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

[Akka]

It's absolutely inevitable that Bitcoin will be replaced.

Proof:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr

What is that counterparty address for?

You get whatever coin that is, for proofing you have destroyed some BTC at that address.

It's a good thing. This makes our BTC more valuable. 

[jongameson]

everybody get up

wooo!

[gpucoolingmethod]

everybody get up

wooo!

wtf?

[Dr Bloggood]

It's absolutely inevitable that Bitcoin will be replaced.

Proof:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr

What is that counterparty address for?

You get whatever coin that is, for proofing you have destroyed some BTC at that address.

It's a good thing. This makes our BTC more valuable. 

Lol, it does indeed!

Reminds me of some cult leader preparing his followers for a mass-suicide. 

[bitpop]

It's absolutely inevitable that Bitcoin will be replaced.

Proof:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr

What is that counterparty address for?

You get whatever coin that is, for proofing you have destroyed some BTC at that address.

It's a good thing. This makes our BTC more valuable. 

Lol, it does indeed!

Reminds me of some cult leader preparing his followers for a mass-suicide. 

But the asteroid is just late but it's coming

[Sonny]

It's absolutely inevitable that Bitcoin will be replaced.

Proof:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr

What is that counterparty address for?

You get whatever coin that is, for proofing you have destroyed some BTC at that address.

It's a good thing. This makes our BTC more valuable. 

I can't really understand the idea of proof of burn..

[bitpop]

It's absolutely inevitable that Bitcoin will be replaced.

Proof:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr

What is that counterparty address for?

You get whatever coin that is, for proofing you have destroyed some BTC at that address.

It's a good thing. This makes our BTC more valuable. 

I can't really understand the idea of proof of burn..

They basically lose their private key on purpose and the new coin detects this and gives them that coin. Instead of mining, you "buy".

[Sonny]

It's absolutely inevitable that Bitcoin will be replaced.

Proof:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr

What is that counterparty address for?

You get whatever coin that is, for proofing you have destroyed some BTC at that address.

It's a good thing. This makes our BTC more valuable. 

I can't really understand the idea of proof of burn..

They basically lose their private key on purpose and the new coin detects this and gives them that coin. Instead of mining, you "buy".

So, it sounds like the new coin is "backed" by those bitcoin, but those bitcoin is not controlled by anyone and will very likely be lost forever...

[bitpop]

It's absolutely inevitable that Bitcoin will be replaced.

Proof:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr

What is that counterparty address for?

You get whatever coin that is, for proofing you have destroyed some BTC at that address.

It's a good thing. This makes our BTC more valuable. 

I can't really understand the idea of proof of burn..

They basically lose their private key on purpose and the new coin detects this and gives them that coin. Instead of mining, you "buy".

So, it sounds like the new coin is "backed" by those bitcoin, but those bitcoin is not controlled by anyone and will very likely be lost forever...

No they ARE lost forever, irreversibly

[go1111111]

The math says there's virtually zero chance of recovering 'lost' coins (lost meaning the only way to get them back is by guessing), while there's a definite finite chance of losing the coins we do have. Therefore, at some point we'll need something new - granted, maybe far in the future!

Incorrect. It''s simple to add more granularity to Bitcoin. Once the total supply of coins is down to 2.1 million, then we can just add another decimal place and we're back to 21 million units.

[BADecker]

Bitcoin is simply a practical, working example.

People all over the place are making apps for Android. Loads of people were shown the idea of making web pages, designing digital languages for computer use, and Internet clouds, and look at what we have today. Loads of all of it.

Bitcoin is slightly different. It points people in the direction of freedom in the underlying area of world government. Money and money flow are world government. Bitcoin is a practical, operating IDEA that breaks through all that.

But the most important thing that Bitcoin does is to point people in the directions of a whole new, broad group of options that are available to them. The options can be pointed at enslaving people, or they can be pointed at setting people free.

Look at the United States of America as an example. Back at the formation of the U.S., the people in the Colonies (the States) needed a method for uniting to fight Great Britain. Back then the U.S. was a humble organization that managed to do the thing that it had been created for. Then the people ignored it, and it grew into the monster that it is today. Consider that 100 years ago, 99% of the taxes in today's America were non-existent.

Bitcoin is an innovation that is pointing people into innovative directions that they can use to remove virtually ALL of the slave-making qualities that a few people hold over the many. But it will only be done if the people remain awake, and use what they have been given, rather than ignoring it.

The true gift that Bitcoin gives is the gift of ever-increasing innovation in all kinds of directions. Bitcoin doesn't offer this within itself. It offers it by showing what can be done, and by showing the type of how-to-do-it. And it offers it by showing that virtually anyone, be he/she rich or poor, can do it. Get out there and innovate. Spread freedom in every way so that NO group or government can control you ever again. Apply the idea of innovation that Bitcoin expresses to untold types of operations in life so that you can be free.

BITCOIN IS JUST THE BEGINNING!

[thethingis]

The math says there's virtually zero chance of recovering 'lost' coins (lost meaning the only way to get them back is by guessing), while there's a definite finite chance of losing the coins we do have. Therefore, at some point we'll need something new - granted, maybe far in the future!

Incorrect. It''s simple to add more granularity to Bitcoin. Once the total supply of coins is down to 2.1 million, then we can just add another decimal place and we're back to 21 million units.

Is this true? Like a stock split at 10:1 where everyone suddenly has 10x as many bitcoins? Or as in making the smallest unit 0.1 satoshi?

Dividing the satoshi doesn't change anything I've said.. it just makes the lost coins 10x larger in satoshi magnitude as well. Eventually all of them will not be in control of anyone, and the currency will be dead. Don't get me wrong, this is still a long way off, but there's nothing that can be done to recover lost coins. Inflation is probably the only thing that can counter the lost coins, but that's not bitcoin anymore.

[AltorXP]

The math says there's virtually zero chance of recovering 'lost' coins (lost meaning the only way to get them back is by guessing), while there's a definite finite chance of losing the coins we do have. Therefore, at some point we'll need something new - granted, maybe far in the future!

Incorrect. It''s simple to add more granularity to Bitcoin. Once the total supply of coins is down to 2.1 million, then we can just add another decimal place and we're back to 21 million units.

Is this true? Like a stock split at 10:1 where everyone suddenly has 10x as many bitcoins? Or as in making the smallest unit 0.1 satoshi?

Dividing the satoshi doesn't change anything I've said.. it just makes the lost coins 10x larger in satoshi magnitude as well. Eventually all of them will not be in control of anyone, and the currency will be dead. Don't get me wrong, this is still a long way off, but there's nothing that can be done to recover lost coins. Inflation is probably the only thing that can counter the lost coins, but that's not bitcoin anymore.

Or, there could be 18.9 millions units left to mine, basically resetting the number of coins mined

[FandangledGizmo]

It's absolutely inevitable that Bitcoin will be replaced.

Proof:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr

What is that counterparty address for?

You get whatever coin that is, for proofing you have destroyed some BTC at that address.

It's a good thing. This makes our BTC more valuable.  

I can't really understand the idea of proof of burn..

Proof of Burn is used to distribute the currency while at the same time creating trust, reducing envy, and incentivising developers to actually deliver something.

Mastercoin for example sold the 'idea' of something, got a lot of BTC sent to an address they control, but have yet to deliver anything. Ie. They got something for nothing.

With XCP the initial funds are 'burned' so the developers don't benefit from those funds. They only stand to make money if they 'burn' their own BTC and if XCP is useful and popular.

As a result they are highly incentivised to make XCP useful and popular.

So at the moment in terms of an actual working product it is miles ahead of competitors.

(In the medium term though there is a valid argument that having some funds accessible to continually develop
is more desirable, we will have to see how it all plays out.)

[go1111111]

Incorrect. It''s simple to add more granularity to Bitcoin. Once the total supply of coins is down to 2.1 million, then we can just add another decimal place and we're back to 21 million units.

Is this true? Like a stock split at 10:1 where everyone suddenly has 10x as many bitcoins? Or as in making the smallest unit 0.1 satoshi?

Dividing the satoshi doesn't change anything I've said.. it just makes the lost coins 10x larger in satoshi magnitude as well. Eventually all of them will not be in control of anyone, and the currency will be dead. Don't get me wrong, this is still a long way off, but there's nothing that can be done to recover lost coins. Inflation is probably the only thing that can counter the lost coins, but that's not bitcoin anymore.

Or, there could be 18.9 millions units left to mine, basically resetting the number of coins mined

Simply adding more decimal places is a perfect solution, because it preserves the relative wealth of everyone, while completely fixing the "running out of granularity" problem. Adding more units to mine is basically theft from existing bitcoin holders.

thethingis: Running out of coins only makes sense in terms of running out of atomic units. If 5% of coins are lost ever year, and more decimal places are added to Bitcoin whenever the total number of units drops below some value, then we will never run out of coins. Try to work through some examples and you'll see why you should not worry about this.

[Dr Bloggood]

Incorrect. It''s simple to add more granularity to Bitcoin. Once the total supply of coins is down to 2.1 million, then we can just add another decimal place and we're back to 21 million units.

Is this true? Like a stock split at 10:1 where everyone suddenly has 10x as many bitcoins? Or as in making the smallest unit 0.1 satoshi?

Dividing the satoshi doesn't change anything I've said.. it just makes the lost coins 10x larger in satoshi magnitude as well. Eventually all of them will not be in control of anyone, and the currency will be dead. Don't get me wrong, this is still a long way off, but there's nothing that can be done to recover lost coins. Inflation is probably the only thing that can counter the lost coins, but that's not bitcoin anymore.

Or, there could be 18.9 millions units left to mine, basically resetting the number of coins mined

Simply adding more decimal places is a perfect solution, because it preserves the relative wealth of everyone, while completely fixing the "running out of granularity" problem. Adding more units to mine is basically theft from existing bitcoin holders.

thethingis: Running out of coins only makes sense in terms of running out of atomic units. If 5% of coins are lost ever year, and more decimal places are added to Bitcoin whenever the total number of units drops below some value, then we will never run out of coins. Try to work through some examples and you'll see why you should not worry about this.

Yes, thethingis, this is really no issue to worry about.

You should be glad about every BTC taken out of the game, because it gives your BTC a little bit more value.

[gpucoolingmethod]

Incorrect. It''s simple to add more granularity to Bitcoin. Once the total supply of coins is down to 2.1 million, then we can just add another decimal place and we're back to 21 million units.

Is this true? Like a stock split at 10:1 where everyone suddenly has 10x as many bitcoins? Or as in making the smallest unit 0.1 satoshi?

Dividing the satoshi doesn't change anything I've said.. it just makes the lost coins 10x larger in satoshi magnitude as well. Eventually all of them will not be in control of anyone, and the currency will be dead. Don't get me wrong, this is still a long way off, but there's nothing that can be done to recover lost coins. Inflation is probably the only thing that can counter the lost coins, but that's not bitcoin anymore.

Or, there could be 18.9 millions units left to mine, basically resetting the number of coins mined

Simply adding more decimal places is a perfect solution, because it preserves the relative wealth of everyone, while completely fixing the "running out of granularity" problem. Adding more units to mine is basically theft from existing bitcoin holders.

thethingis: Running out of coins only makes sense in terms of running out of atomic units. If 5% of coins are lost ever year, and more decimal places are added to Bitcoin whenever the total number of units drops below some value, then we will never run out of coins. Try to work through some examples and you'll see why you should not worry about this.

Yes, thethingis, this is really no issue to worry about.

You should be glad about every BTC taken out of the game, because it gives your BTC a little bit more value.

Why 21 milion bitcoin wre meant to be in use? If the number is so important why cant we replace the lost coins?

[BADecker]

Why 21 milion bitcoin wre meant to be in use? If the number is so important why cant we replace the lost coins?

Because 21 million has factored the lost ones right into itself as it stands. Twenty-one million bitcoins = 2 quadrillion pennies, I mean satoshis, if the value ever gets to the point that bitcoins are traded among many people.

Bitcoin is beta. It is still in the experimental stage. Will it ever get out of the experimental stage? Nobody knows for sure. But it probably won't until people can easily trade all kinds of products for it locally.

If the time ever came that Bitcoin was in short supply because of some bitcoins being lost or hidden in some "permanent" way, The program could be altered to allow mining to start up again, if all the bitcoins had already been mined. But there would have to be need. Satoshis would have to be too "big" value-wise to be useful. We are so far away from that happening, that the only reason to talk about it is for the fun of theorizing.

[Dr Bloggood]

If the number is so important why cant we replace the lost coins?

Because it would undermine confidence in BTC and it's not necessary at all. Just split them up!

[gpucoolingmethod]

If the number is so important why cant we replace the lost coins?

Because it would undermine confidence in BTC and it's not necessary at all. Just split them up!

how would it undermine confidence if the coins will not be undermined but just mined?