What are the chances BTC is replaced by something better soon?

[jubalix]

@bitcoingeo1,

The most important feature people look in any digital currency is for 3Cs i.e. convenience, costs and credibility.

Bitcoin and other such coins may have qualifications over convenience and costs but they hardly have any credibility and are not back by anything!!! Which is why a person like me who wants to use cryptocurrencies for convenience and costs but also cannot forget most important feature called credibility.

I have been staying away from bitcoins, litecoins, altcoins and others because they have no credibility and backed by nothing (or may just some binary codes).

However, I have found a very promising digital currency called NOFIATCOIN–XNF- http://www.nofiatcoin.com A new digital currency which is backed by actual bullion which is traded on Ripple network which is the fastest and robust currency network.

but what backs bullion? and what keeps the bullion safe or contracts enforceable. Further bullion is endlessly manipulated by gov's

[1714921817]

1714921817

[1714921817]

1714921817

[1714921817]

1714921817

[1714921817]

1714921817

[1714921817]

1714921817

[freebitcoinwin]

Do not think there is any chance Bitcoin will be replaced by any cryptocurrency

[thetruth]

The purpose of bitcoin is to create cashless society or at least to prepare the people to accept electronic money in everyday business. If those who created it are in success then they will completely remove cash from circulation. And that will have very bad effects for us all.
The bitcoin or other "cryptocurrency" is based on open standard cryptography to which reverse algorithms are known.
So what may replace this cryptocurrency is a new cryptocurrency with private cryptography. But again the new algorithms will be known to someone at least to those who created them. So the reverse decryption scheme will be also present. This new cryptocurrency will also be decryptable and as much open to abuse.
However stress the fact that the creators of the bitcoin will not crash the market all together. Because they don't want that. They want control. They want new control better than what they already have with Central Banks.

[stompix]

The purpose of bitcoin is to create cashless society or at least to prepare the people to accept electronic money in everyday business. If those who created it are in success then they will completely remove cash from circulation. And that will have very bad effects for us all.
The bitcoin or other "cryptocurrency" is based on open standard cryptography to which reverse algorithms are known.
So what may replace this cryptocurrency is a new cryptocurrency with private cryptography. But again the new algorithms will be known to someone at least to those who created them. So the reverse decryption scheme will be also present. This new cryptocurrency will also be decryptable and as much open to abuse.
However stress the fact that the creators of the bitcoin will not crash the market all together. Because they don't want that. They want control. They want new control better than what they already have with Central Banks.

That is not so simple:) They can replace everything even in bitcoin , it doesn't mean people will follow their chain.

Why would people switch to a private owned and issued crypto altogether?

[stompix]

I'm more worried about VTC (VertCoin) replacing LTC... because I have a pretty high stake in LTC.

You sound more like a VTC owner than a ltc investor.

[thetruth]

Public cryptography means that the Secret Government have the decryption algorithms and the agents involved may do whatever they want with currency based on their ciphers. Remember that they only published (intentionally) methods to encrypt the information. They also have the reverse algorithms to decrypt any bitcoin wallet (or other cryptocurrency based on open standards).
That's why the people may want to switch to private cryptography. How the people will manage the secrecy of new private ciphers from the Secret Government that's the future debate.

[stompix]

Public cryptography means that the Secret Government have the decryption algorithms and the agents involved may do whatever they want with currency based on their ciphers. Remember that they only published (intentionally) methods to encrypt the information. They also have the reverse algorithms to decrypt any bitcoin wallet (or other cryptocurrency based on open standards).
That's why the people may want to switch to private cryptography. How the people will manage the secrecy of new private ciphers from the Secret Government that's the future debate.

No it doesn't matter that at all.

[thetruth]

Let's suppose the people have developed a good strong private cipher for new electronic currency implementation and managed to secure the source code of algorithms. It must be really good because the Secret Government have supercomputers and the best specialists with knowledge of cryptography which with combined attack can break the code (just like they broke the Enigma machine).
But this is not guaranteed that they are going to succeed in breaking the private cipher even with best minds and supercomputers. They will need some time that's for sure.

Worth a try. That's the future. The liberty of the people. Freedom of humanity.

[rix5]

prediction: all of you will have this discussion for years to come only to find out, that in the year 2020 btc is still number one crypto. Have fun in repeat-mode.

Forget the ipo-scams by the way and the non-mineable things. People will not buy that.

[thetruth]

The real and most probable prediction is that there will be one world cashless currency controlled by the Secret Government (bitcoin). All the people will be forced to use this currency and carry microchip as an ID. Nonconforming people would be expelled from society and it will be forbidden for them to buy or sell.
That is a complete Orwellian dream come true. The system of the BEAST.

[rix5]

The real and most probable prediction is that there will be one world cashless currency controlled by the Secret Government (bitcoin). All the people will be forced to use this currency and carry microchip as an ID. Nonconforming people would be expelled from society and it will be forbidden for them to buy or sell.
That is a complete Orwellian dream come true. The system of the BEAST.

people will go back to gold, silver and if needed copper as currency before that happens. they can not ban copper. but this is offtopic.

[thetruth]

The gold, silver or other metals will be confiscated. Only those with the Beast ID will be able to buy or sell. And they will be also forbidden to use any other currency or hard asset. The slave-masters want to remove all the private property and control everything. The microchip will hold not only your bitcoin wallet keys but other data such as biometric and behavioral which will be stored in the "cloud". The Secret Government will have control on every aspect of life of the individual. To get access to your bitcoin wallet, they do not need your private key, because they have decryption algorithms which do not require key pair at all, they can decrypt your wallet just like that with a computer program very fast.

[Pangia]

NXT will destroy all

Pre-mined scam.

[jbreher]

The Secret Government will have control on every aspect of life of the individual. To get access to your bitcoin wallet, they do not need your private key, because they have decryption algorithms which do not require key pair at all, they can decrypt your wallet just like that with a computer program very fast.

In one corner, we have a single anonymous internet warrior 'thetruth' claiming that TPTB have the ability to trivially reverse the cryptography used in Bitcoin. With, of course, no evidence to support the claim.

In the other corner, we have the reasoned opinion of thousands to scientists, mathematicians, computer architects, and academics, who universally profess the opinion that no such algorithmic reversal currently exists. As well as decades of experience where not even a single such reversal has ever been publicized.

I guess it's _possible_......

But I've already voted with my money as to which position I feel is more likely.

[thetruth]

Public science is full of sheeple.

[romerun]

last time I checked nxt was still closed source, what's the point ? If transaction is so fast, how do you know it does not send to some centralized nodes to process and broadcast it etc,

[jbreher]

Public science is full of sheeple.

I imagine 'public science' has about the same ratio of sheeple:enlightened as most other walks of life. Be that as it may, you've still not posted evidence of any such reversal of cryptography.

[thetruth]

They actually have more than that. If for example someone develops private cipher they would crack it by brute force in few seconds with supercomputers.

[jbreher]

If, if, if...

Still waiting on that evidence.

[Nathonas]

I doubt it. I believe there are a number of alt coins that are technically better than bitcoin, but the thing is they don't have this massive infrastructure that took years to build. They don't have thousands if not millions of people invested, in addition to many businesses, programmers, etc. And the only real way to build infrastructure is to be the most popular coin, at least in the current situation. Later on as cryptos (hopefully) get more accepted we will see multiple coins contending with each other and being viable as a currency, but right now Bitcoin will remain #1 for the foreseeable future because of the infrastructure it has.