Bitcoin Forum

Every time a new type of payment processor is launched by The Man, there's plenty of screaming about it being a threat to Bitcoin.

As many patiently point out, they're never anything more than a fancier way to spend or tokenise existing currencies. They'll make life more convenient but do nothing to address the underlying problems that some are aware of. That goes for everything from Applepay to IBMcoin to Ripple.

With that in mind, do you think the powers that be will ever come up with something that has you questioning BTC's viability? If so, what elements would they be offering and how might it match or differ from BTC?

I only see regulation, or outright ban of bitcoin as a threat.

There are quite a few proprietary operating systems, GNU/Linux was only used by enthusiast at the beginning, there were many discussions like this, will Microsoft crush linux, and it didn't, today, GNU/Linux and it's variants are the most used operating systems in the world.

I think something exactly like a bitcoin system, which will allow you to send payments just like bitcoin but that is not anonymous. Anonymity is definitely something nice to have but to keep the scams and thefts away a non-anonymous system might be a real threat to bitcoin.

What type of system would it take for you to regard it as a threat to Bitcoin?

Something that is better. As you say they're not really threats as they're just another way to spend your fiat. Bitcoin is entirely different in it being a truly unique currency as well as a payment system. If anything, bitcoin is a threat to them not the other way around.

If Ripple was much more user-friendly (for non-tech people), then they could have been a real threat to Bitcoin. The way they are (or were last time I checked), they will never grow past a small % of the potential user-base.

Sentient true general A.I., but there's close to zero probability of such technology emerging in time to save fiat from the looming black hole that is bitcoin.

Yeah, I agree with you.  Facebook started losing its popularity when old people started using it.  Facebook is still big, but it's just not the same, which is why people have moved onto Twitter and other social media sources, because older people have no idea what the hell the point of Twitter is nor how to use it.  When your user base becomes full of idiots with money, it's going down the drain.

Wouldn't you class it as a payment protocol rather than a currency or store of value? I know there's XRP but if Ripple functioned as intended, it having any value might end up being an impediment, not that I can figure out what they're on about half the time.

I would classify it as a scam.

I see the Cryptonote protocol the ultimate replacement to bitcoin

Of course not. Bitcoin is clearly a protocol for sending value around the internet. Any computer science geek can tell you it meets all the requirements to be a bona fide protocol.

Thats just an algorithm. In terms of adoption, it will never be able to replace bitcoin.
I see facebook p2p payment system as a thread currently.

You have a lot of reading to do first before posting

I dont see any system able to replace Bitcoin. Ripple is just centralised shit and there will be lot of it in next years from big companies but bitcoin is decentralised and that is huge advantage. It is revolution of money. Other shitcoins are way behind Bitcoin even decentralised and most of their fancy things can be implemented in Bitcoin in case of need.

I'm thinking more swarm intelligence perhaps. The Internet of Cyber-Ant colonies gobbling all the money and putting us humans into highly efficient habitats.

Media and disinformation is probably the biggest threat to bitcoins existance.

I didn't check Ripple. Is their system that complicated and counter intuitive than normal windows user is not gonna crack it? I seriously doubt it is that hard.
I am gonna check that out later.

How old are people who use Facebook now? 40,50,60 year old, and you are claiming that they are killing facebook popularity I don't think so. I don't think you can compare Facebook with Twitter, these services are not gonna compete with each other in a direct way.

I think it's the other way around, the underdog is always the threat because the masses have already labeled it as unlikely.
The core ideas of Bitcoin/crytocurrency are anonymity and transactions that can be completed freely from anywhere in the world while bypassing regulatory structures of individual countries. Those cannot be replicated by the system (at least not without some major underhandedness that would only serve to increase pressure system-wide). If through some miracle the system did manage to incorporate those ideas transparently into a crytocurrency of its own, then it wouldn't matter if Bitcoin disappeared because the essence of the original idea would've simply migrated from one body to another.

Ripple seems to have "mission creep", and it's not clear if even they know exactly what that are.
Did they ever update (or get rid of) the original "explanation" where you get paid through "ripples of trust", meaning you trust someone who trusts others, who happen to trust the person who wants to send you money?
// ... Is my 'version' easier or harder to understand than theirs?  :D

I'm equally befuddled. Maybe part of the game plan was to make it incomprehensible to mere mortals.

An open source Google coin with a Google exchange supported by credit card companies will be a serious thread to bitcoin. Bitcoin will not be destroyed but less preferred as a currency medium of trade. Common users will find this Google coin more user friendly and better accepted.

A system that is easy-to-use, self explanatory, media friendly and doesn't involve any geek jargon.

One problem I see with bitcoin is that it can (to some people at least) be over-complicated.

NXT could be a serious challenger for BTC in a few years.

The system is not my concern because whatever comes up maybe with faster transaction time will not do much to really dislodge bitcoin from its number spot. I believe we have seen a fair share of altcoins trying to do the same but failed. But what I'm really bothered about is the branding and marketing. What if they could have it the new coin become tied up with their product. Offer incentive to use the coin. Use some form of method to ensure price stability and better protection as a store of a value.

That's a good point, but I don't think Google could pull this off, regulation, compliance, that coin would get destroyed in a second, and they don't need to make a new coin, they use, contribute and finance a lot of open-source projects, they can simply build on top of bitcoin.

The "viability" of the Bitcoin concept is now beyond question - given the upcoming presence of IBM, Intel and others.TPTB will most certainly come up with a completely regulated, transparent, traceable, taxable, crypto economy that will give you - maybe - $200 for your Bitcoin once they've created their own version.

Bitcoin will not go back to $1000 usd. That ship has sailed. Cheers to the early birds. We are now, officially, in business-as-usual.