So finally it did was not difficult to dethrone bitcoin!

[digaran]

You idiots better run and keep mining ETH, they said it will become POS to scare new miners and kept mining themselves.
And when it becomes POS only whales benefit, oh why and how could they change the POW to POS without consensus?

Of course they can because they control every thing. $2225 and growing strongly non-stop try to dethrone that.
I'd like to know how would a government track transactions after I use Bitmixer?
Only way is to exchange to fiat for governments to know who you are and take tax from you?
Simply don't convert to fiat or if you do after mixing your coins and receiving fresh coins  no body knows who you were and which coins you had, besides when you obtain Bitcoin you either are mining which is a slow process or you are accumulating, if mining then converting to fiat shouldn't be any issue because it's only a few grands and if you are buying and accumulating then there is no reason to sell why would you sell?

Anyways who and how is dethroning Bitcoin? lol

[davis196]

The narrative built all these years was that bitcoin is immune to government intervention, to the extent that it will one day overthrow the state..

but ha ha ha

all it took was one small civil war between a  startup called block stream and a bitcoin early adopter and thats all....

 its time for the community to save bitcoin to be on the top ever...

Nobody says that bitcoin will overthrow the state.
I don`t believe that bitcoin will ever replace fiat money,but i believe that bitcoin will grow and become even stronger.
I don`t care about blockstream.

[jekjekman]

you are missing is that nobody ever tried to take its place

Actually every altcoins goal is this, I think, lol. But it is too good to be true. It is just a matter of who goes first and one of the pioneer is the bitcoin itself.

[Iranus]

Bitcoin has really failed to overthrow the banks and the state. And that is because everything we do including our business activities are being monitored and regulated by the state.

No, it is because it was badly designed, that's all.  Bitcoin contains several fundamental design issues.  The most important is ironically what it is touted for to be important: its emission curve, sending out a lot of coins in the beginning, and going down to zero.  That turns bitcoin not into a stable currency, but into a speculative asset.

It's not fully about stability, it's about safety.  The idea is that as long as people hold their coins, cryptocurrency's value stays the same or goes up.

If Bitcoin ever has a significant role in society, these "design flaws" won't matter as it won't have dramatic drops anymore.  The higher liquidity than being a speculative asset can bring can actually keep it stable, like gold has been for many years.

[jekjekman]

The narrative built all these years was that bitcoin is immune to government intervention, to the extent that it will one day overthrow the state..

but ha ha ha

all it took was one small civil war between a  startup called block stream and a bitcoin early adopter and thats all....

 its time for the community to save bitcoin to be on the top ever...

Let's state that maybe bitcoin will not overthrow the state but as we all can see now is that Bitcoin's value is overthrow every currency in the FIAT world and digital currency world and it's a fact now.

[Sadlife]

Bitcoin chose adopt to th users demands instead wasting 2 years of time debating for a scaling solution if the was not solved sooner then the users will all faith in bitcoin because of it's delayed transactions that takes days to confirm.
No one will ever be stupid enough to invest big amounts of money to altcoins that is good for short term and that's buggy like ETH.

[Golftech]

you are missing is that nobody ever tried to take its place

Actually every altcoins goal is this, I think, lol. But it is too good to be true. It is just a matter of who goes first and one of the pioneer is the bitcoin itself.

Which is correct in every aspect of success bitcoin really make it first we wont be able to say when or how but its every developers dream to be more successful than btc but it will only time can tell as of now lets enjoy the bitcoin party..

[Esphere.in]

ETH will be replaced by Rootstock much easier than ETH taking over Bitcoin

What do you mean by rootstock,if there is a much better solution for contract based solution then ETH can be replaced but to replace bitcoin it is really not that easy unless and until the scaling issue consumes it.

Actually every altcoins goal is this, I think, lol. But it is too good to be true. It is just a matter of who goes first and one of the pioneer is the bitcoin itself.

For those who are investing in alt coins their only choice is to make money and nothing else,every investor dreams on multiplying his assets ,bet it in bitcoin or in alts.

[dinofelis]

Bitcoin has really failed to overthrow the banks and the state. And that is because everything we do including our business activities are being monitored and regulated by the state.

No, it is because it was badly designed, that's all.  Bitcoin contains several fundamental design issues.  The most important is ironically what it is touted for to be important: its emission curve, sending out a lot of coins in the beginning, and going down to zero.  That turns bitcoin not into a stable currency, but into a speculative asset.

It's not fully about stability, it's about safety.  The idea is that as long as people hold their coins, cryptocurrency's value stays the same or goes up.

If Bitcoin ever has a significant role in society, these "design flaws" won't matter as it won't have dramatic drops anymore.  The higher liquidity than being a speculative asset can bring can actually keep it stable, like gold has been for many years.

I think both notions are contradictory.  An asset that is mainly "held" is highly unstable in price, because the fluid part is a small, and hence potentially very variable part of the total amount.

In Fisher's formula, this comes down to:

Q.P = M . V

with V = m1/M + 2 m2/M + 3 m3/M + ... + n mn/M

(mi = set of coins that are spent i times in a year).

If coins are mainly held, then MOST of them are in m0, which doesn't contribute to V.  As such, V is a small number, but which can quickly change, if even a small part of m0 (majority in hodl state) decides to move (into m1, m2, ...).

For instance, if 95% of M is held, in m0, and only 5% is liquid, then a 5% spending from the store m0 can halve the value of a coin ; and a 2.5% extra holding will double the value of a coin.

There's some good reading on the so-called stability of the gold standard (which is what bitcoin as a world-wide currency wants to imitate):

https://www.theatlantic.com/business/archive/2012/08/why-the-gold-standard-is-the-worlds-worst-economic-idea-in-2-charts/261552/

http://rationalwiki.org/wiki/Gold_standard_(economics)

http://www.nber.org/papers/w10171.pdf

to give a few ideas. 

Of course you can put your tin foil hat on and say that all this "research" is part of the Big Conspiration, but I don't believe that.  It is genuine research.

But that is, on the assumption that bitcoin *already became* the universal money.  Gold has been so for a while because *states decided so*.  However, there's no path for it to *become* universal money if it has to compete with close-to-ideal money (big fiat), being a fluctuating, hoarded speculative asset.

[freebutcaged]

If you are referring to market share then you might be blind and missing how fast Bitcoin is rising in regards to other altcoins.

If you are referring to the recent secret meeting of major mining companies in relation to reaching an agreement about scaling

then start your own major mining company to have a saying and be able to cast a vote and participate in decision making.

You think governments can put a leash on Bitcoin?

You are dead wrong mate, only the true believers shall win, hold on to your Bitcoins and don't listen to trolls, there is nothing wrong with this system

And is working as intended.

I wonder when will be the next unannounced hard fork for ethereum?   

[Paashaas]

How can it be replaced by something that doesn't even exist yet. Counterparty promised smart contract and ETH-like function on Bitcoin blockchain, yet failed to deliver.

What are you talking about, Rootstock doesn't exist ore 'failed' to deliver? To lazy to google, ETH shill

They will test in now and release it next month.

[Wind_FURY]

How can it be replaced by something that doesn't even exist yet. Counterparty promised smart contract and ETH-like function on Bitcoin blockchain, yet failed to deliver.

What are you talking about, Rootstock doesn't exist ore 'failed' to deliver? To lazy to google, ETH shill

They will test in now and release it next month.

As I understand it, I believe they will use a sidechain for smart contracts and RSK will be pegged to Bitcoins? I do not know how they will maintain the peg if they intend for RSK to be listed and open to market trading in the exchanges.

[beerlover]

Is this some kind of conspiracy theory I never heard of? That doesn’t make any sense. I don’t even understand what you are claiming that happened. Nice meme though. If the government is intervening in bitcoin it looks like their doing what we all want! Making the price skyrocket. So no one should be blaming or complaining to anyone.

[d5000]

As I understand it, I believe they will use a sidechain for smart contracts and RSK will be pegged to Bitcoins? I do not know how they will maintain the peg if they intend for RSK to be listed and open to market trading in the exchanges.

You are correct that they use a sidechain.

The peg works really easy: For every RSK token a Bitcoin is frozen on the Bitcoin blockchain (that's publicly verifiable) on an account controlled by several organizations. If you own a RSK token and want a Bitcoin for it, then all you must do is request the Bitcoin that was frozen to create it, to "un-freeze" and be transferred to you. The RSK token will then be burnt (destroyed).  In other words, every RSK token is backed by 1 frozen BTC.

[MingLee]

Is this some kind of conspiracy theory I never heard of? That doesn’t make any sense. I don’t even understand what you are claiming that happened. Nice meme though. If the government is intervening in bitcoin it looks like their doing what we all want! Making the price skyrocket. So no one should be blaming or complaining to anyone.

Some people really like to LARP on this board when few people have any idea what the fuck is going on most of the time.
Either way, with the new segwit deal coming up in september I have a feeling that everything is going to end up turning out fine for Bitcoin. They'll solve the scaling issue, they're keeping most of the community on board with it, and there will be increased confidence in the technology as the transaction queue goes down and we stop having full blocks.
Good times await.

[Wind_FURY]

As I understand it, I believe they will use a sidechain for smart contracts and RSK will be pegged to Bitcoins? I do not know how they will maintain the peg if they intend for RSK to be listed and open to market trading in the exchanges.

You are correct that they use a sidechain.

The peg works really easy: For every RSK token a Bitcoin is frozen on the Bitcoin blockchain (that's publicly verifiable) on an account controlled by several organizations. If you own a RSK token and want a Bitcoin for it, then all you must do is request the Bitcoin that was frozen to create it, to "un-freeze" and be transferred to you. The RSK token will then be burnt (destroyed).  In other words, every RSK token is backed by 1 frozen BTC.

But RSK will be traded in the exchanges though. For every 1 BTC it must also be worth 1 RSK. As we have seen the price peg does not always work. USD/USDT has shown as that. So how will RSK maintain the price peg with Bitcoin knowing how crazy the traders sometimes become. RSK could be worth more than Bitcoin and BTC could be worth more RSK depending on the market sentiment.

[franky1]

The second one is proof of work as consensus mechanism, which industrializes and centralizes the system in an industry/customer relationship, instead of a user community.  

you are soo wrong

imagine it like a factory the proof of work/difficulty is just the design template of the product(block) on the production line.

its just template that pools have to create a block in a certain way.

the consensus mechanism is the quality assurance staff/network nodes that check and allow through to the network if it meets their criteria.
retailers(merchants/non-pool nodes) are part of the quality assurance process.. if they dont like a block they reject it. and thus that product(block/reward) cant be sold to the retailer(merchant)

pools learn their lesson fast that they made a mistake and wont get paid and so retreat and make things how the network wants.

please go back and take some time to research bitcoin. it seems you gave up too early and got stuck at a one dimensional view thinking nodes are helpless..

[GreenBits]

The narrative built all these years was that bitcoin is immune to government intervention, to the extent that it will one day overthrow the state..

but ha ha ha

all it took was one small civil war between a  startup called block stream and a bitcoin early adopter and thats all....

 its time for the community to save bitcoin to be on the top ever...

The amount of 'angst' for the state of bitcoin concerns me sometimes. The alt coin fan boys treat BTC like Voldemort sometimes, bitcoin was the first mover but doesn't have to be the only one. The different coins serve various functions; although you can argue bitcoin can do alot of it with development, the others already do it, and most of the time, more efficiently. There is a place for all the coins; what's important is overall investment in the crypto sphere. If we build it, they will come

[Silberman]

seems it is much easier to make bold decisions with ethereum...

i am sure ethereum will face difficulty scaling, but would be much easier to change stuff and adapt to demands with ethereum than bitcoin which wasted 2 years of scaling debate..

I am not speaking for ethreum...anyway your point is valid and I will delete that line about ethereum

Since the original poster changed the first post it was difficult to know what this was all about, so this is about Ethereum? Ethereum has its own shares of problems, but what happens is since bitcoin and ethereum are completely different then the problems are different too, bitcoin has a problem with the decision making process, ethereum does not have that but it is centralized and to many that is even worst than the problems bitcoin may have.

[CoinHoarder]

How has Bitcoin been dethroned exactly? It still looks like the king of the crypto kingdom to me. Its network effect reigns supreme over all of its peasant-filled villages of ALTcoin land. The Bitcoin network is in its worst state (probably) ever with the mempool growing and the ongoing scaling debacle, but even with these issues outstanding Bitcoin is still able to garner enough new money to reach new all time highs.

The only thing that is going to be dethroned is the ALTcoin ICO bubble. Whereas Bitcoin will also suffer a correction itself, probably a large one, but seeing as though it is the king of the crypto kingdom... it will recover. Some of the peasant-filled villages of ALTcoin land will not be so lucky, and will eventually be overtaken by white walkers while sinking into the depths of page 1,000,000,000 of Coin Market Cap.