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

[FandangledGizmo]

1. Central Bank proof mining         (Central banks may already control >51% of Bitcoin hashing power.)

Care to elaborate?

Pure speculation.

- GHash.IO revealed that their own equipment >20% of total hashing power.  (Who's to say it isn't closer to 25-30%?)
- The 'unknown' block has grown a lot since the incident, who's to say some of that isn't their hashing power that they've re-directed?

So it's possible they control >51% hashing power, potentially mostly with their own equipment.

If Central Banks and friends don't control GHash.IO already, controlling Bitcoin is as easy as getting to two people, or the few companies that bring out the next generation of Asics.

Thanks to 'centralisation of mining' it will always be a question mark and a coin that is committed to decentralised mining has the most potential to overtake Bitcoin imo.  

[bitpop]

Doesn't matter, when new knc arrives in March, ghash will be nothing. There are no incumbents in Bitcoin

[freedomno1]

well, this is a great topic, but I am afraid half the posters here will hijack this thread by spamming the altcoin they hold

Rapecoin

LOL, I literally spit out of my coffee.

I think you read it wrong, its Rap-eCoin

An internet goes to both of those lol

[FandangledGizmo]

Doesn't matter, when new knc arrives in March, ghash will be nothing. There are no incumbents in Bitcoin

Do you know if it's a handful of companies that tend to bring out the next generation of Asics or is their more competition in the market than that?  I.e. if the new knc is so good, couldn't the one or two companies that manufacture it, be a threat if they wanted to be?
(Obviously they don't want to be, but someone else could want them to be.)  

[cybershawrk]

i think peercoins might have a good possibility of outdoing bitcoin they are slowly becoming more popular because they are easier to mine for and are more power efficient than bitcoin however they wouldn't be able to replace them for many years

[FandangledGizmo]

i think peercoins might have a good possibility of outdoing bitcoin they are slowly becoming more popular because they are easier to mine for and are more power efficient than bitcoin however they wouldn't be able to replace them for many years

Meh I think they have 0.01 PPC transaction fee. It's not designed to be a transactional currency.

(Once PPC is $100 each. It cost you more to buy anything costing less than $35 than it would using a credit card, without any of the benefits like charge-backs etc.)

Think they still have some centralised system in place, for defence against attacks I think, so not a decentralised solution yet.

[U1TRA_L0RD]

i think peercoins might have a good possibility of outdoing bitcoin they are slowly becoming more popular because they are easier to mine for and are more power efficient than bitcoin however they wouldn't be able to replace them for many years

Meh I think they have 0.01 PPC transaction fee. It's not designed to be a transactional currency.

(Once PPC is $100 each. It cost you more to buy anything costing less than $35 than it would using a credit card, without any of the benefits like charge-backs etc.)

Think they still have some centralised system in place, for defence against attacks I think, so not a decentralised solution yet.

DOGE coin just got sold at 50 cents and then went back down to the normal rate- _-

[btcandme]

Bitcoin is a clear example of the chicken and Egg riddle.  There is already about $12 billion invested into the platform of Bitcoin.  Thousands of merchants are accepting it, and it has almost gone mainstream from a "I heard about it" standpoint.  The structure is building, and thats something none of these other coins will ave.  You never heard of a major retailer accepting another coin.  That's because if they were to accept a cryptocurrency it would be BTC first, and as more and more retailers start accepting BTC it strengthens its position even more.

Either BItcoin succeeds and is easily the winner while some altcoins may be worth a decent amount, or Bitcoin fails and all altcoins will pretty much fall with it.  If Bitcoin was to fail, the confidence would be lost for all the other cryptos.  There is no way another crypto will simply surpass BTC.  it's all or nothing for the industry, and its led by Bitcoin.

Check this post in 3-4 years and I am 99.98% sure it will be correct.  

[cdog]

Bitcoin indeed has to succeed first, and many would say that it already has. But the concept of cryptocurrency is so powerful that it cant ever be put back in the bottle. Its impossible.

Bitcoin is the initial implementation, and I predict its dominance will last at least as long as the mining phase (~2040 I think), but it will be supplemented and eventually surpassed by a handful of innovative alts.

[JimmyJams]

Rapecoin

lol, best comment of the day.

[JimmyJams]

Doesn't matter, when new knc arrives in March, ghash will be nothing. There are no incumbents in Bitcoin

LOL, in March!

[Trance]

"Soon" would be in the next 1-3 years or so.

One of the biggest dangers for BTC is something more useful coming along and investors switching - a process which could happen extremely fast, once started.

So to all the tech savy people in here - what advantages could other cryptocurrencies bring that will give them a crucial edge over BTC, and how fast could something like that come along?

financial institutions are pushing to create a similar system in order to give incentives to use credit/debit cards, my girlfriends working for SunCorp in AU and shes on the marketing / advertising team that is attempting to come up with ways to make people want to spend on their credit cards etc, a rewards system, for example, every $10 you spent, you receive .001 BTC or whatever # it will be! They are specifically targeting the millennial age group! Be aware Australia! They are trying to suck you into the financial ponzi scheme! =P

[bitpop]

Doesn't matter, when new knc arrives in March, ghash will be nothing. There are no incumbents in Bitcoin

Do you know if it's a handful of companies that tend to bring out the next generation of Asics or is their more competition in the market than that?  I.e. if the new knc is so good, couldn't the one or two companies that manufacture it, be a threat if they wanted to be?
(Obviously they don't want to be, but someone else could want them to be.)  

There's a bunch of companies. But knowing when they arrive is a guessing game. Unless you are preordering, you can be sure they will come but don't really care when.

Ghash bitfury chips will be shit in a couple months. And they won't be able to procure that many chips again from anyone. Unless they buy a company. But I don't think they are in it for the long term. If I were them, i'd be moving to the carribean soon.

[whtchocla7e]

Did the horse get replaced by the engine? Sure did.

Bitcoin will be remembered for being the pioneer in the field of open source p2p digital currency. But it's got its own problems. Another system will come along and solve these problems.

[bitcoingeo1]

It seems there a so many variables.. here is a brainfart...

positive thoughts:

1) we human's nearly always underestimate the network effect. And the force is strong with bitcoin
2) to my mind the key to a cryptocurrency success is merchant adoption and again bitcoin is waaay ahead
3) bitcoin will get 99.99% of all media attention because that's all journalists have bothered understand at present. So Bitcoin will be household name, not dogecoin
4) if ive spent 500,000 k on a mining rig to mine bitcoin, i am not going to take part in a 51% attack on the network so i can double spend a few btc..and as a pool operator it would be the biggest own goal.
5) Changing the bitcoin protocol to incorporate an altcoin element is not impossible. Concensus sorted the fork in the blockchain, couldnt concensus decide on an upgrade too?


negative thoughts:

1) some of the governments of the world are going to shit a brick and start arresting exchange operators and make it illegal to own bitcoin.
2) major blockchain bloat which i dont understand how to fix
3) google creates a currency and the sheep flock
4)i forget my wallet password...

it's all a little tricky to see where it's going..

[hynx]

@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 SOMETHINGIOWN http://www.somethingown.com A new digital currency which is obviously superior.

Man... where did the finesse go with these new marketing guys ?

[bitcoingeo1]

bitcoin is backed by the fact that i can buy stuff with it...

[bitpop]

Fuck ripple and some guy holding your gold. I'll use bullion vault if I want gold

[senuketo]

digitalpro is quite obvious...
Donno if any value in this but still: http://ripplescam.org

[bitpop]

Fuck ripple and some guy holding your gold. I'll use bullion vault if I want gold

Same can be said to bitcoin and guys holding our money on it!!!

Digital currency is used by people for limitless transaction and I am sure you cannot move with your bullion in vault. But certainly i can if i reside in the UK and want my bullion delivered in the US, I can do it quiet comfortably with NoFiatCoin | XNF.

With Bitcoin I hold my Bitcoins