Bitcoin Forum
December 07, 2016, 08:57:26 AM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: « 1 [2]  All
  Print  
Author Topic: what happens when btc2 comes out?  (Read 5880 times)
bitcoinBull
Legendary
*
Offline Offline

Activity: 826


rippleFanatic


View Profile
March 20, 2011, 01:25:23 AM
 #21


This is a really interesting question, because what makes bitcoin appealling versus regular old paper money, also makes it vulnerable to obsolescence.

Because everyone using Bitcoin is using them on a computer, connected to the internet, a competitive P2P currency can be downloaded by everyone very quickly.  The barriers to entry are very low.

I don't think the primary threat to btc1 comes from a technically superior btc2 though.  I think the threat comes from a more widely-accepted btc2.  If Google, Facebook, Zynga, eBay or some other middling to large internet player comes out with their own fork, it could instantly become the defacto standard.

People won't adopt btc2 because they see the brilliance of a p2p cryptocurrency, they will adopt btc2 because they want to buy a tractor on FarmVille or some cookware on eBay.  FarmVille has 50 million users.  How many people are members of the btc1 universe?  Twenty thousand?  Even if btc2 is technically identical to btc1, the miniscule btc1 economy will not be even a speedbump in the way of btc2.

What makes bitcoin appealing is exactly what makes its mainstream adoption (by corporations) unlikely.  Farmville, Facebook, and eBay are all more interested in staying on the right side of the law.  Why do you think Zynga doesn't let users cash out their poker chips?

Another reason why any btc2 is unlikely to displace bitcoin is because the first-to-market advantage in any online business these days so huge.  Users will especially be resistant if they lose their capital.  Think about how and why myspace users abandoned it for facebook, where the capital at play was social (friends and investment in profiles).

Any btc2 will need to be traded against bitcoin, and migration would look like a not-so-gradual increase in price of btc2 relative to bitcoin.

College of Bucking Bulls Knowledge
1481101046
Hero Member
*
Offline Offline

Posts: 1481101046

View Profile Personal Message (Offline)

Ignore
1481101046
Reply with quote  #2

1481101046
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481101046
Hero Member
*
Offline Offline

Posts: 1481101046

View Profile Personal Message (Offline)

Ignore
1481101046
Reply with quote  #2

1481101046
Report to moderator
1481101046
Hero Member
*
Offline Offline

Posts: 1481101046

View Profile Personal Message (Offline)

Ignore
1481101046
Reply with quote  #2

1481101046
Report to moderator
Anonymous
Guest

March 20, 2011, 01:45:30 AM
 #22

Unless facebook or google open sources the btc2 who would want to use it when you know its controlled by a corporation ?

They couldnt control it so are not likely to use it imo. They couldnt risk people buying drugs with facebook or google btc2.

Besides then it wouldnt be p2p would it ?  It would be facebook credits 2.0   

fail.
gigabytecoin
Sr. Member
****
Offline Offline

Activity: 280


View Profile
March 20, 2011, 05:05:36 AM
 #23

I think that there will be space for a second crypto-currency, probably one with superior/stronger protocols but using generally the same principles. This btc2 will be to bitcoin as silver is to gold.


Hrmmm.. not so sure about that one.

If it is determined that btc2 has absolutely no flaws (probably by the bitcoin community) then bitcoin would quickly deplete to 0 dollars value. People would forget about it, and move on to btc2.

I think there is no need for that. You are forgetting the power of Open Source. Because everything is open, all things can be joined & connected so that they cooperate together. A synergy.
IMHO it is possible to seamlessly move on to the new "Bitcoin 2.0", using a patched software, modified protocol & block chain that are backwards compatibile with the old chain.

Let's say that we implement something that changes the rules and the protocol from block 300.000. The old bitcoins would simply be converted to the new chain, and the beginning of the new chain would be "hooked" to the end of the old chain for security. So the new version would support both the old chain and new chain, but only new chain since block 300.000.

EDIT:
The beauty of open source is that you don't have to compete. You _always_ have the option of cooperation.

That may be entirely possible, but who (besides us, people who already have a large investment in bitcoin) would be willing to go through all the trouble of updating their clients and verifying they were indeed on the "new" network.

Some people still surf with IE6 for goodness sake.

Once press coverage hit that bitcoin blows and "theShitCoin" is the next best thing, the public will probably follow.
ShadowOfHarbringer
Legendary
*
Offline Offline

Activity: 1470


Bringing Legendary Har® to you since 1952


View Profile
March 20, 2011, 06:31:43 PM
 #24

I think that there will be space for a second crypto-currency, probably one with superior/stronger protocols but using generally the same principles. This btc2 will be to bitcoin as silver is to gold.


Hrmmm.. not so sure about that one.

If it is determined that btc2 has absolutely no flaws (probably by the bitcoin community) then bitcoin would quickly deplete to 0 dollars value. People would forget about it, and move on to btc2.

I think there is no need for that. You are forgetting the power of Open Source. Because everything is open, all things can be joined & connected so that they cooperate together. A synergy.
IMHO it is possible to seamlessly move on to the new "Bitcoin 2.0", using a patched software, modified protocol & block chain that are backwards compatibile with the old chain.

Let's say that we implement something that changes the rules and the protocol from block 300.000. The old bitcoins would simply be converted to the new chain, and the beginning of the new chain would be "hooked" to the end of the old chain for security. So the new version would support both the old chain and new chain, but only new chain since block 300.000.

EDIT:
The beauty of open source is that you don't have to compete. You _always_ have the option of cooperation.

Once press coverage hit that bitcoin blows and "theShitCoin" is the next best thing, the public will probably follow.

No problem there. Just make "TheShitCoin" backwards - compatibile with BTC. Open Source allows this.
But if theshitcoin won't be open source, people probably won't trust it and it will fail. If it will be open source, then a bitcoin-compatibile fork can be made easily.

Solved.

jkminkov
Hero Member
*****
Offline Offline

Activity: 534


View Profile
March 22, 2011, 07:15:25 PM
 #25

Some people still surf with IE6 for goodness sake.

I'm running IE6 in a sandbox, works fine Tongue

Bleutrade
600 dollars in one place talking - Dudes, hooray, Bitcoin against us just one, but we are growing in numbers!
gigabytecoin
Sr. Member
****
Offline Offline

Activity: 280


View Profile
March 26, 2011, 08:53:06 PM
 #26

Unless facebook or google open sources the btc2 who would want to use it when you know its controlled by a corporation ?

They couldnt control it so are not likely to use it imo. They couldnt risk people buying drugs with facebook or google btc2.

Besides then it wouldnt be p2p would it ?  It would be facebook credits 2.0   

fail.

Probably the best answer in the entire thread.

If you think about it logically...

No one man could re-create what satoshi did. Not anymore. Not with 2 years of open source code being contributed to the project.

If anyone had a radically new/amazing idea they would probably just implement it into bitcoin. And if any new "group" of people tried to come along and tell us bitcoin was no good anymore, we would most likely not believe them.
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!