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Author Topic: Can Bitcoin be displaced by another mined coin?  (Read 1979 times)
foggyb
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May 15, 2013, 03:31:00 AM
 #21

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.

Dream On.
"This isn't the kind of software where we can leave so many unresolved bugs that we need a tracker for them." -- Satoshi
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datz
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May 15, 2013, 03:37:05 AM
 #22

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.

Dream On.

I am not a dreamer. I am a doer.
datz
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May 15, 2013, 03:38:26 AM
 #23

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.

Dream On.

If you wish to survive - follow me. Else, perish.
foggyb
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May 15, 2013, 03:50:04 AM
 #24

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.

Dream On.

If you wish to survive - follow me. Else, perish.

Whatever you say, kid.
nameface
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May 15, 2013, 03:59:46 AM
 #25

we're moving on - we planned this from 0.1
LOL
Who's we? You and Satoshi back at the lab? Cheesy
oakpacific
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May 15, 2013, 10:25:05 AM
 #26

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 would say it's in no way illegal, at least in its primitive form. You can't accuse me of mining with more than 50% of the network's hashpower, and you can't accuse me of refusing to process other's transactions because I don't want to use my own hardware to do that.

https://tlsnotary.org/ Fraud proofing decentralized fiat-Bitcoin trading.
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