Bitcoins are experimental beta software. It will be replaced.

[🏰 TradeFortress 🏰]

There are a lot of flaws with bitcoins, and it pioneered cryptocurrency. But do we still dial up to BBSes today? Use gopher? No, it has being replaced by the world wide web. Bitcoins will be replaced, don't put your life savings in.

[DeathAndTaxes]

Why would it be replaced instead of just updated/extended/patched?

So what has replaced the internet (TCP and IP protocols)?  They have a ton of flaws & shortcomings.  There are lots of things which could be done better if you replaced everything from the ground up with a new set of protocols.  The internet looks nothing like the internet of the early 1980s but the low level protocols are still there. They have been extended and upgraded but not replaced with a brand new system.

Did I miss the memo where we just ripped up the entire internet and replaced it with something new?

[proudhon]

There are a lot of flaws with bitcoins, and it pioneered cryptocurrency. But do we still dial up to BBSes today? Use gopher? No, it has being replaced by the world wide web. Bitcoins will be replaced, don't put your life savings in.

The World Wide Web as we know it today is the product of layers upon layers of protocols added over time to address various problems, so, you know, you don't always just toss out the base and start over.

[Desolator]

Why would it be replaced instead of just updated/extended/patched?

Can't it not be patched?  Like it runs itself to the extent that it would never be able to be modified.  If it could, couldn't someone modify the protocol to send 10% of all transactions to themselves? I only know of 1 bitcoin client so technically the author controls what it does but still, bad things would happen if they didn't follow the protocol.  If anyone could write a client to do whatever they wanted, we'd have 3rd parties writing crooked versions that steal money from the block chain at will.  It just wouldn't work, right?

[damnek]

There are a lot of flaws with bitcoins, and it pioneered cryptocurrency. But do we still dial up to BBSes today? Use gopher? No, it has being replaced by the world wide web. Bitcoins will be replaced, don't put your life savings in.

Newbie thinks he sees the light.

[Akka]

Why would it be replaced instead of just updated/extended/patched?

Can't it not be patched?  Like it runs itself to the extent that it would never be able to be modified.  If it could, couldn't someone modify the protocol to send 10% of all transactions to themselves? I only know of 1 bitcoin client so technically the author controls what it does but still, bad things would happen if they didn't follow the protocol.  If anyone could write a client to do whatever they wanted, we'd have 3rd parties writing crooked versions that steal money from the block chain at will.  It just wouldn't work, right?

Its open source, of course everyone can write his own client. But if someone changes the protocol in a way like "send 10% of all transactions to themselves" 51% of all miners would have to agree to use that protocol, too.

[DeathAndTaxes]

Why would it be replaced instead of just updated/extended/patched?

Can't it not be patched?  Like it runs itself to the extent that it would never be able to be modified.  If it could, couldn't someone modify the protocol to send 10% of all transactions to themselves? I only know of 1 bitcoin client so technically the author controls what it does but still, bad things would happen if they didn't follow the protocol.  If anyone could write a client to do whatever they wanted, we'd have 3rd parties writing crooked versions that steal money from the block chain at will.  It just wouldn't work, right?

Technically there is nothing which can't be changed in Bitcoin.  Bitcoin is what a consensus of users say it is.  That being said there are many thing which will likely never acheive the necessary consensus for a change.  

Bitcoin will probably never:
a) be reversable
b) support a proof of stake
c) have an incompatible mining rate
d) implement some mechanism of recovering "lost" coins.

While in theory these could be changed they are simply too controversial to generate a consensus.

IMHO there are very few limitations of Bitcoin which can't be overcome with:
a) third party services.
b) extension of bitcoin protocol.
c) extension via higher level protocols which are built on top of bitcoin infrastructure.

[markm]

Actually we DeVCoiners already get 90% of the generated coins sent to ourselves, so bitcoin is already obsolete for that kind of grabbing, if you want (a share of) 90% of the coins just use devcoin instead of bitcoin and you're done!

(Apart from a few minor technicalities such as developing open source stuff, of course, but everyone already does that anyway, right? )

-MarkM-

[DeathAndTaxes]

Its open source, of course everyone can write his own client. But if someone changes the protocol in a way like "send 10% of all transactions to themselves" 51% of all miners would have to agree to use that protocol, too.

That isn't exactly correct.

Any breaking change must be supported by EVERYONE.  Users, miners, exchanges, merchants, etc.

So if 51% of miners implemented that change those who disagreed could continue to use the "old/existing" Bitcoin where miners can't steal 10% of all coins.   The 51% of miners would simply be mining worthless blocks which have no value.

As long as some users and miners continue to support the current protocol it will exist.  What gets kinda meta is what is Bitcoin.

Say some miners decide to fork the protocol to keep the block reward at 50 BTC.  Since this is a breaking change it doesn't really matter if 20% of miners support it, or 80%.  The "51% check as in 51% attack" doesn't apply since each version of the protocol sees the other as completely invalid regardless of how much mining power supports it.  Now lets make it extra confusing. Lets say roughly half of the users support this change and upgrade their nodes but roughly half don't.  Some merchants support the "old" coins, some the "new" coins, and some support both (by implementing both nodes).  The same applies to exchanges.

Essentially at this point you have to completely independent protocols.  Which one is Bitcoin?   Obviously both camps will claim they are the real Bitcoin.

[cypherdoc]

There are a lot of flaws with bitcoins, and it pioneered cryptocurrency. But do we still dial up to BBSes today? Use gopher? No, it has being replaced by the world wide web. Bitcoins will be replaced, don't put your life savings in.

The World Wide Web as we know it today is the product of layers upon layers of protocols added over time to address various problems, so, you know, you don't always just toss out the base and start over.

THIS is why i gave you that Bull! 

[cypherdoc]

would the OP care to defend his supposition please?

[Elwar]

I cannot wait until the new product that our competitor, the Federal Reserve, comes out with to compete.

It should be awesome!

[markm]

The fork to always generate 50 coins per block instead of halving the number of coins from time to time has already been done.

It is not a big hassle change with miners breaking each way since it can be merged-mined.

There is not even the big hassle of which chain your coins are on since you can very inexpensively spend coins of the old, original "bitcoin" chain to join this particular member of the group of bitcoin-like currencies.

It is known as GRouPcoin.

It is obviously far, far superior to the original old bitcoin if you are among those who believe not halving coin generation is far, far superior to the old original bitcoin's periodic halving.

-MarkM-

[Piper67]

would the OP care to defend his supposition please?

No, because the OP isn't in the business of debating logical positions. Like so many others, he's in the business of dropping little bombs, then scurrying away while the answers come raining down.

[Elwar]

Amazing how varied his understanding is in his previous posts too. Even the text is inconsistent, in some he can barely type while others are in well formatted html :/

trolled by a drunk

[kokjo]

Why would it be replaced instead of just updated/extended/patched?

So what has replaced the internet (TCP and IP protocols)?  They have a ton of flaws & shortcomings.  There are lots of things which could be done better if you replaced everything from the ground up with a new set of protocols.  The internet looks nothing like the internet of the early 1980s but the low level protocols are still there. They have been extended and upgraded but not replaced with a brand new system.

Did I miss the memo where we just ripped up the entire internet and replaced it with something new?

FYI, in case you haven't noticed: people are beginning to use ipv6 now.

[Spekulatius]

Will the idea of anonymous, irreversible, indestructable, instant cyber money will be replaced by some better concept serving the needs of users?
A: Probably, some time in the far future.

Will the technology of cryptocurrencies make way for some better technology implementing the above idea?
A: Most certainly it will be rivaled, let the better technology come out on top!

Will bitcoin be replaced by a better implementation of the thechnology of cryptocurrencies?
A: Quite possibly, there are many competing implementations out there already, still many to come, time will tell.

Its the same thing with any idea and the technologies invented to materialize it. Just think of the ideas of filesharing or telecommunication itself.
How many technologies have been created to transform those ideas into reality to bloom in mass use while becoming marginal use cases once better technologies arose? Think of the humble beginnings of file sharing technology: BBS, Usenet, Napster, Gnutella, BitTorrent, DDLs,.. only to name a few. Same goes for telecommunication (Tincan-wire phones, Telephone, mobile communication, VoIP,.. you get the idea) or any other technology.
Bitcoin is open scource with provides it whitch an advantage of innovation over proprietary technology, but not with an everlasting guarantee to always stay ahead of competitors.

[felipelalli]

There are a lot of flaws with bitcoins, and it pioneered cryptocurrency. But do we still dial up to BBSes today? Use gopher? No, it has being replaced by the world wide web. Bitcoins will be replaced, don't put your life savings in.

Come on. 

[Elwar]

Do we still use "Visa" cards or "American Express"?

Those are so old school...

Oh ya...and remember the "Federal Reserve Note"?

[damnek]

I get the feeling the OP started this thread just to spur some discussion so that the thread's title will have a prominent place on the main forum, possibly to scare away newcomers.