[ARTICLE] Bitcoin To Collapse?

[smoothie]

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

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

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[wumpus]

Good flamebait.

They're basically promoting SolidCoin, even though it's almost an exact clone of bitcoin, so would suffer from most of the same issues.

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...

Edit: also, isn't this extremely childish of them to post on their "official" site? This doesn't exactly give me a positive vibe about the developers...

[BombaUcigasa]

Such bullshit

Bitcoin has not yet matured or reached seeding maturity, calling the developers out for not wanting to "change" something which may not be evaluated for "changes" yet, is a lame attack.
The FBI has not been linked to trouble within the Bitcoin environment, this is just wild imaginations, and even if they wanted to do anything, they would need to play by the peer rules to remain undetected.
Solidcoin brags about faster transactions, less coins generation, more coins per block and faster retagets as being a completely good thing while still growing.
Also they blame the 11% bitcoin network power drop on people switching over, instead of reduced mining activity due to low profitability on the bitcoin chain, and as far as I know...

SOLIDCOINS HAS NO EXCHANGE YET! It is a completely closed virtual currency at the moment.

[FlipPro]

Such bullshit

Bitcoin has not yet matured or reached seeding maturity, calling the developers out for not wanting to "change" something which may not be evaluated for "changes" yet, is a lame attack.
The FBI has not been linked to trouble within the Bitcoin environment, this is just wild imaginations, and even if they wanted to do anything, they would need to play by the peer rules to remain undetected.
Solidcoin brags about faster transactions, less coins generation, more coins per block and faster retagets as being a completely good thing while still growing.
Also they blame the 11% bitcoin network power drop on people switching over, instead of reduced mining activity due to low profitability on the bitcoin chain, and as far as I know...

SOLIDCOINS HAS NO EXCHANGE YET! It is a completely closed virtual currency at the moment.

Wrong,

https://x.ruxum.com/
https://scexchange.bitparking.com/
https://moonco.in/exchange/solidcoin
https://btc-e.com/

[ThomasV]

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

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

it's funny how the mybitcoin and bitomat incidents are attributed to features of Bitcoin that Solidcoin would not have... this is shameless propaganda

[BombaUcigasa]

Not only that but they use meta-virtual currency to aggressively promote it: http://solidcoin.info/bounties.php

First 50 to post about the "SolidCoin is ready for Bitcoin collapse" article on their blog/forum/twitter* - 20 SC
First 40 to post about the "5 reasons to switch to SolidCoin" article on their blog/forum/twitter* - 25 SC
First 60 to post about SolidCoin on their blog/forum/twitter* - 100 SC

Maybe there's a lesson to be learned from this...

[wumpus]

it's funny how the mybitcoin and bitomat incidents are attributed to features of Bitcoin that Solidcoin would not have... this is shameless propaganda

Exactly. And if the FBI would crack down on cryptocurrencies, they wouldn't just go for bitcoin. It's funny how much bullshit can fit on one page...

Not only that but they use meta-virtual currency to aggressively promote it: http://solidcoin.info/bounties.php

First 50 to post about the "SolidCoin is ready for Bitcoin collapse" article on their blog/forum/twitter* - 20 SC
First 40 to post about the "5 reasons to switch to SolidCoin" article on their blog/forum/twitter* - 25 SC
First 60 to post about SolidCoin on their blog/forum/twitter* - 100 SC

Maybe there's a lesson to be learned from this...

Lol, if bitcoin devs were to offer bounties it would be for working on the code and fixing bugs, not psy ops...

[BombaUcigasa]

Wrong,

https://x.ruxum.com/
https://scexchange.bitparking.com/
https://moonco.in/exchange/solidcoin
https://btc-e.com/

Well apparently Ruxum started exchanging USD for SC 4 days ago, color me impressed, 200 coins already exchanged  

The rest of the list supports my original claim. You need to be able to sell and buy solidcoins with dollars, and have a reference price with major world wide currencies. Selling and buying chicken eggs using pork bellies as currency is not a sign of a mature ware.

[FlipPro]

Wrong,

https://x.ruxum.com/
https://scexchange.bitparking.com/
https://moonco.in/exchange/solidcoin
https://btc-e.com/

Well apparently Ruxum started exchanging USD for SC 4 days ago, color me impressed, 200 coins already exchanged  

The rest of the list supports my original claim. You need to be able to sell and buy solidcoins with dollars, and have a reference price with major world wide currencies. Selling and buying chicken eggs using pork bellies as currency is not a sign of a mature ware.

The currency is only a few weeks old, yet it has a wall-street grade exchange adopting it no questions asked ? Anyone else see a connection here ?

http://techcrunch.com/2011/07/18/ruxum-wall-street-level-security-comes-to-bitcoin-with-new-exchange/

[ThomasV]

First 50 to post about the "SolidCoin is ready for Bitcoin collapse" article on their blog/forum/twitter* - 20 SC

interestingly, it is nowhere said that the post have to be positive about solidcoin...  Coinhunter, can get the bounty for my above post ?

[gusti]

With all the later trolling going on, and competing clones appearing like worms after rain, I see bitcoin FAR from collapse, but stronger than ever.

[hugolp]

Hahaha. If I had any doubt about the viability of SolidCoins, now they are all gone. SolidCoin is going to collapse like the rest of copies.

[ThomasV]

With all the later trolling going on, and competing clones appearing like worms after rain, I see bitcoin FAR from collapse, but stronger than ever.

I woud like to announce the availability of a new clone: GaseousCoin

edit: GaseousCoins are coins you can breathe
the client is still vaporware

[FlipPro]

Hahaha. If I had any doubt about the viability of SolidCoins, now they are all gone. SolidCoin is going to collapse like the rest of copies.

Solidcoin IS better than Bitcoin no question about it.

However, the thing that we simply can't get away from is the fact that Solidcoin IS Bitcoin , and would not exist today if it weren't for Bitcoin.

Those are simple facts.

EDIT: Let me just save myself some time in responding to people asking me "why is it better".

There are a bunch of minor improvements I could cite, but I won't waist anyone's time. Bitcoin is only safe as long as all the miners agree to keep on mining... This means that if there is a collapse in price (can happen at any time), and miners drop off in masses (since profit is gone), it will take weeks for the difficulty to re-target to a lower level. Now your question is how does this affect me? Well if there is a massive price drop, followed by a massive network drop, that would leave a much smaller amount of people mining an impossible difficulty.

Then what happens after that? Transactions stop going through, and everyone's coins become literally worthless till the next difficulty drop.

Coinhunter fixed this with his all new algorithm which doesn't care whether or not people agree to mine.  Even if there's a 40% drop in network (already happened check graphs below), the difficulty will follow almost instantly, allowing transactions to continue to go through, and surviving any type of "network halt".  A network halt is a very big possibility in the Bitcoin network, especially if the price keeps dropping. Many developers (not only coinhunter) suggested to the main developers of the Bitcoin client to change this.

They have refused...

Go see his new algorithm in action here http://solidcoin.kicks-ass.org/graphs/graphs.html

[hugolp]

Solidcoin IS better than Bitcoin no question about it.

Honestly, I have not seen anything in SolidCoin that makes it better than Bitcoin. Their claims are way off, specially the one saying that transfer confirmations happen quicker. They dont.

[gusti]

Hahaha. If I had any doubt about the viability of SolidCoins, now they are all gone. SolidCoin is going to collapse like the rest of copies.

Solidcoin IS better than Bitcoin no question about it.

However, the thing that we simply can't get away from is the fact that Solidcoin IS Bitcoin , and would not exist today if it weren't for Bitcoin.

Those are simple facts.

SC is not better, just a slightly changed clone of the original, valuable, desirable BTC.  

[BombaUcigasa]

The currency is only a few weeks old, yet it has a wall-street grade exchange adopting it no questions asked ? Anyone else see a connection here ?

http://techcrunch.com/2011/07/18/ruxum-wall-street-level-security-comes-to-bitcoin-with-new-exchange/

That means I0coin, IXcoin and namecoin all have "wall-street grade exchange" adopting them. How is SolidCoin superior in this matter? What is the connection?

[julz]

Solidcoin IS better than Bitcoin no question about it.

Bitcoin has community momentum and developers who understand the protocol and the issues.
SC dev (is there even more than 1?) put in BETA code from bitcoin and then uses that as if to say it's ahead of bitcoin?  Pathetic.
Trust in the open source development team and other volunteers who eyeball the code is a critical part of why bitcoin is vastly more sound than SC.

Solidcoin is 'solid' like the Democratic Republic of North Korea is 'democratic' - and if the slimy claims on the solidcoin site didn't clue you in to that, you should be embarrassed.

[hugolp]

EDIT: Let me just save myself some time in responding to people asking me "why is it better".

There are a bunch of minor improvements I could cite, but I won't waist anyone's time. Bitcoin is only safe as long as all the miners agree to keep on mining... This means that if there is a collapse in price (can happen at any time), and miners drop off in masses (since profit is gone), it will take weeks for the difficulty to re-target to a lower level. Now your question is how does this affect me? Well if there is a massive price drop, followed by a massive network drop, that would leave a much smaller amount of people mining an impossible difficulty.

Then what happens after that? Transactions stop going through, and everyone's coins become literally worthless till the next difficulty drop.

Coinhunter fixed this with his all new algorithm which doesn't care whether or not people agree to mine.  Even there is a 40% drop in network (already happened check graphs below), the difficulty will follow almost instantly, allowing transactions to continue to go through, and surviving any type of "network halt".  A network halt is a very big possibility in the Bitcoin network, especially if the price keeps dropping. Many developers (not only coinhunter) suggested to the main developers of the Bitcoin client to chain this.

They have refused...

Go see his new algorithm in action here http://solidcoin.kicks-ass.org/graphs/graphs.html

What the Solidcoins guys are not telling you is that this introduces another set of problems.

As I understand it they acomplish this by ramping up the amount of confirmations per unit of time. The problem with this is that then the information the miners and users have to store increases by the same factor, and makes the currency unworkable. SolidCoins would suffer this problem if it had any chance of taking off. If Bitcoin were to adopt this it would be a disaster.

You have to find a compromise between number of confirmation per unit of time and storage for blocks.

EDIT: I could guess you could adjust the difficulty every 500 blocks instead of every 2000 and something blocks. I still dont see this as a big deal. Not worried at all.

[FlipPro]

Solidcoin IS better than Bitcoin no question about it.

Bitcoin has community momentum and developers who understand the protocol and the issues.
SC dev (is there even more than 1?) put in BETA code from bitcoin and then uses that as if to say it's ahead of bitcoin?  Pathetic.
Trust in the open source development team and other volunteers who eyeball the code is a critical part of why bitcoin is vastly more sound than SC.

Solidcoin is 'solid' like the Democratic Republic of North Korea is 'democratic' - and if the slimy claims on the solidcoin site didn't clue you in to that, you should be embarrassed.

Read my post I edited. The truth is undeniable at this point... I love Bitcoin with all my heart, but it has fundamental problems that NEED to be fixed. This entire notion that beta software should NOT BE CHANGED, is cult like, and totally opposite to how software development should be conducted.

One way to sustain Bitcoins viability is for Bitcoin to adopt a fast re-adjustment algorithm that isn't effected by huge network swings.

Regardless, I see Bitcoin going very much the same way Linux did. Multiple versions of the same project will complement each other, and in the end we will all come out with a high grade product.

Remember this no matter where, SC goes it will never stop being a BITCOIN. Just like no matter what Linux you are talking about (ubuntu, redhat, debian), they are all still Linux in the end...