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Author Topic: Coin competition is NOT healthy  (Read 2890 times)
jimmyk
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May 09, 2013, 06:58:54 PM
 #61

Define:  healthy.
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BBQKorv
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May 09, 2013, 07:01:01 PM
 #62

I think the competition is pretty healthy. Only the strong ones will survive and that means we don't need to watch the weak ones barely moving anywhere. This problem will solve itself in a little while.

We have already learned quite a bit from the recent coin releases, haven't we? Maybe next coins will get the launch done in a proper way and avoid all the problems and accusitions we have seen over and over again with the current offerings. Brainless copycatting doesn't bring any extra value to the community, and hopefully dies soon.

Now it's time for new innovation and ideas.
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May 09, 2013, 07:02:31 PM
 #63

Actually, I think it's perfectly healthy.  I am not afraid of my coins losing value to new more competitive coins.  I will simply keep my stake in the best coins.

This is the free market at work, combined with open source software.  The coins are like organisms in a rapidly evolving natural selection process.  Only the fittest will survive, and these coins will have the best properties for an online currency.

Everyone knows crypto currency will be the mainstream.  The process by which we get there; however, may surprise you.

I personally like this natural selection process.  And, while the new ideas are brewing and evolving, it's only natural people will tinker and invest.

+1

Eyes open, No Fear. Be Safe! Trinity: Currency Without Bias
elessdai
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May 09, 2013, 07:45:08 PM
 #64

I think coin competition is not healthy just for competition itself. If don't see how a copy paste coin from bitcoin or litecoin could survive, it's not just change in the reward and block time that will change something enough to make it live. If a copy of bitcoin come, ASIC jump in doing pump and dump and leave with very high difficulty. Same thing happen with new scrypt coin when all gpu jump in to do easy money.

I'll give you $500 and week to either buy an ASIC or a GPU.  Tell me which one you stand a chance of obtaining.  GPUs are not ASICs.  GPUs have a low barrier of entry.  Sure you are trounced by the farmers but that is the free market.  If you can grow your GPU farm from 1 to many by being better than the existing farms you win in the free market.  ASICs have blocked the road for the average user.  You need $20k and a prayer or an established GPU farm that will get you next to nothing in BTC.  Bitcoin needs an upgrade.

I wasn't complaining about asic or big gpu farm. I mean a coin with no innovation is easy to kill, a good example is FTC last time I checked next difficulty retarget was 20 days... with block each 16 minute. It seem like a temporary or constant failure for a coin supposed to be as fast as litecoin and it was not done by few big gpu farm but by the mass of gpu miner.
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