Cryptocurrency Strategy

[HappyScamp]

At this point, it looks like BTC, LTC, and maybe even Terra and some others will be a permanent part of the landscape, with even metacoin (mutual-fund-like packages) materializing in the not too distant future.

Fundamentally, all they are is an agreement to have faith in an idea, and a formula.  Brand-wise they are very, very vanilla.  That is a good thing I think.

BUT.  There is a huge untapped market out there for branded coinage.

Why?  Several reasons.

People prefer to steer their money into communities that they feel a kinship or loyalty to.

So, think about it:  If you were Christian, wouldn't rather wheel and deal in "Jesus Coin"?  It may sound irreverent at first.. but if you were trading in such a currency, you would feel better supposing that there was a darn good chanc that the merchant or buyer on the other end was of the same philosophy as you.

Or: People also like to spend their money locally... so you have not only state-coin (California-Coin, Kansas-Coin, etc) but local cities and towns coin... (Chicago-Coin, Chatanooga-Coin)

Similarly, there are a variety of fraternities and groups whose cohesiveness would support a coin... "Marine-Coin" or "Nascar-coin" or "GratefulDead Coin)

I can see the shape of currencies evolving to fit and vivify the memescape... and it really shouldn't be very far away from us in time.

[1715672586]

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[1715672586]

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[nwbitcoin]

I was thinking about something very similar earlier.
Store cards would be a fantastic way of getting bitcoin and the alt coins into the mainstream use

the future is very bright!

[montana]

I was thinking about something very similar earlier.
Store cards would be a fantastic way of getting bitcoin and the alt coins into the mainstream use

the future is very bright!

True!  I hadn't even considered existing business operations....

Then again, I would like to see "The World" move away from being dominated by corporate institutions... imo they are a big dynamic in why things have gotten as bad as they have.  I loathe the idea of 'walmartcoin' or 'tescocoin'.

But then again, that's just me.

Essentially, where ever there is a meme, it may be that it will support a coin in kind, according to the strength of the meme.

[Stephen Gornick]

Brand-wise they are very, very vanilla.

Decentralized (proof-of-work based) digital currencies are vulnerable to a 51% attack.  Thus to be protected they need a sufficiently high level hurdle to reach 51%.  

When Bitcoin was small, its hurdle to being 51% attacked was that nobody knew it was anything more than an experiment.  There was relatively little value crossing the wires.     Today Bitcoin is protected from a 51% attack by the fact that to do so might cost tens of millions of dollars (if attempting just to procure the equipment to do a brute-force 51% attack.)

This is not something "very, very vanilla" between Bitcoin and the alternatives.

[markm]

A lot of brands can use centralised solutions better and save all the costs of decentralisation.

If ASICs ever do become a consumer item instead of a highly specialised custom piece of equipment one has to order months or years in advance on special order and still might not, depending on the vendor, ever actually get, hopefully the Massively Merged Mining initiative can get back on track toward providing all the merged mined chains with lots of hashing-power, hopefully leading to more market uptake, hopefully leading to more transactions, hopefully leading to enough transaction fees to make it attractive for more and more miners to merged-mine.

The chains that cannot be merged mined though, well, hmm, good luck to them I guess. Maybe the proof of stake thing will work, maybe Ripple's web of distrust will work, we'll see as we go...

-MarkM-

[nwbitcoin]

Actually, I was having a conversation with a friend and the idea that banks might create their own crypto currency.

That could be an ironic fatal blow to bitcoin if it was marketed properly!

Especially if the banks were to create their own 51% before launching it!

I hate my imagination sometimes!

[Stephen Gornick]

Actually, I was having a conversation with a friend and the idea that banks might create their own crypto currency.

Sure.   Call it e-gold.   Sell the snot out of it!   Great idea!   Someone should do it!

[/snark]

[larsbalzak]

I think litecoin will lose it's place slowly but surely. No future in this coin.

[blue08]

In addition, some are using the name of popular personalities or game like the PAC MAN coin that may originate from the pacman game or from Manny "PacMan" Pacquiao, the boxer.  Which is which, still the name is catchy that they gain a big community.