Nice. Nxt needs only anonymity... We r working on that.
Nxtcoin is proof-of-stake correct? Which means top-down controlled not decentralized. See below...
The problem with your estimate is, is that you forget Bitcoin isn't the best coin.
The other altcoins like Feathercoin and Peercoin use less energy/need less miners/have 30times faster transaction times/have more coins/better in every category. Might take another year or two, but the coins with the most benefits will be the higher echelon coins, specifically not Bitcoin(unless someone completely changes everything about it to make it better in every way shape and form).
Bitcoin is only extremely more popular for it's capitalization on early mover and early promoter in the beginning. Other coins will easily be worth more.
Bitcoin is the best coin in the eyes of rich people like me. The energy and miners need be there (the coin economics do not work without it), the confirmations are not reliable if they are much faster than Bitcoin's. "Have more coins" is a joke.
It is possible that there are fringe uses for other coins in the future, but to me it looks unrealistic that all the other coins combined would reach even 25% of Bitcoin's market cap. Main reason why anyone would think otherwise is that they don't have as many bitcoins as they would like to have, and want to amend that the easy way.
I have already explained upthread that
Proof-of-Stake is not secure because essentially you must trust those with the largest stake (and it can't distribute new coin out to the people through mining in a competitive manner). Yet we also see the design of Bitcoin has pushed it to be top-down controlled also. So essentially Bitcoin and and PoS are moving towards the same endpoint, but Bitcoin has the market lead. So we can expect in the future, the Bitcoin pools will just cartel and do away with paying for PoW and simply add the transactions round-robin in a fully top-down controlled system that is of course fully compliant with G20 edicts.
As it looks right now, Bitcoin is going to win and it will be the corporate top-down controlled fully compliant government's coin.
The very first thread I started on this forum is looking to be the accurate final outcome.
Bitcoin : The Digital Kill Switch. The technical details have become more clear to me since that thread, yet the broad premise remains true in my mind.
Bitcoin Killer AltcoinThe Bitcoin killer will thus have at least the following features.
- provably cpu-only mining with botnet resistance (current proof-of-stake can't redistribute new coins to masses & I posit it isn't secure)
- built-in anonymity (to minimize non-anonymous users)
- small, reasonable perpetual debasement
- zero transaction fees (with economic transaction spam resistance)
- economically limited pool sizes
- oblivious shares
- selfish-mining fix
- mini block-chain design
- faster 1-confirmation block chain, e.g. 1 minute instead of Bitcoin's 10 min delay, if the orphan rate can be contained
The proposed altcoin would attempt to remain decentralized (not top-down controlled), anonymous, and keep mining among the people. In other words, congruent with the freedom internet (e.g. self-published websites, running your own server, etc), not the Google, Facebook, Yahoo, NSA, G20, dollar hegemony corporate-fascist top-down controlled internet.
It would not kill Bitcoin (any time soon). It would be the alternative economy. If the alternative economy will play a key role in this coming Knowledge Age with 47% of existing jobs to be replaced by computer automation according to an Oxford study, then over time it might grow to be larger than the mainstream economy which will be diminishing. I assume the Knowledge Age will be significantly decentralized, e.g. 3D printing objects at home instead of going to a store to buy manufactured goods.
In other words, Bitcoin might grow very fast over next several years and become unified with the mainstream economy. Yet there would be this smaller thing growing faster that eventually overtakes the mainstream economy by 2032.
I am becoming more and more convinced of this
bifurcated future.
Interesting. Will read.
Show Posts
