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Author Topic: [ARTICLE] Bitcoin To Collapse?  (Read 7345 times)
Vladimir
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September 01, 2011, 01:28:41 PM
 #41

@Blitzboom, not arguing with you on above. mybitcoin and other ewallets even given all the risks were and still are potentially viable solution, for small amounts and quick in and out transactions.

When you trust them small amount for short time the risk is small. It is people who stored there semi permanently thousands or even hundreds of bitcoin are those who need to have a sanity check.


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There are several different types of Bitcoin clients. EWallets are like banks -- a central organization has complete control over your money. You shouldn't put much money in EWallets.
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September 01, 2011, 01:34:13 PM
 #42

@Blitzboom, not arguing with you on above. mybitcoin and other ewallets even given all the risks were and still are potentially viable solution, for small amounts and quick in and out transactions.
Exactly; for quick and easy (micro)payments ewallets are still a good idea. But not to store your whole savings...


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September 01, 2011, 03:32:56 PM
 #43

 Most of the value in a crypto currency is determined by its level of adoption, not by minor tweaks in the protocols.

+1  SolidCoin is but Bitcoin with some tweaked rules. If those rules are so important to have changed, then the community will come to demand it of Bitcoin's dev team. The only fundamental difference between the two, is that Bitcoin has the brand, the vast community, the history, the resources, the infrastructure, a dev team that has been dedicated even before this became "profitable," and a few dozen other tertiary benefits of first-mover advantage.

For SolidCoin to interest me in the least, it would need to offer SEVERE advantages. But instead it is a silly and distracting tweak. Any economists out there that want to study bubble patterns, watch these fork chains. The entertainment value and the inoculation of the core Bitcoin protocol are the only advantages of the forks.

That said, someone COULD create something significantly better than Bitcoin, of course. I just haven't seen it yet.

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September 01, 2011, 04:12:57 PM
 #44

Solidcoin IS Bitcoin, except upgraded, and re-branded.

Sure. And the zimbabwe dollar IS dollar, except upgraded, and re-branded.
Well, thinking of it, zimbabwe dollar are as cheap as solidcoins, so maybe solidcoins are as worthless as zimbabwe dollar?
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September 01, 2011, 04:23:02 PM
 #45

Lol, if bitcoin collapse, solidcoin collapse as well too  Roll Eyes
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September 01, 2011, 04:27:05 PM
 #46

Coinhunter fixed this with his all new algorithm which doesn't care whether or not people agree to mine.
Wow, SolidCoins process themselves? No miners needed? Sign me up!

This "new algorithm" is nothing more than difficulty adjustments every 240 blocks instead of 2016 blocks. A good change for an infant currency with wild swings in hashing power. Insignificant for an established currency like Bitcoin.

Dedicated Bitcoin Mining Rigs from http://bitcoinrigs.com/
aq
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September 01, 2011, 04:29:49 PM
 #47

Lol, if bitcoin collapse, solidcoin collapse as well too  Roll Eyes

Of course not, solidcoins are solid, they cannot collapse Wink
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September 01, 2011, 04:34:23 PM
 #48

Indeed, you are right!  Cheesy
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September 01, 2011, 04:38:00 PM
 #49

Disclaimer: I do not support the views in this article. Have a read and enjoy!  Cheesy

LINK: http://solidcoin.info/solidcoin-ready-for-bitcoin-collapse.php

WOW  Roll Eyes WHAT A FREAKING SWEET PIECE OF ASTROTURFING, THE DISCLAIMER IS A NICE TOUCH TOO  Roll Eyes, REALLY CONVINCED ME!!!
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So if i post a link to anything about any alternative currency I am astroturfing?

I think so of yall have been smoking the astroturf, smoothie does have shit to do with solidcoin. I'm a fan of the new currency but I dont have shit to do with solidcoin. You people have too many demons and seem to see them everywhere. Plus you might want to look up the def of astroturf

mooo for rent
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September 01, 2011, 04:39:47 PM
 #50

Lol, if bitcoin collapse, solidcoin collapse as well too  Roll Eyes

Of course not, solidcoins are solid, they cannot collapse Wink

Wait wait wait, so in a sense solidcoins are backed by their solidness?! Nice! I am all in  Roll Eyes

"From a small seed a mighty trunk may grow." -Aeschylus
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September 01, 2011, 04:52:15 PM
 #51

solid coin is solid
Piper67
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September 01, 2011, 04:53:33 PM
 #52

solid coin is solid

Wow, they were lucky to call it that then. Imagine if they had called it Softcoin or something... no soldiness  Grin
ne1
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September 01, 2011, 04:59:33 PM
 #53

All of these wonderful improvements to Bitcoin have really inspired me.  I think the time is come for me to follow the lead of those following the lead of those following the lead and stand on the shoulders of giants.  I'm making an announcement

ANNOUNCEMENT!!!  I am starting my own alternative digital commodity/currency blockchain.  It's called...wait for it...

Iron-pyrite-coin

It will look just like Bitcoin, but be way easier to mine.

This will perfectly compliment my next blockchain

Snake-oilcoin

Snake-oilcoin, when mixed together with Bitcoin will heal all ailments of an unhealthy blockchain.

And then, naturally, this will evolve into the much needed

Triple-A-rated-mortgage-backed-securites-coin

I will be so rich.  I'm such a genius computer scientist.

MajorMiner
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September 01, 2011, 05:01:09 PM
 #54

solid coin is solid

Wow, they were lucky to call it that then. Imagine if they had called it Softcoin or something... no soldiness  Grin

Ummm is it perpetually solid, or just within certain temperature range, or during certain Priapism-like circumstances? Maybe upon reaching a saturation point it becomes Softcoin? Mindboggling stuff here...

"From a small seed a mighty trunk may grow." -Aeschylus
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September 01, 2011, 05:07:19 PM
 #55

If bitcoin "collapses", it will take at least 10 years for people to believe in any cryptocurrency again (or even dare mention it). And certainly not one based on the same source code...

Damn man, you have to be seriously deluded to believe this.
MajorMiner
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September 01, 2011, 05:09:59 PM
 #56

If bitcoin "collapses", it will take at least 10 years for people to believe in any cryptocurrency again (or even dare mention it). And certainly not one based on the same source code...

Damn man, you have to be seriously deluded to believe this.

Yeah but it sounds damn dramatic. Never mind that your average person has the attention span of a TV commercial...

"From a small seed a mighty trunk may grow." -Aeschylus
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September 01, 2011, 05:26:25 PM
 #57

Coinhunter fixed this with his all new algorithm which doesn't care whether or not people agree to mine.
Wow, SolidCoins process themselves? No miners needed? Sign me up!

This "new algorithm" is nothing more than difficulty adjustments every 240 blocks instead of 2016 blocks. A good change for an infant currency with wild swings in hashing power. Insignificant for an established currency like Bitcoin.
Bitcoin is not established. Bitcoin is still very much in a halted Beta stage.
 
As another poster on top said it has dropped 75% in value from the highs we just recently saw. That does not sound like an "established currency" to me.

Bitcoin needs so many services & improvements to the main client before it can ever be called an established currency.

But with all that being said are you not terrified of a network drop off?

If the price does one final dive (This is very possible judging by the very shallow market-depth and stagnated downward price), Bitcoin will suddenly become VERY unprofitable causing the ever so likely scenario that so many have been warning about for months.

Of course if there was pure adoption then this would not be an issue. But how can we expect businesses to adopt Bitcoin when the currency is dropping 75%? It's just not something that's to easy sell to sell at the moment, thus making a network drop off even more likely.

A network drop off means, transactions don't go through.

If transactions don't go through people will have to wait weeks for miners to sign back on, or for the difficulty to drop enough so that they can get whatever is left of their money.

Now if we can get Solidcoins algorithm coupled with a demuraging system , that is used to fuel mining forever, we will have a true currency that I think the entire world would be able to adapt to.

Bitcoin had an amazing start, and if the developers open their minds up a bit the Bitcoin brand can still be a very viable one.

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Nicksasa
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September 01, 2011, 05:35:30 PM
 #58

Coinhunter fixed this with his all new algorithm which doesn't care whether or not people agree to mine.
Wow, SolidCoins process themselves? No miners needed? Sign me up!

This "new algorithm" is nothing more than difficulty adjustments every 240 blocks instead of 2016 blocks. A good change for an infant currency with wild swings in hashing power. Insignificant for an established currency like Bitcoin.
Bitcoin is not established. Bitcoin is still very much in a halted Beta stage.
 
As another poster on top said it has dropped 75% in value from the highs we just recently saw. That does not sound like an "established currency" to me.

Bitcoin needs so many services & improvements to the main client before it can ever be called an established currency.

But with all that being said are you not terrified of a network drop off?

If the price does one final dive (This is very possible judging by the very shallow market-depth and stagnated downward price), Bitcoin will suddenly become VERY unprofitable causing the ever so likely scenario that so many have been warning about for months.

Of course if there was pure adoption then this would not be an issue. But how can we expect businesses to adopt Bitcoin when the currency is dropping 75%? It's just not something that's to easy sell to sell at the moment, thus making a network drop off even more likely.

A network drop off means, transactions don't go through.

If transactions don't go through people will have to wait weeks for miners to sign back on, or for the difficulty to drop enough so that they can get whatever is left of their money.

Now if we can get Solidcoins algorithm coupled with a demuraging system , that is used to fuel mining forever, we will have a true currency that I think the entire world would be able to adapt to.

Bitcoin had an amazing start, and if the developers open their minds up a bit the Bitcoin brand can still be a very viable one.
Stop using the same argument over and OVER again. That means I can also say it's up more then 1000x from the start. If solidcoin would replace bitcoin, that doesn't mean there can't be price bubbles ...

Colargol
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September 01, 2011, 05:41:54 PM
 #59

Bitcoin needs so many services & improvements to the main client before it can ever be called an established currency.

You do know that client is not Bitcoin itself right?   

Did you hear/read Gavin's list of priorities?  That client isn't really one of them at the moment.

And don't make it sound like the project is stagnant and they aren't working on what 'are' priorities.

Please donate a few pennies to the singing and dancing bear:
1KUsZU8GkUAQJH5ryqSFtTJGgFtqJnsedE
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September 01, 2011, 05:42:48 PM
 #60

Stop using the same argument over and OVER again. That means I can also say it's up more then 1000x from the start. If solidcoin would replace bitcoin, that doesn't mean there can't be price bubbles ...
Can you seriously tell me with a straight face that this entire decline has been a "price bubble"?

This has been an out-right depression, and anyone thinking anything else needs to go read a book on economics.


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