Long Term Problems with Cryptocurrency

[MR2]

Currently I am restricted on this board, but I get into the matter of cryptocoins some time ago did a lot of reading. And while there is a lot of information (and a lot of BS) I think - because cryptocurrency is serious - the are some questions concerning long term. What do you think about those and what do you think will happen in the future about those things like:

* Ever Growing Block Chain (online wallets may be the solution to different other problems as well). I accept that this is something that'ss already subject to change, but I am unable to predict what this will mean for security.

* Coin Value. Example Bitcoin, currently 300§ per coin. Thinking it to the end, because of the limited amount of bitcoins available, 1 bitcoin will be A LOT of money. What will happen to microtransactions? 0.0000001 BTC for a bubble gum? There was 8 digits behind comma, didn't it? So we end up with 0.00000001 being one $ct - that would be ridicolous. Maybe we would not use bitcoins, but use Satoshi instead as Currency - which would be more natural.

Cryptocurrency for the future? I think so - but it will not replace Fiat Currency. Just no way. But it may get its place in our world, that is truely possible.

Let's do some discussion about it.

PS: This thread is not about short term earnings, this is going about future of cryptos - everyone is welcome!

[beetcoin]

the ever growing size of the blockchain will make it a pain, but i don't think it's a serious threat.

coin value: bitcoins are fungible. there is talk about it all over. the next step is mBTC, and then 1 satoshi.

[RodeoX]

These are real concerns, but there are also ways to deal with them.

[MR2]

I also see the problem of BTC with the SHA Hashing .. which is real, look how it goes atm. ASICS. So much asics. As soon as the bigger farms stop being profitable, only some big farms will stay alive when reinvested the mined coins into hardware. In my eyes this is a problem, because it could lead to transact fees outa control. Like it is with banks now.

PPC is a good alternative to that .. not sure if it will work out.

The Satoshi-Currency may be a good approach I think. But Population is grwoing, so because of the nature availibility, the value of a Cryptocoin (fixed amount currency) cannot stay stable. So even the Satoshi may be too less sooner or later. Anyone can remember Italian Lire .. 20$USD = 1.000.000 Lire? (something like that) - that was for real and it happend.

The blockchain is already a problem somehow. Every User has to save 8GB of Data .. and also needs to transfer every transaction over his line onto his computer. That will be a huge block of traffic. Maybe in the future everything will work over online wallets for that reason. This would also solve the 10min - 8 hrs wating time for transact aknowledge

Don't want to make cryptos bad - just thinking about some problems :-)

[torry28]

The blockchain is already a problem somehow. Every User has to save 8GB of Data .. and also needs to transfer every transaction over his line onto his computer. That will be a huge block of traffic. Maybe in the future everything will work over online wallets for that reason. This would also solve the 10min - 8 hrs wating time for transact aknowledge

I already use Electrum client, no need to download blockchain and I doubt it is not secure

[beetcoin]

the latest electrum client is full of bugs.

i recently deleted my bitcoin-qt client, as it took about 13 gigs of space.. it was too much of a hassle for me.

[MaxBTC1]

One issue I would like to flag up is that surely when mining becomes so expensive and most miners quit, it will take a very long time to confirm transactions surely?

[CrypticBits]

Your concerns are legit, but they have been raised several times already, and there are a lot of solutions or explanations for them. So you shouldn't worry .

[The Patient]

Hmm

[Arksun]

* Coin Value. Example Bitcoin, currently 300§ per coin. Thinking it to the end, because of the limited amount of bitcoins available, 1 bitcoin will be A LOT of money. What will happen to microtransactions? 0.0000001 BTC for a bubble gum? There was 8 digits behind comma, didn't it? So we end up with 0.00000001 being one $ct - that would be ridicolous. Maybe we would not use bitcoins, but use Satoshi instead as Currency - which would be more natural.

That's a none issue, as the price increases, instead of Bitcoins all prices will be displayed as mBTC, or millibits. Then if one assumes that Bitcoin quite literally took over the world as some global currency, then 1 cent = 1 satoshi and equivalent of $1 would be a uBTC or microbit.
It's not like all prices would be shown as decimal points of full BTC. In fact they might even give the new divisions brand new names to replace millibit and microbit.

[Gabi]

* Ever Growing Block Chain (online wallets may be the solution to different other problems as well)

You don't need an online wallet to solve that. Use multibit for example

There was 8 digits behind comma, didn't it? So we end up with 0.00000001 being one $ct - that would be ridicolous. Maybe we would not use bitcoins, but use Satoshi instead as Currency - which would be more natural.

The bitcoin-qt client already have the option to show you milliBTC instead of BTC, problem solved.

Anyone can remember Italian Lire .. 20$USD = 1.000.000 Lire? (something like that)

1 dollar was like 2000 Lire 

[MR2]

One issue I would like to flag up is that surely when mining becomes so expensive and most miners quit, it will take a very long time to confirm transactions surely?

no, because the difficulty goes down .. but when I understand the crypto-concept the difficulty is baken into the block chain (logically) .. not sure if I am right with this. Also there will be a transact fee later which should drive enough asics to keep running. Even when that means only big farms will survive.

I may had an overdrive with the lire/$ example, but it should show the paint. Nethertheless, with introducing mBTC etc that should be no Problem. Raising Population VS Fixed Amount of coins anyone?

If you look on current ongoings with the cryptos, the value mostly comes from trading and such things. Which is nice and works like any asset works so far but in the end is inpractical for the consumer. So after the big wave of mining, trading and speculatting is over, someone has to ask if BTC will be a practical currency.

At the moment, there is no stable value, so the currency per se is fully unusable for mainstream commerce. I wonder when we will see Cryptos stabilize. Opinions?

Example: Samsung invents a new TV. They invest "money" into development, production and such things which is say <enternumber> usd. They do this because they calculate a ROI. They need a stable currency to calculate with otherwise they would just not risk that investment. This is surely a pretty common problem with cryptos, as long as they are not stable enough to predict their value in some range over a set period of time.

True - same counts for fiat currency, but there is some range which is quite usual, even when there is the risk of a economy crash (which is defined as uncommon or slow enough to react)

[Gator-hex]

Yes we will be buying goods and services in Satoshis (The Bitcoin Inventors Name) The guy was a frikin genius, don't you think he planned it this way?

Bitcoin will become more centralized by this time because the blockchain will require Google Super computers to store all the transactions.

If this bothers you use and promote Litecoin which is more focused on keeping the network and coin production in the hands of the people.

[kolesozw]

Yes we will be buying goods and services in Satoshis (The Bitcoin Inventors Name) The guy was a frikin genius, don't you think he planned it this way?

Bitcoin will become more centralized by this time because the blockchain will require Google Super computers to store all the transactions.

If this bothers you use and promote Litecoin which is more focused on keeping the network and coin production in the hands of the people.

LOL, if your alternative coin becomes ever used widely for buying product and services,  your alternative coin will become more centralized by this time because the blockchain will require Google Super computers to store all the transactions.

Then, by your logic, you need choose new alternative coin 

[MR2]

don't you think he planned it this way?

In general, inventors cannot think of all the future cases, I believe. I don't think, that the inventor of the motor-engine ever thought of CO2 emissions and such things ppl care about today (climate change is nature by the way) :-) whatever

It's not that I do not like BitCoin, I like it, and it is a great idea! I just try to think about what will happen in the future. I actually do prefer litecoin currently (and mine them) and also have an eye on PPC very much, because it seems to be a good way to conquer many problems BTC has shown. But who knows. History tells us, it is not the best product who wins but the most marketed one. Saying this I hope for the most practical crypto.

Would love if there were more discussions about which crypto prefer but in concerns of usability - not profit :-)

I may put some older PC back in service to mine some PPC .. because I got a store my power is fully tax deductable, so this is less of a matter for me

PS: Mentioning google .. it is quite possible that the big players like google or microsoft overtalking a majority of computing power (they already have) - this is more a concern of profit and reliability. Another reason to go for PPC, which trys to conquer that.

[Gator-hex]

Then, by your logic, you need choose new alternative coin

My logic is undeniable.

A Peer-2-Peer network is an exponential function http://youtu.be/9SOSfRNCQZQ?t=5m6s

it would create more traffic than the internet could handle if everyone used Bitcoin-Qt to maintain their own wallet.

When you use a 3rd party wallet that is (Server-Client) centralization and you are back to trusting a bank not to steal from you.

 

[Lauda]

A problem which can be easily solved. Why do you even point out such a thing?

[imamanandyou]

About the PPC - proof of stake concept is not secure as much as proof of work. So Bitcoin does not have any issues, in fact given huge hash rate it is only really secure coin

[Gator-hex]

In general, inventors cannot think of all the future cases, I believe. I don't think, that the inventor of the motor-engine ever thought of CO2 emissions and such things ppl care about today (climate change is nature by the way) :-) whatever

This is going to blow your brain!...

CO2 is the air you breathe out after you extract Oxygen from it.

Plants take in CO2 to grow and give out Oxygen. (The carbon cycle!)

Excess CO2 causes taller trees and animals, like they had in the times of Dinosaurs!

but wait there is more...

The enviro-mentalists forced us to put catalytic converters onto our cars

made from a metal more expensive than gold (platinum) to turn nasty Carbon Monoxide into safe Carbon Dioxide!

To top it off the sea has been rising since the last ice age, long before man got industrialized

England used to be connected to France and stone age people lived on the bit in between where now there is sea!

I think this is the real reason behind it... If you tax CO2, you've got a breathing tax!

[MR2]

About the PPC - proof of stake concept is not secure as much as proof of work. So Bitcoin does not have any issues, in fact given huge hash rate it is only really secure coin

The PPC approach (as far as I understood it) is pretty cool because it is designed, so that every attack will be unreliable in concerns of cost. So this is the best security you can get. Making the win unreliable.

PS: Another on "360 from this IP i forget everything you typed" bullshit .. let's head for an IP rotator .. unbelievable .. what is this? stone age?

PS: Please no Co2 discussion - it is lame, it is wrong. and .. it's just wrong. too much BS about that climate topic. Climate is in steady change. That's natural. Looking at earth history this planet was not able to host live most of its time.