Bitcoin vs Solidcoin

[The Pet Board]

What are the differences between bitcoin and solidcoin?  Is one better than the other?

[joulesbeef]

ahhhh trying to get out of the newb section huh?

basically

Features include :-

Faster transaction processing
Protection against pump-n-dump by large pools
Twice daily difficulty retargets
3 minute blocks, 32 SolidCoins per block rewarded to miners
Maximum coin generation of 18.9 million (18900000) to be reached by ~2022
Fixed transactions fees instead of unknown variable fees in BTC
Interface improvements
Different address format
JSON API improvements

more basically, it doesnt have much of a chance to dethrone bitcoin but has many interesting ideas

[Maged]

What are the differences between bitcoin and solidcoin?  Is one better than the other?

Basically, all of the secondary blockchain defense mechanisms are removed in favor of convenience.

[btcoiner]

pretty much everything so far is an attempt by someone to be an early adopter.  Nothing will ever overtake or even make a dent in bitcoin unless it is ABSOLUTELY revolutionary

[Absentis]

The main difference that I see is that SolidCoin the most "successful" bitcoin "alternative" that will no doubt fade away just like ixcoin and i0coin. I don't imagine SC replacing or having any kind of impact like BitCoin apart from being exchanged at bitparking.

My take on the whole thing? People get involved with SC to get more BitCoin which is fine by me since it shows the value that people place in BC.

[silverchair]

Its the physical and the virtual.

[Hydroponies]

What are the differences between bitcoin and solidcoin?  Is one better than the other?

Basically, all of the secondary blockchain defense mechanisms are removed in favor of convenience.

Could you please elaborate that point a bit? I thought that there were no changes this dramatic made to the bitcoin protocol. or does it have to do with the shorter block generation time?

Thanks!

Alex


p.s. Also, since this is the Newbie-Forum, i'm not sure what "secondary blockchain defense mechanisms" are

[joulesbeef]

I did not know solidcoin had a newt problem.. i'm definitely staying away

[smoothie]

I did not know solidcoin had a newt problem.. i'm definitely staying away

What newt problem is that?

[andrewbadr]

SolidCoin an incremental improvement over Bitcoin. Replacing Bitcoin will require an order-of-magnitude improvement. Non-starter.

[johnj]

I read earlier on the forums

"Sometimes people are willing to pay gold for rocks.  So people mine rocks"

[spruce]

SolidCoin an incremental improvement over Bitcoin. Replacing Bitcoin will require an order-of-magnitude improvement. Non-starter.

It's meant to be a complementary currency and coexist with Bitcoin. Anyway, right now 1 SC is two orders of magnitude cheaper than 1 BTC.

[Beta-coiner1]

I read earlier on the forums

"Sometimes people are willing to pay gold for rocks.  So people mine rocks"

I guess some can say that.I'd say "I already have two of those,and they are quite valuable".


On the issue of solidcoin,I have to say that regardless of its downfalls it still is currently more profitable than mining Bitcoin if you got in early enough....and still somewhat is.I'll probably do it for two more days and dump it all.

[Mousepotato]

SolidCoin an incremental improvement over Bitcoin. Replacing Bitcoin will require an order-of-magnitude improvement. Non-starter.

It's meant to be a complementary currency and coexist with Bitcoin. Anyway, right now 1 SC is two orders of magnitude cheaper than 1 BTC.

For a currency, there's been a shameful lack of effort to get vendors to adopt it and there's no apparent infrastructure behind it at all.  100% of the effort has been dedicated toward development of the block chain and client.  Unfortunately that's only one small piece of the puzzle in getting it accepted as actual currency.

[joulesbeef]

I did not know solidcoin had a newt problem.. i'm definitely staying away

What newt problem is that?

shows what happens when i dont quote.

[Anonymous]

Simple. Bitcoin is valuable solidcoin is not. Google "network effect" if in doubts.

"At this inchoate phase for #bitcoin, the network effect can be overcome with an aggressive branding campaign."

I just read that now 

[Anonymous]

SolidCoin an incremental improvement over Bitcoin. Replacing Bitcoin will require an order-of-magnitude improvement. Non-starter.

It's meant to be a complementary currency and coexist with Bitcoin. Anyway, right now 1 SC is two orders of magnitude cheaper than 1 BTC.

For a currency, there's been a shameful lack of effort to get vendors to adopt it and there's no apparent infrastructure behind it at all.  100% of the effort has been dedicated toward development of the block chain and client.  Unfortunately that's only one small piece of the puzzle in getting it accepted as actual currency.

The bitcoin client and blockchain could do with some 100% time.

[jgarzik]

For a currency, there's been a shameful lack of effort to get vendors to adopt it and there's no apparent infrastructure behind it at all.  100% of the effort has been dedicated toward development of the block chain and client.  Unfortunately that's only one small piece of the puzzle in getting it accepted as actual currency.

The 2011 Bitcoin Conference demonstrated plenty of people and businesses working towards this.

[Maged]

What are the differences between bitcoin and solidcoin?  Is one better than the other?

Basically, all of the secondary blockchain defense mechanisms are removed in favor of convenience.

Could you please elaborate that point a bit? I thought that there were no changes this dramatic made to the bitcoin protocol. or does it have to do with the shorter block generation time?

Thanks!

Alex


p.s. Also, since this is the Newbie-Forum, i'm not sure what "secondary blockchain defense mechanisms" are

The twice-daily difficulty retargets, along with the shorter block generation speed, means that should it be necessary to fork the blockchain because a security issue was discovered and exploited, a patch has to be made and distributed to over half of the miners (in terms of hash speed) AND the fork needs to be grow longer than the bad chain in less than 12 hours (possibly even no more than 6 hours) before mined blocks after the exploit happened start maturing. Even worse, this needs to happen just as soon even if a strong majority of the miners stop mining as soon as they learn of the attack. Once the blocks mature, any site that didn't hear of the issue could be sent coins that would soon be voided and accept them as valid. At that point, even more people will have an incentive to allow the bad chain to remain.

The same applies to if there is a temporary (at least one day) split of the internet somewhere. Users would only have 6-12 hours to notice and stop accepting coins.

Bitcoin was designed with these "limitations" for VERY good reason.

[lupuyu]

fast and safe!