What does the cryptocurrency industry need?

[Ethan_Locke]

So I was in my car earlier, daydreaming as normal thinking about the crypto industry and how fast it is moving, how its user base in general is growing and the new and upcoming technologies are hard to keep a track of. So I wanted to create this thread for us all to share our wildest innovations and ideas because I thought it would be an interesting read for many, im quite new to the industry as a whole and want to understand both the scope of it over the period over the next few decades, what is possible? Where is this all going? Whats your wildest most imaginative idea on what this industry is capable of? What do you think needs to improve? How can it be improved? What problems do you see that need to be solved?

Excited to hear your responses 

[The Sceptical Chymist]

daydreaming as normal thinking about the crypto industry

Lol, nice to see such passion for crypto--but you might want to be careful where you're doing such daydreaming. 

Merchant acceptance is one thing crypto needs.  Mainstream acceptance.  Lower fees, shorter confirmation times.  All of this is for bitcoin, of course.  Other cryptos need the acceptance part of it.  More integrity among the users, as this crazy crypto world is full of shitbag scammers and other knaves.  That's about all I can think of.  Glad to see this passion--this is why crypto isn't going to die anytime soon.  The younger generation will carry the whole thing forward.

[cz3kit]

I guess all it needs is just time. More and more people will learn about it and hopefully understand it. Bitcoin is not very easy to understand.
I tried to explain to my parents what a private and public key and that they secure everything. That is not that easy as it seems
But Bitcoin and Co. offer many nice benefits and I hope more and more ideas are going to evolve around it to make a lot of things easier for people

Teach the people and let them understand. Show them the benefits and this might already help

[Ethan_Locke]

daydreaming as normal thinking about the crypto industry

Lol, nice to see such passion for crypto--but you might want to be careful where you're doing such daydreaming. 

Merchant acceptance is one thing crypto needs.  Mainstream acceptance.  Lower fees, shorter confirmation times.  All of this is for bitcoin, of course.  Other cryptos need the acceptance part of it.  More integrity among the users, as this crazy crypto world is full of shitbag scammers and other knaves.  That's about all I can think of.  Glad to see this passion--this is why crypto isn't going to die anytime soon.  The younger generation will carry the whole thing forward.

Thank you, im obsessed! Okay, do you think that this is something that SegWit2x will help with, things like the lower fee's and shorter confirmation times, if the block sizes are made larger? Can we expect to see large short term user increase if this is pulled off correctly?

[Ethan_Locke]

I guess all it needs is just time. More and more people will learn about it and hopefully understand it. Bitcoin is not very easy to understand.
I tried to explain to my parents what a private and public key and that they secure everything. That is not that easy as it seems
But Bitcoin and Co. offer many nice benefits and I hope more and more ideas are going to evolve around it to make a lot of things easier for people

Teach the people and let them understand. Show them the benefits and this might already help

Haha! Ive been in that scenario myself, hey at least you got as far as the explanation of keys. Cool so its mainly towards increasing simplicity and usership amongst individuals and businesses, that makes sense.

[franky1]

most people will cry "user adoption" but thats the single low level greedy reply from those that only care about price spikes so they can jump out and run back to fiat

whats actually needed and in this order is
1. get the damned devs to either put their ego's aside.. or to make nodes adaptive to not rely on devs as much
     - this will allow the network to grow, be more free to grow and be innovative again
2. increase innovation
    - this includes tx/s increases and lower fee's via new transaction/fee priority formulae's
    - stop with the bidding war/fee war
3. consulting/local meetups/conferences
    - get local knowledge growth and help organise business innovation/adoption
4. merchant adoption
    - increase usefulness
then and only then
5. ATM's and local exchanges


the reason 'user adoption should come last. is because without business/innovation, bitcoin just becomes a gimmick and people only use it to speculate price and then run back to fiat

[unamis76]

What Bitcoin and cryptocurrency needs is honest people and devs that have as their top interest the development and steady growth of the technology.

The direction we should head to is build a robust foundation for Bitcoin to work for years to come and adapt to new users and developments towards ease of use...

[Ethan_Locke]

most people will cry "user adoption" but thats the single low level greedy reply from those that only care about price spikes so they can jump out and run back to fiat

whats actually needed and in this order is
1. get the damned devs to either put their ego's aside.. or to make nodes adaptive to not rely on devs as much
     - this will allow the network to grow, be more free to grow and be innovative again
2. increase innovation
    - this includes tx/s increases and lower fee's via new transaction/fee priority formulae's
    - stop with the bidding war/fee war
3. consulting/local meetups/conferences
    - get local knowledge growth and help organise business innovation/adoption
4. merchant adoption
    - increase usefulness
then and only then
5. ATM's and local exchanges


the reason 'user adoption should come last. is because without business/innovation, bitcoin just becomes a gimmick and people only use it to speculate price and then run back to fiat

Thanks for your response, your initial point definitely makes sense, havent thought about it that way before now. When you say making nodes more adaptive do you mean more accessible for individual users? Anyone can setup a BTC node but not many do I guess due to the lack of getting anything in return (and storage space in some cases).

(2) Definitely agree with this point, what exact innovation? How can this be accomplished? Will Segwit address these needs in your opinion? How do you think that the fee war can be addressed?

Thanks for the post, the perspective that you've given me makes chronological sense, really interesting. (Y)

[Ethan_Locke]

What Bitcoin and cryptocurrency needs is honest people and devs that have as their top interest the development and steady growth of the technology.

The direction we should head to is build a robust foundation for Bitcoin to work for years to come and adapt to new users and developments towards ease of use...

What exact innovations do you think can contribute directly to adapting the network to make it more user friendly for newer users?

[franky1]

Thanks for your response, your initial point definitely makes sense, havent thought about it that way before now. When you say making nodes more adaptive do you mean more accessible for individual users? Anyone can setup a BTC node but not many do I guess due to the lack of getting anything in return (and storage space in some cases).

(2) Definitely agree with this point, what exact innovation? How can this be accomplished? Will Segwit address these needs in your opinion? How do you think that the fee war can be addressed?

Thanks for the post, the perspective that you've given me makes chronological sense, really interesting. (Y)

making nodes more adaptive
= nodes can set rules/change settings at runtime
things like
instead of needing to download a whole new client just to accept a new setting. the clients which people currently have can tweak settings and be able to accept certain things as patches.
EG download patches/ddl's rather than having to choose a 'brand' or starting a brand civil war
the reason i say this is the community becomes less dependant on a particular group of devs to make decisions on what is best and instead people can choose what they want. which then brings consensus back into the communities symbiotic relationship with each other, rather than a tier network and finger pointing civil war debates

innovation
lol segwit lol..pfft thats been overhyped to the extreme.
there are other innovations. its not just about transactions/block formations.. its about the GUI (front end user interface) hardware wallets. retailer Epos(cashier terminals) atms, next gen asics, even making payments via NFC smart watches rather than camera scanning QR codes or copy and pasting lengthy addresses

fee war can be addressed easily..
at the moment fee's for a 225byte tx cost the same if you spend it every block or only once a month. meaning it does not punish spammers that respend as soon as its confirmed.
EG if you pay above estimate fee you pretty much gonna get your transaction put through at the same block, no matter if the coin is only one confirm old 144confirms or 30,000 confirms.
if a group think LN is "the solution" then they feel that people doing onchain transactions more than once a day is bad/spam/unneeded and anyone who genuinely needs to use bitcoin often/multiple times a day can utilise side services like LN.
so we can make a fee priority formula that utilises coin age and also CLTV to reward people willing to only spend once a day and punish people that want to spend every ~10 minutes. that way those 'spammers' condition themselves to be less selfish because suddenly spending every time it confirms becomes more expensive(extremely) compared to someone who only spends once a day or less often

EG spend once a day using a lean 225-400byte tx only costs pennies. spend with just 1 confirm costs 144+ times more. and ontop of that the bloat of the tx also adds more costs.. thus it teaches people to be leaner and less spammy

[Anegg]

So I was in my car earlier, daydreaming as normal thinking about the crypto industry and how fast it is moving, how its user base in general is growing and the new and upcoming technologies are hard to keep a track of. So I wanted to create this thread for us all to share our wildest innovations and ideas because I thought it would be an interesting read for many, im quite new to the industry as a whole and want to understand both the scope of it over the period over the next few decades, what is possible? Where is this all going? Whats your wildest most imaginative idea on what this industry is capable of? What do you think needs to improve? How can it be improved? What problems do you see that need to be solved?

Excited to hear your responses 

Top things that bitcoin needs are probably more media attention and more merchant acceptance, who will use a cryptocurrency if zero to no people will accept it as payment? Local exchanges would also help grow bitcoin. It would also need more developers to get behind it and actually help it grow. All of this is happening slowly, without a lot of people's help. The future looks good for bitcoin

[Phyton76]

So I was in my car earlier, daydreaming as normal thinking about the crypto industry and how fast it is moving, how its user base in general is growing and the new and upcoming technologies are hard to keep a track of. So I wanted to create this thread for us all to share our wildest innovations and ideas because I thought it would be an interesting read for many, im quite new to the industry as a whole and want to understand both the scope of it over the period over the next few decades, what is possible? Where is this all going? Whats your wildest most imaginative idea on what this industry is capable of? What do you think needs to improve? How can it be improved? What problems do you see that need to be solved?

Excited to hear your responses 

A lot of promotion from many companies to advertise and participate in using bitcoin or accepting bitcoin as a currency advertising bitcoin as a future currency that way bitvoin prgress of bitcoin will be fast and will be a maintream currency

[AlexBessonov]

So I was in my car earlier, daydreaming as normal thinking about the crypto industry and how fast it is moving, how its user base in general is growing and the new and upcoming technologies are hard to keep a track of. So I wanted to create this thread for us all to share our wildest innovations and ideas because I thought it would be an interesting read for many, im quite new to the industry as a whole and want to understand both the scope of it over the period over the next few decades, what is possible? Where is this all going? Whats your wildest most imaginative idea on what this industry is capable of? What do you think needs to improve? How can it be improved? What problems do you see that need to be solved?

Excited to hear your responses 

IMO, it would be nice if the industry saw the rise of more coins that build on the Smart Contract principle of Ethereum. Makes the coin much more attractive for ICO's, etc; and adds a degree of flexibility that others don't have.

[DoublerHunter]

I think that most of the cryptocurrencies need adoption from different countries or people but before that it needs a lot of improvement like in bitcoin, it needs fork or upgrade so the network will become bigger so it can handle more volume of transaction and user and it also needs to improve its security because of the threat of quantum computers. After those solutions then it is easy for bitcoin to get demand from different people or country.

[franky1]

IMO, it would be nice if the industry saw the rise of more coins that build on the Smart Contract principle of Ethereum. Makes the coin much more attractive for ICO's, etc; and adds a degree of flexibility that others don't have.

lol seems you just care about pump and dump profits. (ICO's are just pump and dumps!)

how about making innovative things USING smart contracts of existing coins. actually let these things grow. just inventing new coins or splitting coins is just for the greedy penny pinchers wanting to get 'money for nothing' befor running back to fiat.

[pereira4]

All we need right now is a payment channel layer to allow for trillions of transactions per second so we can actually get everyone on the global economy without destroying the gold-like properties for bitcoin.

Im yet to see other blockchain applications that make sense. Some smart contracts are cool, but most of it is vaporware and lack substance. Lets get the money part right first.

[franky1]

All we need right now is a payment channel layer to allow for trillions of transactions per second so we can actually get everyone on the global economy without destroying the gold-like properties for bitcoin.

Im yet to see other blockchain applications that make sense. Some smart contracts are cool, but most of it is vaporware and lack substance. Lets get the money part right first.

pereira4 as always your posts are full of over advertised hopes and over promised things that you hope will happen but you always fail to dig a lil deeper at the bigger picture

LN is not the final solution and all-solving utopian feature.
dont get me wrong LN has its niche market and utility, but it should be thought of as a voluntary side service and not something everyone should be locking their hoards into permanently.

as for the "trillions" of transactions per second. lol you really need to dig a lil deeper, oh and spend less time on reddit, it doesnt seem to be helping your research/knowledge

[pooya87]

we need adoption of more users not more speculators.
for now the speculator group is growing fast, people are just investing in bitcoin and see it purely as that. and with that you don't really need any innovation! they will continue investing in it and price will rise!

but when we get more people investing in bitcoin for it being a crypto currency that they can use, and they are willing to use as a currency that is when you can start thinking about next step. for that we first need a change in mentality of people then some merchant adoption and we will be on our way.

[Nevis]

Cryptocurrencies specially bitcoins really needs an system upgrade and expansion i think because of old network codes and technology bitcoins face some problems right now and they need to resolve it i think before it will cause chaos

[Fioraver]

they need Merchant support.
Only Merchant accepted cryptocurrency, people will use cryptocurrency.