Is Bitcoin Built to Last a couple of decades? Will other altcoins rise up?

[coinnewbit]

What are your thoughts?

[1715291957]

1715291957

[1715291957]

1715291957

[Joshuar]

Bitcoin will definitely be replaced by other alt coins. It was a great first start, but it simply isn't practical for everyday use, especially since we are now taxed and have to record whenever we use or recieve Bitcoins, so buying things with Bitcoin daily for some people is now out the window.

[Trance]

What are your thoughts?

BTC will last until 2140.

Eventually there will be FOUR main 'Unions' in this world we live in and each will have their own cryptocurrency...

...god told me

[waldox]

all the good ideas and implementations in the other altcoins will filter into bitcoin

bitcoin's network effect is too large and provides too much value for it to be over taken

[2tights]

all the good ideas and implementations in the other altcoins will filter into bitcoin

bitcoin's network effect is too large and provides too much value for it to be over taken

temping fate a little, here..

[Brangdon]

Bitcoin will definitely be replaced by other alt coins. It was a great first start, but it simply isn't practical for everyday use, especially since we are now taxed and have to record whenever we use or recieve Bitcoins, so buying things with Bitcoin daily for some people is now out the window.

What makes you think the new IRS guidance doesn't apply to altcoins?

[DannyHamilton]

The answers to your two questions are yes and no.  Determining which answer belongs to which question is an exercise left to the reader.

[vqp]

Bitcoin will definitely be replaced by other alt coins. It was a great first start, but it simply isn't practical for everyday use, especially since we are now taxed and have to record whenever we use or recieve Bitcoins, so buying things with Bitcoin daily for some people is now out the window.

What makes you think the new IRS guidance doesn't apply to altcoins?

The ruling applies, but other coins might be easier to hide

[ar9]

I actually think BTC will eventually become the medium in which people store their wealth, not exchange it.
Something faster needs to eventually take over in terms of volume, but that does not mean BTC loses its value.

[Beliathon]

I'd say Bitcoin is pretty safe for anyone who is alive today and reading this, for the rest of their lifetimes.

[fcmatt]

I'd say Bitcoin is pretty safe for anyone who is alive today and reading this, for the rest of their lifetimes.

That is what i would say about gold. Not bitcoin and fickle internet citizens.

[hello_good_sir]

I actually think BTC will eventually become the medium in which people store their wealth, not exchange it.
Something faster needs to eventually take over in terms of volume, but that does not mean BTC loses its value.

That something will be bank accounts and credit cards denominated in BTC.  In a world where bitcoin is the only currency, the majority of the population will never actually possess real bitcoins.  They will interact with it through intermediaries.

[RnnrRnnr]

I think in the long run bitcoin was the foundation of cryptocurrencies. by the time gov's really start cracking down on it people are just going to move their belongings to a different coin.

[coinnewbit]

The answers to your two questions are yes and no.  Determining which answer belongs to which question is an exercise left to the reader.

So would the question now be how many people determine if bitcoin can be replaced?

[ebliever]

Bitcoin is like beta software. Granted it has a big head start, but eventually amidst all this altcoin craziness, you are going to see an altcoin get developed by a competent team that will trump bitcoin. I'm not saying the current alt developers are all incompetent, but eventually you'll get some economists, project managers, financial analysts, tax experts, consumer psychologists, programmers and so forth all working together to create a coin with better overall technical characteristics. Since people are very rational about their financial choices (compared to just about anything else), this coin will eventually triumph.

Or, really, I expect a couple coins to triumph. I ultimately expect that 4-5 dominant coins will arise, along with scores (at least) of niche coins. The reason for multiple dominant coins is that they will each perform best at different things. Business-to-business transfers will be done with Altcoin A, paychecks will be paid out in Altcoin B, major purchases will be done with Altcoin C, in-store purchases with Altcoin D and so on. And there will be complete liquidity between them (such that articles will talk about a gradual 5% shift in exchange between Altcoin B and C due to demographic shifts over the next generation for example).

[catoshi]

At the end of it all, we will be left with catcoin and dogecoins.  Maybe cowcoins lol.

[twiifm]

Bitcoin is like beta software. Granted it has a big head start, but eventually amidst all this altcoin craziness, you are going to see an altcoin get developed by a competent team that will trump bitcoin. I'm not saying the current alt developers are all incompetent, but eventually you'll get some economists, project managers, financial analysts, tax experts, consumer psychologists, programmers and so forth all working together to create a coin with better overall technical characteristics. Since people are very rational about their financial choices (compared to just about anything else), this coin will eventually triumph.

Or, really, I expect a couple coins to triumph. I ultimately expect that 4-5 dominant coins will arise, along with scores (at least) of niche coins. The reason for multiple dominant coins is that they will each perform best at different things. Business-to-business transfers will be done with Altcoin A, paychecks will be paid out in Altcoin B, major purchases will be done with Altcoin C, in-store purchases with Altcoin D and so on. And there will be complete liquidity between them (such that articles will talk about a gradual 5% shift in exchange between Altcoin B and C due to demographic shifts over the next generation for example).

Interesting thesis.   Makes sense though.   Im hoping someone designs a crypto thats not based on politics but good economics.

I think the challenge is to figure how it should interface w fiat.   Expecting crypto to replace fiat is the wrong direction IMO.

I think what could be interesting is how we can use current ideas like crowd sourcing and micro finance to provide financial services.   Like instead of speculating as a commodity.   If you can crowd source a mortgage.   I would not mind receiving mortgage payments if I financed 1/10th of a mortgage.

There s lots of possibilties you shake out all the libertarian nutjobs from crypto community

[r0ach]

but eventually you'll get some economists, project managers, financial analysts, tax experts, consumer psychologists, programmers and so forth all working together

What makes you think an "economist" would do a better job than what we have now?  Here's my response to an economist that thinks he can do such a thing:

https://bitcointalk.org/index.php?topic=374829.msg5942089#msg5942089

[Bit_Happy]

Bitcoin has a head start, but might fall behind later, we will see.

all the good ideas and implementations in the other altcoins will filter into bitcoin

bitcoin's network effect is too large and provides too much value for it to be over taken

Yahoo! used to be the #1 web site in the world.
Years later, MySpace was the clearly dominate Social Network.
Just Saying...

[twiifm]

but eventually you'll get some economists, project managers, financial analysts, tax experts, consumer psychologists, programmers and so forth all working together

What makes you think an "economist" would do a better job than what we have now?  Here's my response to an economist that thinks he can do such a thing:

https://bitcointalk.org/index.php?topic=374829.msg5942089#msg5942089

An economist can advise on economics since thats what he spends his life studying.   No different than any other experts like computer scientist advising on programming

[Crindon]

It's gonna be Bitcoin, Litecoin, and Mintcoin.

Bitcoin was the first and has a powerful brand like Litecoin. Yet, those two use a lot of electricity. The only way to keep things going is a Proof of Stake coin like Mintcoin. Mintcoin generates new coins through minting, where holders of the coin get 20% in the first year, 15% in the second year, 10% in the third, then 5% for each subsequent year. It saves massive amounts of electricity. Their community is a strong one and they keep adding more and more merchants every couple of days. Because of this their infrastructure is growing and this is what will help them outlast a lot of the crapcoins out there.

[counter]

In my humble opinion the answer to both questions is yes.  Bitcoin is able to easily last a couple decades in my opinion and other cryptos that have a worth while development will certainly make an arrival on the scene.

[gonzoucab]

What are your thoughts?

First strike harder, possibly can be Facebook.

But twitter is Mint, fast and efficient, soon mineable from android POS coin.

Cheap as hell and well distributed, with 14 satoshis floor.

[needajp]

It'll be very insteresting when mining becomes unaffordable for most users. I sure aint going to risk sending thousands of dollars to an unknown company in the hopes of getting decent mining gear on time.
PoS (Mintcoin) may be the way of the future?
PoT seems a bit too random and unstable.

[Crindon]

It'll be very insteresting when mining becomes unaffordable for most users. I sure aint going to risk sending thousands of dollars to an unknown company in the hopes of getting decent mining gear on time.
PoS (Mintcoin) may be the way of the future?
PoT seems a bit too random and unstable.

I love Mintcoin for that reason. I've been mining for a long time and this arms race keeps getting worse and worse. I had expensive video cards that are no longer good for mining now because of ASICs.

I found Mintcoin and now I make a couple hundred dollars profit every month from just minting and I don't have to have air condition on either. My GPU fans are not blasting like a jet engine, so it's been quiet at my place. Mintcoin is the way of the future and the environment and Mother Nature will thank us for that.

[coinnewbit]

But will the social media sites last long enough to help bitcoin get traction?

[ebliever]

but eventually you'll get some economists, project managers, financial analysts, tax experts, consumer psychologists, programmers and so forth all working together

What makes you think an "economist" would do a better job than what we have now?  Here's my response to an economist that thinks he can do such a thing:

https://bitcointalk.org/index.php?topic=374829.msg5942089#msg5942089

An economist can advise on economics since thats what he spends his life studying.   No different than any other experts like computer scientist advising on programming

Right, I just mean we need a cross-functional team (maybe even a quality engineer like me  ) to be involved. I doubt you'll create the uber-coin with a complete lack of input from experts in economics, for example.

[jabo38]

Well, I think NXT has the best chance at challenging and eventually being dominant.  Something built on Ethereum could also prove powerful.  Both Ethereum and NXT have reinvisioned bitcoin from the ground up.  Anything that is a clone of bitcoin can't really challenge bitcoin, but something totally different can.  NXT has a head start on Ethereum, but Ethereum has an incredibly strong team.  Right now Ethereum is planning very carefully and putting a lot of money and power into it.  NXT is going at it wild style, just giving it a go, a small beehive of people that love it, working on it to make it better.  All with the hopes that it will be better and afterwards they will be rewarded.  NXT has at least a 9 month head start on Ethereum which in bitcoin years is a very very long time, but NXT doesn't have a strong central leadership to guide it.  NXT is happening semi-organically.  It is hard to tell which model is stronger.  Lastly, NEM has been able to learn from NXT's mistakes and give it a try.  There is a small chance with NEM too. 

One thing seems for sure to me.    Last year all 10 of the top 10 coins were PoW.  Now only 7/10 are, with more PoS coins sneaking to the top soon.  I am thinking that except Bitcoin and Litecoin, coins based off of mining are dead.

[zolace]

if you guys read the news, Bitcoin is getting accepted everyday by a new business, as long if this keeps going there will be more newbies that will help gain traction.

[orangered]

I also think BTC is a forerunner of virtual currency development, the future will be a coin than BTC more perfect more sought after.

[Adrian-x]

Bitcoin is like beta software. Granted it has a big head start, but eventually amidst all this altcoin craziness, you are going to see an altcoin get developed by a competent team that will trump bitcoin. I'm not saying the current alt developers are all incompetent, but eventually you'll get some economists, project managers, financial analysts, tax experts, consumer psychologists, programmers and so forth all working together to create a coin with better overall technical characteristics. Since people are very rational about their financial choices (compared to just about anything else), this coin will eventually triumph.

Or, really, I expect a couple coins to triumph. I ultimately expect that 4-5 dominant coins will arise, along with scores (at least) of niche coins. The reason for multiple dominant coins is that they will each perform best at different things. Business-to-business transfers will be done with Altcoin A, paychecks will be paid out in Altcoin B, major purchases will be done with Altcoin C, in-store purchases with Altcoin D and so on. And there will be complete liquidity between them (such that articles will talk about a gradual 5% shift in exchange between Altcoin B and C due to demographic shifts over the next generation for example).

Interesting thesis.   Makes sense though.   Im hoping someone designs a crypto thats not based on politics but good economics.

I think the challenge is to figure how it should interface w fiat.   Expecting crypto to replace fiat is the wrong direction IMO.

I think what could be interesting is how we can use current ideas like crowd sourcing and micro finance to provide financial services.   Like instead of speculating as a commodity.   If you can crowd source a mortgage.   I would not mind receiving mortgage payments if I financed 1/10th of a mortgage.

There s lots of possibilties you shake out all the libertarian nutjobs from crypto community

You both made me lol.

This is what I see "libertarian nutjobs" is name calling it is profiling, if they hold an opinion that you beleve is wrong debate it resorting to name calling doesn't prove anything.

The point bold above has in my opinion happened we call it Bitcoin.

The beauty of bitcoin is that anyone is free to use it for whatever reason they desire:

Bitcoin is a new technology. It has no ideologies.

But people project their fears and dreams onto bitcoin. Some dream of getting rich, and some dream of a future utopian world. Some fear losing money or respect, while others fear increased surveillance via blockchain monitoring.

Bitcoin doesn't give a fuck.

 There is almost a coin for every economic ideological variation. You both have a lot of reading to do to find the one that resonates with you core beliefs.  

http://mapofcoins.com/

[Bit_Happy]

if you guys read the news, Bitcoin is getting accepted everyday by a new business, as long if this keeps going there will be more newbies that will help gain traction.

The BTC fundamentals are shockingly better than just a year or two ago. 

[thisisit]

bitcoin will evolve in bitcoin 2.0 probably.

there is a complete thinktank build for bitcoin and widely adopted.

has adoptoin of large merchants ( not wordpress merchants )

bitcoin is here to stay and probably will evolve.

1. bitcoin
2. litecoin
3. peercoin
4..?

not to forget ripple.

might get regulated a bit to eliminate all the current issues and volatility.

[mycoin25]

It's gonna be Bitcoin, Litecoin, and Mintcoin.

Bitcoin was the first and has a powerful brand like Litecoin. Yet, those two use a lot of electricity. The only way to keep things going is a Proof of Stake coin like Mintcoin. Mintcoin generates new coins through minting, where holders of the coin get 20% in the first year, 15% in the second year, 10% in the third, then 5% for each subsequent year. It saves massive amounts of electricity. Their community is a strong one and they keep adding more and more merchants every couple of days. Because of this their infrastructure is growing and this is what will help them outlast a lot of the crapcoins out there.

http://i59.tinypic.com/1zzro12.png

Bitcoin is not perfect, will eventually be replaced. But Bitcoin is a great start!

[TheGift73]

It's gonna be Bitcoin, Litecoin, and Mintcoin.

Bitcoin was the first and has a powerful brand like Litecoin. Yet, those two use a lot of electricity. The only way to keep things going is a Proof of Stake coin like Mintcoin. Mintcoin generates new coins through minting, where holders of the coin get 20% in the first year, 15% in the second year, 10% in the third, then 5% for each subsequent year. It saves massive amounts of electricity. Their community is a strong one and they keep adding more and more merchants every couple of days. Because of this their infrastructure is growing and this is what will help them outlast a lot of the crapcoins out there.

To be honest I see Blackcoin and Darkcoin doing very well in the near future and both coins will continue to have a great future. I see Blackcoin especially challenging Litecoin for 2nd spot within a year.

They both have great devs and big plans, so worth a look for people who may not have heard of them.

[thisisit]

how with asics coming out.

i dont see it happen that blackcoin will compete with litecoin in a year.

agree on blackcoin devs but a lot of work ( still ) needs to be done.

[Swordsoffreedom]

What are your thoughts?

The alt-coin bubble is popping but it is what will emerge from the survivors should be some decent small cap coins with a possibility of a future
The rest end up cryto-trashed.

As for Bitcoin itself in five years

The ethereum project a concept right now and the Mastercoin project should be well underway so levels on top of the current bitcoin network will probably enhance and diversify it away from other crytpos.

That said their may be a differentation model and first gen alt coins like the ones presently will be super seeded by a handful of second gen coins with enhanced features like the ones mentioned above

Five years ago bitcoin was just an idea and not the revolution in finance it is today five more years and this period we are looking at now could be the 1990s internet innovative in its own right but something that can be built upon and improved to look like todays internet in comparison

So the future is still bright the stage may be set with a few more contenders small scale that will compete for number 2 or 3

[timecoin]

It's gonna be Bitcoin, Litecoin, and Mintcoin.

Bitcoin was the first and has a powerful brand like Litecoin. Yet, those two use a lot of electricity. The only way to keep things going is a Proof of Stake coin like Mintcoin. Mintcoin generates new coins through minting, where holders of the coin get 20% in the first year, 15% in the second year, 10% in the third, then 5% for each subsequent year. It saves massive amounts of electricity. Their community is a strong one and they keep adding more and more merchants every couple of days. Because of this their infrastructure is growing and this is what will help them outlast a lot of the crapcoins out there.

What you say is very good, I always think that consume a lot of power to create some useless data is a waste.

First strike harder, possibly can be Facebook.

But twitter is Mint, fast and efficient, soon mineable from android POS coin.

Cheap as hell and well distributed, with 14 satoshis floor.