Why don't we create a new crypto and call it bitcoin?

[albert11]

I was wondering why don't we use innovations done with altcoins to create a new crypto with features that 100% of bitcoiners/exchanges/miners will agree with, that answers all of the scalabilty issues/others that might occur in the future and call it the new bitcoin?

 few features that i think would gain the large majority

- fully decentralized
- high number of transac/sec
- low transactions fee
- instant or near instant transaction speed

the 2 most important as i see it being

- fully decentralized
- high number of transac/sec

maybe im missing something?



*this post has been edited

[commandrix]

If we could create a completely perfect cryptocurrency, should we not call it UtopiaCoin?

[achow101]

How are you going to make something that lasts forever and is agreed on 100%? I can guarantee you that at some point in time, one of the systems supposed to last "forever" will fail. I can also guarantee you that you can't get everyone to agree. Someone will dissent, someone will try to change something to make it better and arguments will ensue. Furthermore you can't possibly address every single issue and find a solution that lasts forever. Another issue will show up that no one ever thought of and solutions thought to work will be broken.

[albert11]

If we could create a completely perfect cryptocurrency, should we not call it UtopiaCoin?

lol that would be a good name actually
seriously so you are saying it's impossible to do correct ?

[albert11]

How are you going to make something that lasts forever and is agreed on 100%? I can guarantee you that at some point in time, one of the systems supposed to last "forever" will fail. I can also guarantee you that you can't get everyone to agree. Someone will dissent, someone will try to change something to make it better and arguments will ensue. Furthermore you can't possibly address every single issue and find a solution that lasts forever. Another issue will show up that no one ever thought of and solutions thought to work will be broken.

I don't have technical knoweldge so i know its a naive question maybe.

how are other cryptocurrencies dealing with scalability? ( those that have the solution to scale)

[albert11]

I was wondering why don't we use innovations done with altcoins to create a new crypto with features that 100% of bitcoiners/exchanges/miners will agree with, that answers all of the scalabilty issues/others that might occur in the future and call it the new bitcoin?

 few features that i think would gain the large majority

- fully decentralized forever
- privacy/anonymity
- low transactions fee forever
- instant or near instant transaction speed


maybe im missing something?

discuss

Discuss? like i'm gonna talk to a duck wacking nonsense?

Why stop there? lets make new coin every month and call it bitcoin.

Or maybe you're just not very bright....... ok in lay man term: you're a retard

don't assume every one on this forum is tech sawy, my question was genuine no need to be a dick about it

thank you for your constructive critisism

[mokahless]

Discuss? like i'm gonna talk to a duck wacking nonsense?

Why stop there? lets make new coin every month and call it bitcoin.

Or maybe you're just not very bright....... ok in lay man term: you're a retard

Let's all ignore this asshole and try to get a discussion going (I literally just went to his history, clicked a random page # in the 50s, didn't scroll down and both posts that were on my screen were him calling someone a dumbass and someone else a dumbass and stupid. Clearly not a very welcoming person.).

On second thought, let's not ignore him and just edit his post instead:

Why stop there? lets make new coin every month and call it bitcoin.

He makes a valid point. I'll admit I haven't been keeping up with alt coins in the past year but I haven't seen anything better that I think would be completely beneficial to be added to Bitcoin if it were to be "done over" so to speak.

Your point #1 and #3, could you expand on exactly what you mean vs how Bitcoin is now?

As for #2, I think it's fine as a layer on top of Bitcoin. It's not something everyone wants or needs. What's everyone's thoughts on the actual complications of creating a coin with this in mind from the beginning?

#4. This is one I disagree with. Faster transaction times would be nice but they also mean more stale shares, higher network requirements and a larger blockchain. Anyone know how this could affect a coin that is used as much as Bitcoin?

On a side note, a common argument I hear against the supposed "faster transactions" in Litecoin is that it would also mean more confirmations would be required to be as secure, therefore negating the point. That said, isn't it better to have one confirmation in 2 minutes vs no confirmations in 2 minutes? On the other side, unless confirmations are within a few seconds, there's no real advantage vs Bitcoin as off-chain/ unconfirmed transactions would still be required for some services (people don't want to wait 2 minutes at a POS terminal or even online just as they don't want to wait 10 minutes. I'd even argue Bitcoin is better off with 10 minute confirmations as it better encourages other solutions. The last humble bundle purchase I made went through within seconds). Does anyone more in tune with the lower level working of Bitcoin know what kind of effects several second confirmations would have on a network such as Bitcoin?

[albert11]

I was wondering why don't we use innovations done with altcoins to create a new crypto with features that 100% of bitcoiners/exchanges/miners will agree with, that answers all of the scalabilty issues/others that might occur in the future and call it the new bitcoin?

 few features that i think would gain the large majority

- fully decentralized forever
- privacy/anonymity
- low transactions fee forever
- instant or near instant transaction speed


maybe im missing something?

discuss

Discuss? like i'm gonna talk to a duck wacking nonsense?

Why stop there? lets make new coin every month and call it bitcoin.

Or maybe you're just not very bright....... ok in lay man term: you're a retard

don't assume every one on this forum is tech sawy, my question was genuine no need to be a dick about it

thank you for your constructive critisism

My comment has nothing technical. Its just common sense.

lol what common sense? elaborate?

Plenty of altcoins have most of these features already


- privacy/anonymity (i read monero was good for this, dash too and there are existing solutions)
- low transactions fee forever ( some altcoins even have them for free and it will be forever)
- instant or near instant transaction speed (many altcoins have this feature)

- fully decentralized forever ( this might be the biggest problem, but if a system is implemented where mining capacity/node is limited
then it could potentially remain decentralized)


so as much as you want it to , my question is not lacking common sense

you should probably try to explain with argument why this wouldn't be possible and why was my question so stupid?

[shawshankinmate37927]

Different people have different opinions on what features and characteristics a perfect currency would have.  Find the one that you consider perfect and use it.

[LeChatNoir]

You can just sell your bitcoins and buy a some altcoins.
I did it.
Bitcoin is the shitcoin.

[albert11]

@ mokahless

Your point #1 and #3, could you expand on exactly what you mean vs how Bitcoin is now?


I initially did start this thread because of the recent block size discussions which i think have a negative effect on bitcoin, the feeling i have whenever people argue on this is that bitcoin is vulnerable, so i think that we should find a permanent solution to the problem and not fork the chain every other day.


#1 When i said decentralized forever i meant a system where there is more incentives to run multiple nodes , i cant elaborate much on that as i said im not really technical but implement something in the code to incentivize miners to run multiple nodes,

#3 i read a lot of argument about the blocksize and the transaction fee one came up a lot so i thought why not do a crypto where transactions are free or cheap and will remain like this regardless in the future?

[albert11]

You can just sell your bitcoins and buy a some altcoins.
I did it.
Bitcoin is the shitcoin.

is there any altcoin that can process a lot more transaction than bitcoin/sec, that is decentralized and will remain so in the future regardless and that is secure?

[lihuajkl]

I think no bitcoiners will agree with this idea except the one without holding any bitcoin. I can bet that the new bitcoin alt will be worthless and no one will buy it.

[albert11]

Different people have different opinions on what features and characteristics a perfect currency would have.  Find the one that you consider perfect and use it.

Actually i should have only mentionned the decentralization feature because people got confused about what i wanted to say.

I don't want to use an altcoin, i want bitcoin to succeed and as i see it the main reason why people can't find consensus on the blocksize is because of decentralization vs centralization issue, so was wondering if we could create a new bitcoin that can process many transactions while staying decentralized

do you know how some altcoins can process many more transac than bitcoin and why doesn't bitcoin use the same system? they aren't secure? they aren't decentralized?

[albert11]

I think no bitcoiners will agree with this idea except the one without holding any bitcoin. I can bet that the new bitcoin alt will be worthless and no one will buy it.

well, if a fork is done on bitcoin that coins essentially become an alt no?


As i said in OP the coins will need to have the large majority agreeing on the features before,

[shawshankinmate37927]

do you know how some altcoins can process many more transac than bitcoin and why doesn't bitcoin use the same system? they aren't secure? they aren't decentralized?

I don't really pay much attention to the altcoins, but those who don't like the way Bitcoin works don't have to complain about it, they can just switch to another currency.  No one is forced to use bitcoins.

[Buffer Overflow]

- low transactions fee forever ( some altcoins even have them for free and it will be forever)

That's because hardly anybody uses them.

[Amph]

this is was already done multiple times, there is an altcoin discussion, they just don't call those bitcoin to avoid confusion

actually there was one, and it was called exactly bitcoin but it was scrypt, then they removed it because it was making too much confusion, now it's called bitcoin scrypt

[QuestionAuthority]

I think it's an infrastructure thing and a testing thing. Bitcoin is already established and tested in the real world. You would need to change every vendor that accepts and been sold on Bitcoin at once. Could you imagine BitPay going to every customer and telling them that the old Bitcoin needs to be changed to the new one. That's a ton of work worldwide.

Even if you could change everyone in the world at once, how would you know you're really giving them the best "Bitcoin"? The one that's in the wild right now is real world tested and passed. Sure it has problems that need to be fixed but it's already out there working. There's no way to prove your new Bitcoin is better in the real world and when would it be finished? How can you be sure you caught all of the potential problems before releasing it? Microsoft Windows began in 1975 and it's still not the final version. Did you want to wait 40 years before releasing your new Bitcoin to make sure it's perfect?

What you're talking about sounds reasonable at first glance but it won't work any better than just fixing what's already there.

[Kprawn]

In theory Bitcoin should be the perfect coin... If a better or improved feature was needed, it could be added to the protocol.

This is where the problems starts.... We have the human factors that come into play.

1. A developer does not want to incorporate someone else's successful feature, because he/she wants full credit. {No copy cat}
2. People have hidden agendas {They secretly support a possible side-chain} This will give them more power and control.
3. Arrogance & self importance {Getting a big head syndrome}
4. People perception of what feature is perfect differ widely. {This is why we have +700 Alt coins}

Things like this is sabotaging the perfect coin. So yes.... UtopiaCoin is not a bad description for it.