Bitcoin Forum
December 11, 2017, 07:56:06 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: Can Bitcoin be displaced by another mined coin?  (Read 1979 times)
nameface
Sr. Member
****
Offline Offline

Activity: 406


View Profile
May 14, 2013, 11:18:36 PM
 #1

I've heard this question a lot: "Couldn't another cryptocoin come along and displace Bitcoin?"

I'd say the vulnerability of all other mined coins to a 51% attack (or some other type of attack) by Bitcoin miners makes this impossible.

When I was a newbie I didn't really understand how important miners are, and how powerful the community really is. The network is incredible! http://www.extremetech.com/extreme/155636-the-bitcoin-network-outperforms-the-top-500-supercomputers-combined

Even a tiny fraction of the Bitcoin network is capable of stopping any other mined coin in its tracks (wasn't the TRC network stalled for 48 hours by a single ASIC? https://bitcointalk.org/index.php?topic=169068.0).

It strikes me that despite good intentions, every other alt-coin billed as "a different Bitcoin" is likely to be devoid of potential.

[Other cryptography-based payment technology may emerge and change the landscape (like the Ripple protocol), and there are different application of Bitcoin technology altogether (Namecoin), but personally, I see this stuff as more helpful to Bitcoin than anything else.]
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
Vince Torres
Sr. Member
****
Offline Offline

Activity: 337


View Profile
May 14, 2013, 11:38:13 PM
 #2

Probably not, seeing as most alts are scamcoins now anyway.

Namecoin.com .bit domain registrar. Register a new .bit domain for just $1!
BTC: 1LpKzg24NHmrxLZbnVphcstV3s7uA8cSnT
LTC: LWHswCFRPouCXTNiT8B9HUVnGrae9eojVg
ldrgn
Member
**
Offline Offline

Activity: 118


View Profile
May 14, 2013, 11:59:46 PM
 #3

What if the Bitcoin block size stays at 1 MB?  Miners can be profitable in a network with few transactions and high fees or many transactions and low fees.  What choice do you think is better for the growth of the Bitcoin network?  Why stick around on the old, expensive blockchain when merchants, miners and users of Bitcoin get more value out of the lower transaction fee one?

I can't tell you the future but if Bitcoin doesn't adapt to changing economic circumstances it'll be gutted by other currencies when it becomes uneconomical.  Unfortunately creating this kind of oversight to the economics of the Bitcoin network requires central planning and most users are opposed to that.
nameface
Sr. Member
****
Offline Offline

Activity: 406


View Profile
May 15, 2013, 12:15:53 AM
 #4

Why stick around on the old, expensive blockchain when merchants, miners and users of Bitcoin get more value out of the lower transaction fee one?
So there may be a need for Litecoin one day. Good point.
I can't tell you the future but if Bitcoin doesn't adapt to changing economic circumstances it'll be gutted by other currencies when it becomes uneconomical.  Unfortunately creating this kind of oversight to the economics of the Bitcoin network requires central planning and most users are opposed to that.
I'm not saying that Bitcoin will survive no matter what. Who knows. But what sort of new currency could crush Bitcoin? A new uber-fiat  Huh
nameface
Sr. Member
****
Offline Offline

Activity: 406


View Profile
May 15, 2013, 12:19:30 AM
 #5

...or maybe this http://money.cnn.com/2013/05/14/investing/bremmer-bitcoin/

Corporations like Amazon and Facebook dominating the currency market? While central banks and governments hoard all the gold and manipulate the stock market?  Angry  Please don't ever die Bitcoin!

kjlimo
Legendary
*
Offline Offline

Activity: 1708


View Profile WWW
May 15, 2013, 01:04:30 AM
 #6

Probably not, seeing as most alts are scamcoins now anyway.

false... I'd say an alt coin is one of the few reasons why bitcoins may not hit $100k each in the future.

Keep your eye on them, cuz you never know when the market will like another one better.

CampBX for buying BTCs, Coinbase for selling BTCs or Vircurex for trading alternate cryptocurrencies like DOGEs

PM me with any questions on these sites!  Happy to help!

Bitcoin Poker at Seals                  Strike Sapphire Casino  Free games every hour & day!
  Get Free Bitcoins here.

Spondoolies-Tech or KnC Miner for the fastest mining hardware available!

Bitpay to help your business accept bitcoin payments!
acoindr
Legendary
*
Offline Offline

Activity: 1036


View Profile
May 15, 2013, 01:22:26 AM
 #7

Alt-coins don't necessarily compete with Bitcoin, but rather strengthen cryptocurrency in general. I doubt Bitcoin will ever completely be replaced (where it disappears), not without some fundamental flaw discovered an alternative can solve or some superior feature Bitcoin can't emulate.
QuantPlus
Sr. Member
****
Offline Offline

Activity: 280



View Profile
May 15, 2013, 01:48:49 AM
 #8

Alt-coins don't necessarily compete with Bitcoin, but rather strengthen cryptocurrency in general. I doubt Bitcoin will ever completely be replaced (where it disappears), not without some fundamental flaw discovered an alternative can solve or some superior feature Bitcoin can't emulate.

The internet is NEVER about being the best... it's about:

(1)  Being easy to use.

(2)  Though imperfect...
Connecting with humans on some "lowest common denominator" level.

(3)  Rapidly building a critical mass.

That's why BitTorrent crushed Napster...
YouTube crushed MySpace...
And strange, simple Twitter just freaking exploded.

Ripple is incomprehensible...
So it's not a threat to Bitcoin...
And the alt-coins don't have the "critical mass" BTC does.

In the above context, Bitcoin looks good.

http://falkvinge.net/2011/05/11/with-the-napster-of-banking-round-the-corner-bring-out-your-popcorn/
Stunna
Legendary
*
Offline Offline

Activity: 1750


Advisor @ Primedice.com, Stake.com


View Profile WWW
May 15, 2013, 01:50:10 AM
 #9

With the abundance of alt-coins this is highly unlikely, but it is certainly a possibility.

      ▄▄████████▄▄
   ▄████████████████▄
 ▄█████▀▀       ▀▀████                              
▄████▀            ████      ████                  ████
█████           ▄████▀     ████▌                 ▐████
█████           ▀▀▀▀      ▐████                  ████▌    ▄▄
 █████▄                  ▄█████████▀            ▐████   ▄███▀
   ▀█████▄▄        ▄▄███████████▀▀   ▄▄▄▄       ████  ▄███▀     ▄▄▄▄
      ▀███████▄    ▀████▀████▀     ▄████▀███   ▐███████▀▀    ▄███▀ ██▌
         ▀▀██████▄▄     ▐████    ▄████  ▐██▌   ███████     ▄███▀  ▄██▌
    ▄▄▄▄     ▀▀█████    ████    ▄███▀   ███   ▐███▌███    ▐████▄▄███▀
  █████▀▀      ▀████▌  ▐████    ████   ▄███   ████ ▐███   ████
 ████▀          ████▌  ▐████▄▄██████▄▄█████▄▄█████  ▀███  ▀████▄▄▄▄██           ▄████▄  ▄████▄  ██▄██▄██▄
████▌          █████    ▀████▀▀  ▀████▀  ▀██▀ ███▀   ▀███   ▀▀████▀▀           ██▀     ██▀  ▀██ ██  ██  ██
████▄       ▄▄████▀                                   ▀███▄▄      ▄▄██  ▄████▄ ██▄     ██▄  ▄██ ██  ██  ██
 ██████████████▀▀                                       ▀▀█████████▀▀   ▀████▀  ▀████▀  ▀████▀  ██  ██  ██
   ▀██████▀▀▀



▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬
The Bitcoin Casino
▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬
▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄
█                         █
█       ██                █
█      █▄▄█               █
█     █▀  ▀█              █
█                         █
█       ▄▄                █
█     ▄████▄              █
█   ▄████████▄            █
█   ▀████████▀            █
█     ▀████▀              █
█       ▀▀                █
█                         █
█                         █
█                         █
█                         █
▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀
▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮
Provably fair
Free faucet

▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮
▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬
12 exclusive games
And many more...

▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬



                ▄▄
               ▄▀▀
               ▀█
      █▀▄  ▄▄▄▄█▀▀█▄▄ ▄▀█
      █  ▀▀          ▀  █
      █▌        ██▌ █   █▌
      ▐█       ▐█████   ▐█ ▄▄ ▄▄▄
      █▌        ▀▀▀▀     █ █ ▀   █
      █       ▀▄▄▄▄▄▀     ▀    ▄▀
      █         ▀▀           ▄▀
     ▄▀                    ▄▀
   ▄▀                     █
 ▄▀                       █
█   █▄█                   █
 ▀▀▀  █       ▄▄▄▄▄       █
      █       █   █       █
      ▀▄▄▄▄▄▄▄▀   ▀▄▄▄▄▄▄▄▀
tvbcof
Legendary
*
Online Online

Activity: 2338


View Profile
May 15, 2013, 01:57:18 AM
 #10


One of the driving force for 'paracoin' idea (sig block) was to basically let another system do the heavy-lifting.  For as long as it is able, at least.

Such a solution is actually kind of a win for everyone.  As importantly, it relaxes some of the production constraints that interfere with progress on the system development front.


JoelKatz
Legendary
*
Offline Offline

Activity: 1582


Democracy is vulnerable to a 51% attack.


View Profile WWW
May 15, 2013, 02:03:04 AM
 #11

I'd say the vulnerability of all other mined coins to a 51% attack (or some other type of attack) by Bitcoin miners makes this impossible.
Are you saying that launching a 51% attack on a currency is a perfectly legitimate tactic for advocates of a competing currency to employ?

I am an employee of Ripple. Follow me on Twitter @JoelKatz
1Joe1Katzci1rFcsr9HH7SLuHVnDy2aihZ BM-NBM3FRExVJSJJamV9ccgyWvQfratUHgN
tvbcof
Legendary
*
Online Online

Activity: 2338


View Profile
May 15, 2013, 02:06:07 AM
 #12

I'd say the vulnerability of all other mined coins to a 51% attack (or some other type of attack) by Bitcoin miners makes this impossible.
Are you saying that launching a 51% attack on a currency is a perfectly legitimate tactic for advocates of a competing currency to employ?

I would say that it does not matter whether it is 'legitimate'.  The salient point is that it happens.


nameface
Sr. Member
****
Offline Offline

Activity: 406


View Profile
May 15, 2013, 02:06:36 AM
 #13

Ripple is incomprehensible...
Ripple will have a shot when more people become aware of it and more gateways emerge. There will be ways for it do really amazing things like be your own bank, create a LETS, or even invent a new commodity. Bitcoin and Ripple are both small fish in the big pond finance. I think they could help each other change the world. But I don't see Bitcoin clonecoins contributing much other than confusion at this point.
JoelKatz
Legendary
*
Offline Offline

Activity: 1582


Democracy is vulnerable to a 51% attack.


View Profile WWW
May 15, 2013, 02:10:52 AM
 #14

I'd say the vulnerability of all other mined coins to a 51% attack (or some other type of attack) by Bitcoin miners makes this impossible.
Are you saying that launching a 51% attack on a currency is a perfectly legitimate tactic for advocates of a competing currency to employ?
I would say that it does not matter whether it is 'legitimate'.  The salient point is that it happens.
It's not likely to happen on an organized, large scale through pools and the like if the community considers it an illegitimate tactic. Hence my question. Some might argue that it's theft, fraud, criminal abuse, or the like.

I am an employee of Ripple. Follow me on Twitter @JoelKatz
1Joe1Katzci1rFcsr9HH7SLuHVnDy2aihZ BM-NBM3FRExVJSJJamV9ccgyWvQfratUHgN
tvbcof
Legendary
*
Online Online

Activity: 2338


View Profile
May 15, 2013, 02:26:00 AM
 #15

I'd say the vulnerability of all other mined coins to a 51% attack (or some other type of attack) by Bitcoin miners makes this impossible.
Are you saying that launching a 51% attack on a currency is a perfectly legitimate tactic for advocates of a competing currency to employ?
I would say that it does not matter whether it is 'legitimate'.  The salient point is that it happens.
It's not likely to happen on an organized, large scale through pools and the like if the community considers it an illegitimate tactic. Hence my question. Some might argue that it's theft, fraud, criminal abuse, or the like.

They can argue until they are blue in the face.  I doubt that a majority people would pitch a bitch about a pool taking some time off to destroy some promising competition if there was a pretty clear cut picture that the competition was likely to diminish from the value they held in, say, Bitcoin.

I'm not even sure I would, and I do believe it is slimy, unethical, and damages the distributed crypto-currency environment that society might otherwise enjoy.


nameface
Sr. Member
****
Offline Offline

Activity: 406


View Profile
May 15, 2013, 02:28:32 AM
 #16

I'd say the vulnerability of all other mined coins to a 51% attack (or some other type of attack) by Bitcoin miners makes this impossible.
Are you saying that launching a 51% attack on a currency is a perfectly legitimate tactic for advocates of a competing currency to employ?
Absolutely not!
It just seems like cryptographic solutions should take into account the extent of whatever deplorable things human beings are capable of. Bitcoin is successful because it can't be hacked, because it can't be attacked, etc... It seems necessary that a system can defend itself against everything that's out there in the world that could try to take advantage of its vulnerabilities.

 Do I think Bitcoin miners are honourable? Doesn't matter. The point is that some of them have a lot power and may use it in nefarious ways. Personally, I strive to keep my decisions focused on liberating humanity and accelerating ideas. But I suppose it's all about perspective. If I perceived something was a threat to me or what I believed in, I suppose I would want to attack it... but now I feel like we're having a whole different conversation.
nameface
Sr. Member
****
Offline Offline

Activity: 406


View Profile
May 15, 2013, 02:34:42 AM
 #17

I'd say the vulnerability of all other mined coins to a 51% attack (or some other type of attack) by Bitcoin miners makes this impossible.
Are you saying that launching a 51% attack on a currency is a perfectly legitimate tactic for advocates of a competing currency to employ?
I would say that it does not matter whether it is 'legitimate'.  The salient point is that it happens.
It's not likely to happen on an organized, large scale through pools and the like if the community considers it an illegitimate tactic. Hence my question. Some might argue that it's theft, fraud, criminal abuse, or the like.
It should be illegal because it is theft, fraud, criminal abuse, but how can we enforce this today?
datz
Sr. Member
****
Offline Offline

Activity: 295


"to survive, we must live and fly"


View Profile
May 15, 2013, 03:13:16 AM
 #18

we will transfer the value of mined BTC to another non-mined currency. mining is inefficient, wasteful, and produces vulnerabilities. great marketing scheme and traction-generator - but we need to move on.
datz
Sr. Member
****
Offline Offline

Activity: 295


"to survive, we must live and fly"


View Profile
May 15, 2013, 03:16:16 AM
 #19

we're moving on - we planned this from 0.1
superduh
Hero Member
*****
Offline Offline

Activity: 602


View Profile
May 15, 2013, 03:20:42 AM
 #20

non-mined as in centrally issued?

ok
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!