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Author Topic: Bitcoin vs second generation coin.  (Read 719 times)
raymarius
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February 24, 2014, 10:55:27 AM
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First of all I love Bitcoin.  My friends and family think I am crazy  Sad, but I truly think Bitcoin will reach $100000 value.

However the constant need to spend more and more money to buy better asics makes it impossible for a lot of people to participate in this awesome experiment, litecoin too will have the same problem once scrypt asics hit the market.

I think gradually people will switch to premined coins, given the fact that it can provide the same service but with less waste and effort ( I mine litecoins too  Grin). Only problem I see with early premined coin is unequal distribution.

 Will it not be a big possibility that a premined or semi-premined coin distributed evenly among a lot of people could very well overtake bitcoin. Coins like Aurora and proposed coins such as Exocoin and NEM are all trying to that, personally I feel if a Dev makes a premined coin and divides this coin among all accounts in Bitcoin talk it will be a massive hit.

Could the future be in premined coins ?
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February 24, 2014, 11:08:17 AM
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interesting
raymarius
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February 24, 2014, 11:10:15 AM
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what is DB?
ashapasa
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February 24, 2014, 11:33:38 AM
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making a coin to be distributed among all members of this forum is awesome.
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February 24, 2014, 11:34:37 AM
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making a coin to be distributed among all members of this forum is awesome.
agreed
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February 24, 2014, 11:36:50 AM
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how many members does this forum have 10000  Shocked
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February 24, 2014, 11:39:25 AM
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what is DB?

DataBase
Sonny91BE
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February 24, 2014, 11:44:40 AM
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I agree that second gen coins do have potential in them and they have the fundamentals basics to work off so they offer an advantage ..
I myself see a big future in NEM and NXT. But this is purely personal opinion ofcourse.

Who knows. I'll be the happiest if BTC reaches great adoption rates that is my main concern !
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February 24, 2014, 11:59:04 AM
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hmmmmmmmmm..

people!!!! please understand that bitcoin is not just about mining. so much so that FIAT is not just about minting... there are millions of ways to make profit through fiat, EG employment, selling products at profit, agriculture, manufacturing, blah blah blah. i could mention the whole world of ways. but you people need to get mining out of your head and start thinking of the millions of other possibilities to make some extra bitcoin profit.

secondly the tx/s is fine.. banks do not do that many wire transfers. their solution is to add a layer ontop of the payment system to handle smaller payments. in fiat its called mastercard, and in crypto its called offchain payment services. even with that said you also need to realise that bitcoin blocks are only 10% filled per block of average.

thirdly alt coins are not second generation. unless a alt coin has a gateway to fiat, a service for merchant shopping carts. then all these altcoins are ultimately useless for mainstreaming and only part of the pump and dump activities.

lastly i will shorten this whole message.. if you think mining is the only way to profit. then you have already failed the understanding of bitcoin and the mainstreaming efforts.

and if you are looking for a good coin to invest in. id advise you never to throw all your BTC into a pumped up altcoin, as thats what they want, they want you buying their coins so they can profit and run off into other altcoins.

instead, check out some of the smaller exchanges that add new coins daily. find a coin that is 1 satoshi to buy.. and buy as much as you can. after all the price cant get any lower. then at 2 satoshi's ..... SELL.. oh look double your money. without the risk.

oooops i just let the cat out the bag..

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February 24, 2014, 12:09:12 PM
 #10

Warning - while you were typing 7 new replies have been posted. You may wish to review your post.

Umm, no.

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The increasing difficulty rate of Bitcoin along with the need to continually acquire more and faster ASICS to generate any meaningful return are making Bitcoin less and less relevant. What was once an open-to-many medium 12-24 months ago, maybe even 6 months ago is becoming closed and rather pointless.

Many people are hoarding Bitcoins as they believe they are a store of value and assuming that the deflationary parameters of Bitcoin continue to be maintained, then BTC functions less and less like a currency and more and more like a commodity. Sure, the price of BTC has fallen somewhat recently but that's not translating into lower prices of goods and services in BTC and therefore increased demand of those goods and services like any classical model of price-driven supply and demand presupposes. Rather, as the price of goods and services is still calibrated in fiat and not in Bitcoin, people are [rightly] resolved to not spend BTC as a currency but rather use fiat to purchase goods and services while they hoard BTC hoping for price-verses-fiat speculative gains in the future.

There's also a sense of nihilism in that if the 'flag-bearer currency' BTC is more akin to a commodity, why would any other deflationary cryptocurrencies be regarded any differently? In some senses, this may account for the rapid growth of the inflationary DOGE which people are seemingly more prepared to freely spend as it mimics a fiat currency more closely in that it's 'easy-come-easy-go' as people know that the pound-dollar-yen-doge-in-your-pocket isn't going to be appreciating based on the [imposed?] deflationary structural parameters like Bitcoin.

It's an open question as to whether Bitcoin 'the currency' is being spent less and less by people but hoarded more and more as a 'commodity' is a self-defeating proposition.

From a personal perspective, I now never use Bitcoin as a currency and I distrust it as a commodity and I have, for the last six months, been converting it to fiat as fast as I've mined it. I still mine and no doubt I will continue to mine, but I'm not interested in holding it as a commodity as I don't prescribe to the predominantly Amercian libertarian perspective that I need a 'currency' umm... 'virtual speculative commodity' in my financial portfolio to safeguard me from governments. Quite the opposite, I've lost more BTC to scams, exchanges closing, insufficient regulation and inefficient policing than I ever have with any other currency, asset or commodity. To me I regard BTC as an intangible like silver or gold, nice to have but it's not income producing, it may or may not rise over time and I may or may not be able to sell it for a windfall gain (although you can bet your bottom dollar that I'll be able to sell gold and silver at any dollar price) so I've already come to the rather empty conclusion that if you're a law-abiding, financially-aware, happy citizen who doesn't think the sky is falling or that the government is your enemy then Bitcoin is virtually worthless [to me].

I don't doubt that others value it and I'm glad that you do as I'm still happy to sell my converted electricity on a barely-regulated exchange somewhere for Euros. That's my exchange fiat currency of choice right now as in general terms I'd venture that Europe hasn't really turned the economic corner and the Euro still has some upside, however the US does appear to have risen from an economic low, at least in terms of asset prices but that the 'currency wars' will still continue to keep America's exports competitive and it's currency comparatively low.

My perception and approach may, nay will, respond to changing circumstances, as is natural with any speculatively aware person so to get back to the title of this thread, "Bitcoin vs second generation coin", I suppose my broad sentiment is that I don't really care at all, I'll hopefully be reacting to circumstances as the sands of time fall through the hourglass, that is, living in the here and now, adjusting my metaphorical financial sail as the economic wind blows.


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Or, as is almost obligatory with the virtual environment, here a link that supposedly encapsulates my post:

http://www.youtube.com/watch?v=-6Pbc8SQwV8

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Don't make the mistake of presupposing that I care what you think. That's my inner-libertarian speaking Wink

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February 24, 2014, 12:11:45 PM
 #11

First of all I love Bitcoin.  My friends and family think I am crazy  Sad, but I truly think Bitcoin will reach $100000 value.

However the constant need to spend more and more money to buy better asics makes it impossible for a lot of people to participate in this awesome experiment, litecoin too will have the same problem once scrypt asics hit the market.

I think gradually people will switch to premined coins, given the fact that it can provide the same service but with less waste and effort ( I mine litecoins too  Grin). Only problem I see with early premined coin is unequal distribution.

 Will it not be a big possibility that a premined or semi-premined coin distributed evenly among a lot of people could very well overtake bitcoin. Coins like Aurora and proposed coins such as Exocoin and NEM are all trying to that, personally I feel if a Dev makes a premined coin and divides this coin among all accounts in Bitcoin talk it will be a massive hit.

Could the future be in premined coins ?

It would depend on why they are premined. I would say Auroracoin is a sovereign national coin.  We will see a lot more of these coins but they will not be the mainstream because one of the important principles of these kinds of cryptocurrency is that it's an international currency.

Second generations coins are more likely to be purpose driven coins, coins which act as tokens such as spacecoin, coins which are tokens for DACs like Bitshares, metacoins like Mastercoin or Counterpary are also going to become more popular.

Bitcoin serves a primary purpose of an international currency but because of how it is designed it's not designed to scale. It can only handle around 7 transactions per second, it does not do micropayments over concerns of blockchain bloat, and the blockchain takes forever to download now that it's almost 20 gigs.



Are you a programmer, developer or content writer?
OleOle
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February 24, 2014, 05:16:13 PM
 #12


I'll be the happiest if BTC reaches great adoption rates that is my main concern !




Exactly. That's the current issue.


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