Neutral/Other VC's will emerge". Theres so much content. Just search youtube and a lot will pop up.

Strato

Here's just a few - others of course can add.

https://www.youtube.com/watch?v=8RETFyDKcw0  Very Good - Really explains about the true possibilities.

https://www.youtube.com/watch?v=VRVJdO2WssQ  - Supportive

https://www.youtube.com/watch?v=v2A69Io1VD0    - Changes his position

Strato

I would say if you watch just one - https://www.youtube.com/watch?v=8RETFyDKcw0

He makes some very very strong points.

And he's donating most of his 50 Billion in Wealth to the Poor.

He alone could put BTC out of business by simply rolling out a funded new system with 10 Billion or 20 Billion in cash backing.

Just a thought,

Strato

https://www.youtube.com/watch?v=TtCVRIwcBYU#t=132

The only way an alt would ever surpass bitcoin would be if it offered something very unique that bitcoin doesn't and the benefits are obvious. This hasn't happened yet but it could. Only time will tell but I think bitcoin is safe for a while but for a new coin to surpass it I think someone will have to come up with something nobody has even thought of yet. Something revolutionary.

Or simply have the backing of say... a multi-billion dollar company.  That doesnt mean Bitcoin will die, it just won't go mainstream like people hope it will.

Strato

Anything with viral adoption.  Bitcoin is only 250,000 users after 6 years and there's newer things with millions of users.  Before people go on about: "derp derp those things are free", there's hordes of things out there that required spending money and they have more users than BTC (good examples are a lot of paid apps.  Slightly different example is Uber, which is some months younger than BTC).

Agreed. I find it sad to say that BTC in my opinion may have missed it's tipping point. There was simply to much scandal, to many scams, to many busts, to many negative news stories.

Traction on a wide spread level will be next to impossible to attain at this point on a "global adoption" level.  That's not to say it's dead, but in many ways if it was going to "make it" - it would have "made it" already.

There's still a market though. And I'm still mining.  ;)

Strato

Just like that. +1.

in my opinion, there is no altcoin that is nearly close to bitcoin. neither in price nor in acceptance and there will be no altcoin that can catch bitcoin at least for a couple of years

Yes. The future of digital currency will include coins, like GoldCoin (GLD), which could possibly surpass Bitcoin in usage, popularity, and valuation.

But I don't think the existing clones will fare well. The community simply needs to continue consolidating development, narrowing down the field, and focusing on coins that have unique design and innovation. I think it's important to improve on bitcoin and gain prominence through better coding.

We'll be inviting many of you over to our team once the new multi-coin java client is released later this month.

I don't think any coin will ever surpass btc.

I love Bitcoin, but it is tainted by an extreme imbalance in the early distribution, so there is room for other currencies to thrive in the future.

That's ponzi 101 - create a huge imbalance in the distribution and walk away rich.  Satoshi mined well over a million coins, as did other early adopters, who then mostly refrained from selling and this induced scarcity is what gave Bitcoin its' value.  A widely distributed Bitcoin, or a Bitcoin with Doge inflation over 6 years, likely would be nothing today.

Thanks for some very wise inputs. I am sure more will roll in.

Speculation apart, the 2000 odd me-too clones have spent 6 years bouncing. Lets forget the Gates and the VCs of this world (they talk and change their talk depending on where their money is currently stuck, and charity is always done after receiving the net profits; never the other way round). Do we want to give the clones 60 years to demonstrate their possible upmanship over bitcoin ?

In the meanwhile how about "officially" classifying all altcoins into a "For R&D or Manipulation or DayDreaming purposes only" category? Because that seems to be their sole purpose, going by practical market reality.

You're free to classify them as you please.

I think bitcoin will be somethink like a very rare asset in the future, not for payment. But it will stay the most valuable blockchain ...