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Author Topic: Altcoins are a prisoner's dilemma and not possible to beat Bitcoin  (Read 4449 times)
r0ach (OP)
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April 22, 2016, 09:35:16 PM
 #61

From the research I've done, Bitcoin only needs to be able to reach 8-10MB blocks eventually to function as a digital checkbook type device accessible by middle/upper middle  class, 1st world nation inhabitants.  The whole dynamic block size issue isn't that big of a deal to me unless you believe Bitcoin can never fork to that size, but it's going to 3.2MB in 2017 already, so that doesn't seem to be the case to me.  As for the anonymity thing, I already said upthread it's possible Monero could go to billions in market cap, but if it did, Bitcoin would likely be in the trillions, hence, not "beating it".

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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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April 22, 2016, 09:35:30 PM
Last edit: April 22, 2016, 09:52:24 PM by balu2
 #62

While OP is correct in many ways i do have to say BTC could go wrong in a lot of ways (centralisation or bloat as big threats longterm for example). When BTC goes horribly wrong you're happy to hold vertcoin or such.

And then there are black swan events that can hardly be foretold so this is all idle talk in the end as nobody here has a reliable crystal ball to see the future.  

Alts always were and always will be where the innovation happens. Bitcoin can not exist without altcoins. I personally do look at crypto as a spectrum, a machine with a lot of cogs and wheels. Cryptos support each other in many ways often by accident or without the awareness of the many. It's not "this coin vs that coin"; it's "coins vs fiat"

Altcoins are part of bitcoins' ecosystem until bitcoin becomes part of the ecosystem of something bigger (which will be born among the alts) which hasn't happened yet and probably won't happen this or next year. Anyone who says he knows what the future for bitcoin holds further than 3 or 4 years into the future likely is a scammer and schould be avoided imo. There is no way of telling what might happen down the road.

There is only one thing 100% certain: the coin that could rival bitcoin will NOT be sold in a presale or ico Wink
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April 22, 2016, 09:49:26 PM
 #63

It's much more simple than that.  The fact is, no altcoin has improved upon the consensus mechanism of Bitcoin.  In fact, PoS is actually a downgrade.  No alt has been able to improve upon scalability without becoming a permissioned ledger or federated chain either, then they're not even decentralized currencies anymore...

Well, there ya go. One thing I'm sure of: over the long run, the only thing going for the leading alts is Bitcoin dragging them up with it. Cheesy

In fact, we altcoineers are very lucky that "blockchain" is becoming the new fin-MBA buzzword - even if it grates a little on the ears like another buzzword did back in 1994. Had "Bitcoin" become the buzzword, every alt would be permanently in its shadow in the same way that every other facial tissue is in the shadow of KleenexTM






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April 22, 2016, 10:46:32 PM
 #64

Altcoins will die off once WAVES creates their platform.
r0ach (OP)
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April 22, 2016, 10:49:23 PM
Last edit: April 22, 2016, 10:59:26 PM by r0ach
 #65

Altcoins will die off once WAVES creates their platform.

Waves is no different than NXT, Qora, and all the other closed entropy, IPO, proof of stake, permissioned ledger scamcoins.  The purpose of mining in Bitcoin is to create a permanent two way peg, decentralized exchange.  The word "permanent" is the important part.  Without mining you have a permissioned ledger and not a decentralized currency.  You need mining + perpetual coin turnover via transaction fee as block reward or inflation (the former being the lesser evil), otherwise it's not a decentralized currency and becomes both a permissioned ledger and extortion scheme at the same time. 

IOTA, for example, has mining but abstracts block reward away from the mining process, making the open entropy of the system completely pointless and turning it into the same classification as a proof of stake coin.

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balu2
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April 23, 2016, 12:27:03 AM
 #66

Altcoins will die off once WAVES creates their platform.

They died off already because of sidechains and ETH. Not again please!   Roll Eyes
r0ach (OP)
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April 23, 2016, 09:40:50 PM
 #67

Sidechains have a long way to go, but their inherent use of being a seamless method of doing proof of burn BTC hard forks will probably be valuable in the future.

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r0ach (OP)
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April 24, 2016, 11:01:06 PM
 #68

Can't believe an Ethbutter started a parody thread of this thread.  Actually, yes I can.

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