Bitcoin WILL die. What is the best alternative?

[LiteCoinGuy]

The cryptocurrensy community seems to ignore the inevitable threat of a 51% attack.  Once the government and major banks see that Bitcoin is impeding on their infrastructure they will come together and execute a 51% attack. IT WILL HAPPEN, and the amount of money it takes for them to execute the attack is peanuts.

My question is, what cryptocurrensy has the necessary code to make it insusceptible to the 51% attack? LTC? NXTCOIN?

Let's Discus.. This is important.

Litecoin of course 

but in any case, take a look:

https://www.youtube.com/watch?v=ncPyMUfNyVM

[Andretti83]

Digibyte currently better protected from 51% attack.
And in the next hardfork someone will have to control 90% of one mining algorithm and 51% of four other algos to execute "51%" attack.
I'm not aware if any other crypto have similar protection (probably is), but digibyte is the first thing that came in to my mind.

[Derek492]

Mintcoin.

[kazuki49]

51% danger is real but the problem with Bitcoin is that its anti-personal mining will make it very hard for the single individual fight against an overwelming attack force unless you buy ASIC.

[bit1]

A true danger is that banks take ownership  cheap BTC.

[andyatcrux]

I understand fully about how Bitcoin and the Blockchain works. My sister knows a guy who's ex-girlfriend's uncle was a friend of Sataoshi Nakomoto's brother. What you are saying is absolutely ridiculous. It doesn't matter how much money will be lost, the point of conducting the 51% attack is to save the banking system the U.S. has developed over the past century. They have no interest in becoming a "good player" and collecting peanuts from bitcoin. The major bankers view bitcoin as a silly computer game, and an annoyance that needs to be destroyed.

[bit1]

I understand fully about how Bitcoin and the Blockchain works. My sister knows a guy who's ex-girlfriend's uncle was a friend of Sataoshi Nakomoto's brother.[/b][/size] What you are saying is absolutely ridiculous. It doesn't matter how much money will be lost, the point of conducting the 51% attack is to save the banking system the U.S. has developed over the past century. They have no interest in becoming a "good player" and collecting peanuts from bitcoin. The major bankers view bitcoin as a silly computer game, and an annoyance that needs to be destroyed.

About: I understand fully about how Bitcoin and the Blockchain works. My sister knows a guy who's ex-girlfriend's uncle was a friend of Sataoshi Nakomoto's brother.

Sorry, I cant believe that, Many peoples could are interested on to known who is Satoshi Nakamoto, I think not even the family knew his identity.

[Hollingsworth]

The cryptocurrensy community seems to ignore the inevitable threat of a 51% attack.  Once the government and major banks see that Bitcoin is impeding on their infrastructure they will come together and execute a 51% attack. IT WILL HAPPEN, and the amount of money it takes for them to execute the attack is peanuts.

My question is, what cryptocurrensy has the necessary code to make it insusceptible to the 51% attack? LTC? NXTCOIN?

Let's Discus.. This is important.

Litecoin of course 

but in any case, take a look:

https://www.youtube.com/watch?v=ncPyMUfNyVM

Litecoin is a great coin to diversify in, I definitely recommend at MINIMUM to own 10 - 20 ltc just incase something ever happens with the bitcoin network. (LiteCoinGuy your new avatar throws me off )

Bitcoin is still robust after its introduction 6 years ago, but has had some recent technical hiccups with Galvin fork and tx/spam issues.

Highly improbable that bitcoin would be replaced, but if it were, the standby, on-deck crypto is Litecoin. Coblee, the litecoin dev, has addressed some of bitcoin's shortcomings.

I think most folks underestimate the speculative value that this brings to LTC. It could literally jump to hundreds of dollars in value overnight. But it's a longshot to be sure.

[UserVVIP]

Nobody knows the answer to this question. If and when Bitcoin "dies", it will be due to a well respected and widely adopted alternative. For all we know, this alternative could be right under our noses, but it could also not yet exist.

[dreey]

That Will never gonna hapend !!

[Za1n]

Actually an anti-bitcoin entity could perform a 51% attack without buying too much equipment. If I were a government or other such entity and looking to perform a 51% attack I would look into opening up a bitcoin mining pool. They could just payout higher than average and miners would slowly begin moving over to that pool. If you are making y bitcoin per xxx hashrate and I start a pool offering y+20% bitcoin per xxx hashrate, there is no doubt people would start moving over.

With all the cloud-hashing schemes and other scams out there, most people wouldn't even question how is possible for such high payments. Others would suspect something, but most would not care as long as the payments kept flowing in.

So at roughly 144 blocks per day * 25 BTC reward * $300 = $1.08 million per day currently mined. So they offer extra 20% would only cost them ~$200,000 a day. Actually it would be quite a bit less since it would take time to build up a loyal following of miners and they would only need 51%. So only toward the end of the operation would they be paying out in excess of $100,000 a day, They could probably start the operation with just a few thousand a day as people first started to move over.

So the question would become how long until they could convince enough people to move over. If only 30-45 days, I think they could pull it off for around $2-3 million. Heck this is low enough amount where even a large company or high net-worth individual might try it on their own... Thoughts?

[achow101]

Actually an anti-bitcoin entity could perform a 51% attack without buying too much equipment. If I were a government or other such entity and looking to perform a 51% attack I would look into opening up a bitcoin mining pool. They could just payout higher than average and miners would slowly begin moving over to that pool. If you are making y bitcoin per xxx hashrate and I start a pool offering y+20% bitcoin per xxx hashrate, there is no doubt people would start moving over.

With all the cloud-hashing schemes and other scams out there, most people wouldn't even question how is possible for such high payments. Others would suspect something, but most would not care as long as the payments kept flowing in.

So at roughly 144 blocks per day * 25 BTC reward * $300 = $1.08 million per day currently mined. So they offer extra 20% would only cost them ~$200,000 a day. Actually it would be quite a bit less since it would take time to build up a loyal following of miners and they would only need 51%. So only toward the end of the operation would they be paying out in excess of $100,000 a day, They could probably start the operation with just a few thousand a day as people first started to move over.

So the question would become how long until they could convince enough people to move over. If only 30-45 days, I think they could pull it off for around $2-3 million. Heck this is low enough amount where even a large company or high net-worth individual might try it on their own... Thoughts?

As people begin to migrate over, the community will see that this pool is gaining almost 51% of the hash rate. Then a shitstorm will ensue and that pool will lose those miners. Just look at what happened when Ghash.io almost had 50% of the mining power. They lost a lot of miners and the miners went to other pools to keep any one pool from getting 51%. The anti-bitcoin entity would have to get its own miners and mine by itself to get 51%. Also, if such an attack succeeded and discredited Bitcoin, then all of those Bitcoin they mined are worthless and tons of money was just wasted.

It is likely that they wouldn't succeed so hey, the government or whoever just made a lot of money that they can now use and maybe instead of attacking Bitcoin, they can adopt it and use it.

51% is not some magical number that as soon as someone gets 51% of the hash rate, they suddenly have full control over the blockchain. It doesn't work like that. What 51% means is that the miner has a majority of the hash rate, which means they have a higher probability of finding over half of the blocks. In reality, the entity would need 80, 90% or higher in order to successfully pull off such an attack. In the network's current state, that would be prohibitively expensive.

[-Lux-]

The cryptocurrensy community seems to ignore the inevitable threat of a 51% attack.  Once the government and major banks see that Bitcoin is impeding on their infrastructure they will come together and execute a 51% attack. IT WILL HAPPEN, and the amount of money it takes for them to execute the attack is peanuts.

My question is, what cryptocurrensy has the necessary code to make it insusceptible to the 51% attack? LTC? NXTCOIN?

Let's Discus.. This is important.

ShadowCash check it out! https://bitcointalk.org/index.php?topic=745352.9180

[username18333]

In reality, the entity would need 80, 90% or higher in order to successfully pull off such an attack. In the network's current state, that would be prohibitively expensive.

A flash jump in a fiat currency could enable the (more than less) trivial purchase of a substantial quantity of coins. These coins, alongside others acquired via (perhaps, "illegal") seizure and other, governmental mechanisms, could enable a governmental body to maintain instability in the exchange rate of the coin relative to the given fiat currency. This volatility could motivate a wider userbase of the given fiat currency to forsake any break therewith that said coin might, otherwise, facilitate.

[achow101]

In reality, the entity would need 80, 90% or higher in order to successfully pull off such an attack. In the network's current state, that would be prohibitively expensive.

A flash jump in a fiat currency could enable the (more than less) trivial purchase of a substantial quantity of coins. These coins, alongside others acquired via (perhaps, "illegal") seizure and other, governmental mechanisms, could enable a governmental body to maintain instability in the exchange rate of the coin relative to the given fiat currency. This volatility could motivate a wider userbase of the given fiat currency to forsake any break therewith that said coin might, otherwise, facilitate.

I wasn't talking about the number of coins, I was talking about the hash rate. They would most likely need 80 to 90%or higher of the hash rate in order to successfully pull off such an attack that could stop Bitcoin. To get that much mining equipment and to maintain it all and to continuously mine to shut down bitcoin would be prohibitively expensive. The costs of running such a large mining operation would be too much.

[sextian]

Bitcoin is dying because the general public has just lost interest in it.

It is not just the price that has collapsed it is the excitement in the idea of cryptocurrencies.

There are a few graphs from google trends here:  https://veggiecoin.wordpress.com/why-voin-is-a-better-investment-than-bitcoin.

The future of cryptocurrencies (if they have a future) may lie in niche coins: cannabis coins, solar coins and so forth. The bitcoin protocol is not suited to a single monolithic coin.

[g3rszpi]

Bitcoin is dying because the general public has just lost interest in it.

It is not just the price that has collapsed it is the excitement in the idea of cryptocurrencies.

There are a few graphs from google trends here:  https://veggiecoin.wordpress.com/why-voin-is-a-better-investment-than-bitcoin.

The future of cryptocurrencies (if they have a future) may lie in niche coins: cannabis coins, solar coins and so forth. The bitcoin protocol is not suited to a single monolithic coin.

Bitcoin is a $4bn business + cryptos. Also this number is increasing every day. I can ensure you that bitcoin will not die.

[HCLivess]

citicoin?

[HeroCat]

Bitcoin is most popular crypto in the world. No any other crypto can be so popular in nearest time - let say 5 - 10 years

[Abiky]

Bitcoin is most popular crypto in the world. No any other crypto can be so popular in nearest time - let say 5 - 10 years

I totally agree with you. Bitcoin is here to stay for long term and hopefully achieve mainstream adoption in the near future. However, I do think that most alt coins would die with the exception of Litecoin and Monero, because of lack of development (just my opinion)