Crypto-currencies in 10 years

[iamphoenix]

heres one that has the highest probability of long-term viability

(whatever your definition of long term may be after a little research you may feel the same way too)

http://myriad.theblockexplorer.com/

[MicroGuy]

Thoughts?

The last time I gave my opinion on this subject my post was deleted. lol

I'll think Andreas hits the nail on the head in this video: http://altcoinpress.com/2014/04/andreas-antonopoulos-cryptocurrency-is-a-language/

[clout]

heres one that has the highest probability of long-term viability

(whatever your definition of long term may be after a little research you may feel the same way too)

http://myriad.theblockexplorer.com/

looked into it, mining is asinine, so i would have to say that this isn't a long-term viability

[iamphoenix]

heres one that has the highest probability of long-term viability

(whatever your definition of long term may be after a little research you may feel the same way too)

http://myriad.theblockexplorer.com/

looked into it, mining is asinine, so i would have to say that this isn't a long-term viability

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as·i·nine
ˈasəˌnīn/Submit
adjective
extremely stupid or foolish.
"Lydia ignored his asinine remark"
synonyms:   stupid, foolish, brainless, mindless, senseless, idiotic, imbecilic, ridiculous, ludicrous, absurd, nonsensical, fatuous, silly, inane, witless, empty-headed;
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so your point is that mining it is foolish therefore no long term viability.

[neuroMode]

heres one that has the highest probability of long-term viability

(whatever your definition of long term may be after a little research you may feel the same way too)

http://myriad.theblockexplorer.com/

looked into it, mining is asinine, so i would have to say that this isn't a long-term viability

What? How is the mining 'asinine'? The mining is the most beautiful thing to date of all the coins. 5 algorithms can mine. Total coins split evenly between the 5 algorithms. How is this asinine?

Please, elaborate!

[QuestionAuthority]

How many of you people go out and buy Bitcoins and then use those Bitcoins to make a purchase? I'd be willing to bet none of you do because it's too difficult to make it worthwhile and if you do you just increased the cost of your purchase. Too many people are mining Bitcoins and all altcoins and then need to exchange them for product or sell them for fiat. That and speculation is what's creating the current economy and that won't last forever.

In order for any crypto coin to remain more than a popular generational fad it needs to be more simple to use than just directly using your countries fiat and have a zero exchange fee. Would you rather go to the store and buy a stereo or go to a gold dealer, buy just the right amount of gold bars, pay a fee for the gold purchase, then find a store that takes gold bars and then buy the stereo. How many average joes are going to take the extra steps necessary? I stopped mining because the reward dropped to 25. How many more individuals will stop at the next reward drop? How many more professional mining farms will spring up and take away the little guys ability to mine Bitcoin? It's tough to build a robust economy with that recipe. Between the difficulty of use, the scumbags running the businesses and professional organizations, the massive crime and theft and the growing political hurdles I'm not seeing this as capable of lasting forever. Sorry.

[clout]

proof of work is inherently wasteful. all proof of whatever systems "solve" the byzantine generals problem. the reason why proof of work systems have the largest portion of the market is because they are easiest to construct, but are not necessarily the best way of coming to consensus. less costly, more scalable systems that use an alternative to pow will eventually eclipse those systems that use it.

also all of these 'coins' constitute a form of equity and as such they are not viable currencies. anything can be used as a currency but what makes for a viable currency is price stability. this is why currencies as we know them have always been debt instruments. until there is a system that issues debt using the equity (coins) of the network as collateral we wont see widespread adoption of cryptocurrencies.

[xbit.in]

I except to be able to pay at local shops with crypto. Also the people who have started now with Bitcoin/Litecoin/Dogecoin will be rich in 10 years. At least that is what I hope

I 100% agree with makebitcoin because that is what i think. This is the future.

[hashman]

How many of you people go out and buy Bitcoins and then use those Bitcoins to make a purchase? I'd be willing to bet none of you do because it's too difficult to make it worthwhile and if you do you just increased the cost of your purchase.

That's a bet you will lose quickly: yesterday 50,000 bitcoins were spent.  For me it is much easier to make a purchase and I have decreased the total cost. 

[clout]

How many of you people go out and buy Bitcoins and then use those Bitcoins to make a purchase? I'd be willing to bet none of you do because it's too difficult to make it worthwhile and if you do you just increased the cost of your purchase.

That's a bet you will lose quickly: yesterday 50,000 bitcoins were spent.  For me it is much easier to make a purchase and I have decreased the total cost. 

This is probably one of the most fallacious post I've ever read. Yesterday 50,000 bitcoins were transacted, which is not the same as saying 50,000 bitcoins were spent.

[hamiltino]

Will be replaced by the next great innovation and will watch their market share dwindle down to nothing.

MySpace is a company, Bitcoin is a protocol

The internet is a protocol, nothing similar to the internet preceded it and nothing similar will replace it. The protocol will simply be updated.

Same will happen with bitcoin, the protocol will be updated where necessary and nothing needs to replace it.

The infrastructure around bitcoin is too large to just be replaced every few years, it took years to build and it's far from complete. No way merchants, banks, exchanges etc. will change to the newest altcoin all the time just for some random functionality that bitcoin doesn't have but the altcoin does or claims to have, it will be far too costly, it's far easier to just update the bitcoin protocol and no infrastructure needs to be changed drastically.

The Internet protocol has only been around for 25-30 years, it may seem like it won't be replaced but I think there will be a better alternative eventually.

[hamiltino]

My thoughts:

Once a crypto-currency contains a mathamatical mechanism that stabalizes the price of its currency then we will start seeing mass adoption and a true alternative to FIAT. This can be achieved by dynamically changing the supply of currency units instead of the value per currency unit. This system would prevent both price inflation and deflation relative to FIAT.
Once this happens, bitcoin will no longer be a viable option as a safe and stable storage of wealth or method of transaction.

[isidore]

Nevermind litecoin and dogecoin, they don't provide much of an improvement over the original protocol.
Check out mastercoin, counterparty or electrum, they propose some interesting ideas layered on top of bitcoin and that's what I'd love to see.

[ruletheworld]

Nevermind litecoin and dogecoin, they don't provide much of an improvement over the original protocol.
Check out mastercoin, counterparty or electrum, they propose some interesting ideas layered on top of bitcoin and that's what I'd love to see.

Did you mean ethereum? Ethereum isn't layered on top of Bitcoin. Mastercoin and Counterparty are both interesting additions but still need to prove themselves creating real economic value.

[clout]

My thoughts:

Once a crypto-currency contains a mathamatical mechanism that stabalizes the price of its currency then we will start seeing mass adoption and a true alternative to FIAT. This can be achieved by dynamically changing the supply of currency units instead of the value per currency unit. This system would prevent both inflation and deflation.
Once this happens, bitcoin will no longer be a viable option as a safe and stable storage of wealth or method of transaction.

Once a crytpo currency uses market forces to stabalize the purchasing power then we will start seeing mass adoption.

You are essentially suggesting that we need monetary inflation and deflation to stave off price inflation and deflation. That is the wrong route. We need neither type of inflation and deflation. We need to go back to sound money, with the backing for that money coming from crypto-assets that have a stable supply.

[hamiltino]

My thoughts:

Once a crypto-currency contains a mathamatical mechanism that stabalizes the price of its currency then we will start seeing mass adoption and a true alternative to FIAT. This can be achieved by dynamically changing the supply of currency units instead of the value per currency unit. This system would prevent both inflation and deflation.
Once this happens, bitcoin will no longer be a viable option as a safe and stable storage of wealth or method of transaction.

Once a crytpo currency uses market forces to stabalize the purchasing power then we will start seeing mass adoption.

You are essentially suggesting that we need monetary inflation and deflation to stave off price inflation and deflation. That is the wrong route. We need neither type of inflation and deflation. We need to go back to sound money, with the backing for that money coming from crypto-assets that have a stable supply.

Are you suggesting backing money with bitcoin instead of backing money with gold like we used to?

We would be back to square one, where people would be issuing more money than what they have backed by bitcoin.

OR

Are you saying backing bitcoin with crypto-assets?

Backing anything (i.e. crypto-assets) requires us trusting the owner of that asset, which would also take us back to square one.

[TaunSew]

Digital currencies themselves can be Fiat.  Why does Dogecoin have a larger capitalization than an innovative coin like NxT or layered improvements like Mastercoin / Counterparty?  Why does BTC and LTC maintain their position ~ despite hordes of technically better coins?

It seems to me community is king for currencies.  Bitcoin may have an infamous reputation among the mainstream but it frankly hasn't had a serious challenger to date.

[clout]

My thoughts:

Once a crypto-currency contains a mathamatical mechanism that stabalizes the price of its currency then we will start seeing mass adoption and a true alternative to FIAT. This can be achieved by dynamically changing the supply of currency units instead of the value per currency unit. This system would prevent both inflation and deflation.
Once this happens, bitcoin will no longer be a viable option as a safe and stable storage of wealth or method of transaction.

Once a crytpo currency uses market forces to stabalize the purchasing power then we will start seeing mass adoption.

You are essentially suggesting that we need monetary inflation and deflation to stave off price inflation and deflation. That is the wrong route. We need neither type of inflation and deflation. We need to go back to sound money, with the backing for that money coming from crypto-assets that have a stable supply.

Are you suggesting backing money with bitcoin instead of backing money with gold like we used to?

We would be back to square one, where people would be issuing more money than what they have backed by bitcoin.

OR

Are you saying backing bitcoin with crypto-assets?

Backing anything (i.e. crypto-assets) requires us trusting the owner of that asset, which would also take us back to square one.

I'm saying create a p2p network like bitcoin that has its own crypto asset like bitcoin but is not distributed through mining and maintains a set or more stable money supply. Embedded in this network is a banking system that creates debt instruments (collateralize by the underlying equity of the network) that can be used as currency. There is a reason why we have historically used debt as currency, because it is stable. You invest/save through equity and you spend through debt.

[hamiltino]

Digital currencies themselves can be Fiat.  Why does Dogecoin have a larger capitalization than an innovative coin like NxT or layered improvements like Mastercoin / Counterparty?  Why does BTC and LTC maintain their position ~ despite hordes of technically better coins?

It seems to me community is king for currencies.  Bitcoin may have an infamous reputation among the mainstream but it frankly hasn't had a serious challenger to date.

And to get a community that will be bigger than bitcoin, requires the crypto-currency to have certain properties...The question is what properties would it need to have to reign over bitcoin. Price stabilization is the key property for me.

Nxt has a lower market cap than doge despite it being innovative is its lack of user friendliness, poor distribution and poor marketing compared to Doge. These are properties that a top contender needs to have. I'll also add there is no reason for anyone to use nxt over bitcoin when we don't take into account return on investment.

[clout]

Digital currencies themselves can be Fiat.  Why does Dogecoin have a larger capitalization than an innovative coin like NxT or layered improvements like Mastercoin / Counterparty?  Why does BTC and LTC maintain their position ~ despite hordes of technically better coins?

It seems to me community is king for currencies.  Bitcoin may have an infamous reputation among the mainstream but it frankly hasn't had a serious challenger to date.

Yes you are right, value is subjective, but at a certain point you have face the objective reality of scarcity. The usd is just as overvalued as dogecoin because of the community behind it, but just like the usd will inevitably go to zero so will dogecoin.