What would a new coin need to overtake bitcoin

[Carl Quesadilla]

be careful.  because with the use of Dark Energy and SatoshiCoin.  BTCitcoins price is gonna plummet to infinity

[g4c]

@all

you must also remember that:

Competing altcoins have never tried the tactic of fiat injection as incentive to switch.

No competing altcoin has ever had the power to say all other competing coins are black market, but our altcoin is governent backed.

I can see how this is unsavoury, it is to me also. But to deny the advantage that government has is rather a narrow minded attitude.

Remember not every head on the planet is as libertarian as our good selves.

[corebob]

I can only answer for myself, personally I think X11 hashing and CoinJoin is relevant improvements

[ashapasa]

If miners can be encouraged to run SHA256 for something more profitable than Bitcoin then bitcoin will die quickly, it's a winner takes all game.

I dunno, ohhh.. lets say a government backed and regulated coin.

Nation-state governments and their rigged, ponzi-scheme currencies are going to magically regain legitimacy, eh?

Do you actually believe this shit, or are you just trolling? Nation-states and their clownish currencies are done, son.

Welcome to the information age, truth flourishes here.

I must with due respect disagree, money is ultimately trust, if a powerful country adopts  a cryptocurrency it will easily rival bitcoin. Government exists because there is a need for it, it brings law and order, stability and a sense of certainty. A lot of bitcoin investors/users are using it not for ideological reason they are in it for the innovation or for profit.

[ashapasa]

I can only answer for myself, personally I think X11 hashing and CoinJoin is relevant improvements

would you be kind enough to elaborate? What is x11 hashing and coinjoin ( is it merge mining?)

[Beliathon]

I must with due respect disagree, money is ultimately trust, if a powerful country adopts  a cryptocurrency it will easily rival bitcoin.

The thing you have to understand is that cryptocurrency is antithetical to government interests because it robs them of their monopoly-power over currency generation. Why do you think governments from China to Russia to the USA are positioning themselves as opponents of Bitcoin?

The same reason all of these governments will send men with guns to your house if you try to print a physical currency that competes with their own fiat. POWER.

They are completely reliant on the constant printing of money to keep their populations enslaved. Cryptocurency is the most subversive technology in the world today. If governments give up their fiat in exchange for crypto, we have won!!

Please see this vid: https://www.youtube.com/watch?v=iFDe5kUUyT0

[corebob]

I can only answer for myself, personally I think X11 hashing and CoinJoin is relevant improvements

would you be kind enough to elaborate? What is x11 hashing and coinjoin ( is it merge mining?)

What I mean by X11 hashing is to apply 11 rounds of scientific hashing functions (blake, bmw, groestl, jh, keccak, skein, luffa, cubehash, shavite, simd, echo)
This makes it harder to create an efficient ASIC, which means that CPU and GPU mining is still viable, which means that mining stays decentralized

CoinJoin basically collects several transactions and mixes the inputs and outputs. This makes it impossible to track where transactions came from and where they went

[roslinpl]

Ok we all love bitcoin  , but there are hundreds of newcoins and not all of them are crapcoins. Bitcoin is the innovator and trailblazer but they are usually not the ones to succeed in the long term. What features that are improved over bitcoin will allow a new coin to ultimately dethrone the king.

1) faster transactions
2) Lower transaction cost
3) anonymity
4) premined pos which saves energy
5) you get the idea
 

5) more people who want this coin

[btcxyzzz]

5) govt support, which will never happen.

seems alike that bitcoin won't be overthrown anywhere soon.

[S4VV4S]

Many have tried, all have failed.

I have nothing more to add.

[g4c]

I don't follow. If some miners switch to a new coin, then the Bitcoin difficulty will drop and the remaining miners will make more coin. As long as the value of bitcoin doesn't crash, it will reach a new stable point with a lower number of miners. How is it "winner takes all"?

This is true on a flat field yes. but if some player/s have the ability to bias the field then it all goes to shit.

"Regulated" is a myth. It implies a central regulator, and that doesn't fit with a world currency - an internet currency.

Regulation is not a myth, I wish it were.

We are in agreement, You don't like regulation, I don't like regulation. We are probably not in the peak of the distribution of like/hate regulation when considering a large sample of potential future users.

The viruses that are coins compete for users and miners. The primary entrance being the miners of course. Are you suggesting that all miners hate regulation so much that truth and liberty is their prime directive? I can imagine (call me cynical) that the prime directive for many will be profit, sure they will wear the bitcoin t-shirt, but will they make sacrificial moves if it comes to the crunch? I'm sure some will, but when the players are anonymous, the game tends to run in a very selfish manner.

It is quite conceivable that the downfall might be as simple as a new pool that has fiat backing, over time it would absorb all hashpower.

in a nutshell: whose got the deepest pockets before the game begins?

[g4c]

...money is ultimately trust, if a powerful country adopts  a cryptocurrency it will easily rival bitcoin.

I agree.

Government exists because there is a need for it, it brings law and order, stability and a sense of certainty.

This is true, but there is an important aspect that you have fallen short with:

Governments throughout history, attempted and currently running; they use the strategy of creating disorder before stepping in to restore order (at the request of a majority of the players, how poetic).

Don't get me wrong, No one government is an immune player, it's an active game, a game that is deeper than many can imagine.

[Joshuar]

We need a coin that has a transaction time rivaling credit card companies, such as a PoS coin.

[AnonyMint]

We need a coin that has a transaction time rivaling credit card companies, such as a PoS coin.

I don't disagree.

But do you really think that would cause the masses to leave their credit cards? Of course not! Credit cards protect them, let them make chargebacks, they can't lose their entire balance, they are familiar, etc..

[roslinpl]

Many have tried, all have failed.

I have nothing more to add.

Indeed we do not need so many coins anyway...

[AnonyMint]

@all

you must also remember that:

Competing altcoins have never tried the tactic of fiat injection as incentive to switch.

No competing altcoin has ever had the power to say all other competing coins are black market, but our altcoin is governent backed.

I can see how this is unsavoury, it is to me also. But to deny the advantage that government has is rather a narrow minded attitude.

Remember not every head on the planet is as libertarian as our good selves.

+1

Another very astute post.

[franky1]

Ok we all love bitcoin  , but there are hundreds of newcoins and not all of them are crapcoins. Bitcoin is the innovator and trailblazer but they are usually not the ones to succeed in the long term. What features that are improved over bitcoin will allow a new coin to ultimately dethrone the king.

1) faster transactions
2) Lower transaction cost
3) anonymity
4) premined pos which saves energy
5) you get the idea
 

1) litecoin has been around for 2.5 years, and doesnt seem to dethrone bitcoin
2) the next bitcoin update will reduce fee's which will keep reducing if people demand it. so an altcoin wont compete here
3) bitcoin has anonymity until you want to exchange it for FIAT. same will happen with any altcoin that wants some actual purpose
4) premine helps no one but that first miner. easiest way to lose faith in an alt is to premine it.
5) if an alt wants to succeed. their needs to be a true purpose. not some story about why it was invented EG Takeicoin: because george takei endorses it. Mezacoin: not some story that one native indian pretends his whole community use it (when the dont)

actual retain usage.

so lets take an example.
imagine facebook made an altcoin and all facebook credits were the coins. or microsoft got rid of microsoft point and instead sold microsoft coins. or even the local credit union in your town that instead of holding fiat. they converted peoples deposits into an altcoin pegged at a 1:1 against the fiat.

if the only purpose is to mine coin to exchange. that coin will eventually drop to 1 satoshi price value and then be dropped off the exchange listings.

so to all of you altcoin creators. stop making sun,moon, star coins where your just thinking up random names simply to make a new coin you pre-mined and the only purpose is to swap it for btc.

use your brains and actually try making the coin have a proper real world purpose for once.

[TheMage]

Here is my (biased) opinion. I state bias because I work very hard with the Litecoin community (some of you may even recognize me?) in order to uplift Litecoins to the same status as Bitcoins. Ironically though, we really want to work in tangent with BTC, not against it. I firmly believe, as well as others, that having two currencies working together will strengthen our cause.


So you listed a few things, and I would say none of them really compare to one item that any alt coin really needs in order to bring it to the forefront. And that is marketing. We saw this with Doge, where they might have had a recent spike in price than subsequent drop, they are in the news quite a bit. Ive seen a lot of people outside of our world say "I was afraid of BTC cause of the news, but I saw doge and I was like wow, this is something I can get into". Even the one girl on the BTC conf panel with Two bit, Andres, Shrem, and one other guy (sorry I forgot his name) talking about MT gox said the same thing.


What we all need to survive is wide spread adoption to the public at large, and this really isnt done with technology per say at this point. This needs to be done to market Crypto's to the general public.

The really sad part is that BTC has taken a few hits from the BTC foundation to Shrem being arrested to MT gox in the news. I hear about that stuff at work from co workers and I have to explain that its just the news looking for extra clicks on their home page instead of posting the whole story (I cant tell you how many people I had to explain that BTC wasnt dead because MT gox died).


Marketing folks, this is what we all need!

[corebob]

5) govt support, which will never happen.

This is where a lot of people get it wrong in my opinion.
A currency doesn't need to be backed by a government, it's the government that needs to be backed by the currency.
Currencies have existed much longer than governments.

[bl0ckchain]

What features that are improved over bitcoin will allow a new coin to ultimately dethrone the king.

Only three things:

1.) a great name meaning value to every human since the dawn of time.
2.) a developer with mad satoshi-like skills.
3.) a growing and peaceful community.

.. for more information go here >>> http://gldcoin.com