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Author Topic: Improvements on the bitcoin concept  (Read 606 times)
bonecone
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September 21, 2011, 09:52:44 PM
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Bitcoin won't be the only p2p currency, just like Napster wasn't the only p2p filesharing software. There will be more, and they will improve upon the original. I have two suggestions for improvements upon the bitcoin concept.

1. More ways of mining the currency - Bitcoin awards currency as an incentive for contributing your processing time to running the bitcoin network. But why not have a whole suite of distributed computing aps that users can choose from? ie: like the SETI ap. Or an ap that rewards the amount of traffic that passes through your computer as a node on the Tor network? Or for running a distributed social network like Diaspora? The social nature of these distributed aps will further the propogation and adoption of the currency

There are all kinds of possibilities. Users would still have to contribute at least some of their CPU time & bandwidth to running the network, but they can combine it with running an ap that they find personally interesting, or one that they are using for themselves anyway.

2. Use Demmurage - I've been in love with this idea for a while (http://en.wikipedia.org/wiki/Demurrage_%28currency%29) Demurrage can speed up the circulation of the currency and prevent the hoarding that leads to inflation. It can be programmed to automatically adjust the demurrage rate in order to keep the currency at a predetermined value ie: relative to certain staple goods.
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gutschilla
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September 21, 2011, 10:56:06 PM
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Bitcoin won't be the only p2p currency, just like Napster wasn't the only p2p filesharing software. There will be more, and they will improve upon the original. I have two suggestions for improvements upon the bitcoin concept.

Hmm, I don't think Napster (yeah, the good old times downloading MP3s with a 8KB/s ISDN line) was really a p2p network as it relied on Napsters servers to act as a index and broker. That's also why it was so easy to shut it down by law enforcement.

Bitcoin is like what eBay was in 2003: The only established way to do it. Now, there's quite an ecosystem around Bitcoin end it evolves every day.

  • 1. Bitcoin, as a way to representate and transfer money just works, and it works now.
  • 2. I don't see any mojor problems with the way Bitcoin works
  • 3. An alternative must be WAY better than Bitcoin to spread in popularity

1. More ways of mining the currency - Bitcoin awards currency as an incentive for contributing your processing time to running the bitcoin network. But why not have a whole suite of distributed computing aps that users can choose from? ie: like the SETI ap. Or an ap that rewards the amount of traffic that passes through your computer as a node on the Tor network? Or for running a distributed social network like Diaspora? The social nature of these distributed aps will further the propogation and adoption of the currency

Also, I don't think that mining is the base concept and purpose of a p2p currency. It's there to have an incentive for miners to keep the network running and as with most things in life, there is a finite profitability and to me it's quite normal that mining profit will be just enough to keep existing systems running and to create new mining rigs only in a very professional matter (considering energy consuption et al). If mining was profitable for everyone, everybody would stop working and mine. Obviously, this can't work.

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